# EDGAR Filing Document

**Accession Number:** 0001003239
**File Stem:** 0001145549-25-038916
**Filing Date:** 2025-6
**Character Count:** 3216607
**Document Hash:** b3929e28c5234061b14458a70ea43059
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-038916.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001145549-25-038916

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 136

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07725
- **FILM NUMBER:** 251029978

**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 Growth Portfolio (Series ID: S000008035)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021808 | Class 1      |  |
| C000021809 | Class 2      |  |
| C000021810 | Class 3      |  |

### 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 Multi-Managed Moderate Growth Portfolio (Series ID: S000008046)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021837 | Class 1      |  |
| C000021838 | Class 2      |  |
| C000021839 | Class 3      |  |

### 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 Multi-Managed Income/Equity Portfolio (Series ID: S000008052)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021846 | Class 1      |  |
| C000021847 | Class 2      |  |
| C000021848 | Class 3      |  |

### SA Multi-Managed Income Portfolio (Series ID: S000008053)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021849 | Class 1      |  |
| C000021850 | Class 2      |  |
| C000021851 | Class 3      |  |

### 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 T. Rowe Price Growth Stock Portfolio (Series ID: S000008055)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021855 | Class 1      |  |
| C000021856 | Class 2      |  |
| C000021857 | 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

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#### FORM N-CSR

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#### 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)

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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:

#### March 31, 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_421.jpg)

### Seasons Series Trust SA Allocation Aggressive (formerly SA Allocation Growth)

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Aggressive Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 1)\* | $12 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 5.18% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 6.39% for the Blended Index (the "Performance Index") comprised of 57% Russell 3000<sup>®</sup> Index; 20% Bloomberg U.S. Aggregate Bond Index; 23% MSCI EAFE Index (net). Over the period, U.S. equities outperformed international developed equities. The bond market saw positive returns as the Federal Reserve started to lower the Federal Funds Rate in the latter part of 2024.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap growth equities; international value equities. Allocations in the following funds: SA Franklin BW U.S. Large Cap Value

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds. Allocations in the following funds: SA JPMorgan MFS Core Bond Portfolio

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap value equities. Allocations in the following funds: SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following funds: SA Federated Hermes Corporate Bond Portfolio

**Asset Allocation** \| tactical

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935223.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br>9/26/2016** |
| **SA Allocation Aggressive Portfolio <br>(Class 1)** | 5.18% | 12.19% | 8.65% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 13.15% |
| **57% Russell 3000<sup>®</sup> Index; 23% MSCI EAFE Index (net); 20% Bloomberg U.S. Aggregate Bond Index** | 6.39% | 13.00% | 9.43% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$458M |
| &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;$0.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### 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_935841.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio changed its name to the SA Allocation Aggressive Portfolio. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546281 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Allocation Aggressive (formerly SA Allocation Growth)

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Aggressive Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $38 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 4.85% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 6.39% for the Blended Index (the "Performance Index") comprised of 57% Russell 3000<sup>®</sup> Index; 20% Bloomberg U.S. Aggregate Bond Index; 23% MSCI EAFE Index (net). Over the period, U.S. equities outperformed international developed equities. The bond market saw positive returns as the Federal Reserve started to lower the Federal Funds Rate in the latter part of 2024.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap growth equities; international value equities. Allocations in the following funds: SA Franklin BW U.S. Large Cap Value

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds. Allocations in the following funds: SA JPMorgan MFS Core Bond Portfolio

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap value equities. Allocations in the following funds: SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following funds: SA Federated Hermes Corporate Bond Portfolio

**Asset Allocation** \| tactical

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935809.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Allocation Aggressive Portfolio <br>(Class 3)** | 4.85% | 11.92% | 7.11% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **57% Russell 3000<sup>®</sup> Index; 23% MSCI EAFE Index (net); 20% Bloomberg U.S. Aggregate Bond Index** | 6.39% | 13.00% | 8.41% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$458M |
| &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;$0.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### 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_935419.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio changed its name to the SA Allocation Aggressive Portfolio. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546786 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Allocation Balanced

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Balanced Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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 year ?**

*(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)\* | $14 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 5.03% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 5.72% for the Blended Index (the "Performance Index") comprised of 30% Russell 3000<sup>®</sup> Index; 60% Bloomberg U.S. Aggregate Bond Index; 10% MSCI EAFE Index (net). Over the period, U.S. equities outperformed international developed equities. The bond market saw positive returns as the Federal Reserve started to lower the Federal Funds Rate in the latter part of 2024.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap growth equities; international value equities. Allocations in the following funds: SA Franklin BW U.S. Large Cap Value

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; inflation protected bonds; corporate bonds. Allocations in the following funds: SA JPMorgan MFS Core Bond Portfolio

**Asset Allocation** \| tactical

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap value equities. Allocations in the following funds: SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following funds: SA Federated Hermes Corporate Bond Portfolio

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br>9/26/2016** |
| **SA Allocation Balanced Portfolio <br>(Class 1)** | 5.03% | 6.26% | 5.16% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.18% |
| **30% Russell 3000<sup>®</sup> Index; 10% MSCI EAFE Index (net); 60% Bloomberg U.S. Aggregate Bond Index** | 5.72% | 6.34% | 5.49% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$229M |
| &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;13% |

---

#### 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_934957.jpg)

#### Material Fund Changes
There were no material fund changes during the period.

#### 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_420.jpg)

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

Seasons Series Trust

812546299 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Allocation Balanced

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Balanced Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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 year ?**

*(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)\* | $40 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 4.77% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 5.72% for the Blended Index (the "Performance Index") comprised of 30% Russell 3000<sup>®</sup> Index; 60% Bloomberg U.S. Aggregate Bond Index; 10% MSCI EAFE Index (net). Over the period, U.S. equities outperformed international developed equities. The bond market saw positive returns as the Federal Reserve started to lower the Federal Funds Rate in the latter part of 2024.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap growth equities; international value equities. Allocations in the following funds: SA Franklin BW U.S. Large Cap Value

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; inflation protected bonds; corporate bonds. Allocations in the following funds: SA JPMorgan MFS Core Bond Portfolio

**Asset Allocation** \| tactical

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap value equities. Allocations in the following funds: SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following funds: SA Federated Hermes Corporate Bond Portfolio

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_934965.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Allocation Balanced Portfolio <br>(Class 3)** | 4.77% | 6.01% | 4.41% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |
| **30% Russell 3000<sup>®</sup> Index; 10% MSCI EAFE Index (net); 60% Bloomberg U.S. Aggregate Bond Index** | 5.72% | 6.34% | 5.14% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$229M |
| &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;13% |

---

#### 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_934929.jpg)

#### Material Fund Changes
There were no material fund changes during the period.

#### 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_420.jpg)

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

Seasons Series Trust

812546752 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Allocation Moderate

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Moderate Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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 year ?**

*(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)\* | $13 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 5.06% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 6.01% for the Blended Index (the "Performance Index") comprised of 41% Russell 3000<sup>®</sup> Index; 45% Bloomberg U.S. Aggregate Bond Index; 14% MSCI EAFE Index (net). Over the period, U.S. equities outperformed international developed equities. The bond market saw positive returns as the Federal Reserve started to lower the Federal Funds Rate in the latter part of 2024.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap growth equities; international value equities. Allocations in the following funds: SA Franklin BW U.S. Large Cap Value

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; inflation protected bonds; corporate bonds. Allocations in the following funds: SA JPMorgan MFS Core Bond Portfolio

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap value equities. Allocations in the following funds: SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following funds: SA Federated Hermes Corporate Bond Portfolio

**Asset Allocation** \| tactical

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_934922.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br>9/26/2016** |
| **SA Allocation Moderate Portfolio <br>(Class 1)** | 5.06% | 8.50% | 6.56% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.18% |
| **41% Russell 3000<sup>®</sup> Index; 14% MSCI EAFE Index (net); 45% Bloomberg U.S. Aggregate Bond Index** | 6.01% | 8.88% | 7.05% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$261M |
| &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;$0.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### 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_934979.jpg)

#### Material Fund Changes
There were no material fund changes during the period.

#### 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_420.jpg)

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

Seasons Series Trust

812546265 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Allocation Moderate

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Moderate Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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 year ?**

*(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)\* | $39 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 4.82% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 6.01% for the Blended Index (the "Performance Index") comprised of 41% Russell 3000<sup>®</sup> Index; 45% Bloomberg U.S. Aggregate Bond Index; 14% MSCI EAFE Index (net). Over the period, U.S. equities outperformed international developed equities. The bond market saw positive returns as the Federal Reserve started to lower the Federal Funds Rate in the latter part of 2024.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap growth equities; international value equities. Allocations in the following funds: SA Franklin BW U.S. Large Cap Value

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; inflation protected bonds; corporate bonds. Allocations in the following funds: SA JPMorgan MFS Core Bond Portfolio

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap value equities. Allocations in the following funds: SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following funds: SA Federated Hermes Corporate Bond Portfolio

**Asset Allocation** \| tactical

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_934982.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Allocation Moderate Portfolio <br>(Class 3)** | 4.82% | 8.24% | 5.49% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |
| **41% Russell 3000<sup>®</sup> Index; 14% MSCI EAFE Index (net); 45% Bloomberg U.S. Aggregate Bond Index** | 6.01% | 8.88% | 6.45% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$261M |
| &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;$0.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

#### 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_934936.jpg)

#### Material Fund Changes
There were no material fund changes during the period.

#### 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_420.jpg)

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

Seasons Series Trust

812546760 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Allocation Moderately Aggressive (formerly SA Allocation Moderate Growth)

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Moderately Aggressive Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $12 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 5.22% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 6.16% for the Blended Index (the "Performance Index") comprised of 47% Russell 3000<sup>®</sup> Index; 35% Bloomberg U.S. Aggregate Bond Index; 18% MSCI EAFE Index (net). Over the period, U.S. equities outperformed international developed equities. The bond market saw positive returns as the Federal Reserve started to lower the Federal Funds Rate in the latter part of 2024.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap growth equities; international value equities. Allocations in the following funds: SA Franklin BW U.S. Large Cap Value

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; inflation protected bonds; corporate bonds. Allocations in the following funds: SA JPMorgan MFS Core Bond Portfolio

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap value equities. Allocations in the following funds: SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following funds: SA Federated Hermes Corporate Bond Portfolio

**Asset Allocation** \| tactical

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935316.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br>9/26/2016** |
| **SA Allocation Moderately Aggressive Portfolio <br>(Class 1)** | 5.22% | 10.02% | 7.42% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 13.15% |
| **47% Russell 3000<sup>®</sup> Index; 18% MSCI EAFE Index (net); 35% Bloomberg U.S. Aggregate Bond Index** | 6.16% | 10.50% | 7.98% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$465M |
| &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;$0.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### 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_935957.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio changed its name to the SA Allocation Moderately Aggressive Portfolio. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546273 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Allocation Moderately Aggressive (formerly SA Allocation Moderate Growth)

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Moderately Aggressive Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $38 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 5.00% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 6.16% for the Blended Index (the "Performance Index") comprised of 47% Russell 3000<sup>®</sup> Index; 35% Bloomberg U.S. Aggregate Bond Index; 18% MSCI EAFE Index (net). Over the period, U.S. equities outperformed international developed equities. The bond market saw positive returns as the Federal Reserve started to lower the Federal Funds Rate in the latter part of 2024.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap growth equities; international value equities. Allocations in the following funds: SA Franklin BW U.S. Large Cap Value

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; inflation protected bonds; corporate bonds. Allocations in the following funds: SA JPMorgan MFS Core Bond Portfolio

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: large cap value equities. Allocations in the following funds: SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following funds: SA Federated Hermes Corporate Bond Portfolio

**Asset Allocation** \| tactical

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935977.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Allocation Moderately Aggressive Portfolio <br>(Class 3)** | 5.00% | 9.73% | 6.16% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **47% Russell 3000<sup>®</sup> Index; 18% MSCI EAFE Index (net); 35% Bloomberg U.S. Aggregate Bond Index** | 6.16% | 10.50% | 7.22% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$465M |
| &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;$0.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

#### 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_935606.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio changed its name to the SA Allocation Moderately Aggressive Portfolio. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546778 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA American Century Inflation Managed (formerly SA American Century Inflation Protection)

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $61 | 0.59% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 5.78% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 6.17% for the Bloomberg U.S. TIPS Index (the "Performance Index"). Over the period, Treasury Inflation Protected Securities advanced along with the broad U.S. Treasury market. Inflation expectations (measured by 5- and 10-year breakeven rates) ended the 12 months modestly higher.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors:** \| cash and cash equivalents; securitized credit; investment-grade credit

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors:** \| inflation-linked government (TIPS); nominal government

**In aggregate:** \| duration and yield curve positioning

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935849.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA American Century Inflation Managed Portfolio <br>(Class 1)** | 5.78% | 1.99% | 1.85% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |
| **Bloomberg U.S. TIPS Index** | 6.17% | 2.36% | 2.51% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$530M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;161 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### 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 | 76.0% |
| Short-Term Investments | 7.7% |
| Collateralized Mortgage Obligations | 7.4% |
| Other Asset Backed Securities | 2.6% |
| Banks | 2.6% |
| Diversified Financial Services | 1.0% |
| Insurance | 0.7% |
| Electric | 0.6% |
| Machinery-Construction & Mining | 0.5% |
| Healthcare-Services | 0.3% |
| Auto Manufacturers | 0.3% |
| Software | 0.3% |
| Municipal Securities | 0.3% |
| Savings & Loans | 0.3% |
| REITS | 0.3% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_935475.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_935687.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.*

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio changed its name to the SA American Century Inflation Managed Portfolio. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546315 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA American Century Inflation Managed (formerly SA American Century Inflation Protection)

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $86 | 0.84% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 5.57% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 6.17% for the Bloomberg U.S. TIPS Index (the "Performance Index"). Over the period, Treasury Inflation Protected Securities advanced along with the broad U.S. Treasury market. Inflation expectations (measured by 5- and 10-year breakeven rates) ended the 12 months modestly higher.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors:** \| cash and cash equivalents; securitized credit; investment-grade credit

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors:** \| inflation-linked government (TIPS); nominal government

**In aggregate:** \| duration and yield curve positioning

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935422.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA American Century Inflation Managed Portfolio <br>(Class 3)** | 5.57% | 1.75% | 1.61% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |
| **Bloomberg U.S. TIPS Index** | 6.17% | 2.36% | 2.51% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$530M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;161 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;48% |

---

#### 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 | 76.0% |
| Short-Term Investments | 7.7% |
| Collateralized Mortgage Obligations | 7.4% |
| Other Asset Backed Securities | 2.6% |
| Banks | 2.6% |
| Diversified Financial Services | 1.0% |
| Insurance | 0.7% |
| Electric | 0.6% |
| Machinery-Construction & Mining | 0.5% |
| Healthcare-Services | 0.3% |
| Auto Manufacturers | 0.3% |
| Software | 0.3% |
| Municipal Securities | 0.3% |
| Savings & Loans | 0.3% |
| REITS | 0.3% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_935103.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_935333.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.*

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio changed its name to the SA American Century Inflation Managed Portfolio. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546794 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Columbia Focused Value

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Columbia Focused Value Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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 year ?**

*(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)\* | $75 | 0.73% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 6.42% for the year ended March 31, 2025, compared to 8.25% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 7.18% for the Russell 1000<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-oriented stocks within large-cap and mid-cap. However, within the small-cap space value stocks outperformed growth stocks.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors:** \| utilities; health care; consumer discretionary

**Security selection in the following sectors:** \| energy; consumer staples; materials

**Position weightings:** \| Philip Morris International, Inc.; Williams Cos., Inc.; Corning, Inc.

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors:** \| financials; information technology; consumer staples

**Security selection in the following sectors:** \| utilities; health care; consumer discretionary

**Position weightings:** \| AES Corp.; Applied Materials, Inc.; Teradata Corp.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935563.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Columbia Focused Value Portfolio <br>(Class 1)** | 6.42% | 17.60% | 9.61% |
| **S&P 500<sup>®</sup> Index** | 8.25% | 18.59% | 12.50% |
| **Russell 1000<sup>®</sup> Value Index** | 7.18% | 16.15% | 8.79% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$260M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### 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 | 13.6% |
| Telecommunications | 8.1% |
| Healthcare-Services | 7.7% |
| Electric | 7.5% |
| Pharmaceuticals | 6.8% |
| Aerospace/Defense | 6.5% |
| Semiconductors | 5.7% |
| Mining | 5.4% |
| Oil & Gas | 5.1% |
| REITS | 3.4% |
| Agriculture | 3.3% |
| Retail | 3.3% |
| Oil & Gas Services | 3.1% |
| Insurance | 3.1% |
| Computers | 2.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935042.jpg)

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

#### Material Fund Changes
There were no material fund changes during the period.

#### 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_420.jpg)

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

Seasons Series Trust

812546323 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Columbia Focused Value

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Columbia Focused Value Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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 year ?**

*(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)\* | $91 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 6.29% for the year ended March 31, 2025, compared to 8.25% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 7.18% for the Russell 1000<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-oriented stocks within large-cap and mid-cap. However, within the small-cap space value stocks outperformed growth stocks.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors:** \| utilities; health care; consumer discretionary

**Security selection in the following sectors:** \| energy; consumer staples; materials

**Position weightings:** \| Philip Morris International, Inc.; Williams Cos., Inc.; Corning, Inc.

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors:** \| financials; information technology; consumer staples

**Security selection in the following sectors:** \| utilities; health care; consumer discretionary

**Position weightings:** \| AES Corp.; Applied Materials, Inc.; Teradata Corp.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935065.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Columbia Focused Value Portfolio <br>(Class 2)** | 6.29% | 17.43% | 9.44% |
| **S&P 500<sup>®</sup> Index** | 8.25% | 18.59% | 12.50% |
| **Russell 1000<sup>®</sup> Value Index** | 7.18% | 16.15% | 8.79% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$260M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### 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 | 13.6% |
| Telecommunications | 8.1% |
| Healthcare-Services | 7.7% |
| Electric | 7.5% |
| Pharmaceuticals | 6.8% |
| Aerospace/Defense | 6.5% |
| Semiconductors | 5.7% |
| Mining | 5.4% |
| Oil & Gas | 5.1% |
| REITS | 3.4% |
| Agriculture | 3.3% |
| Retail | 3.3% |
| Oil & Gas Services | 3.1% |
| Insurance | 3.1% |
| Computers | 2.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935720.jpg)

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

#### Material Fund Changes
There were no material fund changes during the period.

#### 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_420.jpg)

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

Seasons Series Trust

812546612 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Columbia Focused Value

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Columbia Focused Value Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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 year ?**

*(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)\* | $101 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 6.18% for the year ended March 31, 2025, compared to 8.25% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 7.18% for the Russell 1000<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-oriented stocks within large-cap and mid-cap. However, within the small-cap space value stocks outperformed growth stocks.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors:** \| utilities; health care; consumer discretionary

**Security selection in the following sectors:** \| energy; consumer staples; materials

**Position weightings:** \| Philip Morris International, Inc.; Williams Cos., Inc.; Corning, Inc.

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors:** \| financials; information technology; consumer staples

**Security selection in the following sectors:** \| utilities; health care; consumer discretionary

**Position weightings:** \| AES Corp.; Applied Materials, Inc.; Teradata Corp.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935741.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Columbia Focused Value Portfolio <br>(Class 3)** | 6.18% | 17.30% | 9.33% |
| **S&P 500<sup>®</sup> Index** | 8.25% | 18.59% | 12.50% |
| **Russell 1000<sup>®</sup> Value Index** | 7.18% | 16.15% | 8.79% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$260M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### 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 | 13.6% |
| Telecommunications | 8.1% |
| Healthcare-Services | 7.7% |
| Electric | 7.5% |
| Pharmaceuticals | 6.8% |
| Aerospace/Defense | 6.5% |
| Semiconductors | 5.7% |
| Mining | 5.4% |
| Oil & Gas | 5.1% |
| REITS | 3.4% |
| Agriculture | 3.3% |
| Retail | 3.3% |
| Oil & Gas Services | 3.1% |
| Insurance | 3.1% |
| Computers | 2.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935343.jpg)

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

#### Material Fund Changes
There were no material fund changes during the period.

#### 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_420.jpg)

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

Seasons Series Trust

812546596 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Franklin Allocation Moderately Aggressive (formerly SA Putnam Asset Allocation Diversified Growth)

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $94 | 0.91% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 7.33% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 6.76% for the Blended Index (the "Performance Index") comprised of 60% Russell 3000<sup>®</sup> Index; 15% Bloomberg U.S. Aggregate Bond Index; 15% MSCI EAFE Index (net); 5% JP Morgan Developed Market High Yield Index; 5% MSCI Emerging Markets Index (net). Over the 12-month period, U.S. equities outperformed international developed equities. The Treasury market delivered modest positive returns, as measured by the Bloomberg U.S. Treasury Index.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large-cap equities; international equities; emerging market equities

**For the fixed income segment of the fund** \| Allocations in the following asset classes: core fixed income

#### TOP PERFORMANCE DETRACTORS
**Asset Allocation** \| tactical (using equity put options)

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935340.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Franklin Allocation Moderately Aggressive Portfolio <br>(Class 1)** | 7.33% | 14.16% | 8.01% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **60% Russell 3000<sup>®</sup> Index; 15% Bloomberg U.S. Aggregate Bond Index; 15% MSCI EAFE Index (net); 5% JP Morgan Developed Market High Yield Index; 5% MSCI Emerging Markets Index (net)** | 6.76% | 13.45% | 8.71% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$199M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1777 |
| &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;69% |

---

#### 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 | 10.0% |
| Banks | 7.3% |
| U.S. Government & Agency Obligations | 7.2% |
| Software | 6.7% |
| Semiconductors | 6.1% |
| Computers | 4.6% |
| Pharmaceuticals | 4.6% |
| Insurance | 3.6% |
| Retail | 3.5% |
| Short-Term Investments | 3.3% |
| Diversified Financial Services | 2.8% |
| Electric | 2.7% |
| REITS | 2.1% |
| Telecommunications | 2.1% |
| Commercial Services | 2.1% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935979.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective November 1, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Portfolio to SunAmerica to 0.670% of the Portfolio's average daily net assets on the first $250 million, 0.620% of the Portfolio's average daily net assets on the next $750 million and 0.550% of the Portfolio's average daily net assets over $1 billion. Effective April 28, 2025 (the "Effective Date"), the Portfolio changed its name to the SA Franklin Allocation Moderately Aggressive Portfolio. Additionally, on the Effective Date, Franklin Advisers, Inc. was appointed as subadviser replacing the existing subadviser, Putnam Investment Management, LLC ("Putnam"). For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546505 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Franklin Allocation Moderately Aggressive (formerly SA Putnam Asset Allocation Diversified Growth)

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $110 | 1.06% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 7.24% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 6.76% for the Blended Index (the "Performance Index") comprised of 60% Russell 3000<sup>®</sup> Index; 15% Bloomberg U.S. Aggregate Bond Index; 15% MSCI EAFE Index (net); 5% JP Morgan Developed Market High Yield Index; 5% MSCI Emerging Markets Index (net). Over the 12-month period, U.S. equities outperformed international developed equities. The Treasury market delivered modest positive returns, as measured by the Bloomberg U.S. Treasury Index.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large-cap equities; international equities; emerging market equities

**For the fixed income segment of the fund** \| Allocations in the following asset classes: core fixed income

#### TOP PERFORMANCE DETRACTORS
**Asset Allocation** \| tactical (using equity put options)

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935939.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Franklin Allocation Moderately Aggressive Portfolio <br>(Class 2)** | 7.24% | 14.01% | 7.85% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **60% Russell 3000<sup>®</sup> Index; 15% Bloomberg U.S. Aggregate Bond Index; 15% MSCI EAFE Index (net); 5% JP Morgan Developed Market High Yield Index; 5% MSCI Emerging Markets Index (net)** | 6.76% | 13.45% | 8.71% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$199M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1777 |
| &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;69% |

---

#### 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 | 10.0% |
| Banks | 7.3% |
| U.S. Government & Agency Obligations | 7.2% |
| Software | 6.7% |
| Semiconductors | 6.1% |
| Computers | 4.6% |
| Pharmaceuticals | 4.6% |
| Insurance | 3.6% |
| Retail | 3.5% |
| Short-Term Investments | 3.3% |
| Diversified Financial Services | 2.8% |
| Electric | 2.7% |
| REITS | 2.1% |
| Telecommunications | 2.1% |
| Commercial Services | 2.1% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935558.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective November 1, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Portfolio to SunAmerica to 0.670% of the Portfolio's average daily net assets on the first $250 million, 0.620% of the Portfolio's average daily net assets on the next $750 million and 0.550% of the Portfolio's average daily net assets over $1 billion. Effective April 28, 2025 (the "Effective Date"), the Portfolio changed its name to the SA Franklin Allocation Moderately Aggressive Portfolio. Additionally, on the Effective Date, Franklin Advisers, Inc. was appointed as subadviser replacing the existing subadviser, Putnam Investment Management, LLC ("Putnam"). For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546745 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Franklin Allocation Moderately Aggressive (formerly SA Putnam Asset Allocation Diversified Growth)

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $120 | 1.16% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 7.15% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 6.76% for the Blended Index (the "Performance Index") comprised of 60% Russell 3000<sup>®</sup> Index; 15% Bloomberg U.S. Aggregate Bond Index; 15% MSCI EAFE Index (net); 5% JP Morgan Developed Market High Yield Index; 5% MSCI Emerging Markets Index (net). Over the 12-month period, U.S. equities outperformed international developed equities. The Treasury market delivered modest positive returns, as measured by the Bloomberg U.S. Treasury Index.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large-cap equities; international equities; emerging market equities

**For the fixed income segment of the fund** \| Allocations in the following asset classes: core fixed income

#### TOP PERFORMANCE DETRACTORS
**Asset Allocation** \| tactical (using equity put options)

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935575.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Franklin Allocation Moderately Aggressive Portfolio <br>(Class 3)** | 7.15% | 13.88% | 7.74% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **60% Russell 3000<sup>®</sup> Index; 15% Bloomberg U.S. Aggregate Bond Index; 15% MSCI EAFE Index (net); 5% JP Morgan Developed Market High Yield Index; 5% MSCI Emerging Markets Index (net)** | 6.76% | 13.45% | 8.71% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$199M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1777 |
| &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;69% |

---

#### 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 | 10.0% |
| Banks | 7.3% |
| U.S. Government & Agency Obligations | 7.2% |
| Software | 6.7% |
| Semiconductors | 6.1% |
| Computers | 4.6% |
| Pharmaceuticals | 4.6% |
| Insurance | 3.6% |
| Retail | 3.5% |
| Short-Term Investments | 3.3% |
| Diversified Financial Services | 2.8% |
| Electric | 2.7% |
| REITS | 2.1% |
| Telecommunications | 2.1% |
| Commercial Services | 2.1% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935058.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective November 1, 2024, the contractual advisory fee waiver was amended to lower the advisory fee rate payable by the Portfolio to SunAmerica to 0.670% of the Portfolio's average daily net assets on the first $250 million, 0.620% of the Portfolio's average daily net assets on the next $750 million and 0.550% of the Portfolio's average daily net assets over $1 billion. Effective April 28, 2025 (the "Effective Date"), the Portfolio changed its name to the SA Franklin Allocation Moderately Aggressive Portfolio. Additionally, on the Effective Date, Franklin Advisers, Inc. was appointed as subadviser replacing the existing subadviser, Putnam Investment Management, LLC ("Putnam"). For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546737 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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 year ?**

*(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)\* | $74 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 4.60% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index & "Performance Index"). Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. The 10-year U.S. Treasury yields peaked at 4.8% in January 2025, before ending lower at 4.2% at the end of first quarter of 2025.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**PineBridge Investments, LLC (active)** \| Allocations in the following sectors: U.S. Government; agency mortgage-backed securities. Security selection in the following sectors: financials; agency mortgage-backed securities; communications

**PineBridge Investments, LLC (passive)** \| On an absolute basis, allocations in the following sectors: government securities

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**PineBridge Investments, LLC (active)** \| Security selection in the following sectors: consumer cyclical. In aggregate: yield curve positioning

**PineBridge Investments, LLC (passive)** \| On an absolute basis, allocations in the following sectors: none

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935300.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Diversified Fixed Income Portfolio <br>(Class 1)** | 4.60% | 0.10% | 1.46% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$642M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### 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 | 75.2% |
| Collateralized Mortgage Obligations | 8.0% |
| Banks | 5.5% |
| Electric | 4.1% |
| Other Asset Backed Securities | 3.0% |
| Foreign Government Obligations | 2.2% |
| Oil & Gas | 2.1% |
| Pipelines | 1.2% |
| Repurchase Agreements | 1.0% |
| Media | 1.0% |
| Healthcare-Services | 0.9% |
| Pharmaceuticals | 0.8% |
| Semiconductors | 0.8% |
| Telecommunications | 0.8% |
| Insurance | 0.7% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_935872.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_935067.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.*

#### Material Fund Changes
There were no material fund changes during the period.

#### 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_420.jpg)

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

Seasons Series Trust

812546828 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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 year ?**

*(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)\* | $89 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 4.53% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index & "Performance Index"). Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. The 10-year U.S. Treasury yields peaked at 4.8% in January 2025, before ending lower at 4.2% at the end of first quarter of 2025.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**PineBridge Investments, LLC (active)** \| Allocations in the following sectors: U.S. Government; agency mortgage-backed securities. Security selection in the following sectors: financials; agency mortgage-backed securities; communications

**PineBridge Investments, LLC (passive)** \| On an absolute basis, allocations in the following sectors: government securities

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**PineBridge Investments, LLC (active)** \| Security selection in the following sectors: consumer cyclical. In aggregate: yield curve positioning

**PineBridge Investments, LLC (passive)** \| On an absolute basis, allocations in the following sectors: none

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935825.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Diversified Fixed Income Portfolio <br>(Class 2)** | 4.53% | (0.03)% | 1.31% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$642M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### 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 | 75.2% |
| Collateralized Mortgage Obligations | 8.0% |
| Banks | 5.5% |
| Electric | 4.1% |
| Other Asset Backed Securities | 3.0% |
| Foreign Government Obligations | 2.2% |
| Oil & Gas | 2.1% |
| Pipelines | 1.2% |
| Repurchase Agreements | 1.0% |
| Media | 1.0% |
| Healthcare-Services | 0.9% |
| Pharmaceuticals | 0.8% |
| Semiconductors | 0.8% |
| Telecommunications | 0.8% |
| Insurance | 0.7% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_935455.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_935768.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.*

#### Material Fund Changes
There were no material fund changes during the period.

#### 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_420.jpg)

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

Seasons Series Trust

812546695 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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 year ?**

*(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)\* | $99 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 4.31% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index & "Performance Index"). Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. The 10-year U.S. Treasury yields peaked at 4.8% in January 2025, before ending lower at 4.2% at the end of first quarter of 2025.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**PineBridge Investments, LLC (active)** \| Allocations in the following sectors: U.S. Government; agency mortgage-backed securities. Security selection in the following sectors: financials; agency mortgage-backed securities; communications

**PineBridge Investments, LLC (passive)** \| On an absolute basis, allocations in the following sectors: government securities

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**PineBridge Investments, LLC (active)** \| Security selection in the following sectors: consumer cyclical. In aggregate: yield curve positioning

**PineBridge Investments, LLC (passive)** \| On an absolute basis, allocations in the following sectors: none

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935479.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Diversified Fixed Income Portfolio <br>(Class 3)** | 4.31% | (0.16)% | 1.20% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$642M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1889 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### 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 | 75.2% |
| Collateralized Mortgage Obligations | 8.0% |
| Banks | 5.5% |
| Electric | 4.1% |
| Other Asset Backed Securities | 3.0% |
| Foreign Government Obligations | 2.2% |
| Oil & Gas | 2.1% |
| Pipelines | 1.2% |
| Repurchase Agreements | 1.0% |
| Media | 1.0% |
| Healthcare-Services | 0.9% |
| Pharmaceuticals | 0.8% |
| Semiconductors | 0.8% |
| Telecommunications | 0.8% |
| Insurance | 0.7% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_935085.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_935295.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.*

#### Material Fund Changes
There were no material fund changes during the period.

#### 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_420.jpg)

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

Seasons Series Trust

812546687 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Multi-Managed Growth

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Growth Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 Growth Portfolio (Class 1)\* | $112 | 1.08% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 7.50% for the year ended March 31, 2025, compared to 7.82% for the Russell 1000<sup>®</sup> Index (a broad-based securities market index) and 4.80% for the Blended Index (the "Performance Index") comprised of 51% Russell 1000<sup>®</sup> Index; 27% Bloomberg U.S. Aggregate Bond Index; 20% Russell 2000<sup>®</sup> Index; 2% FTSE Treasury Bill 3-Month Index. Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; ROBLOX Corp., Class A; DoorDash, Inc. Class A

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: systems hardware; pharmaceutical; REITs. Security selection in the following sectors: systems hardware; capital markets; software & services. Position weightings: Rigetti Computing, Inc.; AvePoint, Inc.; Lantheus Holdings, Inc.

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: insurance; software & services; telecommunications; utilities. Security selection in the following sectors: pharmaceutical; industrial cyclical; basic materials. Position weightings: Viking Therapeutics, Inc.; Atkore, Inc.; TransMedics Group, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_953855.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Growth Portfolio <br>(Class 1)** | 7.50% | 8.85% | 6.56% |
| **Russell 1000<sup>®</sup> Index** | 7.82% | 18.47% | 12.18% |
| **51% Russell 1000<sup>®</sup> Index; 27% Bloomberg U.S. Aggregate Bond Index; 20% Russell 2000<sup>®</sup> Index; 2% FTSE Treasury Bill 3 Month Index** | 4.80% | 12.10% | 8.16% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$36M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1054 |
| &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;67% |

---

#### 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 | 15.0% |
| Internet | 14.8% |
| U.S. Government & Agency Obligations | 14.7% |
| Biotechnology | 4.6% |
| Repurchase Agreements | 4.0% |
| Commercial Services | 3.7% |
| Auto Manufacturers | 3.5% |
| Computers | 3.2% |
| Banks | 3.2% |
| Diversified Financial Services | 3.1% |
| REITS | 3.0% |
| Healthcare-Products | 2.5% |
| Retail | 2.3% |
| Semiconductors | 1.9% |
| Apparel | 1.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_953851.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA Allocation Aggressive Portfolio, a series of the Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546109 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Multi-Managed Growth

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Growth Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 Growth Portfolio (Class 2)\* | $128 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 7.34% for the year ended March 31, 2025, compared to 7.82% for the Russell 1000<sup>®</sup> Index (a broad-based securities market index) and 4.80% for the Blended Index (the "Performance Index") comprised of 51% Russell 1000<sup>®</sup> Index; 27% Bloomberg U.S. Aggregate Bond Index; 20% Russell 2000<sup>®</sup> Index; 2% FTSE Treasury Bill 3-Month Index. Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; ROBLOX Corp., Class A; DoorDash, Inc. Class A

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: systems hardware; pharmaceutical; REITs. Security selection in the following sectors: systems hardware; capital markets; software & services. Position weightings: Rigetti Computing, Inc.; AvePoint, Inc.; Lantheus Holdings, Inc.

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: insurance; software & services; telecommunications; utilities. Security selection in the following sectors: pharmaceutical; industrial cyclical; basic materials. Position weightings: Viking Therapeutics, Inc.; Atkore, Inc.; TransMedics Group, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_953878.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Growth Portfolio <br>(Class 2)** | 7.34% | 8.69% | 6.40% |
| **Russell 1000<sup>®</sup> Index** | 7.82% | 18.47% | 12.18% |
| **51% Russell 1000<sup>®</sup> Index; 27% Bloomberg U.S. Aggregate Bond Index; 20% Russell 2000<sup>®</sup> Index; 2% FTSE Treasury Bill 3 Month Index** | 4.80% | 12.10% | 8.16% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$36M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1054 |
| &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;67% |

---

#### 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 | 15.0% |
| Internet | 14.8% |
| U.S. Government & Agency Obligations | 14.7% |
| Biotechnology | 4.6% |
| Repurchase Agreements | 4.0% |
| Commercial Services | 3.7% |
| Auto Manufacturers | 3.5% |
| Computers | 3.2% |
| Banks | 3.2% |
| Diversified Financial Services | 3.1% |
| REITS | 3.0% |
| Healthcare-Products | 2.5% |
| Retail | 2.3% |
| Semiconductors | 1.9% |
| Apparel | 1.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_953882.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA Allocation Aggressive Portfolio, a series of the Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546455 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Multi-Managed Growth

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Growth Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 Growth Portfolio (Class 3)\* | $138 | 1.33% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 7.24% for the year ended March 31, 2025, compared to 7.82% for the Russell 1000<sup>®</sup> Index (a broad-based securities market index) and 4.80% for the Blended Index (the "Performance Index") comprised of 51% Russell 1000<sup>®</sup> Index; 27% Bloomberg U.S. Aggregate Bond Index; 20% Russell 2000<sup>®</sup> Index; 2% FTSE Treasury Bill 3-Month Index. Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; ROBLOX Corp., Class A; DoorDash, Inc. Class A

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: systems hardware; pharmaceutical; REITs. Security selection in the following sectors: systems hardware; capital markets; software & services. Position weightings: Rigetti Computing, Inc.; AvePoint, Inc.; Lantheus Holdings, Inc.

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: insurance; software & services; telecommunications; utilities. Security selection in the following sectors: pharmaceutical; industrial cyclical; basic materials. Position weightings: Viking Therapeutics, Inc.; Atkore, Inc.; TransMedics Group, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_953929.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Growth Portfolio <br>(Class 3)** | 7.24% | 8.58% | 6.30% |
| **Russell 1000<sup>®</sup> Index** | 7.82% | 18.47% | 12.18% |
| **51% Russell 1000<sup>®</sup> Index; 27% Bloomberg U.S. Aggregate Bond Index; 20% Russell 2000<sup>®</sup> Index; 2% FTSE Treasury Bill 3 Month Index** | 4.80% | 12.10% | 8.16% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$36M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1054 |
| &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;67% |

---

#### 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 | 15.0% |
| Internet | 14.8% |
| U.S. Government & Agency Obligations | 14.7% |
| Biotechnology | 4.6% |
| Repurchase Agreements | 4.0% |
| Commercial Services | 3.7% |
| Auto Manufacturers | 3.5% |
| Computers | 3.2% |
| Banks | 3.2% |
| Diversified Financial Services | 3.1% |
| REITS | 3.0% |
| Healthcare-Products | 2.5% |
| Retail | 2.3% |
| Semiconductors | 1.9% |
| Apparel | 1.7% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_953925.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA Allocation Aggressive Portfolio, a series of the Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546448 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Multi-Managed Income

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Income Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 Income Portfolio (Class 1)\* | $118 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 6.54% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Index (a broad-based securities market index) and 5.47% for the Blended Index (the "Performance Index") comprised of 17.35% Russell 1000<sup>®</sup> Index; 80.95% Bloomberg U.S. Aggregate Bond Index; 1.70% FTSE Treasury Bill 3-Month Index. Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; ROBLOX Corp., Class A; DoorDash, Inc., Class A

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_953952.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Income Portfolio <br>(Class 1)** | 6.54% | 2.18% | 2.94% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |
| **17.35% Russell 1000<sup>®</sup> Index; 80.95% Bloomberg U.S. Aggregate Bond Index; 1.70% FTSE Treasury Bill 3 Month Index** | 5.47% | 2.87% | 3.42% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$26M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;540 |
| &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;47% |

---

#### 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 | 47.5% |
| Repurchase Agreements | 10.7% |
| Collateralized Mortgage Obligations | 5.9% |
| Software | 5.0% |
| Internet | 4.8% |
| Banks | 3.3% |
| Electric | 3.1% |
| Other Asset Backed Securities | 2.6% |
| Oil & Gas | 1.6% |
| Commercial Services | 1.3% |
| Computers | 1.1% |
| Biotechnology | 1.1% |
| Diversified Financial Services | 1.1% |
| Auto Manufacturers | 1.0% |
| Media | 1.0% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_953956.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_953961.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.*

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA Allocation Balanced Portfolio, a series of the Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546406 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Multi-Managed Income

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Income Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 Income Portfolio (Class 2)\* | $133 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 6.38% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Index (a broad-based securities market index) and 5.47% for the Blended Index (the "Performance Index") comprised of 17.35% Russell 1000<sup>®</sup> Index; 80.95% Bloomberg U.S. Aggregate Bond Index; 1.70% FTSE Treasury Bill 3-Month Index. Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; ROBLOX Corp., Class A; DoorDash, Inc., Class A

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_954003.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Income Portfolio <br>(Class 2)** | 6.38% | 2.03% | 2.79% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |
| **17.35% Russell 1000<sup>®</sup> Index; 80.95% Bloomberg U.S. Aggregate Bond Index; 1.70% FTSE Treasury Bill 3 Month Index** | 5.47% | 2.87% | 3.42% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$26M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;540 |
| &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;47% |

---

#### 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 | 47.5% |
| Repurchase Agreements | 10.7% |
| Collateralized Mortgage Obligations | 5.9% |
| Software | 5.0% |
| Internet | 4.8% |
| Banks | 3.3% |
| Electric | 3.1% |
| Other Asset Backed Securities | 2.6% |
| Oil & Gas | 1.6% |
| Commercial Services | 1.3% |
| Computers | 1.1% |
| Biotechnology | 1.1% |
| Diversified Financial Services | 1.1% |
| Auto Manufacturers | 1.0% |
| Media | 1.0% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_953999.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_953994.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.*

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA Allocation Balanced Portfolio, a series of the Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546430 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Multi-Managed Income

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Income Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 Income Portfolio (Class 3)\* | $143 | 1.39% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 6.28% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Index (a broad-based securities market index) and 5.47% for the Blended Index (the "Performance Index") comprised of 17.35% Russell 1000<sup>®</sup> Index; 80.95% Bloomberg U.S. Aggregate Bond Index; 1.70% FTSE Treasury Bill 3-Month Index. Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; ROBLOX Corp., Class A; DoorDash, Inc., Class A

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_954026.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Income Portfolio <br>(Class 3)** | 6.28% | 1.92% | 2.69% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |
| **17.35% Russell 1000<sup>®</sup> Index; 80.95% Bloomberg U.S. Aggregate Bond Index; 1.70% FTSE Treasury Bill 3 Month Index** | 5.47% | 2.87% | 3.42% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$26M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;540 |
| &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;47% |

---

#### 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 | 47.5% |
| Repurchase Agreements | 10.7% |
| Collateralized Mortgage Obligations | 5.9% |
| Software | 5.0% |
| Internet | 4.8% |
| Banks | 3.3% |
| Electric | 3.1% |
| Other Asset Backed Securities | 2.6% |
| Oil & Gas | 1.6% |
| Commercial Services | 1.3% |
| Computers | 1.1% |
| Biotechnology | 1.1% |
| Diversified Financial Services | 1.1% |
| Auto Manufacturers | 1.0% |
| Media | 1.0% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_954030.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_954035.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.*

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA Allocation Balanced Portfolio, a series of the Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546422 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Multi-Managed Income/Equity

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Income/Equity Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 Income/Equity Portfolio (Class 1)\* | $118 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 8.29% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Index (a broad-based securities market index) and 5.99% for the Blended Index (the "Performance Index") comprised of 33.4% Russell 1000<sup>®</sup> Index; 63.8% Bloomberg U.S. Aggregate Bond Index; 2.8% FTSE Treasury Bill 3-Month Index. Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; ROBLOX Corp., Class A; DoorDash, Inc., Class A

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_954077.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Income/Equity Portfolio <br>(Class 1)** | 8.29% | 3.89% | 4.19% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |
| **33.40% Russell 1000<sup>®</sup> Index; 63.80% Bloomberg U.S. Aggregate Bond Index; 2.80% FTSE Treasury Bill 3 Month Index** | 5.99% | 5.90% | 5.19% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$36M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;540 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

#### 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 | 36.1% |
| Repurchase Agreements | 9.9% |
| Internet | 9.0% |
| Software | 8.7% |
| Collateralized Mortgage Obligations | 5.0% |
| Banks | 2.7% |
| Electric | 2.4% |
| Auto Manufacturers | 2.1% |
| Biotechnology | 2.0% |
| Computers | 1.9% |
| Commercial Services | 1.8% |
| Diversified Financial Services | 1.6% |
| Oil & Gas | 1.3% |
| Apparel | 1.3% |
| Healthcare-Products | 1.3% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_954073.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_954068.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.*

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA Allocation Moderate Portfolio, a series of the Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546307 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Multi-Managed Income/Equity

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Income/Equity Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 Income/Equity Portfolio (Class 2)\* | $133 | 1.28% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 8.15% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Index (a broad-based securities market index) and 5.99% for the Blended Index (the "Performance Index") comprised of 33.4% Russell 1000<sup>®</sup> Index; 63.8% Bloomberg U.S. Aggregate Bond Index; 2.8% FTSE Treasury Bill 3-Month Index. Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; ROBLOX Corp., Class A; DoorDash, Inc., Class A

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_954100.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Income/Equity Portfolio <br>(Class 2)** | 8.15% | 3.74% | 4.03% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |
| **33.40% Russell 1000<sup>®</sup> Index; 63.80% Bloomberg U.S. Aggregate Bond Index; 2.80% FTSE Treasury Bill 3 Month Index** | 5.99% | 5.90% | 5.19% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$36M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;540 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

#### 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 | 36.1% |
| Repurchase Agreements | 9.9% |
| Internet | 9.0% |
| Software | 8.7% |
| Collateralized Mortgage Obligations | 5.0% |
| Banks | 2.7% |
| Electric | 2.4% |
| Auto Manufacturers | 2.1% |
| Biotechnology | 2.0% |
| Computers | 1.9% |
| Commercial Services | 1.8% |
| Diversified Financial Services | 1.6% |
| Oil & Gas | 1.3% |
| Apparel | 1.3% |
| Healthcare-Products | 1.3% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_954104.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_954109.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.*

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA Allocation Moderate Portfolio, a series of the Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546414 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Multi-Managed Income/Equity

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Income/Equity Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 Income/Equity Portfolio (Class 3)\* | $144 | 1.38% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 8.05% for the year ended March 31, 2025, compared to 4.88% for the Bloomberg U.S. Aggregate Index (a broad-based securities market index) and 5.99% for the Blended Index (the "Performance Index") comprised of 33.4% Russell 1000<sup>®</sup> Index; 63.8% Bloomberg U.S. Aggregate Bond Index; 2.8% FTSE Treasury Bill 3-Month Index. Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; ROBLOX Corp., Class A; DoorDash, Inc., Class A

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_954151.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Income/Equity Portfolio <br>(Class 3)** | 8.05% | 3.63% | 3.92% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.88% | (0.40)% | 1.46% |
| **33.40% Russell 1000<sup>®</sup> Index; 63.80% Bloomberg U.S. Aggregate Bond Index; 2.80% FTSE Treasury Bill 3 Month Index** | 5.99% | 5.90% | 5.19% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$36M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;540 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;57% |

---

#### 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 | 36.1% |
| Repurchase Agreements | 9.9% |
| Internet | 9.0% |
| Software | 8.7% |
| Collateralized Mortgage Obligations | 5.0% |
| Banks | 2.7% |
| Electric | 2.4% |
| Auto Manufacturers | 2.1% |
| Biotechnology | 2.0% |
| Computers | 1.9% |
| Commercial Services | 1.8% |
| Diversified Financial Services | 1.6% |
| Oil & Gas | 1.3% |
| Apparel | 1.3% |
| Healthcare-Products | 1.3% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_954147.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_954142.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.*

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA Allocation Moderate Portfolio, a series of the Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546398 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $106 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 4.64% for the year ended March 31, 2025, compared to 4.88% for the MSCI EAFE Index (net) (a broad-based securities market index & "Performance Index"). Over the period, value-oriented stocks largely outperformed quality and growth-oriented stocks across the market-cap spectrum within international equity markets. Momentum factors also contributed to broad market returns.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: financials; industrials; communication services. On an absolute basis, position weightings: HSBC Holdings PLC; SAP SE; Roche Holding AG ADR. On an absolute basis, exposure to the following countries/regions: United Kingdom; Germany; Switzerland

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: materials; real estate; consumer discretionary. Security selection in the following sectors: health care; communication services; energy. Position weightings: Spotify Technology SA; SAP SE; Erste Group Bank AG. Countries/regions: France; Japan; Austria

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: materials; consumer discretionary; financials. Security selection in the following sectors: information technology; health care; consumer discretionary. Position weightings: Broadcom, Inc.; Taiwan Semiconductor Manufacturing Co., Ltd.; Muenchener Rueckversicherungs-Gesellschaft AG. Countries/regions: Canada

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: consumer discretionary; information technology; materials. On an absolute basis, position weightings: Novo Nordisk A/S, Class B; ASML Holding NV; Toyota Motor Corp. On an absolute basis, exposure to the following countries/regions: Denmark; Japan; The Netherlands

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: information technology; financials; health care. Security selection in the following sectors: industrials; financials; real estate. Position weightings: Vestas Wind Systems A/S; Samsung Electronics Co., Ltd.; SMC Corp. Countries/regions: Korea; United Kingdom; Denmark

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: information technology; industrials & business services; communication services. Security selection in the following sectors: industrials & business services; consumer staples; communication services. Position weightings: Samsung Electronics Co., Ltd.; Melrose Industries PLC; NXP Semiconductors NV. Countries/regions: Pacific ex Japan

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935253.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed International Equity Portfolio <br>(Class 1)** | 4.64% | 11.38% | 5.01% |
| **MSCI EAFE Index (net)** | 4.88% | 11.77% | 5.40% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$247M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;756 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### 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 | 15.0% |
| Pharmaceuticals | 8.8% |
| Insurance | 6.5% |
| Semiconductors | 4.8% |
| Oil & Gas | 3.6% |
| Healthcare-Products | 3.5% |
| Retail | 3.2% |
| Cosmetics/Personal Care | 3.2% |
| Food | 2.9% |
| Software | 2.6% |
| Aerospace/Defense | 2.6% |
| Electric | 2.4% |
| Commercial Services | 2.4% |
| Telecommunications | 2.2% |
| Miscellaneous Manufacturing | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935887.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_935064.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546844 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $122 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 4.56% for the year ended March 31, 2025, compared to 4.88% for the MSCI EAFE Index (net) (a broad-based securities market index & "Performance Index"). Over the period, value-oriented stocks largely outperformed quality and growth-oriented stocks across the market-cap spectrum within international equity markets. Momentum factors also contributed to broad market returns.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: financials; industrials; communication services. On an absolute basis, position weightings: HSBC Holdings PLC; SAP SE; Roche Holding AG ADR. On an absolute basis, exposure to the following countries/regions: United Kingdom; Germany; Switzerland

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: materials; real estate; consumer discretionary. Security selection in the following sectors: health care; communication services; energy. Position weightings: Spotify Technology SA; SAP SE; Erste Group Bank AG. Countries/regions: France; Japan; Austria

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: materials; consumer discretionary; financials. Security selection in the following sectors: information technology; health care; consumer discretionary. Position weightings: Broadcom, Inc.; Taiwan Semiconductor Manufacturing Co., Ltd.; Muenchener Rueckversicherungs-Gesellschaft AG. Countries/regions: Canada

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: consumer discretionary; information technology; materials. On an absolute basis, position weightings: Novo Nordisk A/S, Class B; ASML Holding NV; Toyota Motor Corp. On an absolute basis, exposure to the following countries/regions: Denmark; Japan; The Netherlands

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: information technology; financials; health care. Security selection in the following sectors: industrials; financials; real estate. Position weightings: Vestas Wind Systems A/S; Samsung Electronics Co., Ltd.; SMC Corp. Countries/regions: Korea; United Kingdom; Denmark

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: information technology; industrials & business services; communication services. Security selection in the following sectors: industrials & business services; consumer staples; communication services. Position weightings: Samsung Electronics Co., Ltd.; Melrose Industries PLC; NXP Semiconductors NV. Countries/regions: Pacific ex Japan

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935796.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed International Equity Portfolio <br>(Class 2)** | 4.56% | 11.22% | 4.86% |
| **MSCI EAFE Index (net)** | 4.88% | 11.77% | 5.40% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$247M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;756 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### 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 | 15.0% |
| Pharmaceuticals | 8.8% |
| Insurance | 6.5% |
| Semiconductors | 4.8% |
| Oil & Gas | 3.6% |
| Healthcare-Products | 3.5% |
| Retail | 3.2% |
| Cosmetics/Personal Care | 3.2% |
| Food | 2.9% |
| Software | 2.6% |
| Aerospace/Defense | 2.6% |
| Electric | 2.4% |
| Commercial Services | 2.4% |
| Telecommunications | 2.2% |
| Miscellaneous Manufacturing | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935402.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_935758.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546588 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $132 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 4.37% for the year ended March 31, 2025, compared to 4.88% for the MSCI EAFE Index (net) (a broad-based securities market index & "Performance Index"). Over the period, value-oriented stocks largely outperformed quality and growth-oriented stocks across the market-cap spectrum within international equity markets. Momentum factors also contributed to broad market returns.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: financials; industrials; communication services. On an absolute basis, position weightings: HSBC Holdings PLC; SAP SE; Roche Holding AG ADR. On an absolute basis, exposure to the following countries/regions: United Kingdom; Germany; Switzerland

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: materials; real estate; consumer discretionary. Security selection in the following sectors: health care; communication services; energy. Position weightings: Spotify Technology SA; SAP SE; Erste Group Bank AG. Countries/regions: France; Japan; Austria

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: materials; consumer discretionary; financials. Security selection in the following sectors: information technology; health care; consumer discretionary. Position weightings: Broadcom, Inc.; Taiwan Semiconductor Manufacturing Co., Ltd.; Muenchener Rueckversicherungs-Gesellschaft AG. Countries/regions: Canada

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: consumer discretionary; information technology; materials. On an absolute basis, position weightings: Novo Nordisk A/S, Class B; ASML Holding NV; Toyota Motor Corp. On an absolute basis, exposure to the following countries/regions: Denmark; Japan; The Netherlands

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: information technology; financials; health care. Security selection in the following sectors: industrials; financials; real estate. Position weightings: Vestas Wind Systems A/S; Samsung Electronics Co., Ltd.; SMC Corp. Countries/regions: Korea; United Kingdom; Denmark

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: information technology; industrials & business services; communication services. Security selection in the following sectors: industrials & business services; consumer staples; communication services. Position weightings: Samsung Electronics Co., Ltd.; Melrose Industries PLC; NXP Semiconductors NV. Countries/regions: Pacific ex Japan

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935362.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed International Equity Portfolio <br>(Class 3)** | 4.37% | 11.08% | 4.75% |
| **MSCI EAFE Index (net)** | 4.88% | 11.77% | 5.40% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$247M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;756 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### 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 | 15.0% |
| Pharmaceuticals | 8.8% |
| Insurance | 6.5% |
| Semiconductors | 4.8% |
| Oil & Gas | 3.6% |
| Healthcare-Products | 3.5% |
| Retail | 3.2% |
| Cosmetics/Personal Care | 3.2% |
| Food | 2.9% |
| Software | 2.6% |
| Aerospace/Defense | 2.6% |
| Electric | 2.4% |
| Commercial Services | 2.4% |
| Telecommunications | 2.2% |
| Miscellaneous Manufacturing | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_936002.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_935141.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546570 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $84 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 12.08% for the year ended March 31, 2025, compared to 8.25% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 10.46% for the S&P 500<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: information technology; finance; consumer non-cyclicals. On an absolute basis, position weightings: Apple Inc.; NVIDIA Corp.; Meta Platforms, Inc., Class A

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: consumer discretionary; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; Tesla, Inc.; DoorDash, Inc., Class A

**Goldman Sachs Asset Management, L.P.** \| Allocations in the following sectors: energy. Security selection in the following sectors: health care; information technology; communication services. Position weightings: AppLovin Corp., Class A; Cheniere Energy, Inc.; Spotify Technology SA

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: materials; industrials; energy. On an absolute basis, position weightings: Microsoft Corp.; Advanced Micro Devices, Inc.; Salesforce, Inc.

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

**Goldman Sachs Asset Management, L.P.** \| Allocations in the following sectors: financials; information technology; materials. Security selection in the following sectors: consumer discretionary; consumer staples; financials. Position weightings: Visa, Inc., Class A; Lululemon Athletica, Inc.; Enphase Energy, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_936019.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Large Cap Growth Portfolio <br>(Class 1)** | 12.08% | 16.07% | 12.05% |
| **S&P 500<sup>®</sup> Index** | 8.25% | 18.59% | 12.50% |
| **S&P 500<sup>®</sup> Growth Index** | 10.46% | 18.70% | 13.99% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$245M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;263 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

#### 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 | 23.4% |
| Software | 18.9% |
| Semiconductors | 11.0% |
| Computers | 9.1% |
| Diversified Financial Services | 4.7% |
| Retail | 4.1% |
| Auto Manufacturers | 3.8% |
| Pharmaceuticals | 3.0% |
| Biotechnology | 2.7% |
| Healthcare-Products | 2.6% |
| Commercial Services | 2.2% |
| Insurance | 1.3% |
| REITS | 1.2% |
| Transportation | 1.1% |
| Distribution/Wholesale | 1.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935644.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546703 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $100 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 11.85% for the year ended March 31, 2025, compared to 8.25% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 10.46% for the S&P 500<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: information technology; finance; consumer non-cyclicals. On an absolute basis, position weightings: Apple Inc.; NVIDIA Corp.; Meta Platforms, Inc., Class A

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: consumer discretionary; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; Tesla, Inc.; DoorDash, Inc., Class A

**Goldman Sachs Asset Management, L.P.** \| Allocations in the following sectors: energy. Security selection in the following sectors: health care; information technology; communication services. Position weightings: AppLovin Corp., Class A; Cheniere Energy, Inc.; Spotify Technology SA

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: materials; industrials; energy. On an absolute basis, position weightings: Microsoft Corp.; Advanced Micro Devices, Inc.; Salesforce, Inc.

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

**Goldman Sachs Asset Management, L.P.** \| Allocations in the following sectors: financials; information technology; materials. Security selection in the following sectors: consumer discretionary; consumer staples; financials. Position weightings: Visa, Inc., Class A; Lululemon Athletica, Inc.; Enphase Energy, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935531.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Large Cap Growth Portfolio <br>(Class 2)** | 11.85% | 15.91% | 11.87% |
| **S&P 500<sup>®</sup> Index** | 8.25% | 18.59% | 12.50% |
| **S&P 500<sup>®</sup> Growth Index** | 10.46% | 18.70% | 13.99% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$245M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;263 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

#### 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 | 23.4% |
| Software | 18.9% |
| Semiconductors | 11.0% |
| Computers | 9.1% |
| Diversified Financial Services | 4.7% |
| Retail | 4.1% |
| Auto Manufacturers | 3.8% |
| Pharmaceuticals | 3.0% |
| Biotechnology | 2.7% |
| Healthcare-Products | 2.6% |
| Commercial Services | 2.2% |
| Insurance | 1.3% |
| REITS | 1.2% |
| Transportation | 1.1% |
| Distribution/Wholesale | 1.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935021.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546547 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $110 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 11.77% for the year ended March 31, 2025, compared to 8.25% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 10.46% for the S&P 500<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: information technology; finance; consumer non-cyclicals. On an absolute basis, position weightings: Apple Inc.; NVIDIA Corp.; Meta Platforms, Inc., Class A

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: consumer discretionary; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; Tesla, Inc.; DoorDash, Inc., Class A

**Goldman Sachs Asset Management, L.P.** \| Allocations in the following sectors: energy. Security selection in the following sectors: health care; information technology; communication services. Position weightings: AppLovin Corp., Class A; Cheniere Energy, Inc.; Spotify Technology SA

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: materials; industrials; energy. On an absolute basis, position weightings: Microsoft Corp.; Advanced Micro Devices, Inc.; Salesforce, Inc.

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

**Goldman Sachs Asset Management, L.P.** \| Allocations in the following sectors: financials; information technology; materials. Security selection in the following sectors: consumer discretionary; consumer staples; financials. Position weightings: Visa, Inc., Class A; Lululemon Athletica, Inc.; Enphase Energy, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935102.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Large Cap Growth Portfolio <br>(Class 3)** | 11.77% | 15.79% | 11.76% |
| **S&P 500<sup>®</sup> Index** | 8.25% | 18.59% | 12.50% |
| **S&P 500<sup>®</sup> Growth Index** | 10.46% | 18.70% | 13.99% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$245M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;263 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

#### 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 | 23.4% |
| Software | 18.9% |
| Semiconductors | 11.0% |
| Computers | 9.1% |
| Diversified Financial Services | 4.7% |
| Retail | 4.1% |
| Auto Manufacturers | 3.8% |
| Pharmaceuticals | 3.0% |
| Biotechnology | 2.7% |
| Healthcare-Products | 2.6% |
| Commercial Services | 2.2% |
| Insurance | 1.3% |
| REITS | 1.2% |
| Transportation | 1.1% |
| Distribution/Wholesale | 1.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935757.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546539 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $87 | 0.85% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 5.28% for the year ended March 31, 2025, compared to 8.25% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 4.21% for the S&P 500<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: finance; utilities; industrials. On an absolute basis, position weightings: Walmart, Inc.; JPMorgan Chase & Co.; Berkshire Hathaway, Inc., Class B

**Wellington Management Company LLP** \| Allocations in the following sectors: information technology; consumer discretionary; materials. Security selection in the following sectors: information technology; health care; energy. Position weightings: Apple, Inc. (lack of exposure); Targa Resources Corp.; Amazon, Inc.

**American Century Investment Management, Inc.** \| Allocations in the following sectors: consumer staples; consumer discretionary; utilities. Security selection in the following sectors: information technology; energy; materials. Position weightings: Bank of New York Mellon Corp.; F5, Inc.; Xcel Energy, Inc.

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: information technology; consumer cyclicals; health care. On an absolute basis, position weightings: Apple, Inc., Inc.; Microsoft Corp.; Amazon.com, Inc.

**Wellington Management Company LLP** \| Allocations in the following sectors: financials; consumer staples; utilities. Security selection in the following sectors: industrials, consumer staples, materials. Position weightings: Walmart, Inc. (lack of exposure); Gentex Corp.; Pernod Ricard SA

**American Century Investment Management, Inc.** \| Allocations in the following sectors: health care; financials; real estate. Security selection in the following sectors: consumer staples; communication services; utilities. Position weightings: Zimmer Biomet Holdings, Inc.; Dollar Tree, Inc.; Pernod Ricard SA ADR

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935784.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Large Cap Value Portfolio <br>(Class 1)** | 5.28% | 15.61% | 8.45% |
| **S&P 500<sup>®</sup> Index** | 8.25% | 18.59% | 12.50% |
| **S&P 500<sup>®</sup> Value Index** | 4.21% | 17.21% | 10.11% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$302M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

#### 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 | 8.9% |
| Banks | 8.0% |
| Oil & Gas | 5.9% |
| Software | 5.2% |
| Healthcare-Services | 5.2% |
| Insurance | 5.1% |
| Computers | 4.8% |
| Electric | 3.9% |
| Diversified Financial Services | 3.8% |
| Healthcare-Products | 3.7% |
| Telecommunications | 3.4% |
| Retail | 3.3% |
| REITS | 3.1% |
| Cosmetics/Personal Care | 3.1% |
| Semiconductors | 2.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935384.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546885 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $103 | 1.00% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 5.14% for the year ended March 31, 2025, compared to 8.25% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 4.21% for the S&P 500<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: finance; utilities; industrials. On an absolute basis, position weightings: Walmart, Inc.; JPMorgan Chase & Co.; Berkshire Hathaway, Inc., Class B

**Wellington Management Company LLP** \| Allocations in the following sectors: information technology; consumer discretionary; materials. Security selection in the following sectors: information technology; health care; energy. Position weightings: Apple, Inc. (lack of exposure); Targa Resources Corp.; Amazon, Inc.

**American Century Investment Management, Inc.** \| Allocations in the following sectors: consumer staples; consumer discretionary; utilities. Security selection in the following sectors: information technology; energy; materials. Position weightings: Bank of New York Mellon Corp.; F5, Inc.; Xcel Energy, Inc.

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: information technology; consumer cyclicals; health care. On an absolute basis, position weightings: Apple, Inc., Inc.; Microsoft Corp.; Amazon.com, Inc.

**Wellington Management Company LLP** \| Allocations in the following sectors: financials; consumer staples; utilities. Security selection in the following sectors: industrials, consumer staples, materials. Position weightings: Walmart, Inc. (lack of exposure); Gentex Corp.; Pernod Ricard SA

**American Century Investment Management, Inc.** \| Allocations in the following sectors: health care; financials; real estate. Security selection in the following sectors: consumer staples; communication services; utilities. Position weightings: Zimmer Biomet Holdings, Inc.; Dollar Tree, Inc.; Pernod Ricard SA ADR

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935287.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Large Cap Value Portfolio <br>(Class 2)** | 5.14% | 15.43% | 8.28% |
| **S&P 500<sup>®</sup> Index** | 8.25% | 18.59% | 12.50% |
| **S&P 500<sup>®</sup> Value Index** | 4.21% | 17.21% | 10.11% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$302M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

#### 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 | 8.9% |
| Banks | 8.0% |
| Oil & Gas | 5.9% |
| Software | 5.2% |
| Healthcare-Services | 5.2% |
| Insurance | 5.1% |
| Computers | 4.8% |
| Electric | 3.9% |
| Diversified Financial Services | 3.8% |
| Healthcare-Products | 3.7% |
| Telecommunications | 3.4% |
| Retail | 3.3% |
| REITS | 3.1% |
| Cosmetics/Personal Care | 3.1% |
| Semiconductors | 2.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_936042.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546521 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $113 | 1.10% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 4.94% for the year ended March 31, 2025, compared to 8.25% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 4.21% for the S&P 500<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: finance; utilities; industrials. On an absolute basis, position weightings: Walmart, Inc.; JPMorgan Chase & Co.; Berkshire Hathaway, Inc., Class B

**Wellington Management Company LLP** \| Allocations in the following sectors: information technology; consumer discretionary; materials. Security selection in the following sectors: information technology; health care; energy. Position weightings: Apple, Inc. (lack of exposure); Targa Resources Corp.; Amazon, Inc.

**American Century Investment Management, Inc.** \| Allocations in the following sectors: consumer staples; consumer discretionary; utilities. Security selection in the following sectors: information technology; energy; materials. Position weightings: Bank of New York Mellon Corp.; F5, Inc.; Xcel Energy, Inc.

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: information technology; consumer cyclicals; health care. On an absolute basis, position weightings: Apple, Inc., Inc.; Microsoft Corp.; Amazon.com, Inc.

**Wellington Management Company LLP** \| Allocations in the following sectors: financials; consumer staples; utilities. Security selection in the following sectors: industrials, consumer staples, materials. Position weightings: Walmart, Inc. (lack of exposure); Gentex Corp.; Pernod Ricard SA

**American Century Investment Management, Inc.** \| Allocations in the following sectors: health care; financials; real estate. Security selection in the following sectors: consumer staples; communication services; utilities. Position weightings: Zimmer Biomet Holdings, Inc.; Dollar Tree, Inc.; Pernod Ricard SA ADR

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935866.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Large Cap Value Portfolio <br>(Class 3)** | 4.94% | 15.31% | 8.17% |
| **S&P 500<sup>®</sup> Index** | 8.25% | 18.59% | 12.50% |
| **S&P 500<sup>®</sup> Value Index** | 4.21% | 17.21% | 10.11% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$302M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$3.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

#### 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 | 8.9% |
| Banks | 8.0% |
| Oil & Gas | 5.9% |
| Software | 5.2% |
| Healthcare-Services | 5.2% |
| Insurance | 5.1% |
| Computers | 4.8% |
| Electric | 3.9% |
| Diversified Financial Services | 3.8% |
| Healthcare-Products | 3.7% |
| Telecommunications | 3.4% |
| Retail | 3.3% |
| REITS | 3.1% |
| Cosmetics/Personal Care | 3.1% |
| Semiconductors | 2.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935431.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546513 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $99 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 2.73% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 3.57% for the Russell Midcap<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: business services; finance; energy. On an absolute basis, position weightings: Palantir Technologies, Inc., Class A; AppLovin Corp., Class A; Targa Resources Corp.

**Wellington Management Company LLP** \| Allocations in the following sectors: communication services, materials, cash. Security selection in the following sectors: communication services; industrials; consumer discretionary. Position weightings: Spotify Technology SA; Axon Enterprise, Inc.; Tradeweb Markets, Inc., Class A

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: consumer staples; materials; communication services. Security selection in the following sectors: information technology; health care; utilities. Position weightings: AppLovin Corp., Class A; Howmet Aerospace, Inc.; Enphase Energy, Inc.

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: health care; information technology; consumer non-cyclicals. On an absolute basis, position weightings: Dexcom, Inc.; Super Micro Computer, Inc.; MongoDB, Inc.

**Wellington Management Company LLP** \| Allocations in the following sectors: health care, information technology, energy. Security selection in the following sectors: health care; information technology; consumer staples. Position weightings: AppLovin Corp., Class A; Dexcom, Inc.; e.l.f. Beauty, Inc.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: real estate; energy; industrials & business services. Security selection in the following sectors: energy; consumer discretionary; real estate. Position weightings: Texas Pacific Land Corp. (lack of position); Expedia Group, Inc.; Live Nation Entertainment, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935516.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Mid Cap Growth Portfolio <br>(Class 1)** | 2.73% | 13.83% | 9.76% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **Russell Midcap<sup>®</sup> Growth Index** | 3.57% | 14.86% | 10.14% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$148M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;442 |
| &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;83% |

---

#### 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 | 22.9% |
| Retail | 7.6% |
| Diversified Financial Services | 6.2% |
| Healthcare-Products | 5.5% |
| Internet | 4.7% |
| Commercial Services | 4.6% |
| Pharmaceuticals | 3.9% |
| Entertainment | 3.4% |
| Computers | 3.2% |
| Pipelines | 2.7% |
| Biotechnology | 2.6% |
| Oil & Gas | 2.1% |
| Semiconductors | 2.0% |
| Distribution/Wholesale | 1.7% |
| Insurance | 1.6% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935129.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546877 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $114 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 2.55% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 3.57% for the Russell Midcap<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: business services; finance; energy. On an absolute basis, position weightings: Palantir Technologies, Inc., Class A; AppLovin Corp., Class A; Targa Resources Corp.

**Wellington Management Company LLP** \| Allocations in the following sectors: communication services, materials, cash. Security selection in the following sectors: communication services; industrials; consumer discretionary. Position weightings: Spotify Technology SA; Axon Enterprise, Inc.; Tradeweb Markets, Inc., Class A

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: consumer staples; materials; communication services. Security selection in the following sectors: information technology; health care; utilities. Position weightings: AppLovin Corp., Class A; Howmet Aerospace, Inc.; Enphase Energy, Inc.

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: health care; information technology; consumer non-cyclicals. On an absolute basis, position weightings: Dexcom, Inc.; Super Micro Computer, Inc.; MongoDB, Inc.

**Wellington Management Company LLP** \| Allocations in the following sectors: health care, information technology, energy. Security selection in the following sectors: health care; information technology; consumer staples. Position weightings: AppLovin Corp., Class A; Dexcom, Inc.; e.l.f. Beauty, Inc.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: real estate; energy; industrials & business services. Security selection in the following sectors: energy; consumer discretionary; real estate. Position weightings: Texas Pacific Land Corp. (lack of position); Expedia Group, Inc.; Live Nation Entertainment, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935915.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Mid Cap Growth Portfolio <br>(Class 2)** | 2.55% | 13.67% | 9.59% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **Russell Midcap<sup>®</sup> Growth Index** | 3.57% | 14.86% | 10.14% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$148M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;442 |
| &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;83% |

---

#### 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 | 22.9% |
| Retail | 7.6% |
| Diversified Financial Services | 6.2% |
| Healthcare-Products | 5.5% |
| Internet | 4.7% |
| Commercial Services | 4.6% |
| Pharmaceuticals | 3.9% |
| Entertainment | 3.4% |
| Computers | 3.2% |
| Pipelines | 2.7% |
| Biotechnology | 2.6% |
| Oil & Gas | 2.1% |
| Semiconductors | 2.0% |
| Distribution/Wholesale | 1.7% |
| Insurance | 1.6% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935543.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546497 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $125 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 2.51% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 3.57% for the Russell Midcap<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-oriented stocks within large- and mid-cap equities.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: business services; finance; energy. On an absolute basis, position weightings: Palantir Technologies, Inc., Class A; AppLovin Corp., Class A; Targa Resources Corp.

**Wellington Management Company LLP** \| Allocations in the following sectors: communication services, materials, cash. Security selection in the following sectors: communication services; industrials; consumer discretionary. Position weightings: Spotify Technology SA; Axon Enterprise, Inc.; Tradeweb Markets, Inc., Class A

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: consumer staples; materials; communication services. Security selection in the following sectors: information technology; health care; utilities. Position weightings: AppLovin Corp., Class A; Howmet Aerospace, Inc.; Enphase Energy, Inc.

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: health care; information technology; consumer non-cyclicals. On an absolute basis, position weightings: Dexcom, Inc.; Super Micro Computer, Inc.; MongoDB, Inc.

**Wellington Management Company LLP** \| Allocations in the following sectors: health care, information technology, energy. Security selection in the following sectors: health care; information technology; consumer staples. Position weightings: AppLovin Corp., Class A; Dexcom, Inc.; e.l.f. Beauty, Inc.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: real estate; energy; industrials & business services. Security selection in the following sectors: energy; consumer discretionary; real estate. Position weightings: Texas Pacific Land Corp. (lack of position); Expedia Group, Inc.; Live Nation Entertainment, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935569.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Mid Cap Growth Portfolio <br>(Class 3)** | 2.51% | 13.56% | 9.48% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **Russell Midcap<sup>®</sup> Growth Index** | 3.57% | 14.86% | 10.14% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$148M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;442 |
| &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;83% |

---

#### 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 | 22.9% |
| Retail | 7.6% |
| Diversified Financial Services | 6.2% |
| Healthcare-Products | 5.5% |
| Internet | 4.7% |
| Commercial Services | 4.6% |
| Pharmaceuticals | 3.9% |
| Entertainment | 3.4% |
| Computers | 3.2% |
| Pipelines | 2.7% |
| Biotechnology | 2.6% |
| Oil & Gas | 2.1% |
| Semiconductors | 2.0% |
| Distribution/Wholesale | 1.7% |
| Insurance | 1.6% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935178.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546489 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $99 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 1.30% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 2.27% for the Russell Midcap<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-orientated stocks in the large- and mid-cap space but not in the small-cap space.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: finance; utilities; energy. On an absolute basis, position weightings: Williams Cos., Inc.; Howmet Aerospace, Inc.; Arthur J Gallagher & Co.

**Massachusetts Financial Services Company** \| Allocations in the following sectors: financials; cash; utilities. Security selection in the following sectors: materials; consumer staples; industrials. Position weightings: Targa Resources Corp.; Howmet Aerospace, Inc.; Hartford Financial Services Group, Inc.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: materials; consumer discretionary; energy. Security selection in the following sectors: information technology; materials; energy. Position weightings: Corning, Inc.; Fortinet, Inc.; DocuSign, Inc.

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: materials; health care; consumer cyclicals. On an absolute basis, position weightings: Microchip Technology, Inc.; Nucor Corp.; ON Semiconductor Corp.

**Massachusetts Financial Services Company** \| Allocations in the following sectors: materials; communication services; real estate. Security selection in the following sectors: consumer discretionary; utilities; communication services. Position weightings: NXP Semiconductors NV; Aptiv PLC; Brunswick Corp.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: utilities; real estate; communication services. Security selection in the following sectors: financials; real estate; consumer discretionary. Position weightings: Advance Auto Parts, Inc.; MKS Instruments, Inc.; Dentsply Sirona, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935269.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Mid Cap Value Portfolio <br>(Class 1)** | 1.30% | 17.54% | 7.55% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **Russell Midcap<sup>®</sup> Value Index** | 2.27% | 16.70% | 7.62% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$179M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;777 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### 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 | 8.6% |
| Insurance | 6.6% |
| Electric | 6.4% |
| Banks | 4.7% |
| Healthcare-Products | 4.4% |
| Diversified Financial Services | 4.0% |
| Commercial Services | 3.8% |
| Oil & Gas | 3.4% |
| Machinery-Diversified | 3.3% |
| Food | 3.2% |
| Electronics | 3.2% |
| Retail | 2.9% |
| Software | 2.7% |
| Chemicals | 2.5% |
| Healthcare-Services | 2.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935900.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546869 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $114 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 1.16% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 2.27% for the Russell Midcap<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-orientated stocks in the large- and mid-cap space but not in the small-cap space.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: finance; utilities; energy. On an absolute basis, position weightings: Williams Cos., Inc.; Howmet Aerospace, Inc.; Arthur J Gallagher & Co.

**Massachusetts Financial Services Company** \| Allocations in the following sectors: financials; cash; utilities. Security selection in the following sectors: materials; consumer staples; industrials. Position weightings: Targa Resources Corp.; Howmet Aerospace, Inc.; Hartford Financial Services Group, Inc.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: materials; consumer discretionary; energy. Security selection in the following sectors: information technology; materials; energy. Position weightings: Corning, Inc.; Fortinet, Inc.; DocuSign, Inc.

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: materials; health care; consumer cyclicals. On an absolute basis, position weightings: Microchip Technology, Inc.; Nucor Corp.; ON Semiconductor Corp.

**Massachusetts Financial Services Company** \| Allocations in the following sectors: materials; communication services; real estate. Security selection in the following sectors: consumer discretionary; utilities; communication services. Position weightings: NXP Semiconductors NV; Aptiv PLC; Brunswick Corp.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: utilities; real estate; communication services. Security selection in the following sectors: financials; real estate; consumer discretionary. Position weightings: Advance Auto Parts, Inc.; MKS Instruments, Inc.; Dentsply Sirona, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935675.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Mid Cap Value Portfolio <br>(Class 2)** | 1.16% | 17.38% | 7.39% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **Russell Midcap<sup>®</sup> Value Index** | 2.27% | 16.70% | 7.62% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$179M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;777 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### 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 | 8.6% |
| Insurance | 6.6% |
| Electric | 6.4% |
| Banks | 4.7% |
| Healthcare-Products | 4.4% |
| Diversified Financial Services | 4.0% |
| Commercial Services | 3.8% |
| Oil & Gas | 3.4% |
| Machinery-Diversified | 3.3% |
| Food | 3.2% |
| Electronics | 3.2% |
| Retail | 2.9% |
| Software | 2.7% |
| Chemicals | 2.5% |
| Healthcare-Services | 2.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935290.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546471 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $124 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 1.12% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 2.27% for the Russell Midcap<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-orientated stocks in the large- and mid-cap space but not in the small-cap space.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: finance; utilities; energy. On an absolute basis, position weightings: Williams Cos., Inc.; Howmet Aerospace, Inc.; Arthur J Gallagher & Co.

**Massachusetts Financial Services Company** \| Allocations in the following sectors: financials; cash; utilities. Security selection in the following sectors: materials; consumer staples; industrials. Position weightings: Targa Resources Corp.; Howmet Aerospace, Inc.; Hartford Financial Services Group, Inc.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: materials; consumer discretionary; energy. Security selection in the following sectors: information technology; materials; energy. Position weightings: Corning, Inc.; Fortinet, Inc.; DocuSign, Inc.

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: materials; health care; consumer cyclicals. On an absolute basis, position weightings: Microchip Technology, Inc.; Nucor Corp.; ON Semiconductor Corp.

**Massachusetts Financial Services Company** \| Allocations in the following sectors: materials; communication services; real estate. Security selection in the following sectors: consumer discretionary; utilities; communication services. Position weightings: NXP Semiconductors NV; Aptiv PLC; Brunswick Corp.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: utilities; real estate; communication services. Security selection in the following sectors: financials; real estate; consumer discretionary. Position weightings: Advance Auto Parts, Inc.; MKS Instruments, Inc.; Dentsply Sirona, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935309.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Mid Cap Value Portfolio <br>(Class 3)** | 1.12% | 17.27% | 7.28% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **Russell Midcap<sup>®</sup> Value Index** | 2.27% | 16.70% | 7.62% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$179M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;777 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

#### 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 | 8.6% |
| Insurance | 6.6% |
| Electric | 6.4% |
| Banks | 4.7% |
| Healthcare-Products | 4.4% |
| Diversified Financial Services | 4.0% |
| Commercial Services | 3.8% |
| Oil & Gas | 3.4% |
| Machinery-Diversified | 3.3% |
| Food | 3.2% |
| Electronics | 3.2% |
| Retail | 2.9% |
| Software | 2.7% |
| Chemicals | 2.5% |
| Healthcare-Services | 2.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935947.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546463 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Multi-Managed Moderate Growth

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 Moderate Growth Portfolio (Class 1)\* | $107 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 6.66% for the year ended March 31, 2025, compared to 7.82% for the Russell 1000<sup>®</sup> Index (a broad-based securities market index) and 4.62% for the Blended Index (the "Performance Index") comprised of 37.9% Russell 1000<sup>®</sup> Index; 42.3% Bloomberg U.S. Aggregate Bond Index; 18% Russell 2000<sup>®</sup> Index; 1.8% FTSE Treasury Bill 3-Month Index. Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value stocks across the market-cap spectrum, based on Russell index performance.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; ROBLOX Corp., Class A; DoorDash, Inc., Class A

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: systems hardware; pharmaceutical; REITs. Security selection in the following sectors: systems hardware; capital markets; software & services. Position weightings: Rigetti Computing, Inc.; AvePoint, Inc.; Lantheus Holdings, Inc.

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: insurance; software & services; telecommunications; utilities. Security selection in the following sectors: pharmaceutical; industrial cyclical; basic materials. Position weightings: Viking Therapeutics, Inc.; Atkore, Inc.; TransMedics Group, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_954173.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Moderate Growth Portfolio <br>(Class 1)** | 6.66% | 7.56% | 5.84% |
| **Russell 1000<sup>®</sup> Index** | 7.82% | 18.47% | 12.18% |
| **37.90% Russell 1000<sup>®</sup> Index; 42.30% Bloomberg U.S. Aggregate Bond Index; 18% Russell 2000<sup>®</sup> Index; 1.8% FTSE Treasury Bill 3 Month Index** | 4.62% | 9.34% | 6.70% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$55M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

#### 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\***

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 23.6% |
| Software | 11.6% |
| Internet | 11.3% |
| Repurchase Agreements | 6.7% |
| Biotechnology | 3.7% |
| Banks | 3.5% |
| Collateralized Mortgage Obligations | 3.2% |
| Commercial Services | 3.2% |
| Auto Manufacturers | 2.6% |
| Computers | 2.6% |
| REITS | 2.6% |
| Diversified Financial Services | 2.5% |
| Healthcare-Products | 2.1% |
| Retail | 1.9% |
| Electric | 1.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_954178.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA Allocation Moderately Aggressive Portfolio, a series of the Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546208 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Multi-Managed Moderate Growth

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 Moderate Growth Portfolio (Class 2)\* | $123 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 6.44% for the year ended March 31, 2025, compared to 7.82% for the Russell 1000<sup>®</sup> Index (a broad-based securities market index) and 4.62% for the Blended Index (the "Performance Index") comprised of 37.9% Russell 1000<sup>®</sup> Index; 42.3% Bloomberg U.S. Aggregate Bond Index; 18% Russell 2000<sup>®</sup> Index; 1.8% FTSE Treasury Bill 3-Month Index. Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value stocks across the market-cap spectrum, based on Russell index performance.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; ROBLOX Corp., Class A; DoorDash, Inc., Class A

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: systems hardware; pharmaceutical; REITs. Security selection in the following sectors: systems hardware; capital markets; software & services. Position weightings: Rigetti Computing, Inc.; AvePoint, Inc.; Lantheus Holdings, Inc.

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: insurance; software & services; telecommunications; utilities. Security selection in the following sectors: pharmaceutical; industrial cyclical; basic materials. Position weightings: Viking Therapeutics, Inc.; Atkore, Inc.; TransMedics Group, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_954225.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Moderate Growth Portfolio <br>(Class 2)** | 6.44% | 7.39% | 5.67% |
| **Russell 1000<sup>®</sup> Index** | 7.82% | 18.47% | 12.18% |
| **37.90% Russell 1000<sup>®</sup> Index; 42.30% Bloomberg U.S. Aggregate Bond Index; 18% Russell 2000<sup>®</sup> Index; 1.8% FTSE Treasury Bill 3 Month Index** | 4.62% | 9.34% | 6.70% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$55M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

#### 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\***

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 23.6% |
| Software | 11.6% |
| Internet | 11.3% |
| Repurchase Agreements | 6.7% |
| Biotechnology | 3.7% |
| Banks | 3.5% |
| Collateralized Mortgage Obligations | 3.2% |
| Commercial Services | 3.2% |
| Auto Manufacturers | 2.6% |
| Computers | 2.6% |
| REITS | 2.6% |
| Diversified Financial Services | 2.5% |
| Healthcare-Products | 2.1% |
| Retail | 1.9% |
| Electric | 1.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_954220.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA Allocation Moderately Aggressive Portfolio, a series of the Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546380 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA Multi-Managed Moderate Growth

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 Moderate Growth Portfolio (Class 3)\* | $133 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 6.37% for the year ended March 31, 2025, compared to 7.82% for the Russell 1000<sup>®</sup> Index (a broad-based securities market index) and 4.62% for the Blended Index (the "Performance Index") comprised of 37.9% Russell 1000<sup>®</sup> Index; 42.3% Bloomberg U.S. Aggregate Bond Index; 18% Russell 2000<sup>®</sup> Index; 1.8% FTSE Treasury Bill 3-Month Index. Over the period, most U.S. fixed income sectors outperformed U.S. Treasuries, according to the Bloomberg family of indices, however this trend has shifted over the year-to-date period, with most U.S. fixed income sectors underperforming U.S. Treasuries. Over the period, U.S. large-cap equities outperformed mid- and small-cap equities, as measured by their respective Russell indexes. Growth-oriented stocks outperformed value stocks across the market-cap spectrum, based on Russell index performance.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: investment grade credit (utilities); non-agency residential mortgage-backed securities; high yield (industrials, financials). Security selection in the following sectors: investment grade credit (industrials, financials)

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; communication services; real estate. Security selection in the following sectors: information technology; consumer discretionary; real estate. Position weightings: MicroStrategy, Inc., Class A; ROBLOX Corp., Class A; DoorDash, Inc., Class A

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: systems hardware; pharmaceutical; REITs. Security selection in the following sectors: systems hardware; capital markets; software & services. Position weightings: Rigetti Computing, Inc.; AvePoint, Inc.; Lantheus Holdings, Inc.

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. Government (using interest rate swaps). In aggregate: duration and yield curve positioning

**Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: cash; financials; energy (lack of exposure). Security selection in the following sectors: financials; industrials; communication services. Position weightings: Apple, Inc. (lack of exposure); NVIDIA Corp. (lack of exposure); Airbnb, Inc., Class A

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: insurance; software & services; telecommunications; utilities. Security selection in the following sectors: pharmaceutical; industrial cyclical; basic materials. Position weightings: Viking Therapeutics, Inc.; Atkore, Inc.; TransMedics Group, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_954247.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Moderate Growth Portfolio <br>(Class 3)** | 6.37% | 7.29% | 5.58% |
| **Russell 1000<sup>®</sup> Index** | 7.82% | 18.47% | 12.18% |
| **37.90% Russell 1000<sup>®</sup> Index; 42.30% Bloomberg U.S. Aggregate Bond Index; 18% Russell 2000<sup>®</sup> Index; 1.8% FTSE Treasury Bill 3 Month Index** | 4.62% | 9.34% | 6.70% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$55M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1091 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;64% |

---

#### 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\***

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 23.6% |
| Software | 11.6% |
| Internet | 11.3% |
| Repurchase Agreements | 6.7% |
| Biotechnology | 3.7% |
| Banks | 3.5% |
| Collateralized Mortgage Obligations | 3.2% |
| Commercial Services | 3.2% |
| Auto Manufacturers | 2.6% |
| Computers | 2.6% |
| REITS | 2.6% |
| Diversified Financial Services | 2.5% |
| Healthcare-Products | 2.1% |
| Retail | 1.9% |
| Electric | 1.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_954252.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA Allocation Moderately Aggressive Portfolio, a series of the Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546372 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $96 | 0.99% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of -5.11% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and -4.01% for the Russell 2000<sup>®</sup> Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed small-cap equities, according to the S&P 500<sup>®</sup> and Russell 2000<sup>®</sup> indices. Value-oriented stocks outperformed growth-oriented stocks within the small cap market cap spectrum according to the Russell<sup>®</sup> family of indices.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: finance; telecommunications; utilities. On an absolute basis, position weightings: Corcept Therapeutics, Inc.; Carpenter Technology Corp.; Brinker International, Inc.

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: energy; health care; consumer discretionary. Security selection in the following sectors: information technology; industrials; energy. Position weightings: ICU Medical, Inc.; ESCO Technologies, Inc.; Primoris Services Corp.

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: systems hardware; pharmaceutical; REITs. Security selection in the following sectors: systems hardware; capital markets; software & services. Position weightings: Rigetti Computing, Inc.; AvePoint, Inc.; Lantheus Holdings, Inc.

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: consumer cyclicals; information technology; energy. On an absolute basis, position weightings: SolarEdge Technologies, Inc.; DoubleVerify Holdings, Inc.; Fortrea Holdings, Inc.

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: real estate; materials; communication services. Security selection in the following sectors: consumer discretionary; materials; communication services. Position weightings: Progyny, Inc.; Janus International Group, Inc.; U.S. Physical Therapy, Inc.

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: insurance; software & services; telecommunications; utilities. Security selection in the following sectors: pharmaceutical; industrial cyclical; basic materials. Position weightings: Viking Therapeutics, Inc.; Atkore, Inc.; TransMedics Group, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935658.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Small Cap Portfolio <br>(Class 1)** | (5.11)% | 13.99% | 5.66% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **Russell 2000<sup>®</sup> Index** | (4.01)% | 13.27% | 6.30% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$124M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;972 |
| &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;57% |

---

#### 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 | 8.6% |
| REITS | 6.2% |
| Healthcare-Products | 5.5% |
| Commercial Services | 5.1% |
| Software | 4.2% |
| Diversified Financial Services | 4.1% |
| Insurance | 4.0% |
| Biotechnology | 3.7% |
| Retail | 3.6% |
| Computers | 3.4% |
| Telecommunications | 2.9% |
| Chemicals | 2.8% |
| Electronics | 2.7% |
| Machinery-Diversified | 2.5% |
| Oil & Gas | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935208.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546851 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $112 | 1.15% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of -5.21% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and -4.01% for the Russell 2000<sup>®</sup> Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed small-cap equities, according to the S&P 500<sup>®</sup> and Russell 2000<sup>®</sup> indices. Value-oriented stocks outperformed growth-oriented stocks within the small cap market cap spectrum according to the Russell<sup>®</sup> family of indices.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: finance; telecommunications; utilities. On an absolute basis, position weightings: Corcept Therapeutics, Inc.; Carpenter Technology Corp.; Brinker International, Inc.

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: energy; health care; consumer discretionary. Security selection in the following sectors: information technology; industrials; energy. Position weightings: ICU Medical, Inc.; ESCO Technologies, Inc.; Primoris Services Corp.

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: systems hardware; pharmaceutical; REITs. Security selection in the following sectors: systems hardware; capital markets; software & services. Position weightings: Rigetti Computing, Inc.; AvePoint, Inc.; Lantheus Holdings, Inc.

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: consumer cyclicals; information technology; energy. On an absolute basis, position weightings: SolarEdge Technologies, Inc.; DoubleVerify Holdings, Inc.; Fortrea Holdings, Inc.

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: real estate; materials; communication services. Security selection in the following sectors: consumer discretionary; materials; communication services. Position weightings: Progyny, Inc.; Janus International Group, Inc.; U.S. Physical Therapy, Inc.

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: insurance; software & services; telecommunications; utilities. Security selection in the following sectors: pharmaceutical; industrial cyclical; basic materials. Position weightings: Viking Therapeutics, Inc.; Atkore, Inc.; TransMedics Group, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935158.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Small Cap Portfolio <br>(Class 2)** | (5.21)% | 13.83% | 5.50% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **Russell 2000<sup>®</sup> Index** | (4.01)% | 13.27% | 6.30% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$124M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;972 |
| &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;57% |

---

#### 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 | 8.6% |
| REITS | 6.2% |
| Healthcare-Products | 5.5% |
| Commercial Services | 5.1% |
| Software | 4.2% |
| Diversified Financial Services | 4.1% |
| Insurance | 4.0% |
| Biotechnology | 3.7% |
| Retail | 3.6% |
| Computers | 3.4% |
| Telecommunications | 2.9% |
| Chemicals | 2.8% |
| Electronics | 2.7% |
| Machinery-Diversified | 2.5% |
| Oil & Gas | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935808.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546364 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This 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, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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)\* | $122 | 1.25% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of -5.28% for the year ended March 31, 2025, compared to 7.22% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and -4.01% for the Russell 2000<sup>®</sup> Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed small-cap equities, according to the S&P 500<sup>®</sup> and Russell 2000<sup>®</sup> indices. Value-oriented stocks outperformed growth-oriented stocks within the small cap market cap spectrum according to the Russell<sup>®</sup> family of indices.

The following is a summary, by subadviser, of the top contributors and detractors that impacted their portion of the Portfolio's performance during the year compared to their relevant Index.

#### TOP PERFORMANCE CONTRIBUTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: finance; telecommunications; utilities. On an absolute basis, position weightings: Corcept Therapeutics, Inc.; Carpenter Technology Corp.; Brinker International, Inc.

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: energy; health care; consumer discretionary. Security selection in the following sectors: information technology; industrials; energy. Position weightings: ICU Medical, Inc.; ESCO Technologies, Inc.; Primoris Services Corp.

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: systems hardware; pharmaceutical; REITs. Security selection in the following sectors: systems hardware; capital markets; software & services. Position weightings: Rigetti Computing, Inc.; AvePoint, Inc.; Lantheus Holdings, Inc.

#### TOP PERFORMANCE DETRACTORS
**SunAmerica Asset Management, LLC** \| On an absolute basis, allocations in the following sectors: consumer cyclicals; information technology; energy. On an absolute basis, position weightings: SolarEdge Technologies, Inc.; DoubleVerify Holdings, Inc.; Fortrea Holdings, Inc.

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: real estate; materials; communication services. Security selection in the following sectors: consumer discretionary; materials; communication services. Position weightings: Progyny, Inc.; Janus International Group, Inc.; U.S. Physical Therapy, Inc.

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: insurance; software & services; telecommunications; utilities. Security selection in the following sectors: pharmaceutical; industrial cyclical; basic materials. Position weightings: Viking Therapeutics, Inc.; Atkore, Inc.; TransMedics Group, Inc.

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_935816.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Small Cap Portfolio <br>(Class 3)** | (5.28)% | 13.71% | 5.40% |
| **Russell 3000<sup>®</sup> Index** | 7.22% | 18.18% | 11.80% |
| **Russell 2000<sup>®</sup> Index** | (4.01)% | 13.27% | 6.30% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$124M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;972 |
| &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;57% |

---

#### 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 | 8.6% |
| REITS | 6.2% |
| Healthcare-Products | 5.5% |
| Commercial Services | 5.1% |
| Software | 4.2% |
| Diversified Financial Services | 4.1% |
| Insurance | 4.0% |
| Biotechnology | 3.7% |
| Retail | 3.6% |
| Computers | 3.4% |
| Telecommunications | 2.9% |
| Chemicals | 2.8% |
| Electronics | 2.7% |
| Machinery-Diversified | 2.5% |
| Oil & Gas | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_935447.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio. Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the new subadviser. As a result of these changes, derivatives risk was added as a principal risk in the Portfolio's prospectus. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546356 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA T. Rowe Price Growth Stock

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 T. Rowe Price Growth Stock Portfolio (Class 1)\* | $93 | 0.91% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 3.88% for the year ended March 31, 2025, compared to 8.25% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 7.76% for the Russell 1000<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-orientated stocks in the large- and mid-cap space but not in the small-cap space.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors** \| industrials & business services; communication services; consumer staples

**Security selection in the following sectors** \| communication services; health care; financials

**Position weightings** \| Shopify, Inc., Class A; Spotify Technology SA; Merck & Co., Inc. (lack of exposure)

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors** \| financials; health care; consumer discretionary

**Security selection in the following sectors** \| information technology; consumer discretionary; industrials & business services

**Position weightings** \| Broadcom, Inc.; Tesla, Inc.; Palantir Technologies, Inc., Class A (lack of exposure)

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_954300.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA T. Rowe Price Growth Stock Portfolio <br>(Class 1)** | 3.88% | 14.02% | 11.51% |
| **S&P 500<sup>®</sup> Index** | 8.25% | 18.59% | 12.50% |
| **Russell 1000<sup>®</sup> Growth Index** | 7.76% | 20.09% | 15.12% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$182M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### 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 | 24.7% |
| Software | 20.7% |
| Semiconductors | 12.4% |
| Computers | 12.0% |
| Diversified Financial Services | 6.4% |
| Healthcare-Products | 4.4% |
| Pharmaceuticals | 3.2% |
| Retail | 2.9% |
| Healthcare-Services | 1.9% |
| Auto Manufacturers | 1.8% |
| Short-Term Investments | 1.5% |
| Electronics | 1.4% |
| Miscellaneous Manufacturing | 1.0% |
| Biotechnology | 0.9% |
| Aerospace/Defense | 0.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_954294.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA MFS Large Cap Growth Portfolio, a series of SunAmerica Series Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546604 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA T. Rowe Price Growth Stock

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 T. Rowe Price Growth Stock Portfolio (Class 2)\* | $109 | 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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 3.77% for the year ended March 31, 2025, compared to 8.25% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 7.76% for the Russell 1000<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-orientated stocks in the large- and mid-cap space but not in the small-cap space.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors** \| industrials & business services; communication services; consumer staples

**Security selection in the following sectors** \| communication services; health care; financials

**Position weightings** \| Shopify, Inc., Class A; Spotify Technology SA; Merck & Co., Inc. (lack of exposure)

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors** \| financials; health care; consumer discretionary

**Security selection in the following sectors** \| information technology; consumer discretionary; industrials & business services

**Position weightings** \| Broadcom, Inc.; Tesla, Inc.; Palantir Technologies, Inc., Class A (lack of exposure)

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_954320.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA T. Rowe Price Growth Stock Portfolio <br>(Class 2)** | 3.77% | 13.85% | 11.34% |
| **S&P 500<sup>®</sup> Index** | 8.25% | 18.59% | 12.50% |
| **Russell 1000<sup>®</sup> Growth Index** | 7.76% | 20.09% | 15.12% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$182M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### 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 | 24.7% |
| Software | 20.7% |
| Semiconductors | 12.4% |
| Computers | 12.0% |
| Diversified Financial Services | 6.4% |
| Healthcare-Products | 4.4% |
| Pharmaceuticals | 3.2% |
| Retail | 2.9% |
| Healthcare-Services | 1.9% |
| Auto Manufacturers | 1.8% |
| Short-Term Investments | 1.5% |
| Electronics | 1.4% |
| Miscellaneous Manufacturing | 1.0% |
| Biotechnology | 0.9% |
| Aerospace/Defense | 0.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_954326.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA MFS Large Cap Growth Portfolio, a series of SunAmerica Series Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546349 (05/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_421.jpg)

### Seasons Series Trust SA T. Rowe Price Growth Stock

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2025
This annual shareholder report contains important information about the Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio (the "Portfolio") for the period of April 1, 2024 to March 31, 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.

#### This report describes changes to the Portfolio that occurred during the reporting period.

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

*(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 T. Rowe Price Growth Stock Portfolio (Class 3)\* | $119 | 1.17% |

---

*\** *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 ("Variable Contracts") that invest in the Portfolio.* 

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 3.65% for the year ended March 31, 2025, compared to 8.25% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 7.76% for the Russell 1000<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid- and small-cap equities according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value-orientated stocks in the large- and mid-cap space but not in the small-cap space.

The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors** \| industrials & business services; communication services; consumer staples

**Security selection in the following sectors** \| communication services; health care; financials

**Position weightings** \| Shopify, Inc., Class A; Spotify Technology SA; Merck & Co., Inc. (lack of exposure)

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors** \| financials; health care; consumer discretionary

**Security selection in the following sectors** \| information technology; consumer discretionary; industrials & business services

**Position weightings** \| Broadcom, Inc.; Tesla, Inc.; Palantir Technologies, Inc., Class A (lack of exposure)

#### Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_954374.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA T. Rowe Price Growth Stock Portfolio <br>(Class 3)** | 3.65% | 13.73% | 11.22% |
| **S&P 500<sup>®</sup> Index** | 8.25% | 18.59% | 12.50% |
| **Russell 1000<sup>®</sup> Growth Index** | 7.76% | 20.09% | 15.12% |

---

**The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.**

Visit corebridgefinancial.com/annuities for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$182M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### 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 | 24.7% |
| Software | 20.7% |
| Semiconductors | 12.4% |
| Computers | 12.0% |
| Diversified Financial Services | 6.4% |
| Healthcare-Products | 4.4% |
| Pharmaceuticals | 3.2% |
| Retail | 2.9% |
| Healthcare-Services | 1.9% |
| Auto Manufacturers | 1.8% |
| Short-Term Investments | 1.5% |
| Electronics | 1.4% |
| Miscellaneous Manufacturing | 1.0% |
| Biotechnology | 0.9% |
| Aerospace/Defense | 0.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_954368.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective April 28, 2025, the Portfolio reorganized into the SA MFS Large Cap Growth Portfolio, a series of SunAmerica Series Trust. Accordingly, the Portfolio is no longer offered. For more comprehensive information, 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.

#### 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_420.jpg)

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

Seasons Series Trust

812546331 (05/25)

Seasons Series Trust

------

(b) Not applicable.

------

#### Item 2. Code of Ethics.
Seasons Series Trust (the "registrant") has adopted a Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the "Code"). There were no material amendments to the Code during the fiscal year ended March 31, 2025. During the fiscal year ended March 31, 2025, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant's Principal Executive and Principal Financial Officers.

------

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that Tracey C. Doi, Jane Jelenko and Charles H. Self III each qualify as an audit committee financial expert, as defined in Item 3(b) of Form N-CSR. Ms. Doi, Ms. Jelenko and Mr. Self III are considered "independent" for purposes of Item3(a)(2) of Form N-CSR.

------

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| (a) Audit Fees | &nbsp;&nbsp;&nbsp;&nbsp;$887252 | &nbsp;&nbsp;&nbsp;&nbsp;$852757 |
| (b) Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp;$79050 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp;$244995 | &nbsp;&nbsp;&nbsp;&nbsp;$189797 |
| (d) All Other Fees | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

Audit Fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| (b) Audit-Related Fees | &nbsp;&nbsp;&nbsp;&nbsp;$103488 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| (c) Tax Fees | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| (d) All Other Fees | &nbsp;&nbsp;&nbsp;&nbsp;$556000 | &nbsp;&nbsp;&nbsp;&nbsp;$428799 |

---

All other fees are for professional services rendered by the registrant's principal accountant for services associated with issuing a SSAE18 report and Third Party Assurance report.

(e) (1) The registrant's audit committee pre-approves all audit services provided by the registrant's principal accountant for the registrant and all non-audit services provided by the registrant's principal accountant for the registrant, its investment adviser and any entities controlling, controlled by, or under common control with the investment adviser ("Adviser Affiliates") that provide ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the preapproval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter.

(2) No services included in (b)-(d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provide ongoing services to the registrant for 2025 and 2024 were $983,533 and $938,596 respectively.

(h) Non-audit services rendered to the registrant's investment adviser and any Adviser Affiliates that provide ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant's audit committee as to whether they were compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) 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

------

Annual Financial Statements and Other Information

March 31, 2025

------

#### Annual Financial Statements and Other Information March 31, 2025

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| [Portfolio of Investments:](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Allocation Aggressive Portfolio (formerly SA Allocation Growth Portfolio)](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_1)<br>| &nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Allocation Balanced Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_3)<br>| &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Allocation Moderate Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_5)<br>| &nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Allocation Moderately Aggressive Portfolio (formerly SA Allocation Moderate Growth Portfolio)](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_7)<br>| &nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA American Century Inflation Managed Portfolio (formerly SA American Century Inflation Protection Portfolio)](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_9)<br>| &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Columbia Focused Value Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_13)<br>| &nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Franklin Allocation Moderately Aggressive Portfolio (formerly SA Putnam Asset Allocation Diversified Growth Portfolio)](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_15)<br>| &nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Diversified Fixed Income Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_42)<br>| &nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Growth Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_66)<br>| &nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Income Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_82)<br>| &nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Income/Equity Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_93)<br>| &nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed International Equity Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_104)<br>| &nbsp;&nbsp;106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Large Cap Growth Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_113)<br>| &nbsp;&nbsp;115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Large Cap Value Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_118)<br>| &nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Mid Cap Growth Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_125)<br>| &nbsp;&nbsp;127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Mid Cap Value Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_132)<br>| &nbsp;&nbsp;134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Moderate Growth Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_141)<br>| &nbsp;&nbsp;143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Small Cap Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_157)<br>| &nbsp;&nbsp;159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA T. Rowe Price Growth Stock Portfolio](#xx_fc150d97-bb47-4e50-8f5d-6312ebc74d23_168)<br>| &nbsp;&nbsp;170 |
| [Statements of Assets and Liabilities](#xx_49c998d5-7988-4807-9bc4-8b174a1df597_1)<br>| &nbsp;&nbsp;174 |
| [Statements of Operations](#xx_49c998d5-7988-4807-9bc4-8b174a1df597_9)<br>| &nbsp;&nbsp;182 |
| [Statements of Changes in Net Assets](#xx_49c998d5-7988-4807-9bc4-8b174a1df597_13)<br>| &nbsp;&nbsp;186 |
| [Notes to Financial Statements](#xx_85c2d544-adb2-429a-a9b3-8ba5d897d57b_1)<br>| &nbsp;&nbsp;190 |
| [Financial Highlights](#xx_ed6ccd38-3e9c-4682-a12e-7b0246f14ce7_1)<br>| &nbsp;&nbsp;221 |
| [Report of Independent Registered Public Accounting Firm](#xx_eb66dbe1-c614-4237-ad35-8ac8a7276b6e_1)<br>| &nbsp;&nbsp;231 |
| [Shareholder Tax Information](#xx_2b965f03-849d-405e-aaed-0f65d189798f_1)<br>| &nbsp;&nbsp;232 |
| [Changes in and Disagreements with Accountants (Item 8 Form N-CSR)](#xx_cbb93fda-0e2d-4f8d-bc66-35d98e100ec5_1)<br>| &nbsp;&nbsp;233 |
| [Results of Special Shareholder Meeting (Item 9 Form N-CSR)](#xx_d4665691-a73e-4376-9549-357fcf5879f7_1)<br>| &nbsp;&nbsp;234 |
| [Remuneration Paid to Directors, Officers, and Others (Item 10 Form N-CSR)](#xx_b3f1545e-9166-4518-a597-dab688654d99_1)<br>| &nbsp;&nbsp;235 |
| [Approval of Advisory and Subadvisory Agreements (Item 11 Form N-CSR)](#xx_e7a2ca2e-38e1-400d-a41c-4339949108b4_1)<br>| &nbsp;&nbsp;236 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 100.0%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.0%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.0%** |
| **Domestic Equity Investment Companies — 59.9%** | **Domestic Equity Investment Companies — 59.9%** | **Domestic Equity Investment Companies — 59.9%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;461494 | &nbsp;&nbsp;$8879148 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;870432 | &nbsp;&nbsp;&nbsp;&nbsp; 11167645 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;799731 | &nbsp;&nbsp;&nbsp;&nbsp; 9732720 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;308508 | &nbsp;&nbsp;&nbsp;&nbsp; 4288255 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;265371 | &nbsp;&nbsp;&nbsp;&nbsp; 4341471 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;437612 | &nbsp;&nbsp;&nbsp;&nbsp; 4577423 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;313607 | &nbsp;&nbsp;&nbsp;&nbsp; 5864446 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;317714 | &nbsp;&nbsp;&nbsp;&nbsp; 18033470 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;159742 | &nbsp;&nbsp;&nbsp;&nbsp; 1974408 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;549303 | &nbsp;&nbsp;&nbsp;&nbsp; 7102490 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;801517 | &nbsp;&nbsp;&nbsp;&nbsp; 17200547 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;154737 | &nbsp;&nbsp;&nbsp;&nbsp; 2451032 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;357602 | &nbsp;&nbsp;&nbsp;&nbsp; 7709893 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | 1069859 | &nbsp;&nbsp;&nbsp;&nbsp; 13961664 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;697688 | &nbsp;&nbsp;&nbsp;&nbsp; 4444272 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;350323 | &nbsp;&nbsp;&nbsp;&nbsp; 6593077 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;386114 | &nbsp;&nbsp;&nbsp;&nbsp; 12969583 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;563132 | &nbsp;&nbsp;&nbsp;&nbsp; 12287538 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;284148 | &nbsp;&nbsp;&nbsp;&nbsp; 4998163 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;842635 | &nbsp;&nbsp;&nbsp;&nbsp; 22312983 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;928486 | &nbsp;&nbsp;&nbsp;&nbsp; 35031773 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1 | 1080610 | &nbsp;&nbsp;&nbsp;&nbsp; 20293850 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1 | 1034904 | &nbsp;&nbsp;&nbsp;&nbsp; 15585658 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;286324 | &nbsp;&nbsp;&nbsp;&nbsp; 5929777 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;308654 | &nbsp;&nbsp;&nbsp;&nbsp; 4463135 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;260347 | &nbsp;&nbsp;&nbsp;&nbsp; 3105943 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;228867 | &nbsp;&nbsp;&nbsp;&nbsp; 9122634 |
| **Total Domestic Equity Investment Companies<br> (cost $268,398,183)** |  | &nbsp;&nbsp;&nbsp;&nbsp;274422998 |
| **International Equity Investment Companies — 21.5%** | **International Equity Investment Companies — 21.5%** | **International Equity Investment Companies — 21.5%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1 | 2784813 | &nbsp;&nbsp;&nbsp;&nbsp; 25091165 |

---

---

| | | |
|:---|:---|:---|
| **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;276764 | &nbsp;&nbsp;$4079498 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;837541 | &nbsp;&nbsp;&nbsp;&nbsp; 15603381 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA International Index Portfolio, Class 1 | 1354371 | &nbsp;&nbsp;&nbsp;&nbsp; 18717412 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;655080 | &nbsp;&nbsp;&nbsp;&nbsp; 5430615 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1 | 1406395 | &nbsp;&nbsp;&nbsp;&nbsp; 14345230 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;378136 | &nbsp;&nbsp;&nbsp;&nbsp; 5448936 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;774809 | &nbsp;&nbsp;&nbsp;&nbsp; 9816836 |
| **Total International Equity Investment Companies<br> (cost $93,817,725)** |  | &nbsp;&nbsp;&nbsp;&nbsp;98533073 |
| **Domestic Fixed Income Investment Companies — 18.4%** | **Domestic Fixed Income Investment Companies — 18.4%** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA American Century Inflation Managed Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;481410 | &nbsp;&nbsp;&nbsp;&nbsp; 4250854 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 1798622 | &nbsp;&nbsp;&nbsp;&nbsp; 18202054 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;857611 | &nbsp;&nbsp;&nbsp;&nbsp; 10016897 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;988850 | &nbsp;&nbsp;&nbsp;&nbsp; 9453404 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;306712 | &nbsp;&nbsp;&nbsp;&nbsp; 3103927 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1 | 2600115 | &nbsp;&nbsp;&nbsp;&nbsp; 21398951 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;86045 | &nbsp;&nbsp;&nbsp;&nbsp; 937026 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;971750 | &nbsp;&nbsp;&nbsp;&nbsp; 5043383 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;894494 | &nbsp;&nbsp;&nbsp;&nbsp; 11789429 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $88,203,585)** |  | &nbsp;&nbsp;&nbsp;&nbsp;84195925 |
| **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 $1,135,399) | &nbsp;&nbsp;&nbsp;&nbsp;124512 | &nbsp;&nbsp;&nbsp;&nbsp; 1169167 |
| **TOTAL INVESTMENTS<br> (cost $451,554,892)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;458321163 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224249) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$458096914 |

---

---

| | |
|:---|:---|
| ^ | &nbsp;&nbsp;Prior to April 28, 2025, the Portfolio was known as SA Allocation Growth Portfolio. |
| # | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;$458321163 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$458321163 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Allocation Balanced Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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 — 58.6%** | **Domestic Fixed Income Investment Companies — 58.6%** | **Domestic Fixed Income Investment Companies — 58.6%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA American Century Inflation Managed Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;787689 | &nbsp;&nbsp;$6955291 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 2973420 | &nbsp;&nbsp;&nbsp;&nbsp; 30091011 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1 | 1318125 | &nbsp;&nbsp;&nbsp;&nbsp; 15395702 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1 | 1492674 | &nbsp;&nbsp;&nbsp;&nbsp; 14269959 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;591330 | &nbsp;&nbsp;&nbsp;&nbsp; 5984263 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1 | 4141528 | &nbsp;&nbsp;&nbsp;&nbsp; 34084778 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;159820 | &nbsp;&nbsp;&nbsp;&nbsp; 1740439 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1 | 1438851 | &nbsp;&nbsp;&nbsp;&nbsp; 7467636 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1 | 1390146 | &nbsp;&nbsp;&nbsp;&nbsp; 18322123 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $144,227,292)** |  | &nbsp;&nbsp;&nbsp;&nbsp;134311202 |
| **Domestic Equity Investment Companies — 31.8%** | **Domestic Equity Investment Companies — 31.8%** | **Domestic Equity Investment Companies — 31.8%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;117767 | &nbsp;&nbsp;&nbsp;&nbsp; 2265835 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;181575 | &nbsp;&nbsp;&nbsp;&nbsp; 2329604 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;210575 | &nbsp;&nbsp;&nbsp;&nbsp; 2562693 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;73244 | &nbsp;&nbsp;&nbsp;&nbsp; 1018098 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;68844 | &nbsp;&nbsp;&nbsp;&nbsp; 1126283 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;118018 | &nbsp;&nbsp;&nbsp;&nbsp; 1234463 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;65229 | &nbsp;&nbsp;&nbsp;&nbsp; 1219783 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;70911 | &nbsp;&nbsp;&nbsp;&nbsp; 4024906 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;73137 | &nbsp;&nbsp;&nbsp;&nbsp; 903970 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;169628 | &nbsp;&nbsp;&nbsp;&nbsp; 2193287 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;198990 | &nbsp;&nbsp;&nbsp;&nbsp; 4270325 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;33690 | &nbsp;&nbsp;&nbsp;&nbsp; 533653 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;131003 | &nbsp;&nbsp;&nbsp;&nbsp; 2824433 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;240518 | &nbsp;&nbsp;&nbsp;&nbsp; 3138755 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;139487 | &nbsp;&nbsp;&nbsp;&nbsp; 888532 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;102591 | &nbsp;&nbsp;&nbsp;&nbsp; 1930772 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;118445 | &nbsp;&nbsp;&nbsp;&nbsp; 3978564 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;135732 | &nbsp;&nbsp;&nbsp;&nbsp; 2961669 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;90874 | &nbsp;&nbsp;&nbsp;&nbsp; 1598481 |

---

---

| | | |
|:---|:---|:---|
| **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;215009 | &nbsp;&nbsp;$5693444 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;246110 | &nbsp;&nbsp;&nbsp;&nbsp; 9285732 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;331674 | &nbsp;&nbsp;&nbsp;&nbsp; 6228842 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;262060 | &nbsp;&nbsp;&nbsp;&nbsp; 3946624 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;103014 | &nbsp;&nbsp;&nbsp;&nbsp; 2133422 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;98592 | &nbsp;&nbsp;&nbsp;&nbsp; 1425638 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;56822 | &nbsp;&nbsp;&nbsp;&nbsp; 677887 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;58320 | &nbsp;&nbsp;&nbsp;&nbsp; 2324619 |
| **Total Domestic Equity Investment Companies<br> (cost $69,894,650)** |  | &nbsp;&nbsp;&nbsp;&nbsp;72720314 |
| **International Equity Investment Companies — 9.4%** | **International Equity Investment Companies — 9.4%** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;626027 | &nbsp;&nbsp;&nbsp;&nbsp; 5640499 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;33527 | &nbsp;&nbsp;&nbsp;&nbsp; 494187 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;174093 | &nbsp;&nbsp;&nbsp;&nbsp; 3243355 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;278533 | &nbsp;&nbsp;&nbsp;&nbsp; 3849329 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;97201 | &nbsp;&nbsp;&nbsp;&nbsp; 805794 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;302280 | &nbsp;&nbsp;&nbsp;&nbsp; 3083259 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;123310 | &nbsp;&nbsp;&nbsp;&nbsp; 1776898 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;208780 | &nbsp;&nbsp;&nbsp;&nbsp; 2645247 |
| **Total International Equity Investment Companies<br> (cost $20,563,459)** |  | &nbsp;&nbsp;&nbsp;&nbsp;21538568 |
| **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 $618,703) | &nbsp;&nbsp;&nbsp;&nbsp;67849 | &nbsp;&nbsp;&nbsp;&nbsp; 637104 |
| **TOTAL INVESTMENTS<br> (cost $235,304,104)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;229207188 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139196) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$229067992 |

---

---

| | |
|:---|:---|
| # | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Allocation Balanced Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;$229207188 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$229207188 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Allocation Moderate Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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 — 43.4%** | **Domestic Fixed Income Investment Companies — 43.4%** | **Domestic Fixed Income Investment Companies — 43.4%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA American Century Inflation Managed Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;638696 | &nbsp;&nbsp;$5639683 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 2548821 | &nbsp;&nbsp;&nbsp;&nbsp; 25794068 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1 | 1161675 | &nbsp;&nbsp;&nbsp;&nbsp; 13568369 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1 | 1299730 | &nbsp;&nbsp;&nbsp;&nbsp; 12425424 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;442163 | &nbsp;&nbsp;&nbsp;&nbsp; 4474689 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1 | 3437296 | &nbsp;&nbsp;&nbsp;&nbsp; 28288946 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;146004 | &nbsp;&nbsp;&nbsp;&nbsp; 1589984 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1 | 1224859 | &nbsp;&nbsp;&nbsp;&nbsp; 6357020 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1 | 1159870 | &nbsp;&nbsp;&nbsp;&nbsp; 15287083 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $122,060,461)** |  | &nbsp;&nbsp;&nbsp;&nbsp;113425266 |
| **Domestic Equity Investment Companies — 43.3%** | **Domestic Equity Investment Companies — 43.3%** | **Domestic Equity Investment Companies — 43.3%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;192493 | &nbsp;&nbsp;&nbsp;&nbsp; 3703556 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;339129 | &nbsp;&nbsp;&nbsp;&nbsp; 4351028 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;331335 | &nbsp;&nbsp;&nbsp;&nbsp; 4032351 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;102188 | &nbsp;&nbsp;&nbsp;&nbsp; 1420416 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;109384 | &nbsp;&nbsp;&nbsp;&nbsp; 1789523 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;191793 | &nbsp;&nbsp;&nbsp;&nbsp; 2006150 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;112118 | &nbsp;&nbsp;&nbsp;&nbsp; 2096601 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;125903 | &nbsp;&nbsp;&nbsp;&nbsp; 7146279 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;103789 | &nbsp;&nbsp;&nbsp;&nbsp; 1282833 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;234714 | &nbsp;&nbsp;&nbsp;&nbsp; 3034846 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;326875 | &nbsp;&nbsp;&nbsp;&nbsp; 7014726 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;47149 | &nbsp;&nbsp;&nbsp;&nbsp; 746845 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;167133 | &nbsp;&nbsp;&nbsp;&nbsp; 3603391 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;423477 | &nbsp;&nbsp;&nbsp;&nbsp; 5526380 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;252603 | &nbsp;&nbsp;&nbsp;&nbsp; 1609079 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;158983 | &nbsp;&nbsp;&nbsp;&nbsp; 2992055 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;189253 | &nbsp;&nbsp;&nbsp;&nbsp; 6357022 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;241302 | &nbsp;&nbsp;&nbsp;&nbsp; 5265210 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;133218 | &nbsp;&nbsp;&nbsp;&nbsp; 2343309 |

---

---

| | | |
|:---|:---|:---|
| **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;322711 | &nbsp;&nbsp;$8545389 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;351247 | &nbsp;&nbsp;&nbsp;&nbsp; 13252534 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;464559 | &nbsp;&nbsp;&nbsp;&nbsp; 8724418 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;398808 | &nbsp;&nbsp;&nbsp;&nbsp; 6006049 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;154708 | &nbsp;&nbsp;&nbsp;&nbsp; 3204004 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;144433 | &nbsp;&nbsp;&nbsp;&nbsp; 2088499 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;92678 | &nbsp;&nbsp;&nbsp;&nbsp; 1105643 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;97462 | &nbsp;&nbsp;&nbsp;&nbsp; 3884852 |
| **Total Domestic Equity Investment Companies<br> (cost $108,308,367)** |  | &nbsp;&nbsp;&nbsp;&nbsp;113132988 |
| **International Equity Investment Companies — 13.1%** | **International Equity Investment Companies — 13.1%** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;905408 | &nbsp;&nbsp;&nbsp;&nbsp; 8157724 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;56781 | &nbsp;&nbsp;&nbsp;&nbsp; 836951 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;268851 | &nbsp;&nbsp;&nbsp;&nbsp; 5008695 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;485427 | &nbsp;&nbsp;&nbsp;&nbsp; 6708608 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;186896 | &nbsp;&nbsp;&nbsp;&nbsp; 1549366 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;475009 | &nbsp;&nbsp;&nbsp;&nbsp; 4845089 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;185796 | &nbsp;&nbsp;&nbsp;&nbsp; 2677319 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;354819 | &nbsp;&nbsp;&nbsp;&nbsp; 4495558 |
| **Total International Equity Investment Companies<br> (cost $33,029,168)** |  | &nbsp;&nbsp;&nbsp;&nbsp;34279310 |
| **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 $722,043) | &nbsp;&nbsp;&nbsp;&nbsp;79182 | &nbsp;&nbsp;&nbsp;&nbsp; 743517 |
| **TOTAL INVESTMENTS<br> (cost $264,120,039)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;261581081 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(151301) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$261429780 |

---

---

| | |
|:---|:---|
| # | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Allocation Moderate Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;$261581081 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$261581081 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 100.0%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.0%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.0%** |
| **Domestic Equity Investment Companies — 48.9%** | **Domestic Equity Investment Companies — 48.9%** | **Domestic Equity Investment Companies — 48.9%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;386246 | &nbsp;&nbsp;$7431378 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;599451 | &nbsp;&nbsp;&nbsp;&nbsp; 7690951 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;725813 | &nbsp;&nbsp;&nbsp;&nbsp; 8833149 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;231736 | &nbsp;&nbsp;&nbsp;&nbsp; 3221133 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;223075 | &nbsp;&nbsp;&nbsp;&nbsp; 3649500 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;305251 | &nbsp;&nbsp;&nbsp;&nbsp; 3192923 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;232206 | &nbsp;&nbsp;&nbsp;&nbsp; 4342247 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;260424 | &nbsp;&nbsp;&nbsp;&nbsp; 14781646 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;184170 | &nbsp;&nbsp;&nbsp;&nbsp; 2276341 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;482885 | &nbsp;&nbsp;&nbsp;&nbsp; 6243709 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;641239 | &nbsp;&nbsp;&nbsp;&nbsp; 13760984 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;142946 | &nbsp;&nbsp;&nbsp;&nbsp; 2264271 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;308031 | &nbsp;&nbsp;&nbsp;&nbsp; 6641150 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;848768 | &nbsp;&nbsp;&nbsp;&nbsp; 11076419 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;507687 | &nbsp;&nbsp;&nbsp;&nbsp; 3233967 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;294613 | &nbsp;&nbsp;&nbsp;&nbsp; 5544626 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;384389 | &nbsp;&nbsp;&nbsp;&nbsp; 12911635 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;466496 | &nbsp;&nbsp;&nbsp;&nbsp; 10178934 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;248291 | &nbsp;&nbsp;&nbsp;&nbsp; 4367437 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;713253 | &nbsp;&nbsp;&nbsp;&nbsp; 18886935 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;738569 | &nbsp;&nbsp;&nbsp;&nbsp; 27866214 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;913240 | &nbsp;&nbsp;&nbsp;&nbsp; 17150642 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;800800 | &nbsp;&nbsp;&nbsp;&nbsp; 12060049 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;281075 | &nbsp;&nbsp;&nbsp;&nbsp; 5821073 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;256210 | &nbsp;&nbsp;&nbsp;&nbsp; 3704793 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;199136 | &nbsp;&nbsp;&nbsp;&nbsp; 2375691 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;193763 | &nbsp;&nbsp;&nbsp;&nbsp; 7723385 |
| **Total Domestic Equity Investment Companies<br> (cost $215,858,828)** |  | &nbsp;&nbsp;&nbsp;&nbsp;227231182 |
| **Domestic Fixed Income Investment Companies — 33.7%** | **Domestic Fixed Income Investment Companies — 33.7%** | **Domestic Fixed Income Investment Companies — 33.7%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA American Century Inflation Managed Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;874889 | &nbsp;&nbsp;&nbsp;&nbsp; 7725266 |

---

---

| | | |
|:---|:---|:---|
| **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 | 3325448 | &nbsp;&nbsp;$33653529 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1 | 1573522 | &nbsp;&nbsp;&nbsp;&nbsp; 18378738 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1 | 1798409 | &nbsp;&nbsp;&nbsp;&nbsp; 17192790 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;603906 | &nbsp;&nbsp;&nbsp;&nbsp; 6111528 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1 | 5107966 | &nbsp;&nbsp;&nbsp;&nbsp; 42038562 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;216337 | &nbsp;&nbsp;&nbsp;&nbsp; 2355912 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1 | 1674242 | &nbsp;&nbsp;&nbsp;&nbsp; 8689315 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1 | 1580110 | &nbsp;&nbsp;&nbsp;&nbsp; 20825854 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $169,354,908)** |  | &nbsp;&nbsp;&nbsp;&nbsp;156971494 |
| **International Equity Investment Companies — 17.1%** | **International Equity Investment Companies — 17.1%** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1 | 2162146 | &nbsp;&nbsp;&nbsp;&nbsp; 19480938 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;188897 | &nbsp;&nbsp;&nbsp;&nbsp; 2784344 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;663782 | &nbsp;&nbsp;&nbsp;&nbsp; 12366258 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA International Index Portfolio, Class 1 | 1073658 | &nbsp;&nbsp;&nbsp;&nbsp; 14837947 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;506135 | &nbsp;&nbsp;&nbsp;&nbsp; 4195863 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1 | 1103903 | &nbsp;&nbsp;&nbsp;&nbsp; 11259812 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;362130 | &nbsp;&nbsp;&nbsp;&nbsp; 5218300 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;749858 | &nbsp;&nbsp;&nbsp;&nbsp; 9500696 |
| **Total International Equity Investment Companies<br> (cost $74,780,451)** |  | &nbsp;&nbsp;&nbsp;&nbsp;79644158 |
| **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 $1,238,738) | &nbsp;&nbsp;&nbsp;&nbsp;135844 | &nbsp;&nbsp;&nbsp;&nbsp; 1275579 |
| **TOTAL INVESTMENTS<br> (cost $461,232,925)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;465122413 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227065) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$464895348 |

---

---

| | |
|:---|:---|
| ^ | &nbsp;&nbsp;Prior to April 28, 2025, the Portfolio was known as SA Allocation Moderate Growth Portfolio. |
| # | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;$465122413 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$465122413 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 8.0%** | **CORPORATE BONDS & NOTES — 8.0%** | **CORPORATE BONDS & NOTES — 8.0%** |
| **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** | **Auto Manufacturers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 10/08/2027 | $1685000 | &nbsp;&nbsp;$1685604 |
| **Banks — 2.6%** | **Banks — 2.6%** | **Banks — 2.6%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, 01/23/2035 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 502208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.82%, 09/15/2029 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 336805 |
| &nbsp;&nbsp;&nbsp;Citibank, N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/19/2027 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1381549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93%, 08/06/2026 | &nbsp;&nbsp; 924000 | &nbsp;&nbsp;&nbsp;&nbsp; 930072 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83%, 02/13/2035 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 652184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27%, 11/17/2033 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 122048 |
| &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; 568426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/22/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1513577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/24/2029 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 724483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09%, 10/23/2029 | &nbsp;&nbsp; 1482000 | &nbsp;&nbsp;&nbsp;&nbsp; 1551661 |
| &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; 58391 |
| &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; 2077080 |
| &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; 1378334 |
| &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; 1607323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 171174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 10/23/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 262886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13838201 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2033 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1126031 |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Accenture Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 10/04/2029 | &nbsp;&nbsp; 469000 | &nbsp;&nbsp;&nbsp;&nbsp; 462378 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 09/25/2027 | &nbsp;&nbsp; 818000 | &nbsp;&nbsp;&nbsp;&nbsp; 815515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277893 |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 09/15/2026(1) | &nbsp;&nbsp; 1105000 | &nbsp;&nbsp;&nbsp;&nbsp; 1067135 |
| &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; 1065676 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2026(1) | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1042967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2027(1) | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1082722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/01/2025(1) | &nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 812110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5070610 |
| **Electric — 0.6%** | **Electric — 0.6%** | **Electric — 0.6%** |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2034 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 815931 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 05/15/2028 | &nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp; 2168251 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2984182 |
| **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
| &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; 1759157 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86%, 08/27/2026\* | $1370000 | &nbsp;&nbsp;$1374253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/09/2027\* | &nbsp;&nbsp; 1056000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070335 |
| &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; 1386787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3831375 |
| **Machinery-Construction & Mining — 0.5%** | **Machinery-Construction & Mining — 0.5%** | **Machinery-Construction & Mining — 0.5%** |
| &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 08/12/2025 | &nbsp;&nbsp; 2870000 | &nbsp;&nbsp;&nbsp;&nbsp; 2860898 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 11/21/2026 | &nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1155069 |
| **REITS — 0.3%** | **REITS — 0.3%** | **REITS — 0.3%** |
| &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; 1382616 |
| **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;5.13%, 07/29/2029\* | &nbsp;&nbsp; 1425000 | &nbsp;&nbsp;&nbsp;&nbsp; 1442606 |
| **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 | &nbsp;&nbsp; 1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 959469 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/01/2028 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 799546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/01/2030 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 795197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594743 |
| **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** | **Trucking & Leasing — 0.2%** |
| &nbsp;&nbsp;&nbsp;AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/15/2045\* | &nbsp;&nbsp; 1241000 | &nbsp;&nbsp;&nbsp;&nbsp; 1240506 |
| **Total Corporate Bonds & Notes<br> (cost $42,105,765)** |  | &nbsp;&nbsp;&nbsp;&nbsp;42208960 |
| **ASSET BACKED SECURITIES — 2.9%** | **ASSET BACKED SECURITIES — 2.9%** | **ASSET BACKED SECURITIES — 2.9%** |
| **Home Equity — 0.3%** | **Home Equity — 0.3%** | **Home Equity — 0.3%** |
| &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; 577812 | &nbsp;&nbsp;&nbsp;&nbsp; 585346 |
| &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; 786124 | &nbsp;&nbsp;&nbsp;&nbsp; 793164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378510 |
| **Other Asset Backed Securities — 2.6%** | **Other Asset Backed Securities — 2.6%** | **Other Asset Backed Securities — 2.6%** |
| &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; 1339849 |
| &nbsp;&nbsp;&nbsp;Bean Creek CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-1A, Class AR<br> 5.57%, (TSFR3M+1.28%), 04/20/2031\* | &nbsp;&nbsp; 304868 | &nbsp;&nbsp;&nbsp;&nbsp; 304895 |
| &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; 2081777 |
| &nbsp;&nbsp;&nbsp;Greenwood Park CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A, Class A1<br> 5.59%, (TSFR3M+1.29%), 04/15/2031\* | &nbsp;&nbsp; 649563 | &nbsp;&nbsp;&nbsp;&nbsp; 649740 |
| &nbsp;&nbsp;&nbsp;Palmer Square CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A, Class A2<br> 5.83%, (TSFR3M+1.50%), 01/15/2038\* | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 775412 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Rockford Tower CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A, Class BR<br> 6.06%, (TSFR3M+1.76%), 10/15/2029\* | $3053000 | &nbsp;&nbsp;$3054780 |
| &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; 1171134 |
| &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; 281866 | &nbsp;&nbsp;&nbsp;&nbsp; 276741 |
| &nbsp;&nbsp;&nbsp;Stonepeak |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class AA<br> 2.30%, 02/28/2033\* | &nbsp;&nbsp; 698676 | &nbsp;&nbsp;&nbsp;&nbsp; 668086 |
| &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; 739148 | &nbsp;&nbsp;&nbsp;&nbsp; 749953 |
| &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; 820493 |
| &nbsp;&nbsp;&nbsp;Verdant Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2<br> 5.68%, 12/12/2031\* | &nbsp;&nbsp; 1935586 | &nbsp;&nbsp;&nbsp;&nbsp; 1965681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13858541 |
| **Total Asset Backed Securities<br> (cost $15,125,828)** |  | &nbsp;&nbsp;&nbsp;&nbsp;15237051 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 7.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 7.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 7.4%** |
| **Commercial and Residential — 7.4%** | **Commercial and Residential — 7.4%** | **Commercial and Residential — 7.4%** |
| &nbsp;&nbsp;&nbsp;Angel Oak Mtg. Trust I LLC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1, Class M1<br> 4.50%, 11/25/2048\*(2) | &nbsp;&nbsp; 94453 | &nbsp;&nbsp;&nbsp;&nbsp; 94146 |
| &nbsp;&nbsp;&nbsp;BANK VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN29, Class XA<br> 1.30%, 11/15/2053(2)(3) | &nbsp;&nbsp; 6904964 | &nbsp;&nbsp;&nbsp;&nbsp; 399449 |
| &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; 2100333 |
| &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; 1141477 |
| &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; 555041 |
| &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; 1976366 |
| &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; 1788403 | &nbsp;&nbsp;&nbsp;&nbsp; 1780826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-9, Class A6<br> 5.50%, 09/25/2055\*(2) | &nbsp;&nbsp; 792456 | &nbsp;&nbsp;&nbsp;&nbsp; 789915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2, Class A4A<br> 6.00%, 02/25/2055\*(2) | &nbsp;&nbsp; 609335 | &nbsp;&nbsp;&nbsp;&nbsp; 612716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A4<br> 6.00%, 10/25/2055\*(2) | &nbsp;&nbsp; 1591893 | &nbsp;&nbsp;&nbsp;&nbsp; 1599999 |
| &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; 2529546 | &nbsp;&nbsp;&nbsp;&nbsp; 2521353 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C02, Class 2ED3<br> 5.80%, (SOFR30A+1.46%), 09/25/2029 | &nbsp;&nbsp; 63900 | &nbsp;&nbsp;&nbsp;&nbsp; 63917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R06, Class 1M1<br> 7.09%, (SOFR30A+2.75%), 05/25/2042\* | &nbsp;&nbsp; 437488 | &nbsp;&nbsp;&nbsp;&nbsp; 446707 |

---

---

| | | |
|:---|:---|:---|
| **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;DBJPM Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C1, Class AM<br> 3.54%, 05/10/2049 | $2961000 | &nbsp;&nbsp;$2886507 |
| &nbsp;&nbsp;&nbsp;Deephaven Residential Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-2, Class A3<br> 2.86%, 05/25/2065\* | &nbsp;&nbsp; 571635 | &nbsp;&nbsp;&nbsp;&nbsp; 567847 |
| &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; 980341 | &nbsp;&nbsp;&nbsp;&nbsp; 980627 |
| &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; 2688823 |
| &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; 1337047 | &nbsp;&nbsp;&nbsp;&nbsp; 1332803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A4<br> 5.50%, 03/25/2055\*(2) | &nbsp;&nbsp; 1538800 | &nbsp;&nbsp;&nbsp;&nbsp; 1532168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A6<br> 5.50%, 03/25/2055\*(2) | &nbsp;&nbsp; 1186987 | &nbsp;&nbsp;&nbsp;&nbsp; 1183454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-6, Class A6<br> 6.00%, 12/25/2054\*(2) | &nbsp;&nbsp; 850338 | &nbsp;&nbsp;&nbsp;&nbsp; 852718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-11, Class A4<br> 6.00%, 04/25/2055\*(2) | &nbsp;&nbsp; 2346416 | &nbsp;&nbsp;&nbsp;&nbsp; 2358747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-11, Class A6<br> 6.00%, 04/25/2055\*(2) | &nbsp;&nbsp; 1002752 | &nbsp;&nbsp;&nbsp;&nbsp; 1007148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-INV1, Class A4<br> 6.00%, 04/25/2055\*(2) | &nbsp;&nbsp; 1335209 | &nbsp;&nbsp;&nbsp;&nbsp; 1346511 |
| &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; 1029065 | &nbsp;&nbsp;&nbsp;&nbsp; 1025728 |
| &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; 2133774 | &nbsp;&nbsp;&nbsp;&nbsp; 2124628 |
| &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; 585589 | &nbsp;&nbsp;&nbsp;&nbsp; 584006 |
| &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; 1446520 | &nbsp;&nbsp;&nbsp;&nbsp; 1440256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A11<br> 5.50%, 11/25/2054\*(2) | &nbsp;&nbsp; 1137213 | &nbsp;&nbsp;&nbsp;&nbsp; 1133794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A5<br> 5.50%, 11/25/2054\*(2) | &nbsp;&nbsp; 913574 | &nbsp;&nbsp;&nbsp;&nbsp; 909635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-6, Class A11<br> 6.00%, 07/27/2054\*(2) | &nbsp;&nbsp; 558139 | &nbsp;&nbsp;&nbsp;&nbsp; 559723 |
| &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; 458042 | &nbsp;&nbsp;&nbsp;&nbsp; 435738 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;39033106 |
| **U.S. Government Agency — 0.0%** | **U.S. Government Agency — 0.0%** | **U.S. Government Agency — 0.0%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-HRP2, Class M3AS<br> 5.45%, (SOFR30A+1.11%), 02/25/2047\* | &nbsp;&nbsp; 37218 | &nbsp;&nbsp;&nbsp;&nbsp; 37218 |
| **Total Collateralized Mortgage Obligations<br> (cost $39,375,192)** |  | &nbsp;&nbsp;&nbsp;&nbsp;39070324 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 76.0%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 76.0%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 76.0%** |
| **U.S. Government — 55.4%** | **U.S. Government — 55.4%** | **U.S. Government — 55.4%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 02/15/2052(4) | &nbsp;&nbsp; 6554585 | &nbsp;&nbsp;&nbsp;&nbsp; 3709508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(4) | &nbsp;&nbsp; 7102085 | &nbsp;&nbsp;&nbsp;&nbsp; 4333100 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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 (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(4) | $11783513 | &nbsp;&nbsp;$9058824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 to 02/15/2045(4) | &nbsp;&nbsp;23893125 | &nbsp;&nbsp;&nbsp;&nbsp; 18533026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 02/15/2047(4) | &nbsp;&nbsp;13229565 | &nbsp;&nbsp;&nbsp;&nbsp; 10007684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046 to 02/15/2049(4) | &nbsp;&nbsp;24069747 | &nbsp;&nbsp;&nbsp;&nbsp; 18674262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(4) | &nbsp;&nbsp; 3406900 | &nbsp;&nbsp;&nbsp;&nbsp; 2965061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2053(4) | &nbsp;&nbsp; 4327263 | &nbsp;&nbsp;&nbsp;&nbsp; 3599338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 02/15/2041(4) | &nbsp;&nbsp;12110088 | &nbsp;&nbsp;&nbsp;&nbsp; 12211524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/15/2029(4) | &nbsp;&nbsp; 3032565 | &nbsp;&nbsp;&nbsp;&nbsp; 3169047 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 10/15/2026(4)(5)(6) | &nbsp;&nbsp; 7752474 | &nbsp;&nbsp;&nbsp;&nbsp; 7690435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 07/15/2030 to 01/15/2032(4) | &nbsp;&nbsp;50821966 | &nbsp;&nbsp;&nbsp;&nbsp; 46942669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 07/15/2029(4)(5)(6) | &nbsp;&nbsp;31537656 | &nbsp;&nbsp;&nbsp;&nbsp; 30206801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 07/15/2032(4) | &nbsp;&nbsp; 5902848 | &nbsp;&nbsp;&nbsp;&nbsp; 5509932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 07/15/2028(4) | &nbsp;&nbsp; 7952222 | &nbsp;&nbsp;&nbsp;&nbsp; 7858447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 01/15/2029(4) | &nbsp;&nbsp;33590350 | &nbsp;&nbsp;&nbsp;&nbsp; 33064408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 01/15/2033(4) | &nbsp;&nbsp;16473253 | &nbsp;&nbsp;&nbsp;&nbsp; 15780417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 07/15/2033(4) | &nbsp;&nbsp;28287808 | &nbsp;&nbsp;&nbsp;&nbsp; 27591759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 10/15/2029(4) | &nbsp;&nbsp; 2018740 | &nbsp;&nbsp;&nbsp;&nbsp; 2047186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(4) | &nbsp;&nbsp; 1394861 | &nbsp;&nbsp;&nbsp;&nbsp; 1392447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/15/2034(4) | &nbsp;&nbsp;27399713 | &nbsp;&nbsp;&nbsp;&nbsp; 27654390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 04/15/2029 to 01/15/2035(4) | &nbsp;&nbsp; 1892315 | &nbsp;&nbsp;&nbsp;&nbsp; 1945566 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;293945831 |
| **U.S. Government Agency — 20.6%** | **U.S. Government Agency — 20.6%** | **U.S. Government Agency — 20.6%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/06/2025 | &nbsp;&nbsp; 8200000 | &nbsp;&nbsp;&nbsp;&nbsp; 8203962 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2050 | &nbsp;&nbsp; 1847795 | &nbsp;&nbsp;&nbsp;&nbsp; 1556820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2052 | &nbsp;&nbsp; 2697108 | &nbsp;&nbsp;&nbsp;&nbsp; 2436087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2052 | &nbsp;&nbsp; 3315648 | &nbsp;&nbsp;&nbsp;&nbsp; 3110469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2052 to 04/01/2053 | &nbsp;&nbsp; 5182347 | &nbsp;&nbsp;&nbsp;&nbsp; 4966124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2054 | &nbsp;&nbsp; 4145829 | &nbsp;&nbsp;&nbsp;&nbsp; 4147226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2053 | &nbsp;&nbsp; 2509917 | &nbsp;&nbsp;&nbsp;&nbsp; 2553094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/15/2032 | &nbsp;&nbsp; 5730000 | &nbsp;&nbsp;&nbsp;&nbsp; 6468943 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp;10578845 | &nbsp;&nbsp;&nbsp;&nbsp; 8897262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2052 | &nbsp;&nbsp;13259339 | &nbsp;&nbsp;&nbsp;&nbsp; 12372917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2053 | &nbsp;&nbsp; 5133881 | &nbsp;&nbsp;&nbsp;&nbsp; 5142354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/2053 | &nbsp;&nbsp; 2570031 | &nbsp;&nbsp;&nbsp;&nbsp; 2620382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 11/15/2030 | &nbsp;&nbsp;14960000 | &nbsp;&nbsp;&nbsp;&nbsp; 16863018 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/20/2050 | &nbsp;&nbsp; 3217562 | &nbsp;&nbsp;&nbsp;&nbsp; 2632746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/20/2051 | &nbsp;&nbsp; 4537486 | &nbsp;&nbsp;&nbsp;&nbsp; 4021144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/20/2052 | &nbsp;&nbsp; 5502325 | &nbsp;&nbsp;&nbsp;&nbsp; 5168643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/20/2053 | &nbsp;&nbsp; 7987564 | &nbsp;&nbsp;&nbsp;&nbsp; 7865446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/20/2052 to 12/20/2052 | &nbsp;&nbsp; 4626453 | &nbsp;&nbsp;&nbsp;&nbsp; 4650614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/20/2054 | &nbsp;&nbsp; 5142863 | &nbsp;&nbsp;&nbsp;&nbsp; 5224446 |
| &nbsp;&nbsp;&nbsp;Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2055 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 396900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;109298597 |
| **Total U.S. Government & Agency Obligations<br> (cost $440,962,067)** |  | &nbsp;&nbsp;&nbsp;&nbsp;403244428 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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 $1,481,258) | $1570000 | &nbsp;&nbsp;$1480482 |
| **Total Long-Term Investment Securities<br> (cost $539,050,110)** |  | &nbsp;&nbsp;&nbsp;&nbsp;501241245 |
| **SHORT-TERM INVESTMENTS — 7.7%** | **SHORT-TERM INVESTMENTS — 7.7%** |  |
| **Unaffiliated Investment Companies — 7.7%** | **Unaffiliated Investment Companies — 7.7%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> (7)<br> (cost $40,938,344) | &nbsp;&nbsp;40938344 | &nbsp;&nbsp;&nbsp;&nbsp; 40938344 |
| **TOTAL INVESTMENTS<br> (cost $579,988,454)(8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.3% | &nbsp;&nbsp;&nbsp;&nbsp;542179589 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.3) | &nbsp;&nbsp;&nbsp;&nbsp;(11937099) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$530242490 |

---

---

| | |
|:---|:---|
| ^ | &nbsp;&nbsp;Prior to April 28, 2025, the Portfolio was known as SA American Century Inflation Protection Portfolio. |
| \* | &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 American Century Inflation Managed Portfolio has no right to demand registration of these securities. At March 31, 2025, the aggregate value of these securities was $54,523,605 representing 10.3% of net assets. |
| (1) | &nbsp;&nbsp;Perpetual maturity - maturity date reflects the next call date. |
| (2) | &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. |
| (3) | &nbsp;&nbsp;Interest Only |
| (4) | &nbsp;&nbsp;Principal amount of security is adjusted for inflation. |
| (5) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open swap contracts. |
| (6) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| (7) | &nbsp;&nbsp;The rate shown is the 7-day yield as of March 31, 2025. |
| (8) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

---

| |
|:---|
| CLO—Collateralized Loan Obligation |
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| TIPS—Treasury Inflation Protected Securities |
| TSFR3M—Term Secured Overnight Financing Rate 3 Month |
| VRS—Variable Rate Security |

---

The rates shown on FRS and/or VRS are the current interest rates at March 31, 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 | $228 | $92490 | $92718 |
| Centrally Cleared | 50000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.537 | 12-Month USA CPI | Maturity | Maturity | Mar 2027 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp; 458157 | &nbsp;&nbsp;&nbsp;&nbsp; 458472 |
| Centrally Cleared | 50000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.540 | 12-Month USA CPI | Maturity | Maturity | Mar 2027 | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp; 451478 | &nbsp;&nbsp;&nbsp;&nbsp; 451793 |
| Centrally Cleared | 10000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.060 | 12-Month USA CPI | Maturity | Maturity | Mar 2032 | &nbsp;&nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp; (27486) | &nbsp;&nbsp;&nbsp;&nbsp; (27062) |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** |
| **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 | 20000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.040% | 12-Month USA CPI | Maturity | Maturity | Mar 2032 | $498 | $(1218) | $(720) |
| Centrally Cleared | 12500000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.415 | 12-Month USA CPI | Maturity | Maturity | Feb 2028 | &nbsp;&nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp;&nbsp; 308002 | &nbsp;&nbsp;&nbsp;&nbsp; 308329 |
| Centrally Cleared | 10000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.438 | 12-Month USA CPI | Maturity | Maturity | Feb 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp; 214855 | &nbsp;&nbsp;&nbsp;&nbsp; 215257 |
| Centrally Cleared | 3800000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.619 | 12-Month USA CPI | Maturity | Maturity | Mar 2033 | &nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp; 18631 | &nbsp;&nbsp;&nbsp;&nbsp; 19059 |
| Centrally Cleared | 3000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.495 | 12-Month USA CPI | Maturity | Maturity | May 2033 | &nbsp;&nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp;&nbsp; 32658 | &nbsp;&nbsp;&nbsp;&nbsp; 33089 |
| Centrally Cleared | 8000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.662 | 12-Month USA CPI | Maturity | Maturity | Aug 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp;&nbsp; 17090 | &nbsp;&nbsp;&nbsp;&nbsp; 17521 |
| Centrally Cleared | 5800000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.650 | 12-Month USA CPI | Maturity | Maturity | Aug 2033 | &nbsp;&nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp;&nbsp; (22301) | &nbsp;&nbsp;&nbsp;&nbsp; (21832) |
| Centrally Cleared | 18300000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.370 | 12-Month USA CPI | Maturity | Maturity | Feb 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 611 | &nbsp;&nbsp;&nbsp;&nbsp; 332911 | &nbsp;&nbsp;&nbsp;&nbsp; 333522 |
| Centrally Cleared | 1700000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.485 | 12-Month USA CPI | Maturity | Maturity | Feb 2034 | &nbsp;&nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp;&nbsp; 13267 | &nbsp;&nbsp;&nbsp;&nbsp; 13725 |
| Centrally Cleared | 4000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.433 | 12-Month USA CPI | Maturity | Maturity | Feb 2031 | &nbsp;&nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp;&nbsp; 54818 | &nbsp;&nbsp;&nbsp;&nbsp; 55262 |
| Centrally Cleared | 12000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.389 | 12-Month USA CPI | Maturity | Maturity | Aug 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 498 | &nbsp;&nbsp;&nbsp;&nbsp; 146610 | &nbsp;&nbsp;&nbsp;&nbsp; 147108 |
| Centrally Cleared | 12000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.446 | 12-Month USA CPI | Maturity | Maturity | Oct 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp;&nbsp; 134486 | &nbsp;&nbsp;&nbsp;&nbsp; 135004 |
| Centrally Cleared | 1500000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.523 | 12-Month USA CPI | Maturity | Maturity | Nov 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp;&nbsp; 11769 | &nbsp;&nbsp;&nbsp;&nbsp; 12237 |
| Centrally Cleared | 1500000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.523 | 12-Month USA CPI | Maturity | Maturity | Nov 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp;&nbsp; 11769 | &nbsp;&nbsp;&nbsp;&nbsp; 12237 |
| Centrally Cleared | 10700000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.562 | 12-Month USA CPI | Maturity | Maturity | Feb 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp;&nbsp; 53902 | &nbsp;&nbsp;&nbsp;&nbsp; 54450 |
|  |  |  |  |  |  |  |  | $8281 | $2301888 | $2310169 |

---

#### 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** |
| 63 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$6965560 | &nbsp;&nbsp;&nbsp;&nbsp;$7006781 | &nbsp;&nbsp;&nbsp;&nbsp;$41221 |
| 81 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8707658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8760656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52998 |
| 61 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6927963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6961625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33662 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$127881 |

---

\* 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 March 31, 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;$42208960 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$42208960 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15237051 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15237051 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;39070324 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;39070324 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;403244428 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;403244428 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480482 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480482 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;40938344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40938344 |
| **Total Investments at Value** | &nbsp;&nbsp;$40938344 | &nbsp;&nbsp;$501241245 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$542179589 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2352893 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2352893 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127881 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$127881 | &nbsp;&nbsp;$2352893 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2480774 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$51005 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$51005 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** |
| **Aerospace/Defense — 6.5%** | **Aerospace/Defense — 6.5%** | **Aerospace/Defense — 6.5%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;58992 | &nbsp;&nbsp;$10061086 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52328 | &nbsp;&nbsp;&nbsp;&nbsp; 6931367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16992453 |
| **Agriculture — 3.3%** | **Agriculture — 3.3%** | **Agriculture — 3.3%** |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54634 | &nbsp;&nbsp;&nbsp;&nbsp; 8672055 |
| **Airlines — 2.3%** | **Airlines — 2.3%** | **Airlines — 2.3%** |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;176265 | &nbsp;&nbsp;&nbsp;&nbsp; 5918979 |
| **Banks — 13.6%** | **Banks — 13.6%** | **Banks — 13.6%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;171700 | &nbsp;&nbsp;&nbsp;&nbsp; 7165041 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;109830 | &nbsp;&nbsp;&nbsp;&nbsp; 7796832 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;32195 | &nbsp;&nbsp;&nbsp;&nbsp; 7897433 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;56883 | &nbsp;&nbsp;&nbsp;&nbsp; 6636540 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;81184 | &nbsp;&nbsp;&nbsp;&nbsp; 5828199 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;35324045 |
| **Computers — 2.9%** | **Computers — 2.9%** | **Computers — 2.9%** |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;44006 | &nbsp;&nbsp;&nbsp;&nbsp; 7429973 |
| **Electric — 7.5%** | **Electric — 7.5%** | **Electric — 7.5%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;663654 | &nbsp;&nbsp;&nbsp;&nbsp; 8242583 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63198 | &nbsp;&nbsp;&nbsp;&nbsp; 2554463 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;503431 | &nbsp;&nbsp;&nbsp;&nbsp; 8648944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19445990 |
| **Healthcare-Services — 7.7%** | **Healthcare-Services — 7.7%** | **Healthcare-Services — 7.7%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;115370 | &nbsp;&nbsp;&nbsp;&nbsp; 7004113 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;22016 | &nbsp;&nbsp;&nbsp;&nbsp; 7243264 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;43032 | &nbsp;&nbsp;&nbsp;&nbsp; 5787804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20035181 |
| **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;99299 | &nbsp;&nbsp;&nbsp;&nbsp; 7972717 |
| **Internet — 1.9%** | **Internet — 1.9%** | **Internet — 1.9%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;31077 | &nbsp;&nbsp;&nbsp;&nbsp; 4805747 |
| **Machinery-Construction & Mining — 2.1%** | **Machinery-Construction & Mining — 2.1%** | **Machinery-Construction & Mining — 2.1%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16883 | &nbsp;&nbsp;&nbsp;&nbsp; 5568013 |
| **Mining — 5.4%** | **Mining — 5.4%** | **Mining — 5.4%** |
| &nbsp;&nbsp;&nbsp;Barrick Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;259093 | &nbsp;&nbsp;&nbsp;&nbsp; 5036768 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;237670 | &nbsp;&nbsp;&nbsp;&nbsp; 8998186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14034954 |
| **Oil & Gas — 5.1%** | **Oil & Gas — 5.1%** | **Oil & Gas — 5.1%** |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44441 | &nbsp;&nbsp;&nbsp;&nbsp; 7434535 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40233 | &nbsp;&nbsp;&nbsp;&nbsp; 5861546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13296081 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas Services — 3.1%** | **Oil & Gas Services — 3.1%** |  |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp; 257515 | &nbsp;&nbsp;$8160650 |
| **Pharmaceuticals — 6.8%** | **Pharmaceuticals — 6.8%** |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 134034 | &nbsp;&nbsp;&nbsp;&nbsp; 8174734 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp; 139595 | &nbsp;&nbsp;&nbsp;&nbsp; 9457561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17632295 |
| **Pipelines — 2.5%** | **Pipelines — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp; 109192 | &nbsp;&nbsp;&nbsp;&nbsp; 6525314 |
| **REITS — 3.4%** | **REITS — 3.4%** |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp; 40749 | &nbsp;&nbsp;&nbsp;&nbsp; 8866982 |
| **Retail — 3.3%** | **Retail — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp; 37130 | &nbsp;&nbsp;&nbsp;&nbsp; 8659830 |
| **Semiconductors — 5.7%** | **Semiconductors — 5.7%** |  |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp; 52003 | &nbsp;&nbsp;&nbsp;&nbsp; 7546675 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp; 47622 | &nbsp;&nbsp;&nbsp;&nbsp; 7315216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14861891 |
| **Software — 1.3%** | **Software — 1.3%** |  |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp; 146925 | &nbsp;&nbsp;&nbsp;&nbsp; 3302874 |
| **Telecommunications — 8.1%** | **Telecommunications — 8.1%** |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp; 32530 | &nbsp;&nbsp;&nbsp;&nbsp; 2007426 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp; 162135 | &nbsp;&nbsp;&nbsp;&nbsp; 7422541 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp; 253461 | &nbsp;&nbsp;&nbsp;&nbsp; 11496991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20926958 |
| **Transportation — 2.5%** | **Transportation — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp; 221717 | &nbsp;&nbsp;&nbsp;&nbsp; 6525131 |
| **Total Long-Term Investment Securities<br> (cost $207,540,526)** |  | &nbsp;&nbsp;&nbsp;&nbsp;254958113 |
| **REPURCHASE AGREEMENTS — 1.6%** | **REPURCHASE AGREEMENTS — 1.6%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 03/31/2025, to be repurchased 04/01/2025 in the amount of $4,254,786 and collateralized by $4,514,100 of United States Treasury Notes, bearing interest at 1.13% due 10/31/2026 and having an approximate value of $4,339,745<br> (cost $4,254,625) | $4254625 | &nbsp;&nbsp;&nbsp;&nbsp; 4254625 |
| **TOTAL INVESTMENTS<br> (cost $211,795,151)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.7% | &nbsp;&nbsp;&nbsp;&nbsp;259212738 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844660 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$260057398 |

---

† Non-income producing security

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

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;$254958113 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$254958113 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4254625 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4254625 |
| **Total Investments at Value** | &nbsp;&nbsp;$254958113 | &nbsp;&nbsp;$4254625 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$259212738 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 77.1%** | **COMMON STOCKS — 77.1%** | **COMMON STOCKS — 77.1%** |
| **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 | &nbsp;&nbsp;$210217 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp; 111082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321299 |
| **Aerospace/Defense — 1.7%** | **Aerospace/Defense — 1.7%** | **Aerospace/Defense — 1.7%** |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 6794 |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp; 137884 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 7057 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp; 110093 |
| &nbsp;&nbsp;&nbsp;Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp; 116783 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp; 118027 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp; 132299 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3718 | &nbsp;&nbsp;&nbsp;&nbsp; 1660868 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp; 7454 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp; 142339 |
| &nbsp;&nbsp;&nbsp;Rocket Lab USA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 7152 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404 | &nbsp;&nbsp;&nbsp;&nbsp; 848274 |
| &nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 77325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372349 |
| **Agriculture — 1.3%** | **Agriculture — 1.3%** | **Agriculture — 1.3%** |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 8457 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2480 | &nbsp;&nbsp;&nbsp;&nbsp; 119065 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371 | &nbsp;&nbsp;&nbsp;&nbsp; 34261 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 22044 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8675 | &nbsp;&nbsp;&nbsp;&nbsp; 320809 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12377 | &nbsp;&nbsp;&nbsp;&nbsp; 1964601 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp; 38695 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507932 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444 | &nbsp;&nbsp;&nbsp;&nbsp; 106558 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42070 | &nbsp;&nbsp;&nbsp;&nbsp; 239912 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp; 45520 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp; 12579 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp; 105370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509939 |
| **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;322 | &nbsp;&nbsp;&nbsp;&nbsp; 75403 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp; 54116 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp; 6682 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp; 296114 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp; 39956 |
| &nbsp;&nbsp;&nbsp;PRADA SpA | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp; 122857 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595128 |
| **Auto Manufacturers — 1.2%** | **Auto Manufacturers — 1.2%** | **Auto Manufacturers — 1.2%** |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 23306 |
| &nbsp;&nbsp;&nbsp;BYD Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 227461 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 110958 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp; 107035 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4594 | &nbsp;&nbsp;&nbsp;&nbsp; 142601 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp; 40796 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 211871 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5562 | &nbsp;&nbsp;&nbsp;&nbsp; 1441448 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 33513 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4567 | &nbsp;&nbsp;&nbsp;&nbsp; 134313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473302 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp; 11535 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13900 | &nbsp;&nbsp;&nbsp;&nbsp; 151258 |

---

---

| | | |
|:---|:---|:---|
| **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;1289 | &nbsp;&nbsp;$123319 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4866 | &nbsp;&nbsp;&nbsp;&nbsp; 19805 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp; 3389 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2834 | &nbsp;&nbsp;&nbsp;&nbsp; 37777 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp; 7594 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 6257 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 40751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401685 |
| **Banks — 6.6%** | **Banks — 6.6%** | **Banks — 6.6%** |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;50008 | &nbsp;&nbsp;&nbsp;&nbsp; 218541 |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;17193 | &nbsp;&nbsp;&nbsp;&nbsp; 111605 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp; 17049 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp; 7139 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp; 7863 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;19852 | &nbsp;&nbsp;&nbsp;&nbsp; 55889 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil SA | &nbsp;&nbsp;&nbsp;&nbsp;30400 | &nbsp;&nbsp;&nbsp;&nbsp; 150177 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;66659 | &nbsp;&nbsp;&nbsp;&nbsp; 448979 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;242400 | &nbsp;&nbsp;&nbsp;&nbsp; 123452 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;12883 | &nbsp;&nbsp;&nbsp;&nbsp; 174513 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;12066 | &nbsp;&nbsp;&nbsp;&nbsp; 162191 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8645 | &nbsp;&nbsp;&nbsp;&nbsp; 360756 |
| &nbsp;&nbsp;&nbsp;Bank of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;553000 | &nbsp;&nbsp;&nbsp;&nbsp; 334635 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 17280 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12128 | &nbsp;&nbsp;&nbsp;&nbsp; 1017175 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 7780 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;23953 | &nbsp;&nbsp;&nbsp;&nbsp; 89946 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483 | &nbsp;&nbsp;&nbsp;&nbsp; 123508 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 43891 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp; 14926 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22287 | &nbsp;&nbsp;&nbsp;&nbsp; 1582154 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp; 113692 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 30408 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272 | &nbsp;&nbsp;&nbsp;&nbsp; 77659 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 35943 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7640 | &nbsp;&nbsp;&nbsp;&nbsp; 262201 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 25258 |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3482 | &nbsp;&nbsp;&nbsp;&nbsp; 241920 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 7649 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp; 7463 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232 | &nbsp;&nbsp;&nbsp;&nbsp; 42787 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp; 7603 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 7298 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5926 | &nbsp;&nbsp;&nbsp;&nbsp; 115083 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp; 3559 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779 | &nbsp;&nbsp;&nbsp;&nbsp; 1518140 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;&nbsp;&nbsp;15975 | &nbsp;&nbsp;&nbsp;&nbsp; 110910 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Galicia SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp; 34697 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;&nbsp; 47362 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp; 12622 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;&nbsp; 8178 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp; 31211 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp; 16899 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;37528 | &nbsp;&nbsp;&nbsp;&nbsp; 425518 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23385 | &nbsp;&nbsp;&nbsp;&nbsp; 368372 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp; 8529 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;56638 | &nbsp;&nbsp;&nbsp;&nbsp; 291598 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 142029 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;409063 | &nbsp;&nbsp;&nbsp;&nbsp; 382708 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 6950 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp; 15873 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp; 7223 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 270105 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Mizrahi Tefahot Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 | &nbsp;&nbsp;$69192 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 109086 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 8955 |
| &nbsp;&nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;10448 | &nbsp;&nbsp;&nbsp;&nbsp; 107654 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;45844 | &nbsp;&nbsp;&nbsp;&nbsp; 268593 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp; 115815 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp; 7761 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;&nbsp; 26933 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp; 38882 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp; 111438 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | &nbsp;&nbsp;&nbsp;&nbsp; 115555 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 22170 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp; 22891 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;10764 | &nbsp;&nbsp;&nbsp;&nbsp; 159533 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11614 | &nbsp;&nbsp;&nbsp;&nbsp; 1039801 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp; 8042 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 7864 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759 | &nbsp;&nbsp;&nbsp;&nbsp; 113533 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp; 29179 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935 | &nbsp;&nbsp;&nbsp;&nbsp; 89933 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599 | &nbsp;&nbsp;&nbsp;&nbsp; 426512 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp; 10011 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;&nbsp; 30738 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2214 | &nbsp;&nbsp;&nbsp;&nbsp; 114132 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp; 155497 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp; 7898 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308 | &nbsp;&nbsp;&nbsp;&nbsp; 115077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13079571 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 121809 |
| &nbsp;&nbsp;&nbsp;Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp; 45981 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6269 | &nbsp;&nbsp;&nbsp;&nbsp; 448986 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 121500 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3733 | &nbsp;&nbsp;&nbsp;&nbsp; 169034 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408 | &nbsp;&nbsp;&nbsp;&nbsp; 116622 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358 | &nbsp;&nbsp;&nbsp;&nbsp; 137990 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 | &nbsp;&nbsp;&nbsp;&nbsp; 130148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292070 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2405 | &nbsp;&nbsp;&nbsp;&nbsp; 39947 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp; 22480 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp; 6517 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp; 261379 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp; 126801 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp; 7530 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259 | &nbsp;&nbsp;&nbsp;&nbsp; 24443 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941 | &nbsp;&nbsp;&nbsp;&nbsp; 22622 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp; 8054 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4357 | &nbsp;&nbsp;&nbsp;&nbsp; 24617 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 49906 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp; 6838 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp; 6192 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13299 | &nbsp;&nbsp;&nbsp;&nbsp; 490999 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157 | &nbsp;&nbsp;&nbsp;&nbsp; 49288 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8754 | &nbsp;&nbsp;&nbsp;&nbsp; 14926 |
| &nbsp;&nbsp;&nbsp;Icosavax, Inc. CVR(1) | &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;7384 | &nbsp;&nbsp;&nbsp;&nbsp; 447101 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp; 72781 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp; 3842 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp; 16080 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870 | &nbsp;&nbsp;$25542 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp; 5904 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp; 42908 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272 | &nbsp;&nbsp;&nbsp;&nbsp; 3765 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 138262 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 6026 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp; 6784 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 | &nbsp;&nbsp;&nbsp;&nbsp; 19367 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554 | &nbsp;&nbsp;&nbsp;&nbsp; 3499 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317 | &nbsp;&nbsp;&nbsp;&nbsp; 27974 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp; 7046 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp; 5629 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995215 |
| **Building Materials — 1.0%** | **Building Materials — 1.0%** | **Building Materials — 1.0%** |
| &nbsp;&nbsp;&nbsp;Amber Enterprises India, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;&nbsp;&nbsp; 65436 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 22007 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 34331 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269 | &nbsp;&nbsp;&nbsp;&nbsp; 324946 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 8212 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp; 237663 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223 | &nbsp;&nbsp;&nbsp;&nbsp; 346709 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;&nbsp;&nbsp; 113276 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;&nbsp;&nbsp; 238228 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 112971 |
| &nbsp;&nbsp;&nbsp;Rockwool A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 70555 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp; 9530 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 110847 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 49774 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp; 94519 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp; 113850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952854 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 137017 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp; 14009 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381 | &nbsp;&nbsp;&nbsp;&nbsp; 112148 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp; 8134 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 7898 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp; 116365 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp; 113514 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp; 117633 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7027 | &nbsp;&nbsp;&nbsp;&nbsp; 110956 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 6532 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp; 24730 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp; 130845 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598 | &nbsp;&nbsp;&nbsp;&nbsp; 112499 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp; 6903 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp; 38269 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108 | &nbsp;&nbsp;&nbsp;&nbsp; 110957 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 121787 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp; 105226 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;&nbsp; 18821 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377 | &nbsp;&nbsp;&nbsp;&nbsp; 7918 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp; 123264 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp; 293454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838879 |
| **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp; 22294 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 32536 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Coal (continued)** | **Coal (continued)** | **Coal (continued)** |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;$7100 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | &nbsp;&nbsp;&nbsp;&nbsp; 11436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73366 |
| **Commercial Services — 2.0%** | **Commercial Services — 2.0%** | **Commercial Services — 2.0%** |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 8514 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559 | &nbsp;&nbsp;&nbsp;&nbsp; 15387 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5729 | &nbsp;&nbsp;&nbsp;&nbsp; 1750381 |
| &nbsp;&nbsp;&nbsp;Benefit Systems SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp; 56890 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp; 10362 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 38772 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp; 14383 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp; 13574 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp; 33134 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp; 8734 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp; 112804 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp; 10579 |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21060 | &nbsp;&nbsp;&nbsp;&nbsp; 130737 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp; 25640 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 | &nbsp;&nbsp;&nbsp;&nbsp; 41800 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212 | &nbsp;&nbsp;&nbsp;&nbsp; 36265 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361 | &nbsp;&nbsp;&nbsp;&nbsp; 35577 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 111467 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp;&nbsp;&nbsp; 6769 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13835 | &nbsp;&nbsp;&nbsp;&nbsp; 902734 |
| &nbsp;&nbsp;&nbsp;Paysafe, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp; 6778 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp; 23701 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 316897 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 226739 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 6805 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 7009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952432 |
| **Computers — 4.5%** | **Computers — 4.5%** | **Computers — 4.5%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp; 116703 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36975 | &nbsp;&nbsp;&nbsp;&nbsp; 8213257 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 91168 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp; 111565 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp; 161388 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp; 7910 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 42445 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239 | &nbsp;&nbsp;&nbsp;&nbsp; 108834 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp; 7816 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 7396 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201 | &nbsp;&nbsp;&nbsp;&nbsp; 176441 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp; 8813 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp; 7701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9061437 |
| **Cosmetics/Personal Care — 0.6%** | **Cosmetics/Personal Care — 0.6%** | **Cosmetics/Personal Care — 0.6%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8988 | &nbsp;&nbsp;&nbsp;&nbsp; 842176 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 122702 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632 | &nbsp;&nbsp;&nbsp;&nbsp; 216372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181250 |
| **Distribution/Wholesale — 0.4%** | **Distribution/Wholesale — 0.4%** | **Distribution/Wholesale — 0.4%** |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 | &nbsp;&nbsp;&nbsp;&nbsp; 41917 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp; 8232 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471 | &nbsp;&nbsp;&nbsp;&nbsp; 9076 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 51129 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16600 | &nbsp;&nbsp;&nbsp;&nbsp; 291953 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp; 340201 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Distribution/Wholesale (continued)** | **Distribution/Wholesale (continued)** | **Distribution/Wholesale (continued)** |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;$9558 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp; 6938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759004 |
| **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;900 | &nbsp;&nbsp;&nbsp;&nbsp; 91953 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 114260 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3201 | &nbsp;&nbsp;&nbsp;&nbsp; 116740 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp; 111118 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp; 96338 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 82368 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp; 39213 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 130889 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 130788 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp;&nbsp; 59627 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 68084 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp; 41810 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp; 180453 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 7772 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 20470 |
| &nbsp;&nbsp;&nbsp;HDFC Asset Management Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 | &nbsp;&nbsp;&nbsp;&nbsp; 129252 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp; 113160 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;&nbsp; 9938 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947 | &nbsp;&nbsp;&nbsp;&nbsp; 2163430 |
| &nbsp;&nbsp;&nbsp;Meritz Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 | &nbsp;&nbsp;&nbsp;&nbsp; 141935 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp; 63627 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp; 6719 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp; 43448 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 114543 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 | &nbsp;&nbsp;&nbsp;&nbsp; 103120 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp; 43384 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117 | &nbsp;&nbsp;&nbsp;&nbsp; 112074 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681 | &nbsp;&nbsp;&nbsp;&nbsp; 140320 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp; 23786 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;10744 | &nbsp;&nbsp;&nbsp;&nbsp; 113672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614291 |
| **Electric — 2.0%** | **Electric — 2.0%** | **Electric — 2.0%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 12483 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 | &nbsp;&nbsp;&nbsp;&nbsp; 118886 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp; 12854 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp; 41545 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 103436 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp;&nbsp;&nbsp; 118981 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 | &nbsp;&nbsp;&nbsp;&nbsp; 133923 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;12265 | &nbsp;&nbsp;&nbsp;&nbsp; 185094 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;18447 | &nbsp;&nbsp;&nbsp;&nbsp; 1086897 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;18066 | &nbsp;&nbsp;&nbsp;&nbsp; 352030 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877 | &nbsp;&nbsp;&nbsp;&nbsp; 116581 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9214 | &nbsp;&nbsp;&nbsp;&nbsp; 424581 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;22605 | &nbsp;&nbsp;&nbsp;&nbsp; 365442 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp; 113407 |
| &nbsp;&nbsp;&nbsp;NTPC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35671 | &nbsp;&nbsp;&nbsp;&nbsp; 148399 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 9001 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15543 | &nbsp;&nbsp;&nbsp;&nbsp; 267029 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 13157 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377 | &nbsp;&nbsp;&nbsp;&nbsp; 113327 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672 | &nbsp;&nbsp;&nbsp;&nbsp; 59718 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 8717 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 8654 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp; 102877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917019 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;$123080 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 10225 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp; 107916 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 7241 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 43226 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 6014 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 17374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315076 |
| **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6870 | &nbsp;&nbsp;&nbsp;&nbsp; 355531 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp; 8858 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp; 18989 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp; 7112 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp; 9706 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 122461 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 293291 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp; 47561 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp; 110680 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 9187 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 7175 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp; 9218 |
| &nbsp;&nbsp;&nbsp;SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 130372 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 | &nbsp;&nbsp;&nbsp;&nbsp; 25884 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 8046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164071 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp; 3389 |
| **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** | **Engineering & Construction — 0.3%** |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp; 151430 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp; 34655 |
| &nbsp;&nbsp;&nbsp;Gamuda Bhd | &nbsp;&nbsp;&nbsp;&nbsp;81859 | &nbsp;&nbsp;&nbsp;&nbsp; 77062 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219 | &nbsp;&nbsp;&nbsp;&nbsp; 7838 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 12734 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp; 41221 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 36114 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 20630 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2315 | &nbsp;&nbsp;&nbsp;&nbsp; 292542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674226 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6239 | &nbsp;&nbsp;&nbsp;&nbsp; 251961 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp; 6421 |
| &nbsp;&nbsp;&nbsp;FDJ United \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 | &nbsp;&nbsp;&nbsp;&nbsp; 50360 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp; 6624 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416 | &nbsp;&nbsp;&nbsp;&nbsp; 39284 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 | &nbsp;&nbsp;&nbsp;&nbsp; 95531 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp; 7619 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 7460 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465260 |
| **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;1303 | &nbsp;&nbsp;&nbsp;&nbsp; 113987 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 118658 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp; 113919 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp; 119922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466486 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp; 46086 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813 | &nbsp;&nbsp;&nbsp;&nbsp; 117974 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;$123988 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8002 | &nbsp;&nbsp;&nbsp;&nbsp; 299161 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054 | &nbsp;&nbsp;&nbsp;&nbsp; 14054 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773 | &nbsp;&nbsp;&nbsp;&nbsp; 120298 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp; 121454 |
| &nbsp;&nbsp;&nbsp;Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 63124 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp; 7390 |
| &nbsp;&nbsp;&nbsp;Shoprite Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8224 | &nbsp;&nbsp;&nbsp;&nbsp; 122388 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp; 7140 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp; 84868 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;37443 | &nbsp;&nbsp;&nbsp;&nbsp; 160860 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152 | &nbsp;&nbsp;&nbsp;&nbsp; 137319 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp; 7450 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;248000 | &nbsp;&nbsp;&nbsp;&nbsp; 228038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661592 |
| **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;559 | &nbsp;&nbsp;&nbsp;&nbsp; 37492 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp; 135019 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp; 49453 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp; 9099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193571 |
| **Hand/Machine Tools — 0.1%** | **Hand/Machine Tools — 0.1%** | **Hand/Machine Tools — 0.1%** |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 7510 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 112550 |
| &nbsp;&nbsp;&nbsp;Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 29869 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp; 86228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236157 |
| **Healthcare-Products — 1.3%** | **Healthcare-Products — 1.3%** | **Healthcare-Products — 1.3%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp; 110896 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp; 110663 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp; 8939 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp; 7936 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp; 6434 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 17871 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 | &nbsp;&nbsp;&nbsp;&nbsp; 10651 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp; 125596 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | &nbsp;&nbsp;&nbsp;&nbsp; 22507 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694 | &nbsp;&nbsp;&nbsp;&nbsp; 33914 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp; 110905 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp; 137060 |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp; 23614 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp; 111038 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp; 11417 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 57446 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 115486 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 121063 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 55046 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 22782 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9269 | &nbsp;&nbsp;&nbsp;&nbsp; 832912 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp; 107047 |
| &nbsp;&nbsp;&nbsp;Novocure, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 | &nbsp;&nbsp;&nbsp;&nbsp; 37796 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 26269 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883 | &nbsp;&nbsp;&nbsp;&nbsp; 115753 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 18079 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; 41685 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; 7266 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 110965 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519036 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Addus HomeCare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;$7812 |
| &nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | &nbsp;&nbsp;&nbsp;&nbsp; 102148 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp; 65747 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp; 118141 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587 | &nbsp;&nbsp;&nbsp;&nbsp; 851123 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 6944 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139 | &nbsp;&nbsp;&nbsp;&nbsp; 133818 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp; 6554 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 7688 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 113778 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp; 71395 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 104813 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp; 7160 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp;&nbsp; 21526 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3714 | &nbsp;&nbsp;&nbsp;&nbsp; 59904 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603 | &nbsp;&nbsp;&nbsp;&nbsp; 28680 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp;&nbsp;&nbsp; 126699 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 133556 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp; 122887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090373 |
| **Home Builders — 0.4%** | **Home Builders — 0.4%** | **Home Builders — 0.4%** |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp; 21675 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 25805 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp; 108582 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp; 35853 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 14389 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp; 115444 |
| &nbsp;&nbsp;&nbsp;Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 59641 |
| &nbsp;&nbsp;&nbsp;Sekisui House, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 109586 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 | &nbsp;&nbsp;&nbsp;&nbsp; 51454 |
| &nbsp;&nbsp;&nbsp;Taylor Wimpey PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8939 | &nbsp;&nbsp;&nbsp;&nbsp; 12503 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp; 113615 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp; 42741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711288 |
| **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; 38568 |
| &nbsp;&nbsp;&nbsp;Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp; 43086 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp; 6423 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 38207 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp; 8600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134884 |
| **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627 | &nbsp;&nbsp;&nbsp;&nbsp; 6817 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp; 118831 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp; 127429 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843 | &nbsp;&nbsp;&nbsp;&nbsp; 124541 |
| &nbsp;&nbsp;&nbsp;Unilever Indonesia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;252500 | &nbsp;&nbsp;&nbsp;&nbsp; 19285 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396903 |
| **Insurance — 3.3%** | **Insurance — 3.3%** | **Insurance — 3.3%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27600 | &nbsp;&nbsp;&nbsp;&nbsp; 208634 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 247820 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;&nbsp; 114717 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 37141 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp; 132818 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292 | &nbsp;&nbsp;&nbsp;&nbsp; 688093 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971 | &nbsp;&nbsp;&nbsp;&nbsp; 114298 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp; 118682 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277 | &nbsp;&nbsp;&nbsp;&nbsp; 53187 |
| &nbsp;&nbsp;&nbsp;Enstar Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 48860 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15655 | &nbsp;&nbsp;$815469 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp; 9177 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 118082 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp; 9056 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc.,† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6228 | &nbsp;&nbsp;&nbsp;&nbsp; 44157 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp; 178085 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp; 37418 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp; 58621 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 23501 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp; 53871 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 3633 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14354 | &nbsp;&nbsp;&nbsp;&nbsp; 1152483 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 126378 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;&nbsp;&nbsp; 427363 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp; 28011 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548 | &nbsp;&nbsp;&nbsp;&nbsp; 141821 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372 | &nbsp;&nbsp;&nbsp;&nbsp; 132250 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 123771 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383 | &nbsp;&nbsp;&nbsp;&nbsp; 116684 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 118581 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | &nbsp;&nbsp;&nbsp;&nbsp; 121396 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3790 | &nbsp;&nbsp;&nbsp;&nbsp; 52207 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp; 124835 |
| &nbsp;&nbsp;&nbsp;SiriusPoint, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp; 9717 |
| &nbsp;&nbsp;&nbsp;Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 84207 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp; 117949 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 | &nbsp;&nbsp;&nbsp;&nbsp; 19624 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 12158 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113 | &nbsp;&nbsp;&nbsp;&nbsp; 335045 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp; 128586 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp; 176476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6664862 |
| **Internet — 9.8%** | **Internet — 9.8%** | **Internet — 9.8%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp; 110859 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp;&nbsp;&nbsp; 207258 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 41652 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;23003 | &nbsp;&nbsp;&nbsp;&nbsp; 3557184 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23011 | &nbsp;&nbsp;&nbsp;&nbsp; 4378073 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;18862 | &nbsp;&nbsp;&nbsp;&nbsp; 181976 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp; 105959 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1263 | &nbsp;&nbsp;&nbsp;&nbsp; 36791 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7197 | &nbsp;&nbsp;&nbsp;&nbsp; 1315396 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737 | &nbsp;&nbsp;&nbsp;&nbsp; 117647 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp; 119554 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358 | &nbsp;&nbsp;&nbsp;&nbsp; 35566 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 114029 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 | &nbsp;&nbsp;&nbsp;&nbsp; 19010 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp; 11038 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp; 23758 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 | &nbsp;&nbsp;&nbsp;&nbsp; 117315 |
| &nbsp;&nbsp;&nbsp;LY Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60500 | &nbsp;&nbsp;&nbsp;&nbsp; 204576 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9132 | &nbsp;&nbsp;&nbsp;&nbsp; 108397 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp; 14947 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp; 58010 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6561 | &nbsp;&nbsp;&nbsp;&nbsp; 261718 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp; 6542 |
| &nbsp;&nbsp;&nbsp;Meituan, Class B\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 78853 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 85838 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7227 | &nbsp;&nbsp;&nbsp;&nbsp; 4165354 |
| &nbsp;&nbsp;&nbsp;NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp; 85974 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232 | &nbsp;&nbsp;&nbsp;&nbsp; 2081407 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6318 | &nbsp;&nbsp;&nbsp;&nbsp; 294741 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;$17842 |
| &nbsp;&nbsp;&nbsp;Scout24 SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp; 52534 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp; 86384 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp; 160059 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12606 | &nbsp;&nbsp;&nbsp;&nbsp; 803412 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4285 | &nbsp;&nbsp;&nbsp;&nbsp; 312205 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2742 | &nbsp;&nbsp;&nbsp;&nbsp; 35783 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; 118811 |
| &nbsp;&nbsp;&nbsp;Zomato, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;27990 | &nbsp;&nbsp;&nbsp;&nbsp; 65610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19592062 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp; 114015 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;11572 | &nbsp;&nbsp;&nbsp;&nbsp; 345420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459435 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; 16125 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 7684 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20362 | &nbsp;&nbsp;&nbsp;&nbsp; 196954 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;&nbsp; 109870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330633 |
| **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;233 | &nbsp;&nbsp;&nbsp;&nbsp; 7037 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Indian Hotels Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16796 | &nbsp;&nbsp;&nbsp;&nbsp; 153987 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp; 75122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229109 |
| **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** | **Machinery-Construction & Mining — 0.6%** |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp; 36990 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp; 129282 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp; 114175 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp; 10136 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 37724 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp; 361517 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;&nbsp; 21380 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp; 5423 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6836 | &nbsp;&nbsp;&nbsp;&nbsp; 493559 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210186 |
| **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp; 8732 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp; 7871 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 31548 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp; 110378 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223 | &nbsp;&nbsp;&nbsp;&nbsp; 134492 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 | &nbsp;&nbsp;&nbsp;&nbsp; 120171 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 10448 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 8134 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 47717 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 109717 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589208 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9227 | &nbsp;&nbsp;&nbsp;&nbsp; 340476 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7861 | &nbsp;&nbsp;&nbsp;&nbsp; 78636 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329 | &nbsp;&nbsp;&nbsp;&nbsp; 115519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534631 |
| **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 59008 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Metal Fabricate/Hardware (continued)** | **Metal Fabricate/Hardware (continued)** | **Metal Fabricate/Hardware (continued)** |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;$10092 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp; 9467 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp; 6890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85457 |
| **Mining — 0.6%** | **Mining — 0.6%** | **Mining — 0.6%** |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (ASX) | &nbsp;&nbsp;&nbsp;&nbsp;13340 | &nbsp;&nbsp;&nbsp;&nbsp; 323531 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (LSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp; 25733 |
| &nbsp;&nbsp;&nbsp;Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp; 28780 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3064 | &nbsp;&nbsp;&nbsp;&nbsp; 30916 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090 | &nbsp;&nbsp;&nbsp;&nbsp; 116987 |
| &nbsp;&nbsp;&nbsp;Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;29419 | &nbsp;&nbsp;&nbsp;&nbsp; 108222 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547 | &nbsp;&nbsp;&nbsp;&nbsp; 8601 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8043 | &nbsp;&nbsp;&nbsp;&nbsp; 46911 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3449 | &nbsp;&nbsp;&nbsp;&nbsp; 39824 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667 | &nbsp;&nbsp;&nbsp;&nbsp; 219222 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp; 106357 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 24305 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;78000 | &nbsp;&nbsp;&nbsp;&nbsp; 178185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257574 |
| **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966 | &nbsp;&nbsp;&nbsp;&nbsp; 435587 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701 | &nbsp;&nbsp;&nbsp;&nbsp; 114069 |
| &nbsp;&nbsp;&nbsp;Elite Material Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 33533 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp; 7134 |
| &nbsp;&nbsp;&nbsp;Hyundai Rotem Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp; 22161 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp; 80236 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp; 171613 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178 | &nbsp;&nbsp;&nbsp;&nbsp; 79596 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp; 121452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065381 |
| **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;326 | &nbsp;&nbsp;&nbsp;&nbsp; 11932 |
| **Office Furnishings — 0.0%** | **Office Furnishings — 0.0%** | **Office Furnishings — 0.0%** |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 31248 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp; 7409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38657 |
| **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;377 | &nbsp;&nbsp;&nbsp;&nbsp; 106525 |
| **Oil & Gas — 1.6%** | **Oil & Gas — 1.6%** | **Oil & Gas — 1.6%** |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp;&nbsp;&nbsp; 6362 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp; 136421 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4081 | &nbsp;&nbsp;&nbsp;&nbsp; 117941 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | &nbsp;&nbsp;&nbsp;&nbsp; 92532 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38800 | &nbsp;&nbsp;&nbsp;&nbsp; 203558 |
| &nbsp;&nbsp;&nbsp;Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635 | &nbsp;&nbsp;&nbsp;&nbsp; 56141 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;12309 | &nbsp;&nbsp;&nbsp;&nbsp; 325975 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2912 | &nbsp;&nbsp;&nbsp;&nbsp; 346324 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409 | &nbsp;&nbsp;&nbsp;&nbsp; 112088 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 50921 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4391 | &nbsp;&nbsp;&nbsp;&nbsp; 639725 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 36494 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 6109 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;252000 | &nbsp;&nbsp;&nbsp;&nbsp; 204209 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp; 112490 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580 | &nbsp;&nbsp;&nbsp;&nbsp; 60857 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566 | &nbsp;&nbsp;&nbsp;&nbsp; 93390 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4769 | &nbsp;&nbsp;&nbsp;&nbsp; 308224 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;$125202 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188 | &nbsp;&nbsp;&nbsp;&nbsp; 117167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152130 |
| **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 | &nbsp;&nbsp;&nbsp;&nbsp; 113918 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1764 | &nbsp;&nbsp;&nbsp;&nbsp; 52567 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2131 | &nbsp;&nbsp;&nbsp;&nbsp; 36398 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;45282 | &nbsp;&nbsp;&nbsp;&nbsp; 1148804 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp; 27751 |
| &nbsp;&nbsp;&nbsp;NPK International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 | &nbsp;&nbsp;&nbsp;&nbsp; 6850 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612 | &nbsp;&nbsp;&nbsp;&nbsp; 35158 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894 | &nbsp;&nbsp;&nbsp;&nbsp; 123401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544847 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp; 120679 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp; 7203 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp; 126337 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3762 | &nbsp;&nbsp;&nbsp;&nbsp; 108722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362941 |
| **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4672 | &nbsp;&nbsp;&nbsp;&nbsp; 978877 |
| &nbsp;&nbsp;&nbsp;ACELYRIN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2636 | &nbsp;&nbsp;&nbsp;&nbsp; 6511 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp;&nbsp; 30003 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp; 8948 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp; 5637 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 73072 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp; 113843 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7488 | &nbsp;&nbsp;&nbsp;&nbsp; 456693 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 12853 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 146157 |
| &nbsp;&nbsp;&nbsp;CinCor Pharma Inc. CVR(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 26613 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp; 276898 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp; 107079 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2905 | &nbsp;&nbsp;&nbsp;&nbsp; 2399269 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240 | &nbsp;&nbsp;&nbsp;&nbsp; 100078 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 72940 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5686 | &nbsp;&nbsp;&nbsp;&nbsp; 8358 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp; 587405 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15881 | &nbsp;&nbsp;&nbsp;&nbsp; 1425479 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp; 14513 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp; 119559 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5457 | &nbsp;&nbsp;&nbsp;&nbsp; 607023 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8151 | &nbsp;&nbsp;&nbsp;&nbsp; 564965 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp; 30651 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 140150 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp; 40526 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 7469 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp; 187746 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4457 | &nbsp;&nbsp;&nbsp;&nbsp; 90309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8640478 |
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4133 | &nbsp;&nbsp;&nbsp;&nbsp; 956376 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143 | &nbsp;&nbsp;&nbsp;&nbsp; 128066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084442 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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;6612 | &nbsp;&nbsp;$309738 |
| &nbsp;&nbsp;&nbsp;Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp; 32342 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342080 |
| **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;1726 | &nbsp;&nbsp;&nbsp;&nbsp; 5748 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp; 112863 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375 | &nbsp;&nbsp;&nbsp;&nbsp; 34492 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;32473 | &nbsp;&nbsp;&nbsp;&nbsp; 118303 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp; 108337 |
| &nbsp;&nbsp;&nbsp;Phoenix Mills, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5147 | &nbsp;&nbsp;&nbsp;&nbsp; 98494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478237 |
| **REITS — 1.8%** | **REITS — 1.8%** | **REITS — 1.8%** |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp; 14353 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 9029 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp; 169510 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 6971 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp; 117397 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386 | &nbsp;&nbsp;&nbsp;&nbsp; 13266 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6721 | &nbsp;&nbsp;&nbsp;&nbsp; 178443 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp; 9168 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773 | &nbsp;&nbsp;&nbsp;&nbsp; 50672 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp; 7097 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp; 7929 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp; 7445 |
| &nbsp;&nbsp;&nbsp;Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 16404 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp; 21626 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp; 6780 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797 | &nbsp;&nbsp;&nbsp;&nbsp; 119860 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784 | &nbsp;&nbsp;&nbsp;&nbsp; 127699 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp; 116803 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137 | &nbsp;&nbsp;&nbsp;&nbsp; 115313 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3829 | &nbsp;&nbsp;&nbsp;&nbsp; 133441 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp; 21296 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp; 8090 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 7211 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp; 7910 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp; 118814 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510 | &nbsp;&nbsp;&nbsp;&nbsp; 119560 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 4210 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp; 10120 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059 | &nbsp;&nbsp;&nbsp;&nbsp; 116487 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp; 41367 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 8708 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp; 117920 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9829 | &nbsp;&nbsp;&nbsp;&nbsp; 112542 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3443 | &nbsp;&nbsp;&nbsp;&nbsp; 27165 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 42977 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 7512 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6803 | &nbsp;&nbsp;&nbsp;&nbsp; 1129842 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2697 | &nbsp;&nbsp;&nbsp;&nbsp; 34629 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp; 8718 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;&nbsp;&nbsp; 14303 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071 | &nbsp;&nbsp;&nbsp;&nbsp; 39349 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3626 | &nbsp;&nbsp;&nbsp;&nbsp; 118280 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4130 | &nbsp;&nbsp;&nbsp;&nbsp; 120926 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859 | &nbsp;&nbsp;&nbsp;&nbsp; 117322 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp; 3046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607510 |
| **Retail — 3.1%** | **Retail — 3.1%** | **Retail — 3.1%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 32457 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 6786 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9317 | &nbsp;&nbsp;$230451 |
| &nbsp;&nbsp;&nbsp;Beacon Roofing Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp; 11380 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp; 55745 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp; 7587 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp; 125030 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355 | &nbsp;&nbsp;&nbsp;&nbsp; 118245 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp; 114439 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 298628 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5536 | &nbsp;&nbsp;&nbsp;&nbsp; 114097 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp; 396176 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5868 | &nbsp;&nbsp;&nbsp;&nbsp; 292709 |
| &nbsp;&nbsp;&nbsp;J. Jill, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 9160 |
| &nbsp;&nbsp;&nbsp;JUMBO SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp; 54827 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 120928 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431 | &nbsp;&nbsp;&nbsp;&nbsp; 219132 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;&nbsp;&nbsp; 112583 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 7856 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 | &nbsp;&nbsp;&nbsp;&nbsp; 114587 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14466 | &nbsp;&nbsp;&nbsp;&nbsp; 1761959 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 11214 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 | &nbsp;&nbsp;&nbsp;&nbsp; 23838 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21140 | &nbsp;&nbsp;&nbsp;&nbsp; 1855881 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp; 110354 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6206049 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 45487 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;&nbsp; 11166 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp; 14373 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp; 12430 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 7677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91133 |
| **Semiconductors — 6.1%** | **Semiconductors — 6.1%** | **Semiconductors — 6.1%** |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp; 31154 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp; 106228 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 639199 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp; 47975 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5961 | &nbsp;&nbsp;&nbsp;&nbsp; 998050 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp; 9834 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp; 120483 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 82356 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp; 29750 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp; 137320 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp;&nbsp;&nbsp; 113194 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 6136 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 210835 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60896 | &nbsp;&nbsp;&nbsp;&nbsp; 6599908 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11590 | &nbsp;&nbsp;&nbsp;&nbsp; 1780340 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp; 48047 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 | &nbsp;&nbsp;&nbsp;&nbsp; 131042 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp; 119616 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31039 | &nbsp;&nbsp;&nbsp;&nbsp; 865299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12076766 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| &nbsp;&nbsp;&nbsp;Hyundai Heavy Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp; 52804 |
| **Software — 6.4%** | **Software — 6.4%** | **Software — 6.4%** |
| &nbsp;&nbsp;&nbsp;8x8, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243 | &nbsp;&nbsp;&nbsp;&nbsp; 6486 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 7386 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp; 7681 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4663 | &nbsp;&nbsp;&nbsp;&nbsp; 1788400 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;$16322 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 | &nbsp;&nbsp;&nbsp;&nbsp; 34624 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp; 58493 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 96449 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 178256 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 129853 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp; 11973 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10250 | &nbsp;&nbsp;&nbsp;&nbsp; 34338 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 118805 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp; 131489 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 56320 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | &nbsp;&nbsp;&nbsp;&nbsp; 108832 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4313 | &nbsp;&nbsp;&nbsp;&nbsp; 115200 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc. Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 118005 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 115936 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668 | &nbsp;&nbsp;&nbsp;&nbsp; 7556 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 6964 |
| &nbsp;&nbsp;&nbsp;Ibotta, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp; 7934 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 116658 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp; 27323 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 23495 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp; 170271 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16350 | &nbsp;&nbsp;&nbsp;&nbsp; 6137626 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 24604 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 34304 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 73610 |
| &nbsp;&nbsp;&nbsp;Outbrain, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 | &nbsp;&nbsp;&nbsp;&nbsp; 4207 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087 | &nbsp;&nbsp;&nbsp;&nbsp; 214608 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 | &nbsp;&nbsp;&nbsp;&nbsp; 29292 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp; 11551 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp; 6435 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4249 | &nbsp;&nbsp;&nbsp;&nbsp; 105205 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331 | &nbsp;&nbsp;&nbsp;&nbsp; 135874 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp; 109223 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp; 293368 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp; 530229 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp; 116782 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5086 | &nbsp;&nbsp;&nbsp;&nbsp; 114333 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp; 108191 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4166 | &nbsp;&nbsp;&nbsp;&nbsp; 964971 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 20361 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp; 13253 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp; 116999 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp; 107335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12767410 |
| **Telecommunications — 1.9%** | **Telecommunications — 1.9%** | **Telecommunications — 1.9%** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 9395 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 | &nbsp;&nbsp;&nbsp;&nbsp; 113276 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6677 | &nbsp;&nbsp;&nbsp;&nbsp; 188826 |
| &nbsp;&nbsp;&nbsp;Bharti Airtel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9270 | &nbsp;&nbsp;&nbsp;&nbsp; 186893 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp; 9143 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426 | &nbsp;&nbsp;&nbsp;&nbsp; 87998 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 17523 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp; 47108 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7904 | &nbsp;&nbsp;&nbsp;&nbsp; 292674 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707 | &nbsp;&nbsp;&nbsp;&nbsp; 35814 |
| &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp; 75146 |
| &nbsp;&nbsp;&nbsp;IDT Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp; 8620 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 50033 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172 | &nbsp;&nbsp;&nbsp;&nbsp; 114795 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp; 285639 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;38461 | &nbsp;&nbsp;&nbsp;&nbsp; 162832 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Lumen Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10227 | &nbsp;&nbsp;$40090 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp; 785869 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp; 26270 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;60115 | &nbsp;&nbsp;&nbsp;&nbsp; 158486 |
| &nbsp;&nbsp;&nbsp;TIM SA | &nbsp;&nbsp;&nbsp;&nbsp;54300 | &nbsp;&nbsp;&nbsp;&nbsp; 171280 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 145456 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9616 | &nbsp;&nbsp;&nbsp;&nbsp; 436182 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 9120 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B\*† | &nbsp;&nbsp;&nbsp;&nbsp;38600 | &nbsp;&nbsp;&nbsp;&nbsp; 245138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703606 |
| **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 36869 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888 | &nbsp;&nbsp;&nbsp;&nbsp; 116093 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 122777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275739 |
| **Transportation — 1.0%** | **Transportation — 1.0%** | **Transportation — 1.0%** |
| &nbsp;&nbsp;&nbsp;AP Moller-Maersk A/S, Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp; 169727 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279 | &nbsp;&nbsp;&nbsp;&nbsp; 12585 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5444 | &nbsp;&nbsp;&nbsp;&nbsp; 160217 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149 | &nbsp;&nbsp;&nbsp;&nbsp; 177094 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp; 128066 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 115796 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 21744 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 12682 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;&nbsp;&nbsp; 115859 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp; 47936 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 | &nbsp;&nbsp;&nbsp;&nbsp; 6767 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp; 37355 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 38054 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3713 | &nbsp;&nbsp;&nbsp;&nbsp; 24394 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp; 33754 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp; 868182 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp; 116369 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086581 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp; 8340 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 9837 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 84010 |
| &nbsp;&nbsp;&nbsp;SJW Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp; 10993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113180 |
| **Total Common Stocks<br> (cost $122,910,394)** |  | &nbsp;&nbsp;&nbsp;&nbsp;153737448 |
| **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
| **Computers — 0.0%** | **Computers — 0.0%** | **Computers — 0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co.<br> 7.63%<br> (cost $9,400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp; 8975 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp; 30393 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 16080 |
| **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp; 12393 |
| **Total Convertible Preferred Stocks<br> (cost $50,250)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58866 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 8.1%** | **CORPORATE BONDS & NOTES — 8.1%** | **CORPORATE BONDS & NOTES — 8.1%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/15/2028\* | $20000 | &nbsp;&nbsp;$17191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/01/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29413 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/01/2028 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 57893 |
| &nbsp;&nbsp;&nbsp;Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/2027\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/15/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143319 |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 45985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/01/2027 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 35683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/01/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/15/2046 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 19441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/01/2059 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 17032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71%, 05/01/2040 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 34290 |
| &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; 5244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.86%, 05/01/2054 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 22810 |
| &nbsp;&nbsp;&nbsp;Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/01/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/01/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21086 |
| &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; 8474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 02/01/2037 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38727 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 11/30/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 11/15/2030\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 38635 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/01/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2033\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/01/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 12/01/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5144 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454784 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| &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; 15417 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2030 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 57101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97444 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/20/2026\* | &nbsp;&nbsp; 6250 | &nbsp;&nbsp;&nbsp;&nbsp; 6233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/20/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14677 |
| &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; 44068 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/15/2029\* | $5000 | &nbsp;&nbsp;$4732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69710 |
| **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; 13943 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36880 |
| &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; 26396 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/11/2030 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/11/2035 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121923 |
| **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; 18690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 01/07/2029 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28521 |
| &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; 14678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/19/2029\* | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 01/08/2031\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/08/2030\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/16/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136180 |
| **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; 9363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 04/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33914 |
| &nbsp;&nbsp;&nbsp;Clarios Global LP/Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2028\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10002 |
| &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; 19010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92571 |
| **Banks — 0.7%** | **Banks — 0.7%** | **Banks — 0.7%** |
| &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; 37703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/08/2037 | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 70906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 08/15/2035 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 49936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, 01/23/2035 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16233 |
| &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; 12559 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/18/2026(2) | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 36144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/29/2027 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 66684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 05/25/2034 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/15/2029(2) | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 33749 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31%, 11/16/2027 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 144138 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.34%, 07/27/2029 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 34497 |
| &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; 41523 |
| &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; 22037 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 08/10/2026(2) | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5823 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 06/01/2026(2) | $11000 | &nbsp;&nbsp;$10754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 01/24/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/24/2036 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 09/14/2033 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 48296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07%, 10/22/2027 | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 94172 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, (TSFR3M+1.26%), 05/15/2077 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 28920 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/01/2029 | &nbsp;&nbsp; 166000 | &nbsp;&nbsp;&nbsp;&nbsp; 168274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/20/2037 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/07/2039 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29271 |
| &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; 54327 |
| &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; 37778 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%, 11/03/2036 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 48176 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 03/15/2026(2) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%, 07/25/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 128399 |
| &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; 16999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42%, 07/24/2039 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398608 |
| **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; 21362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2030 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/02/2053 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2063 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20465 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 09/09/2026 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 21980 |
| &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; 25164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/02/2034 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 26691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169159 |
| **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; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23644 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 06/15/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/01/2034\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14885 |
| &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; 16475 |
| &nbsp;&nbsp;&nbsp;CP Atlas Buyer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7906 |
| &nbsp;&nbsp;&nbsp;Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/01/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24778 |
| &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; 22471 |
| &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; 15095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9955 |
| &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; 25901 |
| &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24993 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 01/15/2031\* | $5000 | &nbsp;&nbsp;$4347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27683 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228162 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/01/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20397 |
| &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; 16218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42%, 07/15/2027 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 43711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.58%, 07/15/2029 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 07/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 11/15/2030 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16582 |
| &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; 20462 |
| &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; 30570 |
| &nbsp;&nbsp;&nbsp;DowDuPont, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42%, 11/15/2048 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60476 |
| &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; 64263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 10/15/2034 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14188 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 11/01/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/26/2028 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 37615 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/2026 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 04/01/2029 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 26472 |
| &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; 21246 |
| &nbsp;&nbsp;&nbsp;SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/01/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19195 |
| &nbsp;&nbsp;&nbsp;Vibrantz Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 24450 |
| &nbsp;&nbsp;&nbsp;Westlake Chemical Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 08/15/2041 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 16205 |
| &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; 12909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537603 |
| **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
| &nbsp;&nbsp;&nbsp;Coronado Finance Pty Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9258 |
| **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; 30382 |
| &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; 15462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 05/15/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15540 |
| &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; 14937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 06/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15048 |
| &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; 30024 |
| &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 08/01/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34668 |
| &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; 4456 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/01/2026\* | $15000 | &nbsp;&nbsp;$14732 |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2034\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20013 |
| &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; 5294 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200556 |
| **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; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14639 |
| &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; 20162 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 06/15/2029\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/01/2030\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 46118 |
| &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; 19785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 10/15/2031 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2034 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2054 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 22834 |
| &nbsp;&nbsp;&nbsp;McAfee Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/15/2030\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 53104 |
| &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 07/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226717 |
| **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; 19355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 07/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15357 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/22/2033 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99816 |
| **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; 18341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9562 |
| &nbsp;&nbsp;&nbsp;Gates Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/01/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5087 |
| &nbsp;&nbsp;&nbsp;Ritchie Bros. Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 03/15/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58901 |
| **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** |
| &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; 151319 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/01/2029 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 34659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/01/2028 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 46814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/15/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5149 |
| &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; 51258 |
| &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; 10736 |
| &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; 34808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/15/2029\* | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41323 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 10/30/2031 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 32298 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/2028\* | $15000 | &nbsp;&nbsp;$15880 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20613 |
| &nbsp;&nbsp;&nbsp;Freedom Mtg. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/01/2032\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34198 |
| &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; 10245 |
| &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; 9750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 06/15/2029 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22820 |
| &nbsp;&nbsp;&nbsp;Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 11/01/2032\* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 93478 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 03/16/2026 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 04/14/2034 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17329 |
| &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31841 |
| &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; 29119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/17/2028 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 23259 |
| &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; 22678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 03/26/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/26/2031\* | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 32281 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/15/2034 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7179 |
| &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; 25969 |
| &nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2031\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54983 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20352 |
| &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; 48252 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 01/31/2030\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073387 |
| **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** |
| &nbsp;&nbsp;&nbsp;AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 01/15/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 34193 |
| &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; 35627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/01/2033 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8205 |
| &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; 10306 |
| &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; 17522 |
| &nbsp;&nbsp;&nbsp;Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9547 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/01/2033 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20844 |
| &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; 9303 |
| &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; 57518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2054 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 01/15/2034 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2053 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41937 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/05/2029 | $5000 | &nbsp;&nbsp;$5031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2034 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 33267 |
| &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; 14577 |
| &nbsp;&nbsp;&nbsp;Electricite de France SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/13/2035\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 42307 |
| &nbsp;&nbsp;&nbsp;Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2033 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2028 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18392 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2029 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 65081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2035 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8123 |
| &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; 9862 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/17/2033 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 36745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2034 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24215 |
| &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; 39033 |
| &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; 81301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2055 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24964 |
| &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; 36231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/02/2027\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 26262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2034\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 03/15/2028\*(2) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 22020 |
| &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; 49009 |
| &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; 11256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/01/2050 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 10855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/15/2029 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2032 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2029 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2053 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/15/2034 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 22756 |
| &nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 09/15/2030 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 9846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2037 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11603 |
| &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; 28800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/15/2055 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14743 |
| &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; 20127 |
| &nbsp;&nbsp;&nbsp;Sempra Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2033 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21162 |
| &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/15/2034 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29951 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/15/2034 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 32645 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/15/2026\*(2) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/15/2026\*(2) | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15393 |
| &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; 40126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/15/2029\* | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 26134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/2034\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2034\* | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 34359 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;6.88%, 04/15/2032\* | $15000 | &nbsp;&nbsp;$15288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 10/15/2033\* | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 17186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446862 |
| **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; 9311 |
| &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; 5058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/15/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25361 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49780 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| &nbsp;&nbsp;&nbsp;Flex, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2032 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 32789 |
| &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; 23741 |
| &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; 34926 |
| &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; 32253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123709 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/15/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10138 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2029 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47101 |
| &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; 18911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76150 |
| **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; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 36765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2030\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35479 |
| &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; 19563 |
| &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; 19410 |
| &nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25117 |
| &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; 35479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 09/01/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5122 |
| &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; 10100 |
| &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; 24668 |
| &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; 23577 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25096 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp./Six Flags Theme Parks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/01/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10083 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76%, 03/15/2027 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 126797 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2029\* | $30000 | &nbsp;&nbsp;$28790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476589 |
| **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; 10107 |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5154 |
| &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; 9438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/30/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33067 |
| &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/01/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10034 |
| &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; 10181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92416 |
| **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\*(3) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10870 |
| &nbsp;&nbsp;&nbsp;Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 07/01/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25686 |
| &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; 43007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2034 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 41023 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/20/2031\* | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/01/2055\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/01/2065\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10024 |
| &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; 19456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/15/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234418 |
| **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; 24545 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| &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; 12855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.88%, 10/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28726 |
| **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; 21213 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/01/2029 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41757 |
| &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; 24337 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87307 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &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; 87199 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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-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\* | $15000 | &nbsp;&nbsp;$15562 |
| &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; 23071 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10165 |
| &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; 23368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86560 |
| **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; 29418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13119 |
| &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; 37127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/15/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/01/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 01/15/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19703 |
| &nbsp;&nbsp;&nbsp;Concentra Escrow Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25438 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 09/01/2032\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60337 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/15/2032 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 9944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2027 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2034 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2054 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18383 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2028 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47284 |
| &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; 14131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/01/2027 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 68975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405749 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2034 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 73091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2035 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45242 |
| &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; 31265 |
| &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; 19220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/15/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9992 |
| &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; 21922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 02/15/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230430 |
| **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; 30521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31251 |
| &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; 33829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/01/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10044 |
| &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; 20138 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 11/13/2031\* | $30000 | &nbsp;&nbsp;$30019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 07/11/2031\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46660 |
| &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; 16250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2054 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11017 |
| &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; 7699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 05/15/2043 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22133 |
| &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; 23836 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/30/2025 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/30/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 06/15/2034 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57356 |
| &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; 5017 |
| &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; 28502 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 09/17/2051 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 14122 |
| &nbsp;&nbsp;&nbsp;HUB International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25750 |
| &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; 10505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 12/15/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26770 |
| &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; 38311 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 12/15/2066 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37528 |
| &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; 18109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606497 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| &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; 46051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2064 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2063 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37572 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029\* | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 71235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/15/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10458 |
| &nbsp;&nbsp;&nbsp;Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2033\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54996 |
| &nbsp;&nbsp;&nbsp;Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/31/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296001 |
| **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; 81312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5153 |
| &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; 22161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108626 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Allegheny Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4682 |
| &nbsp;&nbsp;&nbsp;ArcelorMittal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/15/2039 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 40370 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Iron/Steel (continued)** | **Iron/Steel (continued)** | **Iron/Steel (continued)** |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 | $5000 | &nbsp;&nbsp;$4762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2027 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25769 |
| &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; 22030 |
| &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; 19191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/01/2033\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19191 |
| &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; 4525 |
| &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; 23273 |
| &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; 9826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203409 |
| **Leisure Time — 0.2%** | **Leisure Time — 0.2%** | **Leisure Time — 0.2%** |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 08/18/2031 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 22422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 03/18/2029 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23532 |
| &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; 24280 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2028\* | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 69839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2027\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/15/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5230 |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 01/15/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10519 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 07/01/2026\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/31/2026\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/30/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2033\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5045 |
| &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; 10034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 07/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367480 |
| **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\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32280 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/30/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19921 |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/01/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110291 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Manitowoc Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15419 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 03/01/2030 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 05/15/2028 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 35824 |
| &nbsp;&nbsp;&nbsp;Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14315 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-Construction & Mining (continued)** | **Machinery-Construction & Mining (continued)** | **Machinery-Construction & Mining (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2032\* | $15000 | &nbsp;&nbsp;$14546 |
| &nbsp;&nbsp;&nbsp;Vertiv Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/15/2028\* | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 44742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132215 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/01/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 01/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10675 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 03/11/2034 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56435 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93039 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &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; 13292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2030\* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 78833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/01/2029\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48380 |
| &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; 33323 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2049 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 31454 |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 02/01/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9542 |
| &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; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 02/15/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19204 |
| &nbsp;&nbsp;&nbsp;DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2026\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9179 |
| &nbsp;&nbsp;&nbsp;Gray Television, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6243 |
| &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; 9764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/01/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29505 |
| &nbsp;&nbsp;&nbsp;News Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 05/15/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18855 |
| &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; 14047 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/01/2028 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 26977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 06/01/2029 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2043 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 17776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19219 |
| &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; 54273 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13995 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 07/15/2033 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 10273 |
| &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; 18154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 12/01/2045 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581864 |
| **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; 19725 |
| &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; 7071 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2030\* | $24000 | &nbsp;&nbsp;$21120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 30745 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24875 |
| &nbsp;&nbsp;&nbsp;Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/30/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13986 |
| &nbsp;&nbsp;&nbsp;Novelis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/30/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191014 |
| **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; 15139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30293 |
| **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; 23385 |
| **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** | **Oil & Gas — 0.4%** |
| &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; 68390 |
| &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; 13993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 01/15/2032 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 40721 |
| &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; 2156 |
| &nbsp;&nbsp;&nbsp;Chesapeake Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2029\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55690 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2033\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29843 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 07/01/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 07/01/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20539 |
| &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; 22887 |
| &nbsp;&nbsp;&nbsp;Devon Financing Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 09/30/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11382 |
| &nbsp;&nbsp;&nbsp;Encino Acquisition Partners Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/01/2028\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/01/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15939 |
| &nbsp;&nbsp;&nbsp;Kraken Oil & Gas Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 08/15/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34170 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2033\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2032\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29731 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/15/2027\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 08/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 30390 |
| &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; 27981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 03/15/2040 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 22018 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/15/2028 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/15/2033 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9296 |
| &nbsp;&nbsp;&nbsp;Precision Drilling Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 01/15/2026\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11004 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Operating Partnership LP/Sitio Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 11/01/2028\* | $25000 | &nbsp;&nbsp;$25733 |
| &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; 9995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 08/01/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19628 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/15/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14890 |
| &nbsp;&nbsp;&nbsp;Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/2033\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25026 |
| &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; 32862 |
| &nbsp;&nbsp;&nbsp;Transocean Aquila, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 09/30/2028\* | &nbsp;&nbsp; 4077 | &nbsp;&nbsp;&nbsp;&nbsp; 4143 |
| &nbsp;&nbsp;&nbsp;Transocean Poseidon, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/01/2027\* | &nbsp;&nbsp; 10500 | &nbsp;&nbsp;&nbsp;&nbsp; 10430 |
| &nbsp;&nbsp;&nbsp;Transocean Titan Financing, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 02/01/2028\* | &nbsp;&nbsp; 13572 | &nbsp;&nbsp;&nbsp;&nbsp; 13864 |
| &nbsp;&nbsp;&nbsp;Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 03/15/2038 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 22987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2030\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8309 |
| &nbsp;&nbsp;&nbsp;Viper Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 11/01/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20904 |
| &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; 19815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850767 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Aris Water Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 04/01/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25282 |
| **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; 29241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 01/15/2027 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 45536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2028 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4080 |
| &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; 25173 |
| &nbsp;&nbsp;&nbsp;Graham Packaging Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/15/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24419 |
| &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; 9223 |
| &nbsp;&nbsp;&nbsp;Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co.-Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/15/2028\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48568 |
| &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; 19600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 04/15/2027\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23582 |
| &nbsp;&nbsp;&nbsp;Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15328 |
| &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; 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20%, 01/15/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 22852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268752 |
| **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 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12085 |
| &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/01/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15210 |
| &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; 43068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/10/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9956 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/10/2055 | $35000 | &nbsp;&nbsp;$35276 |
| &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; 15638 |
| &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; 62308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/19/2053 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 24686 |
| &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; 195413 |
| &nbsp;&nbsp;&nbsp;Wyeth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/01/2037 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8477 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/15/2030 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 74739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496856 |
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| &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; 29041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2029 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 49604 |
| &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; 21822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54%, 11/15/2053\* | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 22040 |
| &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; 45210 |
| &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; 6758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 01/15/2035 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18579 |
| &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; 24358 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/2026 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10943 |
| &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; 19215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2029 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 61888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 02/15/2028(2) | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 78922 |
| &nbsp;&nbsp;&nbsp;Energy Transfer Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2042 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2067 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10199 |
| &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; 5543 |
| &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; 13725 |
| &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; 44531 |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34303 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41906 |
| &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; 32744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 10/01/2034\* | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17624 |
| &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; 16642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2028 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41009 |
| &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2030\* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81196 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 06/01/2028\* | $10000 | &nbsp;&nbsp;$10218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/01/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/30/2029\*(2) | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 02/01/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21242 |
| &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; 30575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920989 |
| **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; 27987 |
| **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; 14228 |
| **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; 31275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/15/2027 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 74031 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/15/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22665 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 02/15/2028 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 30166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2047 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/01/2029 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22895 |
| &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; 13639 |
| &nbsp;&nbsp;&nbsp;EPR Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2027 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10854 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 11/18/2029 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 44902 |
| &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; 14714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/01/2033 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 30773 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44566 |
| &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; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2025\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4985 |
| &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; 50935 |
| &nbsp;&nbsp;&nbsp;Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 04/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/2034 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 33807 |
| &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; 29946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10240 |
| &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; 26002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2034 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 34178 |
| &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; 11741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2029\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 26732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/15/2028\* | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 32584 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/15/2032 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6737 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2030\* | $10000 | &nbsp;&nbsp;$9817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655785 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| &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; 22625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/15/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10063 |
| &nbsp;&nbsp;&nbsp;7-Eleven, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 02/10/2028\* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 72786 |
| &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; 27567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 07/26/2027\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29305 |
| &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; 40518 |
| &nbsp;&nbsp;&nbsp;BCPE Ulysses Intermediate, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/01/2027\*(3) | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14103 |
| &nbsp;&nbsp;&nbsp;Beacon Roofing Supply, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/15/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10066 |
| &nbsp;&nbsp;&nbsp;Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 06/01/2031\*(3) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 12/01/2028\*(3) | &nbsp;&nbsp; 17188 | &nbsp;&nbsp;&nbsp;&nbsp; 17697 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 01/15/2052 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 21539 |
| &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; 30261 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55685 |
| &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; 24485 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/25/2054 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17386 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17032 |
| &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; 9236 |
| &nbsp;&nbsp;&nbsp;Target Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/15/2035 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19913 |
| &nbsp;&nbsp;&nbsp;White Cap Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/15/2028\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 43189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494566 |
| **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; 28728 |
| **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; 28140 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2029 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2034 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8123 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/31/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/30/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14961 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2030\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 50877 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 03/25/2031 | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 74311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 03/25/2041 | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 45782 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2029\* | $20000 | &nbsp;&nbsp;$18850 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 09/01/2030 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 29538 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4965 |
| &nbsp;&nbsp;&nbsp;UKG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/01/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30433 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378696 |
| **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; 37713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2046 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4350 |
| &nbsp;&nbsp;&nbsp;CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 07/01/2028\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 39814 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/30/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26269 |
| &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; 14983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15802 |
| &nbsp;&nbsp;&nbsp;Level 3 Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 05/15/2030\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 27859 |
| &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; 21787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2029 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2055 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/15/2055 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24915 |
| &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; 44838 |
| &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; 8949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/15/2029 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 31346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/15/2027 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/2030 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/15/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49664 |
| &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; 22726 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483724 |
| **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; 4922 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| &nbsp;&nbsp;&nbsp;Watco Cos. LLC/Watco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/01/2032\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30167 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| &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; 9793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2027\* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 84569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94362 |
| **Total Corporate Bonds & Notes<br> (cost $16,290,180)** |  | &nbsp;&nbsp;&nbsp;&nbsp;16088463 |
| **CONVERTIBLE BONDS & NOTES — 0.1%** | **CONVERTIBLE BONDS & NOTES — 0.1%** | **CONVERTIBLE BONDS & NOTES — 0.1%** |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| &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; 20805 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/15/2027 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 17880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38685 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE BONDS & NOTES (continued)** | **CONVERTIBLE BONDS & NOTES (continued)** | **CONVERTIBLE BONDS & NOTES (continued)** |
| **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 | $10000 | &nbsp;&nbsp;$6685 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| &nbsp;&nbsp;&nbsp;Realogy Group LLC/Realogy Co.-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 06/15/2026 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 15776 |
| **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; 22913 |
| **Total Convertible Bonds & Notes<br> (cost $81,950)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84059 |
| **LOANS(4)(5)(6) — 0.3%** |  |  |
| **Advanced Materials / Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Glatfelter Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.56%, (TSFR3M+4.25%), 11/04/2031 | &nbsp;&nbsp; 24937 | &nbsp;&nbsp;&nbsp;&nbsp; 24860 |
| **Advertising — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44%, (TSFR1M+4.00%), 08/23/2028 | &nbsp;&nbsp; 5853 | &nbsp;&nbsp;&nbsp;&nbsp; 5780 |
| **Airlines — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54% , (TSFR3M+2.25%), 04/20/2028 | &nbsp;&nbsp; 28528 | &nbsp;&nbsp;&nbsp;&nbsp; 28135 |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30% , (TSFR3M+2.00%), 02/22/2031 | &nbsp;&nbsp; 16616 | &nbsp;&nbsp;&nbsp;&nbsp; 16549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44684 |
| **Auto Parts & Equipment — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Clarios Global LP FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07% , (TSFR1M+2.75%), 01/28/2032 | &nbsp;&nbsp; 13052 | &nbsp;&nbsp;&nbsp;&nbsp; 12864 |
| &nbsp;&nbsp;&nbsp;Dexko Global, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19% , (TSFR3M+3.75%), 10/04/2028 | &nbsp;&nbsp; 14923 | &nbsp;&nbsp;&nbsp;&nbsp; 13832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26696 |
| **Building Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CP Atlas Buyer, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17% , (TSFR1M+3.75%), 11/23/2027 | &nbsp;&nbsp; 20149 | &nbsp;&nbsp;&nbsp;&nbsp; 18524 |
| &nbsp;&nbsp;&nbsp;EMRLD Borrower LP FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80% , (TSFR3M+2.50%), 08/04/2031 | &nbsp;&nbsp; 4975 | &nbsp;&nbsp;&nbsp;&nbsp; 4922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23446 |
| **Chemicals — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Herens US Holdco Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.32% , (TSFR3M+3.93%), 07/03/2028 | &nbsp;&nbsp; 9876 | &nbsp;&nbsp;&nbsp;&nbsp; 9055 |
| &nbsp;&nbsp;&nbsp;Hexion Holdings Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.86% , (TSFR1M+7.44%), 03/15/2030 | &nbsp;&nbsp; 17647 | &nbsp;&nbsp;&nbsp;&nbsp; 16588 |
| &nbsp;&nbsp;&nbsp;Nouryon Finance BV FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55% , (TSFR3M+3.25%), 04/03/2028 | &nbsp;&nbsp; 30623 | &nbsp;&nbsp;&nbsp;&nbsp; 30730 |
| &nbsp;&nbsp;&nbsp;Vibrantz Technologies, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69% , (TSFR3M+4.25%), 04/23/2029 | &nbsp;&nbsp; 19734 | &nbsp;&nbsp;&nbsp;&nbsp; 17373 |
| &nbsp;&nbsp;&nbsp;WR Grace Holdings LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55% , (TSFR3M+3.25%), 09/22/2028 | &nbsp;&nbsp; 4936 | &nbsp;&nbsp;&nbsp;&nbsp; 4899 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78645 |
| **Commercial Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Veritiv Operating Co. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30% , (TSFR1M+4.00%), 11/30/2030 | &nbsp;&nbsp; 7104 | &nbsp;&nbsp;&nbsp;&nbsp; 7076 |
| &nbsp;&nbsp;&nbsp;VM Consolidated, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57% , (TSFR1M+2.25%), 03/24/2028 | &nbsp;&nbsp; 21207 | &nbsp;&nbsp;&nbsp;&nbsp; 21217 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28293 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.07%, (TSFR1M+3.75%), 06/27/2031 | $14925 | &nbsp;&nbsp;$14888 |
| **Entertainment — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05% , (TSFR3M+4.75%), 11/01/2029 | &nbsp;&nbsp; 13671 | &nbsp;&nbsp;&nbsp;&nbsp; 13443 |
| &nbsp;&nbsp;&nbsp;Scientific Games Holdings LP FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30% , (TSFR3M+3.00%), 04/04/2029 | &nbsp;&nbsp; 9925 | &nbsp;&nbsp;&nbsp;&nbsp; 9855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23298 |
| **Environmental Control — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Madison IAQ LLC BTL FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.76%, (TSFR6M+2.50%), 06/21/2028 | &nbsp;&nbsp; 9797 | &nbsp;&nbsp;&nbsp;&nbsp; 9677 |
| **Filtration/Separations Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Filtration Group Corp, FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32%, (TSFR1M+3.00%), 10/21/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9981 |
| **Healthcare-Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.67% , (TSFR1M+3.25%), 05/10/2027 | &nbsp;&nbsp; 24708 | &nbsp;&nbsp;&nbsp;&nbsp; 24600 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57% , (TSFR1M+2.25%), 10/23/2028 | &nbsp;&nbsp; 13492 | &nbsp;&nbsp;&nbsp;&nbsp; 13461 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38061 |
| **Lodging — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.82%, (TSFR1M+3.50%), 01/27/2029 | &nbsp;&nbsp; 19771 | &nbsp;&nbsp;&nbsp;&nbsp; 19419 |
| **Machinery-Construction & Mining — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Vertiv Group Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07%, (TSFR1M+1.75%), 03/02/2027 | &nbsp;&nbsp; 28308 | &nbsp;&nbsp;&nbsp;&nbsp; 28231 |
| **Machinery-Diversified — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;TK Elevator US Newco, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.74%, (TSFR6M+3.50%), 04/30/2030 | &nbsp;&nbsp; 22891 | &nbsp;&nbsp;&nbsp;&nbsp; 22877 |
| **Media — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.80%, (TSFR3M+5.25%), 08/02/2029 | &nbsp;&nbsp; 24332 | &nbsp;&nbsp;&nbsp;&nbsp; 23952 |
| **Packaging & Containers — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Klockner Pentaplast of America, Inc. BTL-B FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.23%, (TSFR6M+4.73%), 02/12/2026 | &nbsp;&nbsp; 14535 | &nbsp;&nbsp;&nbsp;&nbsp; 13118 |
| **Pharmaceuticals — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.57% , (TSFR1M+6.25%), 09/25/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14475 |
| &nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.32% , (TSFR1M+4.00%), 04/23/2031 | &nbsp;&nbsp; 29850 | &nbsp;&nbsp;&nbsp;&nbsp; 29477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43952 |
| **Retail — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.55% , (TSFR3M+4.00%), 01/29/2031 | &nbsp;&nbsp; 24812 | &nbsp;&nbsp;&nbsp;&nbsp; 22469 |
| &nbsp;&nbsp;&nbsp;IRB Holding Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.82% , (TSFR1M+2.50%), 12/15/2027 | &nbsp;&nbsp; 14676 | &nbsp;&nbsp;&nbsp;&nbsp; 14566 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17% , (TSFR1M+3.75%), 06/06/2031 | &nbsp;&nbsp; 9900 | &nbsp;&nbsp;&nbsp;&nbsp; 9140 |
| &nbsp;&nbsp;&nbsp;PetSmart, Inc. BTL-B FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17% , (TSFR1M+3.75%), 02/11/2028 | &nbsp;&nbsp; 14334 | &nbsp;&nbsp;&nbsp;&nbsp; 14074 |
| &nbsp;&nbsp;&nbsp;White Cap Buyer LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.57% , (TSFR1M+3.25%), 10/19/2029 | &nbsp;&nbsp; 19430 | &nbsp;&nbsp;&nbsp;&nbsp; 18804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79053 |
| **Software — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ascend Learning LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17% , (TSFR1M+5.75%), 12/10/2029 | &nbsp;&nbsp; 4702 | &nbsp;&nbsp;&nbsp;&nbsp; 4683 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **LOANS (continued)** |  |  |
| **Software (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80% , (TSFR3M+3.50%), 03/30/2029 | $3659 | &nbsp;&nbsp;$3618 |
| &nbsp;&nbsp;&nbsp;Idera, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.79% , (TSFR3M+3.50%), 03/02/2028 | &nbsp;&nbsp; 19850 | &nbsp;&nbsp;&nbsp;&nbsp; 18242 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.57% , (TSFR1M+4.25%), 11/28/2028 | &nbsp;&nbsp; 18810 | &nbsp;&nbsp;&nbsp;&nbsp; 18752 |
| &nbsp;&nbsp;&nbsp;UKG, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30% , (TSFR3M+3.00%), 02/10/2031 | &nbsp;&nbsp; 4962 | &nbsp;&nbsp;&nbsp;&nbsp; 4951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50246 |
| **Telecommunications — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Connect Finco SARL FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.82%, (TSFR1M+4.50%), 09/27/2029 | &nbsp;&nbsp; 14850 | &nbsp;&nbsp;&nbsp;&nbsp; 13001 |
| **Total Loans<br> (cost $636,453)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622158 |
| **ASSET BACKED SECURITIES — 0.1%** | **ASSET BACKED SECURITIES — 0.1%** | **ASSET BACKED SECURITIES — 0.1%** |
| **Auto Loan Receivables — 0.0%** | **Auto Loan Receivables — 0.0%** | **Auto Loan Receivables — 0.0%** |
| &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; 92139 |
| **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> 5.94%, (SOFR30A+1.60%), 05/25/2054\* | &nbsp;&nbsp; 44006 | &nbsp;&nbsp;&nbsp;&nbsp; 44180 |
| **Credit Card Receivables — 0.1%** | **Credit Card Receivables — 0.1%** | **Credit Card Receivables — 0.1%** |
| &nbsp;&nbsp;&nbsp;Capital One Multi-Asset Execution Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-A2, Class A<br> 3.49%, 05/15/2027 | &nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 121839 |
| **Total Asset Backed Securities<br> (cost $254,537)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258158 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.4%** |
| **Commercial and Residential — 1.2%** | **Commercial and Residential — 1.2%** | **Commercial and Residential — 1.2%** |
| &nbsp;&nbsp;&nbsp;AREIT Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-CRE5, Class A<br> 5.51%, (TSFR1M+1.19%), 11/17/2038\* | &nbsp;&nbsp; 7143 | &nbsp;&nbsp;&nbsp;&nbsp; 7103 |
| &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; 23264 |
| &nbsp;&nbsp;&nbsp;CD Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-CD1, Class XA<br> 1.33%, 08/10/2049(7)(8) | &nbsp;&nbsp; 224381 | &nbsp;&nbsp;&nbsp;&nbsp; 1929 |
| &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; 36850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-P1, Class B<br> 4.33%, 09/15/2048(8) | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 64882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC21, Class C<br> 4.78%, 05/10/2047(8) | &nbsp;&nbsp; 31014 | &nbsp;&nbsp;&nbsp;&nbsp; 29153 |
| &nbsp;&nbsp;&nbsp;Citigroup Mtg. Loan Trust, Inc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2, Class 1A2A<br> 6.19%, 05/25/2035(8) | &nbsp;&nbsp; 3435 | &nbsp;&nbsp;&nbsp;&nbsp; 3380 |
| &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; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 52256 |
| &nbsp;&nbsp;&nbsp;Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-UBS4, Class XA<br> 0.63%, 08/10/2047(7)(8) | &nbsp;&nbsp; 126886 | &nbsp;&nbsp;&nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-CR22, Class AM<br> 3.60%, 03/10/2048(8) | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 40930 |

---

---

| | | |
|:---|:---|:---|
| **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 2014-CR15, Class B<br> 3.92%, 02/10/2047(8) | $35221 | &nbsp;&nbsp;$34263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-LC21, Class B<br> 4.33%, 07/10/2048(8) | &nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 125144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-UBS6, Class C<br> 4.36%, 12/10/2047(8) | &nbsp;&nbsp; 8183 | &nbsp;&nbsp;&nbsp;&nbsp; 8037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-CR23, Class C<br> 4.49%, 05/10/2048(8) | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 56097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR17, Class C<br> 4.72%, 05/10/2047(8) | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 62207 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R06, Class 1M1<br> 5.39%, 09/25/2044\* | &nbsp;&nbsp; 5627 | &nbsp;&nbsp;&nbsp;&nbsp; 5615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R06, Class 1A1<br> 5.49%, 09/25/2044\* | &nbsp;&nbsp; 25897 | &nbsp;&nbsp;&nbsp;&nbsp; 25865 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R02, Class 2M1<br> 5.24%, (SOFR30A+0.90%), 11/25/2041\* | &nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R01, Class 1A1<br> 5.29%, (SOFR30A+0.95%), 01/25/2045\* | &nbsp;&nbsp; 27296 | &nbsp;&nbsp;&nbsp;&nbsp; 27185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1M1<br> 5.34%, (SOFR30A+1.00%), 12/25/2041\* | &nbsp;&nbsp; 2458 | &nbsp;&nbsp;&nbsp;&nbsp; 2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1A1<br> 5.34%, (SOFR30A+1.00%), 02/25/2045\* | &nbsp;&nbsp; 16931 | &nbsp;&nbsp;&nbsp;&nbsp; 16915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R01, Class 1M1<br> 5.44%, (SOFR30A+1.10%), 01/25/2045\* | &nbsp;&nbsp; 24600 | &nbsp;&nbsp;&nbsp;&nbsp; 24546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1M1<br> 5.49%, (SOFR30A+1.15%), 02/25/2045\* | &nbsp;&nbsp; 54361 | &nbsp;&nbsp;&nbsp;&nbsp; 54317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1M2<br> 6.24%, (SOFR30A+1.90%), 12/25/2041\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R05, Class 2M1<br> 6.24%, (SOFR30A+1.90%), 04/25/2042\* | &nbsp;&nbsp; 4639 | &nbsp;&nbsp;&nbsp;&nbsp; 4657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R04, Class 1M1<br> 6.34%, (SOFR30A+2.00%), 03/25/2042\* | &nbsp;&nbsp; 28239 | &nbsp;&nbsp;&nbsp;&nbsp; 28504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R03, Class 1M1<br> 6.44%, (SOFR30A+2.10%), 03/25/2042\* | &nbsp;&nbsp; 45645 | &nbsp;&nbsp;&nbsp;&nbsp; 46326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HRP1, Class M2<br> 6.60%, (SOFR30A+2.26%), 11/25/2039\* | &nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C05, Class 1M2<br> 6.80%, (SOFR30A+2.46%), 01/25/2031 | &nbsp;&nbsp; 15536 | &nbsp;&nbsp;&nbsp;&nbsp; 15806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R09, Class 2M1<br> 6.84%, (SOFR30A+2.50%), 09/25/2042\* | &nbsp;&nbsp; 5107 | &nbsp;&nbsp;&nbsp;&nbsp; 5182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R08, Class 1M1<br> 6.89%, (TSFR1M+2.55%), 07/25/2042\* | &nbsp;&nbsp; 10232 | &nbsp;&nbsp;&nbsp;&nbsp; 10482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R06, Class 1M1<br> 7.09%, (SOFR30A+2.75%), 05/25/2042\* | &nbsp;&nbsp; 14926 | &nbsp;&nbsp;&nbsp;&nbsp; 15241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C06, Class 1M2B<br> 7.10%, (SOFR30A+2.76%), 02/25/2030 | &nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R07, Class 1M1<br> 7.29%, (SOFR30A+2.95%), 06/25/2042\* | &nbsp;&nbsp; 19442 | &nbsp;&nbsp;&nbsp;&nbsp; 20054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C01, Class 1M2<br> 8.00%, (SOFR30A+3.66%), 07/25/2029 | &nbsp;&nbsp; 58474 | &nbsp;&nbsp;&nbsp;&nbsp; 59977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C02, Class 2M2C<br> 8.10%, (SOFR30A+3.76%), 09/25/2029 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C04, Class 1M2<br> 8.70%, (SOFR30A+4.36%), 01/25/2029 | &nbsp;&nbsp; 51115 | &nbsp;&nbsp;&nbsp;&nbsp; 52547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C07, Class 2M2<br> 8.80%, (SOFR30A+4.46%), 05/25/2029 | &nbsp;&nbsp; 40810 | &nbsp;&nbsp;&nbsp;&nbsp; 42401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C05, Class 2M2<br> 8.90%, (SOFR30A+4.56%), 01/25/2029 | &nbsp;&nbsp; 48096 | &nbsp;&nbsp;&nbsp;&nbsp; 49527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C04, Class 1M2<br> 10.15%, (SOFR30A+5.81%), 04/25/2028 | &nbsp;&nbsp; 10157 | &nbsp;&nbsp;&nbsp;&nbsp; 10410 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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 2016-C03, Class 2M2<br> 10.35%, (SOFR30A+6.01%), 10/25/2028 | $963 | &nbsp;&nbsp;$998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C02, Class 1M2<br> 10.45%, (SOFR30A+6.11%), 09/25/2028 | &nbsp;&nbsp; 12040 | &nbsp;&nbsp;&nbsp;&nbsp; 12310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C01, Class 1M2<br> 11.20%, (SOFR30A+6.86%), 08/25/2028 | &nbsp;&nbsp; 3905 | &nbsp;&nbsp;&nbsp;&nbsp; 4063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C01, Class 2M2<br> 11.40%, (SOFR30A+7.06%), 08/25/2028 | &nbsp;&nbsp; 6309 | &nbsp;&nbsp;&nbsp;&nbsp; 6548 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Mtg. Capital Certs. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-C4, Class AX<br> 0.90%, 09/15/2039\*(7)(8) | &nbsp;&nbsp; 44 | &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; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 73415 |
| &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; 41400 |
| &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(7)(8) | &nbsp;&nbsp; 60344 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C1, Class AS<br> 3.79%, 04/15/2050(8) | &nbsp;&nbsp; 32158 | &nbsp;&nbsp;&nbsp;&nbsp; 31824 |
| &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; 61980 |
| &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; 30820 |
| &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; 51909 |
| &nbsp;&nbsp;&nbsp;DBUBS Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-LC3A, Class D<br> 5.29%, 08/10/2044\*(8) | &nbsp;&nbsp; 91287 | &nbsp;&nbsp;&nbsp;&nbsp; 87509 |
| &nbsp;&nbsp;&nbsp;GS Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC26, Class AS<br> 3.96%, 11/10/2047 | &nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp;&nbsp; 617 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mtg. Securities Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12, Class C<br> 3.86%, 07/15/2045(8) | &nbsp;&nbsp; 20621 | &nbsp;&nbsp;&nbsp;&nbsp; 19694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C23, Class B<br> 4.47%, 09/15/2047(8) | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 93093 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mtg. Securities Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C20, Class B<br> 4.40%, 07/15/2047(8) | &nbsp;&nbsp; 5032 | &nbsp;&nbsp;&nbsp;&nbsp; 4911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-C6, Class D<br> 4.97%, 05/15/2045(8) | &nbsp;&nbsp; 22487 | &nbsp;&nbsp;&nbsp;&nbsp; 22046 |
| &nbsp;&nbsp;&nbsp;JPMorgan Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A11<br> 5.59%, (SOFR30A+1.25%), 06/25/2055\* | &nbsp;&nbsp; 29558 | &nbsp;&nbsp;&nbsp;&nbsp; 29445 |
| &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; 42650 |
| &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; 88874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C16, Class B<br> 4.22%, 06/15/2047(8) | &nbsp;&nbsp; 3429 | &nbsp;&nbsp;&nbsp;&nbsp; 3381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-C5, Class E<br> 4.57%, 08/15/2045\*(8) | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 65210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12, Class C<br> 4.75%, 10/15/2046(8) | &nbsp;&nbsp; 14600 | &nbsp;&nbsp;&nbsp;&nbsp; 13652 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-BNK2, Class C<br> 3.88%, 11/15/2049(8) | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12482 |

---

---

| | | |
|:---|:---|:---|
| **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;Wells Fargo Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-BNK1, Class AS<br> 2.81%, 08/15/2049 | $83000 | &nbsp;&nbsp;$78504 |
| &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; 27161 |
| &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; 36673 |
| &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; 45935 |
| &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; 44835 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-C57, Class C<br> 4.02%, 08/15/2053(8) | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 39257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-LC20, Class C<br> 4.06%, 04/15/2050(8) | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 56057 |
| &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; 25594 | &nbsp;&nbsp;&nbsp;&nbsp; 25044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-C10, Class C<br> 4.31%, 12/15/2045(8) | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 14986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-C3, Class D<br> 5.46%, 03/15/2044\*(8) | &nbsp;&nbsp; 8560 | &nbsp;&nbsp;&nbsp;&nbsp; 3419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280577 |
| **U.S. Government Agency — 0.2%** | **U.S. Government Agency — 0.2%** | **U.S. Government Agency — 0.2%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47%, (-3.00\*SOFR30A+19.52%), 03/15/2035(9) | &nbsp;&nbsp; 6237 | &nbsp;&nbsp;&nbsp;&nbsp; 6397 |
| &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> 5.29%, (SOFR30A+0.95%), 01/25/2045\* | &nbsp;&nbsp; 78988 | &nbsp;&nbsp;&nbsp;&nbsp; 78800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class M1A<br> 5.64%, (SOFR30A+1.30%), 02/25/2042\* | &nbsp;&nbsp; 31589 | &nbsp;&nbsp;&nbsp;&nbsp; 31598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class M2<br> 5.84%, (SOFR30A+1.50%), 10/25/2041\* | &nbsp;&nbsp; 12723 | &nbsp;&nbsp;&nbsp;&nbsp; 12727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA5, Class M2<br> 5.99%, (SOFR30A+1.65%), 01/25/2034\* | &nbsp;&nbsp; 6588 | &nbsp;&nbsp;&nbsp;&nbsp; 6600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class M2<br> 6.14%, (SOFR30A+1.80%), 11/25/2041\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 51222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3, Class A1<br> 6.19%, (SOFR30A+1.85%), 11/25/2043\* | &nbsp;&nbsp; 13881 | &nbsp;&nbsp;&nbsp;&nbsp; 14019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3, Class M1<br> 6.19%, (SOFR30A+1.85%), 11/25/2043\* | &nbsp;&nbsp; 6828 | &nbsp;&nbsp;&nbsp;&nbsp; 6884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1A<br> 6.34%, (SOFR30A+2.00%), 04/25/2042\* | &nbsp;&nbsp; 8543 | &nbsp;&nbsp;&nbsp;&nbsp; 8606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA2, Class M1A<br> 6.34%, (SOFR30A+2.00%), 06/25/2043\* | &nbsp;&nbsp; 6924 | &nbsp;&nbsp;&nbsp;&nbsp; 6954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA6, Class M1A<br> 6.49%, (SOFR30A+2.15%), 09/25/2042\* | &nbsp;&nbsp; 4980 | &nbsp;&nbsp;&nbsp;&nbsp; 5023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M1A<br> 6.54%, (SOFR30A+2.20%), 05/25/2042\* | &nbsp;&nbsp; 24204 | &nbsp;&nbsp;&nbsp;&nbsp; 24522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1A<br> 6.64%, (SOFR30A+2.30%), 08/25/2042\* | &nbsp;&nbsp; 20970 | &nbsp;&nbsp;&nbsp;&nbsp; 21350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA2, Class M1A<br> 6.99%, (SOFR30A+2.65%), 07/25/2042\* | &nbsp;&nbsp; 14760 | &nbsp;&nbsp;&nbsp;&nbsp; 15055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1A<br> 7.29%, (TSFR1M+2.95%), 06/25/2042\* | &nbsp;&nbsp; 63377 | &nbsp;&nbsp;&nbsp;&nbsp; 64665 |

---

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[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Government National Mtg. Assoc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-189, Class IO<br> 0.88%, 06/16/2061(7)(8) | $745526 | &nbsp;&nbsp;$50711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405133 |
| **Total Collateralized Mortgage Obligations<br> (cost $2,768,278)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685710 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 7.2%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 7.2%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 7.2%** |
| **U.S. Government — 3.2%** | **U.S. Government — 3.2%** | **U.S. Government — 3.2%** |
| &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; 278325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/15/2051 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 226308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2042 | &nbsp;&nbsp;1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1397529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2052 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 65345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2049 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 241987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/15/2048 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 81168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2053 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 84223 |
| &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; 629149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2030 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 588766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 05/15/2026 to 09/30/2026 | &nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp; 1658242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/31/2029 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 443250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2033 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2033 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 695855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6484870 |
| **U.S. Government Agency — 4.0%** | **U.S. Government Agency — 4.0%** | **U.S. Government Agency — 4.0%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp; 913664 | &nbsp;&nbsp;&nbsp;&nbsp; 771716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2052 | &nbsp;&nbsp; 920489 | &nbsp;&nbsp;&nbsp;&nbsp; 809470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2052 | &nbsp;&nbsp; 927139 | &nbsp;&nbsp;&nbsp;&nbsp; 844824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2035 | &nbsp;&nbsp; 886 | &nbsp;&nbsp;&nbsp;&nbsp; 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/01/2029 | &nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp; 545 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 11/01/2041 | &nbsp;&nbsp; 530734 | &nbsp;&nbsp;&nbsp;&nbsp; 441927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2050 | &nbsp;&nbsp; 927810 | &nbsp;&nbsp;&nbsp;&nbsp; 742881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2051 | &nbsp;&nbsp;1867914 | &nbsp;&nbsp;&nbsp;&nbsp; 1571209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2046 to 10/01/2046 | &nbsp;&nbsp; 206048 | &nbsp;&nbsp;&nbsp;&nbsp; 182606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28%, 12/01/2028 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/2036 | &nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2036 to 11/01/2036 | &nbsp;&nbsp; 18625 | &nbsp;&nbsp;&nbsp;&nbsp; 19431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/01/2033 to 04/01/2035 | &nbsp;&nbsp; 2600 | &nbsp;&nbsp;&nbsp;&nbsp; 2714 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2051 | &nbsp;&nbsp; 810865 | &nbsp;&nbsp;&nbsp;&nbsp; 713712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/20/2052 | &nbsp;&nbsp; 960944 | &nbsp;&nbsp;&nbsp;&nbsp; 874238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/20/2053 | &nbsp;&nbsp; 925104 | &nbsp;&nbsp;&nbsp;&nbsp; 867577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/20/2053 | &nbsp;&nbsp; 22002 | &nbsp;&nbsp;&nbsp;&nbsp; 22769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/20/2037 to 09/20/2037 | &nbsp;&nbsp; 5403 | &nbsp;&nbsp;&nbsp;&nbsp; 5720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7913761 |
| **Total U.S. Government & Agency Obligations<br> (cost $14,766,132)** |  | &nbsp;&nbsp;&nbsp;&nbsp;14398631 |
| **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; 28157 |
| &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; 14544 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;State of California<br> General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/01/2034 | $30000 | &nbsp;&nbsp;$34708 |
| **Total Municipal Securities<br> (cost $70,127)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77409 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.2%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp;&nbsp; 96714 |
| &nbsp;&nbsp;&nbsp;Xtrackers Harvest CSI 300 China A-Shares ETF | &nbsp;&nbsp; 7989 | &nbsp;&nbsp;&nbsp;&nbsp; 212268 |
| **Total Unaffiliated Investment Companies<br> (cost $325,296)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308982 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Seventy Seven Energy, Inc. 6.63%, 11/15/2019(1)<br> (cost $4) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| **Total Long-Term Investment Securities<br> (cost $158,163,001)** |  | &nbsp;&nbsp;&nbsp;&nbsp;188328861 |
| **SHORT-TERM INVESTMENTS — 3.3%** | **SHORT-TERM INVESTMENTS — 3.3%** |  |
| **U.S. Government Agency — 2.8%** | **U.S. Government Agency — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Disc. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04%, 04/01/2025 | &nbsp;&nbsp;5538000 | &nbsp;&nbsp;&nbsp;&nbsp; 5537351 |
| **U.S. Government — 0.5%** | **U.S. Government — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/17/2025 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998107 |
| **Total Short-Term Investments<br> (cost $6,536,110)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6535458 |
| **REPURCHASE AGREEMENTS — 1.5%** | **REPURCHASE AGREEMENTS — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Bank of America Securities LLC, bearing interest at 4.36% dated 03/31/2025, to be repurchased 04/01/2025 in the amount of $3,000,363 and collateralized by $3,072,000 of United States Treasury Bonds, bearing interest at 4.50% due 02/15/2044 and having an approximate value of $3,079,203<br> (cost $3,000,000) | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 |
| **TOTAL INVESTMENTS<br> (cost $167,699,111)(10)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.3% | &nbsp;&nbsp;&nbsp;&nbsp;197864319 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483749 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$199348068 |

---

---

| | |
|:---|:---|
| ^ | &nbsp;&nbsp;Prior to April 28, 2025, the Portfolio was known as SA Putnam Asset Allocation Diversified Growth Portfolio. |
| † | &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 March 31, 2025, the aggregate value of these securities was $9,761,109 representing 4.9% of net assets. |
| (1) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (2) | &nbsp;&nbsp;Perpetual maturity - maturity date reflects the next call date. |
| (3) | &nbsp;&nbsp;PIK ("Payment-in-Kind") security -- Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed. |
| (4) | &nbsp;&nbsp;All loans in the Portfolio were purchased through assignment agreements unless otherwise indicated. |
| (5) | &nbsp;&nbsp;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. |

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------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

(6) 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.

(7) Interest Only

(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) 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 March 31,
2025. (10) See Note 4 for cost of investments on a tax basis.

ADR—American Depositary Receipt <br> ASX—Australian Stock Exchange

---

| |
|:---|
| BTL—Bank Term Loan |
| CVR—Contingent Value Rights |
| 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 March 31, 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;Al Rajhi Bank | &nbsp;&nbsp;Less than 1-Month SOFR + 1.000% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;06/23/2025 | &nbsp;&nbsp;$110568 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1550 | &nbsp;&nbsp;$1550 |
| Bank of America, N.A. | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Al Rajhi Bank | &nbsp;&nbsp;Less than 1-Month SOFR + 1.000 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;06/23/2025 | &nbsp;&nbsp;&nbsp; 96865 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1358 | &nbsp;&nbsp;&nbsp;1358 |
| Bank of America, N.A. | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Al Rajhi Bank | &nbsp;&nbsp;Less than 1-Month SOFR + 1.000 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;06/23/2025 | &nbsp;&nbsp;&nbsp; 18316 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp; 257 |
| Bank of America, N.A. | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Etihad Etisalat Co | &nbsp;&nbsp;Less than 1-Month SOFR + 1.000 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;06/23/2025 | &nbsp;&nbsp;&nbsp; 76681 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2337 | &nbsp;&nbsp;&nbsp;2337 |
| Bank of America, N.A. | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Etihad Etisalat Co | &nbsp;&nbsp;Less than 1-Month SOFR + 1.000 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;06/23/2025 | &nbsp;&nbsp;&nbsp; 21731 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; 662 | &nbsp;&nbsp;&nbsp; 662 |
| Bank of America, N.A. | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Etihad Etisalat Co. | &nbsp;&nbsp;Less than 1-Month SOFR + 1.000 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;06/23/2025 | &nbsp;&nbsp;&nbsp; 19837 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; 604 | &nbsp;&nbsp;&nbsp; 604 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6768 | &nbsp;&nbsp;$6768 |

---

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** |
| 12 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1318125 | &nbsp;&nbsp;&nbsp;&nbsp;$1334625 | &nbsp;&nbsp;&nbsp;&nbsp;$16500 |
| 9 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9000 |
| 20 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23125 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5195 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$53820 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 17 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;MSCI EAFE Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$2125823 | &nbsp;&nbsp;&nbsp;&nbsp;$2053855 | &nbsp;&nbsp;&nbsp;&nbsp;$(71968) |
| 23 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6545797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6501237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44560) |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1781) |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4312) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(122621) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(68801) |

---

\* 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;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104800 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66598 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;$1106 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425600 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61604 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (390) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24451 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39700 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462968 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146431 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;22148400 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2048 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5840 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123400 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390) |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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)** |
| Barclays Bank PLC | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89800 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11570 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;$15 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9958 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25342 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (499) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28387 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46100 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46686 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5707 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60545 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46900 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61048 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474400 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4662 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98500 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141229 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;1418900 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458650 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;15032700 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5073) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5575) |
| Citibank, N.A. | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;1223700 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177648 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (601) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310100 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336638 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (122) |
|  | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72900 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9381 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66064 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513500 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723) |
| Goldman Sachs International | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38027 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364900 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99585 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146808 | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;1063900 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25813 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200600 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43956 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928700 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1338 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19072 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73700 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (98) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5475 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105500 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70600 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) |
| HSBC Bank PLC | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4994 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1) |
|  | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607700 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78177 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75681 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66500 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140059 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;1087800 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (84) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61031 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;9228600 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167714 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;1684900 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 673 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14434 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822400 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75794 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2374) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324870 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285300 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45831 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356200 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444672 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;641501100 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8353) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;(10727) |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626700 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90706 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (581) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9429 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (237) |
|  | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;1407600 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181232 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64181 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103800 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203283 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178100 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (130) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14566 | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138246 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127300 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203630 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;1581200 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (165) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410422 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;61934900 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4779 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7920 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30600 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (42) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13749 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138100 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10117 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15034 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289700 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 749 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1156) |
| State Street Bank & Trust Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442449 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(13116) |
|  | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32900 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42177 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (319) |
|  | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;4172500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27762 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (210) |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;278916 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451600 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;$3299 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451660 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396600 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 727 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354481 | &nbsp;&nbsp;CNY | &nbsp;&nbsp;&nbsp;&nbsp;2569700 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3475 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135013 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;1048800 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (56) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6346 | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220015 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;32902400 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 556 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5434 | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57200 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13506 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52200 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (67) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84569 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849300 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384279 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516500 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1154 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9526 | &nbsp;&nbsp;&nbsp;&nbsp;(13769) |
| Toronto Dominion Bank | &nbsp;&nbsp;JPY | &nbsp;&nbsp;71123300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477526 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 728 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261505 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;2626900 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| UBS AG | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118800 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32417 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72400 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366700 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276359 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2712 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156831 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254700 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2336 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37353 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244895 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227500 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2164 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10852 | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38700 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (441) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15359 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;2322600 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42063 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889700 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1329 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441) |
| Westpac Banking Corp. | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294482 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2244 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20626 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33500 | &nbsp;&nbsp;04/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492099 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;74431500 | &nbsp;&nbsp;05/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 6876 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$51338 | &nbsp;&nbsp;$(32985) |

---

---

| |
|:---|
| AUD—Australian Dollar |
| CHF—Swiss Franc |
| CNH—Yuan Renminbi Offshore |
| CNY—Chinese Yuan |
| DKK—Danish Krone |
| EUR—Euro Currency |
| GBP—British Pound |

---

---

| |
|:---|
| HKD—Hong Kong Dollar |
| ILS—Israeli New Sheqel |
| JPY—Japanese Yen |
| KRW—South Korean Won |
| 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 |

---

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;Advertising | &nbsp;&nbsp;$111082 | &nbsp;&nbsp;$210217 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$321299 |
| &nbsp;&nbsp;&nbsp;Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372349 |
| &nbsp;&nbsp;&nbsp;Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507932 |
| &nbsp;&nbsp;&nbsp;Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509939 |
| &nbsp;&nbsp;&nbsp;Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595128 |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2473302 |
| &nbsp;&nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401685 |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7764406 | &nbsp;&nbsp;&nbsp;&nbsp;5315165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13079571 |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292070 |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995215 |
| &nbsp;&nbsp;&nbsp;Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813026 | &nbsp;&nbsp;&nbsp;&nbsp;1139828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952854 |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838879 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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: (continued)** |  |  |  |  |
| <u>Investments at Value:\* (continued)</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;$3221169 | &nbsp;&nbsp;$731263 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3952432 |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8842551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9061437 |
| &nbsp;&nbsp;&nbsp;Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181250 |
| &nbsp;&nbsp;&nbsp;Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759004 |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4614291 |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2806336 | &nbsp;&nbsp;&nbsp;&nbsp;1110683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917019 |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164071 |
| &nbsp;&nbsp;&nbsp;Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674226 |
| &nbsp;&nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465260 |
| &nbsp;&nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652513 | &nbsp;&nbsp;&nbsp;&nbsp;1009079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661592 |
| &nbsp;&nbsp;&nbsp;Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236157 |
| &nbsp;&nbsp;&nbsp;Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2519036 |
| &nbsp;&nbsp;&nbsp;Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090373 |
| &nbsp;&nbsp;&nbsp;Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711288 |
| &nbsp;&nbsp;&nbsp;Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134884 |
| &nbsp;&nbsp;&nbsp;Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396903 |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5269569 | &nbsp;&nbsp;&nbsp;&nbsp;1395293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6664862 |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;17617128 | &nbsp;&nbsp;&nbsp;&nbsp;1974934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19592062 |
| &nbsp;&nbsp;&nbsp;Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459435 |
| &nbsp;&nbsp;&nbsp;Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330633 |
| &nbsp;&nbsp;&nbsp;Lodging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229109 |
| &nbsp;&nbsp;&nbsp;Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210186 |
| &nbsp;&nbsp;&nbsp;Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589208 |
| &nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534631 |
| &nbsp;&nbsp;&nbsp;Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257574 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065381 |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756323 | &nbsp;&nbsp;&nbsp;&nbsp;1395807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152130 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6365773 | &nbsp;&nbsp;&nbsp;&nbsp;2273851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8640478 |
| &nbsp;&nbsp;&nbsp;Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342080 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478237 |
| &nbsp;&nbsp;&nbsp;REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3591106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3607510 |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4989374 | &nbsp;&nbsp;&nbsp;&nbsp;1216675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6206049 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;10028419 | &nbsp;&nbsp;&nbsp;&nbsp;2048347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12076766 |
| &nbsp;&nbsp;&nbsp;Shipbuilding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52804 |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;12341524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12767410 |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296798 | &nbsp;&nbsp;&nbsp;&nbsp;1406808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703606 |
| &nbsp;&nbsp;&nbsp;Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275739 |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086581 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535531 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8975 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58866 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16088463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16088463 |
| 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;84059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84059 |
| Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622158 |
| 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;258158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258158 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2685710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685710 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14398631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14398631 |
| 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;77409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77409 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308982 |
| 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;6535458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6535458 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 |
| **Total Investments at Value** | &nbsp;&nbsp;$120759286 | &nbsp;&nbsp;$77104011 | &nbsp;&nbsp;$1022 | &nbsp;&nbsp;$197864319 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6768 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6768 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53820 |
| 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;51338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51338 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$53820 | &nbsp;&nbsp;$58106 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$111926 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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** |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$122621 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$122621 |
| 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;32985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32985 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$122621 | &nbsp;&nbsp;$32985 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$155606 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 27.8%** | **CORPORATE BONDS & NOTES — 27.8%** | **CORPORATE BONDS & NOTES — 27.8%** |
| **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 | $585000 | &nbsp;&nbsp;$522852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2030 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 125032 |
| &nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.29%, 04/15/2029\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 34706 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 11/01/2034 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44954 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727544 |
| **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** |
| &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; 431546 |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 259594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/01/2029 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 98584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/15/2046 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 30167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/01/2034 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 20656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/01/2050 | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 62381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp; 392000 | &nbsp;&nbsp;&nbsp;&nbsp; 394431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 27607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 05/01/2060 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 48914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 05/01/2027 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 37039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 79921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 123221 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 06/01/2029 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 106360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/2031 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 47596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/2054 | &nbsp;&nbsp; 233000 | &nbsp;&nbsp;&nbsp;&nbsp; 224881 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 12/15/2031 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 48885 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/16/2028 | &nbsp;&nbsp; 264000 | &nbsp;&nbsp;&nbsp;&nbsp; 260277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/27/2053 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 61087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409996 |
| **Agriculture — 0.6%** | **Agriculture — 0.6%** | **Agriculture — 0.6%** |
| &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; 557184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83%, 02/20/2031 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 410695 |
| &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; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 328896 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/01/2027 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 459803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2031 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 433708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2030 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 91769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/13/2031 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 300139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2033 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 795532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/07/2033 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 528574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3906300 |
| **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; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29336 |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2028\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 31838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25380 |
| &nbsp;&nbsp;&nbsp;British Airways Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 09/15/2036\* | &nbsp;&nbsp; 74557 | &nbsp;&nbsp;&nbsp;&nbsp; 66839 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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\* |  | $54000 | &nbsp;&nbsp;$51099 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204492 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/11/2030 |  | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 224885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/11/2035 |  | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 474291 |
| &nbsp;&nbsp;&nbsp;William Carter Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/15/2027\* |  | &nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 149952 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849128 |
| **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** | **Auto Manufacturers — 0.2%** |
| &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/13/2032\* |  | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 460468 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit Co. LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 11/05/2031 |  | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 200841 |
| &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 06/10/2031 |  | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 45208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/18/2031 |  | &nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 117010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/08/2031 |  | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21175 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/25/2027\* |  | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 35993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/01/2027\* |  | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 76171 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Finance North America LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 11/15/2027\* |  | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 306505 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 10/10/2031 |  | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 43566 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306937 |
| **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; 225289 |
| &nbsp;&nbsp;&nbsp;Banca Transilvania SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 04/27/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 158629 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 07/23/2031 |  | &nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 799715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%, 10/24/2031 |  | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 444951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 07/21/2032 |  | &nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp;&nbsp; 1375198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/21/2036 |  | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 170965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%, 04/29/2031 |  | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 233529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 04/22/2032 |  | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 752526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31%, 04/22/2042 |  | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 41053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%, 12/20/2028 |  | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 82376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/08/2037 |  | &nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp; 186690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08%, 04/23/2040 |  | &nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 97720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%, 04/27/2033 |  | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 36721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/24/2031 |  | &nbsp;&nbsp; 459000 | &nbsp;&nbsp;&nbsp;&nbsp; 465327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 08/15/2035 |  | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 42103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 |  | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 372836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/12/2036 |  | &nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp;&nbsp; 287450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 09/15/2027 |  | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11%, 01/29/2037 |  | &nbsp;&nbsp; 119000 | &nbsp;&nbsp;&nbsp;&nbsp; 123579 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/20/2030\* |  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 716800 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 02/11/2031 |  | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 73648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06%, 07/22/2032 |  | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 207154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 03/14/2035 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32%, 10/25/2029 |  | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 391436 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59%, 05/04/2037 |  | &nbsp;&nbsp; 114000 | &nbsp;&nbsp;&nbsp;&nbsp; 105307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 02/01/2034 |  | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62129 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;BankUnited, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/11/2030 | $155000 | &nbsp;&nbsp;$152183 |
| &nbsp;&nbsp;&nbsp;Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 09/23/2035 | &nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp; 187836 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28%, 11/19/2030\* | &nbsp;&nbsp; 583000 | &nbsp;&nbsp;&nbsp;&nbsp; 589120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79%, 01/13/2033\* | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 214716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91%, 11/19/2035\* | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 237154 |
| &nbsp;&nbsp;&nbsp;BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/14/2031\* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 317470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.29%, 01/14/2036\* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 439374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.51%, 01/18/2035\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 256699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71%, 10/19/2029\* | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 294893 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 11/03/2042 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 15466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/29/2027 | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 83604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54%, 09/19/2030 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 64123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 09/19/2039 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 82263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/22/2033 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 78452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/31/2033 | &nbsp;&nbsp; 259000 | &nbsp;&nbsp;&nbsp;&nbsp; 269408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 05/25/2034 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28699 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64%, 09/30/2032 | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 101051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 07/23/2032 | &nbsp;&nbsp; 229000 | &nbsp;&nbsp;&nbsp;&nbsp; 233118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 04/25/2035 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 148968 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/09/2029\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.86%, 01/09/2036\* | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 398989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/10/2035\* | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 373121 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 01/07/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 175746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/11/2030 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149285 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/12/2040 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28456 |
| &nbsp;&nbsp;&nbsp;FNB Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 12/11/2030 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 60937 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 09/10/2027 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 53577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%, 01/27/2032 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 67742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 328893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21%, 04/22/2042 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 49406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22%, 05/01/2029 | &nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp; 91717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%, 04/23/2039 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 186847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48%, 08/23/2028 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 339175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 10/23/2030 | &nbsp;&nbsp; 389000 | &nbsp;&nbsp;&nbsp;&nbsp; 386609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 10/23/2035 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 155576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 620097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 04/25/2030 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 448743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 01/28/2056 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 04/25/2035 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2037 | &nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 177346 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 03/03/2031 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 265819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 08/11/2028 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 227227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 11/19/2030 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 459713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/11/2033 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 449863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33%, 03/09/2044 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 266367 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, (SOFR30A+3.90%), 06/04/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 314405 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%, 06/01/2029 | &nbsp;&nbsp; 279000 | &nbsp;&nbsp;&nbsp;&nbsp; 258319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/19/2041 | &nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp;&nbsp; 123105 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 |  | $1061000 | &nbsp;&nbsp;$917618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58%, 04/22/2032 |  | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 276769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51%, 01/23/2029 |  | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 461674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 05/01/2028 |  | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 191092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96%, 01/29/2027 |  | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 323380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2028 |  | &nbsp;&nbsp; 517000 | &nbsp;&nbsp;&nbsp;&nbsp; 516478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/25/2028 |  | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 327076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 07/25/2033 |  | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/22/2035 |  | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 102754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/22/2030 |  | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 620566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/24/2029 |  | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 591831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 01/23/2035 |  | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 495217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 04/22/2030 |  | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 856111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07%, 10/22/2027 |  | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 445270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09%, 10/23/2029 |  | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 382157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/23/2034 |  | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32220 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 04/04/2031 |  | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41180 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41%, 10/30/2029 |  | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 156207 |
| &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; 312185 |
| &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; 206449 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%, 02/13/2032 |  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 377040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%, 04/28/2032 |  | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 226212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 |  | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 48087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/22/2031 |  | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 625100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22%, 04/22/2042 |  | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 59162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 04/01/2031 |  | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 24549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/18/2030 |  | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 01/16/2030 |  | &nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 109432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/15/2031 |  | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 167684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/20/2037 |  | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 84358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/19/2035 |  | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/20/2029 |  | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 225012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 11/19/2055 |  | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 42007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66%, 04/18/2030 |  | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 546407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/07/2039 |  | &nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 99926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41%, 11/01/2029 |  | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 327199 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley VRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59%, 07/22/2028(1) |  | &nbsp;&nbsp; 176000 | &nbsp;&nbsp;&nbsp;&nbsp; 171616 |
| &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; 176712 |
| &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; 205645 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/06/2035 |  | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 52318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 06/06/2030 |  | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 52228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 12/10/2037 |  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 84207 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%, 03/27/2028 |  | &nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 102275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/04/2031 |  | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 673053 |
| &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; 214123 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%, 07/09/2044 |  | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 31619 |
| &nbsp;&nbsp;&nbsp;Swedbank AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 11/16/2026\* |  | &nbsp;&nbsp; 254000 | &nbsp;&nbsp;&nbsp;&nbsp; 242932 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/06/2031 |  | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 37949 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54%, 08/12/2033\* | $475000 | &nbsp;&nbsp;$508939 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%, 11/03/2036 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 182736 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 04/01/2033\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19950 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/11/2031 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 42360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/30/2030 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 55298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%, 04/30/2041 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 46205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/02/2033 | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1269569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/25/2033 | &nbsp;&nbsp; 808000 | &nbsp;&nbsp;&nbsp;&nbsp; 796372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 01/24/2031 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 147431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 213870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%, 07/25/2029 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 133535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 01/15/2044 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 44035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71%, 04/22/2028 | &nbsp;&nbsp; 238000 | &nbsp;&nbsp;&nbsp;&nbsp; 243203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 10/23/2034 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 517817 |
| &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; 225572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35215610 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &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; 106000 | &nbsp;&nbsp;&nbsp;&nbsp; 97741 |
| &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; 100754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/15/2033\* | &nbsp;&nbsp; 121000 | &nbsp;&nbsp;&nbsp;&nbsp; 118542 |
| &nbsp;&nbsp;&nbsp;Bacardi-Martini BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2035\* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 514399 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 05/09/2027 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29878 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/18/2028 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 40421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 07/18/2032 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 43886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/05/2042 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 16128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 02/07/2028 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 48310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010059 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 02/21/2040 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 95520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 05/01/2045 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 17763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/02/2028 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 48863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2030 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2033 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 380416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/02/2053 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 68665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2063 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 33133 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 530281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/15/2035 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32126 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 09/02/2031 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 78761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 09/02/2029 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 09/02/2054 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 34438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370635 |
| **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; 712042 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/05/2040 | $81000 | &nbsp;&nbsp;$63711 |
| &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; 203504 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2028 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 69758 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 07/15/2031 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 37194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2054 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 51370 |
| &nbsp;&nbsp;&nbsp;Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2027 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28543 |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/01/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14932 |
| &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/15/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9997 |
| &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; 22606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 655159 |
| &nbsp;&nbsp;&nbsp;Trane Technologies Financing, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/21/2029 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 131501 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2054 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 35204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040553 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &nbsp;&nbsp;&nbsp;CF Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/15/2044 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 74139 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 11/15/2038 | &nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 111370 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/08/2033 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 59897 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 12/15/2051 | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 48110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2028 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 52438 |
| &nbsp;&nbsp;&nbsp;Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/15/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24511 |
| &nbsp;&nbsp;&nbsp;Methanex US Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4870 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2028\* | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 34676 |
| &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2031\* | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 140752 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/21/2027 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30351 |
| &nbsp;&nbsp;&nbsp;OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/02/2054 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 342973 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 01/15/2032 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 13957 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/01/2031 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 27930 |
| &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; 29750 | &nbsp;&nbsp;&nbsp;&nbsp; 20379 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2061 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 41620 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027973 |
| **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; 16324 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/01/2029\* | $200000 | &nbsp;&nbsp;$192550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/15/2027\* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 989878 |
| &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; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14630 |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2031 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 189029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2032\* | &nbsp;&nbsp; 663000 | &nbsp;&nbsp;&nbsp;&nbsp; 669684 |
| &nbsp;&nbsp;&nbsp;Champions Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 26850 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/01/2029\* | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 39148 |
| &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/15/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 05/15/2032\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29892 |
| &nbsp;&nbsp;&nbsp;Ford Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%, 06/01/2070 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 39726 |
| &nbsp;&nbsp;&nbsp;Garda World Security Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/2029\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 37504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/15/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4916 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 05/06/2029 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 43342 |
| &nbsp;&nbsp;&nbsp;Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/01/2026\* | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 23001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63%, 07/15/2029\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 9933 |
| &nbsp;&nbsp;&nbsp;Howard University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29%, 10/01/2026 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 10/01/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 225339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 10/01/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 88717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 10/01/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 85937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 10/01/2041 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 70756 |
| &nbsp;&nbsp;&nbsp;Mobius Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 06/01/2030\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 28996 |
| &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; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27021 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 01/15/2032 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 46194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 10/01/2030 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 48609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 10/01/2041 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 32207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/09/2034 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 55345 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/01/2029 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 69376 |
| &nbsp;&nbsp;&nbsp;Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2030 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 499063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/01/2029 | &nbsp;&nbsp; 404000 | &nbsp;&nbsp;&nbsp;&nbsp; 393451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2032 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 157238 |
| &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; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16127 |
| &nbsp;&nbsp;&nbsp;Triton Container International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/15/2026\* | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 111587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 06/15/2031\* | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 65899 |
| &nbsp;&nbsp;&nbsp;Veritiv Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 11/30/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26471 |
| &nbsp;&nbsp;&nbsp;VM Consolidated, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33204 |
| &nbsp;&nbsp;&nbsp;WEX, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/2033\* | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 21759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532705 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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 | $35000 | &nbsp;&nbsp;$33819 |
| &nbsp;&nbsp;&nbsp;Ahead DB Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/01/2028\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 43918 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/05/2028 | &nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 117116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 05/11/2050 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 57313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/05/2051 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 18903 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/15/2035 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 33912 |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/15/2041 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 64996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 02/01/2030 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 83095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/01/2028 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 68311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/01/2032 | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 669266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10%, 07/15/2036 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 72792 |
| &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; 20162 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/25/2026 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29930 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2032\* | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 660126 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 02/10/2028 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 155990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/10/2030 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 674885 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/15/2031 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 36003 |
| &nbsp;&nbsp;&nbsp;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2030 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 64146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2035 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 45854 |
| &nbsp;&nbsp;&nbsp;McAfee Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/15/2030\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 24782 |
| &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; 7619 |
| &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09%, 06/01/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001771 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2029\* | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 19441 |
| &nbsp;&nbsp;&nbsp;Haleon US Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/24/2032 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 230183 |
| &nbsp;&nbsp;&nbsp;Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/30/2032 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34435 |
| &nbsp;&nbsp;&nbsp;Unilever Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/06/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375210 |
| **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
| &nbsp;&nbsp;&nbsp;Telecommunications co Telekom Srbija AD Belgrade |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/28/2029\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199444 |
| **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** | **Diversified Financial Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;Aircastle, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2026\*(3) | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29437 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/14/2033 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 42013 |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/30/2031 | &nbsp;&nbsp; 661000 | &nbsp;&nbsp;&nbsp;&nbsp; 669356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/16/2028 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 131554 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/15/2035 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 424009 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 03/15/2029\* | $15000 | &nbsp;&nbsp;$15835 |
| &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; 29813 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%, 03/01/2030 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 79687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 02/01/2035 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 214420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18%, 01/30/2036 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 139677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31%, 06/08/2029 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 10/30/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 389800 |
| &nbsp;&nbsp;&nbsp;Cobra AcquisitionCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/01/2029\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 34164 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26466 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 11/02/2034 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 377195 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 08/01/2029\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6184 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 04/01/2032\* | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16233 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29585 |
| &nbsp;&nbsp;&nbsp;goeasy, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 07/01/2029\* | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22006 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2052 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 61360 |
| &nbsp;&nbsp;&nbsp;Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 11/01/2032\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/30/2031\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28764 |
| &nbsp;&nbsp;&nbsp;LFS Topco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2026\* | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20535 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 01/15/2032 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 61877 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2029 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/2031 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21369 |
| &nbsp;&nbsp;&nbsp;Planet Financial Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 12/15/2029\* | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27096 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/19/2029 | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 81619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/06/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24821 |
| &nbsp;&nbsp;&nbsp;VFH Parent LLC/Valor Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25689 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/20/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147888 |
| **Electric — 4.1%** | **Electric — 4.1%** | **Electric — 4.1%** |
| &nbsp;&nbsp;&nbsp;AES Andes SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/14/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201232 |
| &nbsp;&nbsp;&nbsp;AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 01/15/2031 | &nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 95741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2028 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 49850 |
| &nbsp;&nbsp;&nbsp;Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/01/2049 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 368309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/15/2044 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 368828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/02/2035 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 84989 |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 06/15/2026(4) | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21121 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2026 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28497 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 12/15/2054 | $315000 | &nbsp;&nbsp;$321315 |
| &nbsp;&nbsp;&nbsp;Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2031\* | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 29596 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17136 |
| &nbsp;&nbsp;&nbsp;Cleco Corporate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/15/2029 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 552429 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2050 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 40397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/01/2050 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 59247 |
| &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; 322466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/15/2049 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 47350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2044 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 24992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2045 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 30968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2055 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 368956 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2030 | &nbsp;&nbsp; 233000 | &nbsp;&nbsp;&nbsp;&nbsp; 217744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2030 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 532603 |
| &nbsp;&nbsp;&nbsp;DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/01/2049 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 69588 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2028 | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 72440 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/15/2052 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 19093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/30/2042 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 118995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/15/2030 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 126264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 01/15/2054 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2038 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42020 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 06/15/2031 | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 624392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2034 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 111494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 158508 |
| &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; 341971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/15/2052 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29601 |
| &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; 411662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/15/2043 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 123555 |
| &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2054 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 300228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 04/01/2053 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20637 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 172590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/01/2044 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 737805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2035 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 338367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2055 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 161397 |
| &nbsp;&nbsp;&nbsp;Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2028 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 527525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2032 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 86086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2030 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 11/15/2029 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 337868 |
| &nbsp;&nbsp;&nbsp;Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2046 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 44517 |
| &nbsp;&nbsp;&nbsp;Energo-Pro AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 02/04/2027\* | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 338906 |
| &nbsp;&nbsp;&nbsp;Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2049 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 20894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 04/15/2055 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13938 |
| &nbsp;&nbsp;&nbsp;Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/30/2039 | &nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 91425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/15/2035 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23967 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 03/13/2028 | $16000 | &nbsp;&nbsp;$16056 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 09/15/2029 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 466565 |
| &nbsp;&nbsp;&nbsp;Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2033 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 360849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2034 | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 668093 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/15/2047 | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 50454 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2028\* | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 83237 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 04/01/2049\* | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 76163 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 06/15/2029 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66792 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/15/2051 | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 60327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2042 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 257352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/15/2030 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 424498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/01/2040 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 180146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2035 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 286903 |
| &nbsp;&nbsp;&nbsp;India Clean Energy Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/18/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 189756 |
| &nbsp;&nbsp;&nbsp;Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2049 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 48755 |
| &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; 191991 |
| &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; 123579 |
| &nbsp;&nbsp;&nbsp;Kentucky Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/15/2033\* | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 104043 |
| &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 09/15/2030\* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 46452 |
| &nbsp;&nbsp;&nbsp;Narragansett Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/01/2034\* | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 43147 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 09/16/2027 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 69598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/07/2028 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/07/2030 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 400189 |
| &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/15/2033\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47911 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 01/15/2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/2030 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 172525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/15/2032 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 65041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2055 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 51925 |
| &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; 148367 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2031\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 66424 |
| &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; 300022 |
| &nbsp;&nbsp;&nbsp;Ohio Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2033\* | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 278537 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 06/01/2032 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 45642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2035\* | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 399397 |
| &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; 1078805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 12/01/2047 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 76758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2040 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 33974 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2027 | $34000 | &nbsp;&nbsp;$34347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2029 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 702512 |
| &nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/15/2055 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 82042 |
| &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; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32563 |
| &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/2034 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 21891 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/15/2051 | &nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 87375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/15/2028 | &nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 104744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 06/15/2048 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 35004 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/2031 | &nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 65343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2035 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 404988 |
| &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2054 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 318965 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2030 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 366726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2034 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 111104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/15/2033 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 184488 |
| &nbsp;&nbsp;&nbsp;Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 06/15/2028 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 576394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 05/15/2025 | &nbsp;&nbsp; 1840000 | &nbsp;&nbsp;&nbsp;&nbsp; 1836658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 03/15/2035\* | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 663908 |
| &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 06/15/2054 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 35690 |
| &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; 149354 |
| &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/2035 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 402859 |
| &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; 127716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2047 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 67203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/01/2034 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 268485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2035 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 168330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2053 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 105521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/01/2032 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102680 |
| &nbsp;&nbsp;&nbsp;Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2052 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 28233 |
| &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; 89947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2033 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 599575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2034 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 449432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/15/2034 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 158278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2035 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 372230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2054 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 150471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2054 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/15/2055 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196480 |
| &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; 44305 |
| &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 09/01/2032 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 30946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/2034 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 121532 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/01/2032 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 347051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/15/2035 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 451780 |
| &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; 44267 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26586321 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **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\* | $19000 | &nbsp;&nbsp;$18414 |
| &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/15/2033\* | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39520 |
| **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; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 05/29/2034 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41485 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 04/05/2029 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2054 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24634 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/01/2031 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46749 |
| &nbsp;&nbsp;&nbsp;Imola Merger Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28489 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 03/15/2033 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 34573 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2029\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 36861 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 86797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370769 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| &nbsp;&nbsp;&nbsp;International Airport Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 03/15/2033\* | &nbsp;&nbsp; 863649 | &nbsp;&nbsp;&nbsp;&nbsp; 920627 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2029 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 43005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963632 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/15/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2032\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3987 |
| &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; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24864 |
| &nbsp;&nbsp;&nbsp;SeaWorld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33156 |
| &nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032 | &nbsp;&nbsp; 1438000 | &nbsp;&nbsp;&nbsp;&nbsp; 1266935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 303925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 | &nbsp;&nbsp; 1488000 | &nbsp;&nbsp;&nbsp;&nbsp; 1084747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 03/15/2062 | &nbsp;&nbsp; 1046000 | &nbsp;&nbsp;&nbsp;&nbsp; 757193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3497785 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2027\* | &nbsp;&nbsp; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158365 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 02/15/2031 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 70791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/15/2030 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2029 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 217752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2029 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 54844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2035 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 211276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 11/15/2034 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 358796 |
| &nbsp;&nbsp;&nbsp;Reworld Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23158 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/18/2026 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151840 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 01/15/2032 | &nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 85519 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2029\* | $390000 | &nbsp;&nbsp;$381156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/03/2027 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 63978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2035 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 457696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3249242 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2028\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40561 |
| &nbsp;&nbsp;&nbsp;C&S Group Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2028\* | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 51795 |
| &nbsp;&nbsp;&nbsp;Cencosud SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 05/28/2031\* | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 437651 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 11/01/2048 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 45512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/01/2028 | &nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 105987 |
| &nbsp;&nbsp;&nbsp;Hershey Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 02/24/2028 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 34318 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/30/2027 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60553 |
| &nbsp;&nbsp;&nbsp;Kellanova |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 04/01/2031 | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 104297 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/01/2046 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 126691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2049 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 32024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2032 | &nbsp;&nbsp; 430000 | &nbsp;&nbsp;&nbsp;&nbsp; 434760 |
| &nbsp;&nbsp;&nbsp;Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2046 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 13744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2034 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2054 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 50937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 09/15/2064 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 50993 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/20/2031\* | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 85604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032\* | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1149949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 398000 | &nbsp;&nbsp;&nbsp;&nbsp; 398866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/01/2055\* | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 47959 |
| &nbsp;&nbsp;&nbsp;Minerva Luxembourg SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/18/2031 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 358320 |
| &nbsp;&nbsp;&nbsp;NBM US Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 05/14/2026\* | &nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp; 106172 |
| &nbsp;&nbsp;&nbsp;Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2027\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28723 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/15/2031 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 262964 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2048 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 62162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2046 | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 70259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/23/2030 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/01/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20965 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/15/2029 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 71591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4503404 |
| **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;0.95%, 05/15/2026\* | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 178100 |
| &nbsp;&nbsp;&nbsp;Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2029\* | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 23933 |
| &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; 108308 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310341 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42%, 07/18/2054\* | $31000 | &nbsp;&nbsp;$32470 |
| &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99%, 03/06/2033\* | &nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp;&nbsp; 227466 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 03/15/2035 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30571 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49%, 05/15/2027 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 264435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2034 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/30/2033 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 266176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 04/01/2055 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16898 |
| &nbsp;&nbsp;&nbsp;Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2054 | &nbsp;&nbsp; 558000 | &nbsp;&nbsp;&nbsp;&nbsp; 541311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449554 |
| **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; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 146314 |
| **Healthcare-Products — 0.5%** | **Healthcare-Products — 0.5%** | **Healthcare-Products — 0.5%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/12/2031 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 95581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 09/15/2029 | &nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 71868 |
| &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; 262987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/06/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203492 |
| &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/01/2029\* | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 373905 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/15/2027 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102681 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/15/2029\* | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 659561 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2033\* | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13214 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/01/2029\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 29912 |
| &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; 10127 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%, 10/14/2030 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 310839 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/01/2029 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 637570 |
| &nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/01/2031\* | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13216 |
| &nbsp;&nbsp;&nbsp;STERIS PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/15/2051 | &nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 111346 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/31/2029 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 38852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935151 |
| **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; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 598590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 08/01/2031 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 605172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/15/2029 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 833528 |
| &nbsp;&nbsp;&nbsp;Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/15/2031 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 27921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/15/2050 | &nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 75607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2047 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 21632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 31756 |
| &nbsp;&nbsp;&nbsp;CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 10/01/2029 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 329875 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| &nbsp;&nbsp;&nbsp;Concentra Escrow Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/15/2032\* | $27000 | &nbsp;&nbsp;$27473 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/15/2052 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10223 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/15/2029 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2030 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 59351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/15/2051 | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 54073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2052 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 64485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2049 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 33440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2031 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 47740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2032 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45437 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2030 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 68644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/01/2035 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 405323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/2033 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24537 |
| &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; 204206 |
| &nbsp;&nbsp;&nbsp;LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 26329 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34447 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2034 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 69892 |
| &nbsp;&nbsp;&nbsp;Select Medical Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/01/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19487 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 01/15/2026 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 63463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/15/2040 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 426253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/15/2039 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 231913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2052 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 44952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2031 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 42527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2032 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 130915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2062 | &nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 118100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/15/2054 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 432275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 07/15/2054 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 35338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/15/2064 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 236048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 02/15/2063 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5565974 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| &nbsp;&nbsp;&nbsp;Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2030\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/2027\* | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20964 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| &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; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29451 |
| &nbsp;&nbsp;&nbsp;Aon Corp./Aon Global Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 05/28/2027 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 111426 |
| &nbsp;&nbsp;&nbsp;Aon North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2031 | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 85944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2054 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 53255 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2053 | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 57711 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%, 10/02/2026\* | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 75724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 10/04/2031\* | &nbsp;&nbsp; 1890000 | &nbsp;&nbsp;&nbsp;&nbsp; 1620426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86%, 08/27/2026\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 11/13/2031\* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 90058 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Athene Holding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 05/15/2052 | $25000 | &nbsp;&nbsp;$16044 |
| &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; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20267 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/15/2029 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 88742 |
| &nbsp;&nbsp;&nbsp;CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/10/2027\* | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 486151 |
| &nbsp;&nbsp;&nbsp;Enstar Group, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 09/01/2031 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 45688 |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 07/12/2026\* | &nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 95097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/27/2030\* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 311318 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 04/20/2028 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 123927 |
| &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; 17433 |
| &nbsp;&nbsp;&nbsp;F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 04/11/2027\* | &nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp; 100914 |
| &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; 30277 |
| &nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/15/2030\* | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 34667 |
| &nbsp;&nbsp;&nbsp;Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 02/01/2061\* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 93381 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 11/08/2027 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2039 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 322842 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/28/2033\* | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 230646 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/09/2028\* | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 38481 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/15/2027\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 45967 |
| &nbsp;&nbsp;&nbsp;Panther Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 06/01/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30568 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2048 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 48212 |
| &nbsp;&nbsp;&nbsp;Willis North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2027 | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 89055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/05/2054 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 69951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4599226 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 04/13/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/13/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/22/2037 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 19779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 08/22/2047 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 30774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 12/01/2029 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45866 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2027\* | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17127 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Group, Inc./Cogent Communications Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2027\* | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13089 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2033\* | &nbsp;&nbsp; 276000 | &nbsp;&nbsp;&nbsp;&nbsp; 274745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2027\* | &nbsp;&nbsp; 523000 | &nbsp;&nbsp;&nbsp;&nbsp; 529427 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 09/30/2030\* | $11000 | &nbsp;&nbsp;$11228 |
| &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2027\* | &nbsp;&nbsp; 938000 | &nbsp;&nbsp;&nbsp;&nbsp; 930036 |
| &nbsp;&nbsp;&nbsp;GrubHub Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2027\* | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 28472 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2064 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974262 |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| &nbsp;&nbsp;&nbsp;Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/08/2032 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 606336 |
| &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/29/2032 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 713832 |
| &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; 192827 |
| &nbsp;&nbsp;&nbsp;Sixth Street Lending Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/15/2030\* | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 457948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970943 |
| **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 22857 |
| &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; 4965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/2040 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/15/2032\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/01/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4798 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/01/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 05/01/2027\* | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/01/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2028\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28997 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 05/23/2027 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 56901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2035 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 53248 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/15/2034 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2055 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 32942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303609 |
| **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%, 03/01/2027\* | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 42027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2029\* | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11916 |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/2026\* | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 33351 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2033\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144074 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &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; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 30728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18744 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/30/2034 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22576 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/15/2031 | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 72917 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/15/2032 | $68000 | &nbsp;&nbsp;$60634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2037 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23732 |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29754 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2027 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290451 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/16/2029 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/03/2028 | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 72193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 11/15/2029 | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 838498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/14/2027 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957976 |
| **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; 159000 | &nbsp;&nbsp;&nbsp;&nbsp; 160952 |
| &nbsp;&nbsp;&nbsp;Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 01/16/2035 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 63165 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 09/08/2031 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 62374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/10/2030 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 06/11/2029 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 69103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/14/2028 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35709 |
| &nbsp;&nbsp;&nbsp;nVent Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/2031 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 69613 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/15/2030 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 511362 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 03/11/2034 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037304 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| &nbsp;&nbsp;&nbsp;Belo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 06/01/2027 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 54050 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2030\* | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 26960 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028\* | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 34937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2029\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7976 |
| &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; 152215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2041 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 45027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2042 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 34012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2050 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 75393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/30/2029 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 418060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/01/2047 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 501291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 06/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/23/2035 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%, 10/23/2045 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 427804 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/01/2051 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 100629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 07/15/2036 | &nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 739820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/2039 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 248491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 04/01/2030 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 30282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 10/15/2028 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59346 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 10/15/2038 | $74000 | &nbsp;&nbsp;$68140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2064 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 49778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05%, 03/15/2033 | &nbsp;&nbsp; 179000 | &nbsp;&nbsp;&nbsp;&nbsp; 202331 |
| &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; 335778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2028\* | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 50192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/01/2034\* | &nbsp;&nbsp; 527000 | &nbsp;&nbsp;&nbsp;&nbsp; 514759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/01/2054\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 231808 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2030\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 106000 |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2030 | &nbsp;&nbsp; 203000 | &nbsp;&nbsp;&nbsp;&nbsp; 182627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 06/15/2025 | &nbsp;&nbsp; 509000 | &nbsp;&nbsp;&nbsp;&nbsp; 507919 |
| &nbsp;&nbsp;&nbsp;Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 01/25/2049 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 48705 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/15/2045 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 17980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2044 | &nbsp;&nbsp; 518000 | &nbsp;&nbsp;&nbsp;&nbsp; 416651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 09/01/2043 | &nbsp;&nbsp; 138000 | &nbsp;&nbsp;&nbsp;&nbsp; 120834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/28/2057 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/30/2062 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19513 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2031\* | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 14570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 37320 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 05/01/2037 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 87289 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/30/2030\* | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/31/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14657 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2029 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 56918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6147176 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;Capstone Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/31/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4980 |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/2031\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 45151 |
| &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; 518327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67%, 04/01/2035\* | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030\* | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 673213 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2029\* | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 15920 |
| &nbsp;&nbsp;&nbsp;Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/30/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9324 |
| &nbsp;&nbsp;&nbsp;Novelis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/30/2030\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5071 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Alcan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2033 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 454828 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/14/2032 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 155690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/14/2065 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 409611 |
| &nbsp;&nbsp;&nbsp;South32 Treasury, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 04/14/2032\* | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 83124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490630 |
| **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\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 176101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2034\* | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 181318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/2054\* | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 624631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/13/2033\* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152964 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;APA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028\* | $39000 | &nbsp;&nbsp;$37475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/01/2049\* | &nbsp;&nbsp; 176000 | &nbsp;&nbsp;&nbsp;&nbsp; 145881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/15/2055\* | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 332574 |
| &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; 200250 |
| &nbsp;&nbsp;&nbsp;Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/15/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19237 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94%, 06/04/2051 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 160893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 04/06/2027 | &nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 125984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 02/13/2033 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 540791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 09/11/2033 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 270962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99%, 04/10/2034 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 257445 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%, 05/11/2030 | &nbsp;&nbsp; 112000 | &nbsp;&nbsp;&nbsp;&nbsp; 100572 |
| &nbsp;&nbsp;&nbsp;Chevron USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/15/2049 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 39764 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/2030\* | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 17944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2029\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3912 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/15/2052 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 5918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%, 03/15/2062 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 204467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2030 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 337037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 01/15/2065 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 183382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2063 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 642299 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 216514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 02/15/2055 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 55184 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 01/15/2033\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 04/01/2032\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10880 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2054 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 31125 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/24/2051 | &nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 60899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 04/01/2035 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/18/2054 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 04/18/2064 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 305725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2053 | &nbsp;&nbsp; 239000 | &nbsp;&nbsp;&nbsp;&nbsp; 239305 |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 599811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 120648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/01/2032 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 407395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/2036 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 876899 |
| &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; 160562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 09/30/2033\* | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 180003 |
| &nbsp;&nbsp;&nbsp;Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2034\* | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 262092 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 12/01/2054 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 256978 |
| &nbsp;&nbsp;&nbsp;Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 03/15/2033 | &nbsp;&nbsp; 604000 | &nbsp;&nbsp;&nbsp;&nbsp; 683248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 08/15/2031 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 311230 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2035 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 51256 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2031\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 26089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2035\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14325 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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;$325174 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/01/2035 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 61744 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2032\* | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 222982 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/15/2027\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 01/31/2030\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5002 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 01/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9205 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/15/2046 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 9747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 01/01/2031 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 65781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2028 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 64310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 09/15/2036 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36028 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15%, 10/01/2033 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 389886 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/2028 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/23/2045 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 40408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/2032 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 61507 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/29/2026 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 38254 |
| &nbsp;&nbsp;&nbsp;Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/17/2064\* | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 191647 |
| &nbsp;&nbsp;&nbsp;Shell Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/06/2050 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 327864 |
| &nbsp;&nbsp;&nbsp;Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 11/26/2041 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 140741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/26/2051 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 159081 |
| &nbsp;&nbsp;&nbsp;Strathcona Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/01/2026\* | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 46892 |
| &nbsp;&nbsp;&nbsp;Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 02/01/2031\* | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18314 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 09/10/2064 | &nbsp;&nbsp; 529000 | &nbsp;&nbsp;&nbsp;&nbsp; 498147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%, 04/05/2064 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 605412 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/30/2030\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28032 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2032\* | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 21411 |
| &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/15/2029\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 31110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13452314 |
| **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; 15011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 09/01/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/01/2027\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4002 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/01/2043 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 45616 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110269 |
| **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; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 36956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/17/2030\* | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21168 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| &nbsp;&nbsp;&nbsp;Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2029 | $1030000 | &nbsp;&nbsp;$1042210 |
| &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; 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/15/2030\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28396 |
| &nbsp;&nbsp;&nbsp;Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2030 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28251 |
| &nbsp;&nbsp;&nbsp;Iris Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 12/15/2028\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 26748 |
| &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; 19836 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2033 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 65046 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 09/01/2029 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 83767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2034 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 40169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397582 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 11/21/2039 | &nbsp;&nbsp; 118000 | &nbsp;&nbsp;&nbsp;&nbsp; 103480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/21/2049 | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 80362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2031 | &nbsp;&nbsp; 183000 | &nbsp;&nbsp;&nbsp;&nbsp; 185923 |
| &nbsp;&nbsp;&nbsp;Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 02/26/2029 | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 84231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/03/2028 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/03/2030 | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 80579 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 08/22/2032 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 29664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 02/13/2028 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75283 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/01/2042 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 18006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/22/2054 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 310431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/01/2031 | &nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 81433 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2044 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 10118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 03/15/2043 | &nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp;&nbsp; 111323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2029 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 821660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2029 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 31500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2054 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24489 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 12/15/2047 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 37267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 636000 | &nbsp;&nbsp;&nbsp;&nbsp; 639145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2034 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 80847 |
| &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; 267626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/15/2031 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 308350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/15/2029 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 107384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/01/2030 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 117963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2040 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 65052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78%, 03/25/2038 | &nbsp;&nbsp; 379000 | &nbsp;&nbsp;&nbsp;&nbsp; 340058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 07/20/2045 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 49695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/01/2031 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/10/2055 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22174 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/14/2027 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 08/14/2029 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 159067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 08/14/2034 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/12/2030 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/12/2055 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 293626 |
| &nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 04/15/2031\* | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18765 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;GlaxoSmithKline Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2030 | $41000 | &nbsp;&nbsp;$40998 |
| &nbsp;&nbsp;&nbsp;HLF Financing Sarl LLC/Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2029\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 38560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25%, 04/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32255 |
| &nbsp;&nbsp;&nbsp;Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/18/2031 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 40766 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/19/2033 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 05/19/2043 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 37193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/19/2053 | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 56019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 05/19/2063 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 26069 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/22/2040 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 18901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/22/2050 | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 58370 |
| &nbsp;&nbsp;&nbsp;Wyeth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/01/2037 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 34968 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/16/2032 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 33379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5240779 |
| **Pipelines — 1.2%** | **Pipelines — 1.2%** | **Pipelines — 1.2%** |
| &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; 28857 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 10/01/2031\* | &nbsp;&nbsp; 148000 | &nbsp;&nbsp;&nbsp;&nbsp; 146226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68%, 01/15/2034\* | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 134456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 08/15/2028\* | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 222372 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 08/15/2030\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 11/15/2033\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 412985 |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 03/15/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25896 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/15/2029 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 306966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/05/2034 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 482527 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2028 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 47325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/01/2043 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 58668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2030 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2029 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 157257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/01/2047 | &nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 90446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2035 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 604438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 12/01/2030 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 452923 |
| &nbsp;&nbsp;&nbsp;EnLink Midstream LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/01/2030\* | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 55166 |
| &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; 90154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/31/2051 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 13803 |
| &nbsp;&nbsp;&nbsp;EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2027\* | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16191 |
| &nbsp;&nbsp;&nbsp;Galaxy Pipeline Assets Bidco, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16%, 03/31/2034\* | &nbsp;&nbsp; 180602 | &nbsp;&nbsp;&nbsp;&nbsp; 159036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94%, 09/30/2040\* | &nbsp;&nbsp; 176648 | &nbsp;&nbsp;&nbsp;&nbsp; 144396 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 05/15/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 01/15/2027 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2033 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26202 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2029 | $15000 | &nbsp;&nbsp;$15487 |
| &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/15/2027\* | &nbsp;&nbsp; 143000 | &nbsp;&nbsp;&nbsp;&nbsp; 137857 |
| &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; 25250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25692 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2030\* | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 164637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2029\* | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 530339 |
| &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 07/15/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 07/15/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15640 |
| &nbsp;&nbsp;&nbsp;ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2029\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 59965 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2044 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 45141 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/01/2035 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 53059 |
| &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; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 02/15/2032\* | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16034 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/01/2030 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22242 |
| &nbsp;&nbsp;&nbsp;ONEOK Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 10/01/2036 | &nbsp;&nbsp; 118000 | &nbsp;&nbsp;&nbsp;&nbsp; 127333 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/15/2029 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 181694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/01/2034 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 77230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/01/2064 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 281993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 314292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15%, 01/15/2051 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 43448 |
| &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; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 32909 |
| &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 09/15/2037 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38106 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 284603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2033 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 167010 |
| &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; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 350648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2030 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 38354 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2048 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 18030 |
| &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; 15118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/30/2031\* | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 268079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/30/2034\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202180 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/24/2044 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 79700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7441871 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| &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; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19399 |
| **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; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 09/01/2031\* | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2124 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| &nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/01/2030\* | $18000 | &nbsp;&nbsp;$18816 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2029 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 33877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89906 |
| **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 09/15/2026 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 305996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 09/15/2031 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 56436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 04/15/2031 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 203329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/15/2027 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 43834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 02/15/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101597 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/15/2029\* | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 47144 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 12/01/2029\* | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19556 |
| &nbsp;&nbsp;&nbsp;Cousins Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2032 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 263905 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/01/2028 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 334357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/11/2028 | &nbsp;&nbsp; 177000 | &nbsp;&nbsp;&nbsp;&nbsp; 177664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/01/2029 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41899 |
| &nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 01/15/2029 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 170242 |
| &nbsp;&nbsp;&nbsp;Goodman US Finance Six LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/07/2034\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24709 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2030 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 24738 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 485277 |
| &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; 23374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4762 |
| &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; 30857 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2031 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 45042 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/15/2027 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 06/15/2032 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16824 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20010 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/09/2052 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 26287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2026 | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 72110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568272 |
| **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; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19961 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/01/2032 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2033 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 327074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 07/15/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 11/01/2033 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 212204 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 07/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21006 |
| &nbsp;&nbsp;&nbsp;CEC Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2026\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49311 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Darden Restaurants, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 10/15/2027 | $32000 | &nbsp;&nbsp;$31764 |
| &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; 30261 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 313232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/01/2030\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2032\* | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3037 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 11/01/2028 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 67565 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2029 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 39756 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/01/2031 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 38385 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2029\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 42580 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/15/2046 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 24578 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2049 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 44504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/14/2028 | &nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 125413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/03/2035 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 42792 |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/15/2029 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 15309 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 09/01/2027 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 72467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/15/2032 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 93049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/20/2026 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40733 |
| &nbsp;&nbsp;&nbsp;Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/01/2029\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 31084 |
| &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 05/01/2029\* | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 22310 |
| &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 12/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 24303 |
| &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; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27709 |
| &nbsp;&nbsp;&nbsp;Victra Holdings LLC/Victra Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 09/15/2029\* | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1848601 |
| **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 06/15/2029 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29470 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/15/2031\* | &nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 112618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036\* | &nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 87825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 02/15/2028 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 500718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 359931 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/15/2030\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34822 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 01/25/2033\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/25/2036\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/25/2032\* | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 431441 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 02/15/2060 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 155283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp;&nbsp; 139282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047 | &nbsp;&nbsp; 761000 | &nbsp;&nbsp;&nbsp;&nbsp; 530465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/05/2032 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 31520 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 02/21/2054 | $36000 | &nbsp;&nbsp;$32738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 34010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 02/10/2063 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 248355 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2028 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 446330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 02/15/2030 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 379419 |
| &nbsp;&nbsp;&nbsp;NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 05/01/2027 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 257439 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2031\* | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 552292 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/20/2045 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 155750 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 02/15/2028 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46482 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974466 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/17/2028 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 67979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/04/2027 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27363 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 12/01/2034 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 43990 |
| &nbsp;&nbsp;&nbsp;Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30801 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/31/2029\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/30/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15251 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2049 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 70872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 08/12/2034 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 41658 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 11/01/2031\* | &nbsp;&nbsp; 352000 | &nbsp;&nbsp;&nbsp;&nbsp; 317785 |
| &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; 1884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/2029\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 25471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 12/01/2027\* | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 672751 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/25/2028 | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 511910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2030 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 202113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2040 | &nbsp;&nbsp; 763000 | &nbsp;&nbsp;&nbsp;&nbsp; 600122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2037 | &nbsp;&nbsp; 161000 | &nbsp;&nbsp;&nbsp;&nbsp; 135649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2060 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 72149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2047 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 31082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/08/2034 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 36275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/03/2032 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 121548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/27/2064 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 290087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/06/2053 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 16824 |
| &nbsp;&nbsp;&nbsp;Rackspace Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/15/2028\* | &nbsp;&nbsp; 44460 | &nbsp;&nbsp;&nbsp;&nbsp; 18275 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/30/2027\* | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 893192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4273221 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2041 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 19289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 09/15/2059 | &nbsp;&nbsp; 757000 | &nbsp;&nbsp;&nbsp;&nbsp; 510545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 12/01/2057 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 45631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2060 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 18809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2035 | &nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 199267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/15/2037 | &nbsp;&nbsp; 153000 | &nbsp;&nbsp;&nbsp;&nbsp; 145969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2034 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 31498 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/24/2030 | $565000 | &nbsp;&nbsp;$574022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 02/26/2029 | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 85499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/26/2031 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 453930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/24/2035 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 64877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/26/2064 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 199320 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/15/2049 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 27175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 11/15/2079 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 30061 |
| &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; 9035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/15/2055 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13953 |
| &nbsp;&nbsp;&nbsp;Telefonica Emisiones SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/06/2048 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 126096 |
| &nbsp;&nbsp;&nbsp;Telesat Canada/Telesat LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2027\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 18004 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 02/15/2028 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 565060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 02/15/2031 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 136646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2041 | &nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 153807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 11/15/2060 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 36822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/2030 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 124623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2035 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 327184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2034 | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 101040 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/03/2041 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 99222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2060 | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 48388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/22/2041 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 42345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/2052 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/10/2033 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 71049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/02/2035 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71179 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/15/2027\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/30/2031\* | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 30960 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/17/2050 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 16171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/04/2081 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 21971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/10/2063 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 36717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/28/2064 | &nbsp;&nbsp; 137000 | &nbsp;&nbsp;&nbsp;&nbsp; 131347 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/01/2028\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 24952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840384 |
| **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; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 50535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2043 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 50141 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/30/2035 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/31/2099 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 43573 |
| &nbsp;&nbsp;&nbsp;Cargo Aircraft Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2028\* | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 80983 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 08/20/2035 | &nbsp;&nbsp; 154153 | &nbsp;&nbsp;&nbsp;&nbsp; 130372 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20123 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2029 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 49295 |
| &nbsp;&nbsp;&nbsp;Star Leasing Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 02/15/2030\* | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 25949 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/15/2032\* | $24000 | &nbsp;&nbsp;$24463 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516439 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| &nbsp;&nbsp;&nbsp;GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/15/2026 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 60785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/30/2030 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20174 |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2025\* | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 329218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2030\* | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 63767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/30/2029\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/01/2028\* | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 64353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 06/15/2030\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 48704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615534 |
| **Total Corporate Bonds & Notes<br> (cost $183,401,278)** |  | &nbsp;&nbsp;&nbsp;&nbsp;178286228 |
| **ASSET BACKED SECURITIES — 3.5%** | **ASSET BACKED SECURITIES — 3.5%** | **ASSET BACKED SECURITIES — 3.5%** |
| **Auto Loan Receivables — 0.5%** | **Auto Loan Receivables — 0.5%** | **Auto Loan Receivables — 0.5%** |
| &nbsp;&nbsp;&nbsp;American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3, Class B<br> 6.09%, 11/12/2027\* | &nbsp;&nbsp; 103209 | &nbsp;&nbsp;&nbsp;&nbsp; 103279 |
| &nbsp;&nbsp;&nbsp;ARI Fleet Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A, Class A2<br> 5.41%, 02/17/2032\* | &nbsp;&nbsp; 201706 | &nbsp;&nbsp;&nbsp;&nbsp; 202148 |
| &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; 131550 |
| &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; 269784 |
| &nbsp;&nbsp;&nbsp;CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B, Class A<br> 5.91%, 08/16/2027\* | &nbsp;&nbsp; 82141 | &nbsp;&nbsp;&nbsp;&nbsp; 82229 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A<br> 5.68%, 03/15/2034\* | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 298602 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3A, Class B<br> 6.11%, 09/15/2027 | &nbsp;&nbsp; 64613 | &nbsp;&nbsp;&nbsp;&nbsp; 64736 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class B<br> 5.05%, 01/18/2028\* | &nbsp;&nbsp; 126000 | &nbsp;&nbsp;&nbsp;&nbsp; 126139 |
| &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; 172325 |
| &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; 275744 |
| &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; 437773 |
| &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; 64516 |
| &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 | &nbsp;&nbsp; 164950 | &nbsp;&nbsp;&nbsp;&nbsp; 165072 |
| &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; 108351 | &nbsp;&nbsp;&nbsp;&nbsp; 108880 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** |
| &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\* | $215000 | &nbsp;&nbsp;$220667 |
| &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; 140697 |
| &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; 40449 |
| &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; 250959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155549 |
| **Credit Card Receivables — 0.0%** | **Credit Card Receivables — 0.0%** | **Credit Card Receivables — 0.0%** |
| &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; 151560 |
| &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; 201915 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353475 |
| **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; 78031 | &nbsp;&nbsp;&nbsp;&nbsp; 74919 |
| &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; 489576 |
| &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO X, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-10A, Class A1RR<br> 5.76%, (TSFR3M+1.47%), 04/20/2034\* | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 679836 |
| &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXI, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-31A, Class B1<br> 6.65%, (TSFR3M+2.35%), 04/25/2036\* | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 515005 |
| &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; 100663 |
| &nbsp;&nbsp;&nbsp;Carlyle US CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class A<br> 5.82%, (TSFR3M+1.52%), 04/25/2037\* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 350519 |
| &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; 94245 | &nbsp;&nbsp;&nbsp;&nbsp; 90080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A1<br> 1.69%, 07/15/2060\* | &nbsp;&nbsp; 196944 | &nbsp;&nbsp;&nbsp;&nbsp; 194344 |
| &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; 102293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A2<br> 1.99%, 07/15/2060\* | &nbsp;&nbsp; 222691 | &nbsp;&nbsp;&nbsp;&nbsp; 204377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A1<br> 5.97%, 08/15/2062\* | &nbsp;&nbsp; 126050 | &nbsp;&nbsp;&nbsp;&nbsp; 126558 |
| &nbsp;&nbsp;&nbsp;Columbia Cent CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-27A, Class AR<br> 5.75%, (TSFR3M+1.45%), 01/25/2035\* | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 719787 |
| &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\* | &nbsp;&nbsp; 1349662 | &nbsp;&nbsp;&nbsp;&nbsp; 1163377 |
| &nbsp;&nbsp;&nbsp;DLLAA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A3<br> 5.64%, 02/22/2028\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 253632 |

---

---

| | | |
|:---|:---|:---|
| **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;Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2I<br> 2.66%, 04/25/2051\* | $486250 | &nbsp;&nbsp;$448928 |
| &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; 306601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A, Class A2I<br> 4.12%, 07/25/2048\* | &nbsp;&nbsp; 720100 | &nbsp;&nbsp;&nbsp;&nbsp; 716547 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO 19, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-6A, Class BR<br> 6.70%, (TSFR3M+2.4%), 10/17/2036\* | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 665072 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO 23, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class B<br> 6.56%, (TSFR3M+2.25%), 04/16/2036\* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 450035 |
| &nbsp;&nbsp;&nbsp;FirstKey Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR2, Class A<br> 4.25%, 07/17/2039\* | &nbsp;&nbsp; 1038327 | &nbsp;&nbsp;&nbsp;&nbsp; 1026236 |
| &nbsp;&nbsp;&nbsp;Golub Capital Partners CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-68A, Class B<br> 7.10%, (TSFR3M+2.80%), 07/25/2036\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 401342 |
| &nbsp;&nbsp;&nbsp;Invesco US CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class B<br> 6.59%, (TSFR3M+2.3%), 04/21/2036\* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 310004 |
| &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; 321342 | &nbsp;&nbsp;&nbsp;&nbsp; 282362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A, Class A<br> 5.51%, 10/15/2071\* | &nbsp;&nbsp; 403002 | &nbsp;&nbsp;&nbsp;&nbsp; 409939 |
| &nbsp;&nbsp;&nbsp;New Economy Assets - Phase 1 Sponsor LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A1<br> 1.91%, 10/20/2061\* | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 452596 |
| &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; 47370 | &nbsp;&nbsp;&nbsp;&nbsp; 46795 |
| &nbsp;&nbsp;&nbsp;Octagon 61, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class B<br> 6.64%, (TSFR3M+2.35%), 04/20/2036\* | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 660008 |
| &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; 417571 |
| &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; 115286 |
| &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; 100795 |
| &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; 240806 | &nbsp;&nbsp;&nbsp;&nbsp; 239721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NPL3, Class A1<br> 4.87%, 07/25/2051\*(4) | &nbsp;&nbsp; 278836 | &nbsp;&nbsp;&nbsp;&nbsp; 278447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL5, Class A1<br> 5.96%, 09/25/2054\*(4) | &nbsp;&nbsp; 97735 | &nbsp;&nbsp;&nbsp;&nbsp; 97650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NPL1, Class A1<br> 5.98%, 01/25/2052\*(4) | &nbsp;&nbsp; 513935 | &nbsp;&nbsp;&nbsp;&nbsp; 513423 |
| &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; 298201 | &nbsp;&nbsp;&nbsp;&nbsp; 280264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-SFR1, Class A<br> 4.30%, 03/17/2040\* | &nbsp;&nbsp; 399115 | &nbsp;&nbsp;&nbsp;&nbsp; 392455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR5, Class A<br> 4.45%, 06/17/2039\* | &nbsp;&nbsp; 182503 | &nbsp;&nbsp;&nbsp;&nbsp; 180626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR7, Class A<br> 4.75%, 10/27/2039\* | &nbsp;&nbsp; 304629 | &nbsp;&nbsp;&nbsp;&nbsp; 304542 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Retained Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2A<br> 5.00%, 09/15/2048\* | $675000 | &nbsp;&nbsp;$669798 |
| &nbsp;&nbsp;&nbsp;RR 23, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-23A, Class A2R<br> 6.95%, (TSFR3M+2.65%), 10/15/2035\* | &nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 992085 |
| &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; 135084 | &nbsp;&nbsp;&nbsp;&nbsp; 128328 |
| &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; 389435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2<br> 5.90%, 03/25/2049\*(5) | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 207555 |
| &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; 284163 |
| &nbsp;&nbsp;&nbsp;Texas Debt Capital CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class B<br> 6.59%, (TSFR3M+2.30%), 04/20/2036\* | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 565041 |
| &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; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 163014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR2, Class A<br> 4.75%, 06/17/2040\* | &nbsp;&nbsp; 134916 | &nbsp;&nbsp;&nbsp;&nbsp; 134060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-SFR1, Class A<br> 5.10%, 07/17/2040\* | &nbsp;&nbsp; 264756 | &nbsp;&nbsp;&nbsp;&nbsp; 267387 |
| &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; 417293 | &nbsp;&nbsp;&nbsp;&nbsp; 403901 |
| &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; 264913 |
| &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; 172367 |
| &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; 441825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19246083 |
| **Total Asset Backed Securities<br> (cost $22,501,932)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22755107 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.0%** |
| **Commercial and Residential — 6.6%** | **Commercial and Residential — 6.6%** | **Commercial and Residential — 6.6%** |
| &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; 1411200 |
| &nbsp;&nbsp;&nbsp;280 Park Avenue Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-280P, Class E<br> 6.74%, (TSFR1M+2.42%), 09/15/2034\* | &nbsp;&nbsp; 339000 | &nbsp;&nbsp;&nbsp;&nbsp; 326407 |
| &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; 112969 | &nbsp;&nbsp;&nbsp;&nbsp; 107168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A1<br> 0.99%, 04/25/2066\*(1) | &nbsp;&nbsp; 207698 | &nbsp;&nbsp;&nbsp;&nbsp; 178616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A1<br> 1.07%, 05/25/2066\*(1) | &nbsp;&nbsp; 395482 | &nbsp;&nbsp;&nbsp;&nbsp; 339644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8, Class A1<br> 1.82%, 11/25/2066\*(1) | &nbsp;&nbsp; 348672 | &nbsp;&nbsp;&nbsp;&nbsp; 308911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-5, Class A1<br> 2.59%, 10/25/2049\*(1) | &nbsp;&nbsp; 36125 | &nbsp;&nbsp;&nbsp;&nbsp; 35540 |

---

---

| | | |
|:---|:---|:---|
| **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;Angel Oak Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A1<br> 4.00%, 01/25/2067\* | $826656 | &nbsp;&nbsp;$798246 |
| &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; 446285 |
| &nbsp;&nbsp;&nbsp;BANK VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BN14, Class XA<br> 0.50%, 09/15/2060(1)(6) | &nbsp;&nbsp; 8226336 | &nbsp;&nbsp;&nbsp;&nbsp; 109742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN24, Class XA<br> 0.63%, 11/15/2062(1)(6) | &nbsp;&nbsp; 2212647 | &nbsp;&nbsp;&nbsp;&nbsp; 58195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN23, Class XA<br> 0.68%, 12/15/2052(1)(6) | &nbsp;&nbsp; 6702533 | &nbsp;&nbsp;&nbsp;&nbsp; 178921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK8, Class XA<br> 0.71%, 11/15/2050(1)(6) | &nbsp;&nbsp; 6930151 | &nbsp;&nbsp;&nbsp;&nbsp; 106062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN20, Class XA<br> 0.81%, 09/15/2062(1)(6) | &nbsp;&nbsp; 4056941 | &nbsp;&nbsp;&nbsp;&nbsp; 125338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN18, Class XA<br> 0.88%, 05/15/2062(1)(6) | &nbsp;&nbsp; 2831146 | &nbsp;&nbsp;&nbsp;&nbsp; 84363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BNK45, Class XA<br> 1.00%, 02/15/2056(1)(6) | &nbsp;&nbsp; 1203470 | &nbsp;&nbsp;&nbsp;&nbsp; 68496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN28, Class XA<br> 1.76%, 03/15/2063(1)(6) | &nbsp;&nbsp; 4665029 | &nbsp;&nbsp;&nbsp;&nbsp; 354544 |
| &nbsp;&nbsp;&nbsp;BBCMS Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-C32, Class XA<br> 1.13%, 02/15/2062(1)(6) | &nbsp;&nbsp; 1264729 | &nbsp;&nbsp;&nbsp;&nbsp; 110105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C24, Class XA<br> 1.62%, 02/15/2057(1)(6) | &nbsp;&nbsp; 1609191 | &nbsp;&nbsp;&nbsp;&nbsp; 162552 |
| &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; 83774 | &nbsp;&nbsp;&nbsp;&nbsp; 84329 |
| &nbsp;&nbsp;&nbsp;Benchmark Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B4, Class XA<br> 0.47%, 07/15/2051(1)(6) | &nbsp;&nbsp; 3865901 | &nbsp;&nbsp;&nbsp;&nbsp; 45012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B1, Class XA<br> 0.53%, 01/15/2051(1)(6) | &nbsp;&nbsp; 1670428 | &nbsp;&nbsp;&nbsp;&nbsp; 19878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B8, Class XA<br> 0.62%, 01/15/2052(1)(6) | &nbsp;&nbsp; 8232527 | &nbsp;&nbsp;&nbsp;&nbsp; 149089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B12, Class XA<br> 1.07%, 08/15/2052(1)(6) | &nbsp;&nbsp; 1841574 | &nbsp;&nbsp;&nbsp;&nbsp; 54480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B10, Class XA<br> 1.22%, 03/15/2062(1)(6) | &nbsp;&nbsp; 4764002 | &nbsp;&nbsp;&nbsp;&nbsp; 193876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B22, Class XA<br> 1.50%, 01/15/2054(1)(6) | &nbsp;&nbsp; 2146638 | &nbsp;&nbsp;&nbsp;&nbsp; 146964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B18, Class XA<br> 1.81%, 07/15/2053(1)(6) | &nbsp;&nbsp; 1150813 | &nbsp;&nbsp;&nbsp;&nbsp; 59976 |
| &nbsp;&nbsp;&nbsp;BOCA Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BOCA, Class B<br> 6.66%, (TSFR1M+2.34%), 08/15/2041\* | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 670209 |
| &nbsp;&nbsp;&nbsp;BPR Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-STAR, Class A<br> 7.55%, (TSFR1M+3.23%), 08/15/2039\* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 509858 |
| &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; 161972 |
| &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; 113449 | &nbsp;&nbsp;&nbsp;&nbsp; 105319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 0.97%, 03/25/2060\*(1) | &nbsp;&nbsp; 83626 | &nbsp;&nbsp;&nbsp;&nbsp; 80194 |
| &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; 196784 | &nbsp;&nbsp;&nbsp;&nbsp; 191266 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;BX Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-IMC, Class A<br> 5.37%, (TSFR1M+1.05%), 04/15/2034\* | $94196 | &nbsp;&nbsp;$93368 |
| &nbsp;&nbsp;&nbsp;BX Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PSB, Class A<br> 6.77%, (TSFR1M+2.45%), 08/15/2039\* | &nbsp;&nbsp; 250460 | &nbsp;&nbsp;&nbsp;&nbsp; 249834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PAT, Class B<br> 7.36%, (TSFR1M+3.04%), 03/15/2041\* | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 66916 |
| &nbsp;&nbsp;&nbsp;CAMB Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-LIFE, Class F<br> 7.17%, (TSFR1M+2.85%), 12/15/2037\* | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 673734 |
| &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; 1248817 |
| &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; 78591 | &nbsp;&nbsp;&nbsp;&nbsp; 72631 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-P1, Class A5<br> 3.72%, 09/15/2048 | &nbsp;&nbsp; 1029000 | &nbsp;&nbsp;&nbsp;&nbsp; 1023026 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GC29, Class XA<br> 0.95%, 04/10/2048(1)(6) | &nbsp;&nbsp; 693550 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &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; 220633 | &nbsp;&nbsp;&nbsp;&nbsp; 214633 |
| &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; 333142 | &nbsp;&nbsp;&nbsp;&nbsp; 278271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A1<br> 0.96%, 09/27/2066\*(1) | &nbsp;&nbsp; 591738 | &nbsp;&nbsp;&nbsp;&nbsp; 487663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5, Class A1<br> 4.55%, 04/25/2067\*(1) | &nbsp;&nbsp; 717053 | &nbsp;&nbsp;&nbsp;&nbsp; 713438 |
| &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; 174135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-300P, Class A1<br> 4.35%, 08/10/2030\* | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 678140 |
| &nbsp;&nbsp;&nbsp;Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HC, Class D<br> 3.90%, 01/10/2039\*(1) | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 169952 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01, Class 1M2<br> 6.14%, (SOFR30A+1.80%), 01/25/2044\* | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02, Class 1M2<br> 6.14%, (SOFR30A+1.80%), 02/25/2044\* | &nbsp;&nbsp; 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 146211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HRP1, Class M2<br> 6.60%, (SOFR30A+2.26%), 11/25/2039\* | &nbsp;&nbsp; 20643 | &nbsp;&nbsp;&nbsp;&nbsp; 20686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B1<br> 7.44%, (SOFR30A+3.10%), 10/25/2041\* | &nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp;&nbsp; 134186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1B1<br> 7.49%, (SOFR30A+3.15%), 12/25/2041\* | &nbsp;&nbsp; 311000 | &nbsp;&nbsp;&nbsp;&nbsp; 318054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C07, Class 2M2<br> 8.80%, (SOFR30A+4.46%), 05/25/2029 | &nbsp;&nbsp; 206244 | &nbsp;&nbsp;&nbsp;&nbsp; 214286 |
| &nbsp;&nbsp;&nbsp;CSAIL Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C17, Class A2<br> 3.00%, 09/15/2052 | &nbsp;&nbsp; 4025 | &nbsp;&nbsp;&nbsp;&nbsp; 3933 |
| &nbsp;&nbsp;&nbsp;CSAIL Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C2, Class XA<br> 0.64%, 06/15/2057(1)(6) | &nbsp;&nbsp; 3737672 | &nbsp;&nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C6, Class XA<br> 1.85%, 01/15/2049(1)(6) | &nbsp;&nbsp; 1642318 | &nbsp;&nbsp;&nbsp;&nbsp; 15115 |

---

---

| | | |
|:---|:---|:---|
| **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;CSMC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM5, Class A1<br> 0.94%, 05/25/2066\*(1) | $311113 | &nbsp;&nbsp;$259001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 1.18%, 02/25/2066\*(1) | &nbsp;&nbsp; 429478 | &nbsp;&nbsp;&nbsp;&nbsp; 385339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM8, Class A1<br> 1.84%, 10/25/2066\*(1) | &nbsp;&nbsp; 382638 | &nbsp;&nbsp;&nbsp;&nbsp; 344246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-FHA1, Class A1<br> 3.25%, 04/25/2047\*(1) | &nbsp;&nbsp; 273231 | &nbsp;&nbsp;&nbsp;&nbsp; 246530 |
| &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; 1508334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4, Class A1<br> 4.10%, 12/27/2060\*(1) | &nbsp;&nbsp; 229361 | &nbsp;&nbsp;&nbsp;&nbsp; 228578 |
| &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; 1582034 |
| &nbsp;&nbsp;&nbsp;DBJPM Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-C9, Class XA<br> 1.72%, 09/15/2053(1)(6) | &nbsp;&nbsp; 873606 | &nbsp;&nbsp;&nbsp;&nbsp; 39673 |
| &nbsp;&nbsp;&nbsp;DC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HLTN, Class A<br> 5.73%, 04/13/2040\*(1) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HLTN, Class C<br> 7.04%, 04/13/2040\*(1) | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76561 |
| &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; 132561 | &nbsp;&nbsp;&nbsp;&nbsp; 117201 |
| &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; 150157 | &nbsp;&nbsp;&nbsp;&nbsp; 123452 |
| &nbsp;&nbsp;&nbsp;GCAT Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 1.04%, 05/25/2066\*(1) | &nbsp;&nbsp; 296067 | &nbsp;&nbsp;&nbsp;&nbsp; 251940 |
| &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; 1250477 | &nbsp;&nbsp;&nbsp;&nbsp; 1068372 |
| &nbsp;&nbsp;&nbsp;GS Mtg. Securities Corp. II VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70P, Class B<br> 5.32%, 03/10/2041\*(1) | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 488127 |
| &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; 1207228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GS1, Class A3<br> 3.73%, 11/10/2048 | &nbsp;&nbsp; 1307000 | &nbsp;&nbsp;&nbsp;&nbsp; 1293277 |
| &nbsp;&nbsp;&nbsp;GS Mtg. Securities Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GC45, Class XA<br> 0.62%, 02/13/2053(1)(6) | &nbsp;&nbsp; 4703564 | &nbsp;&nbsp;&nbsp;&nbsp; 111561 |
| &nbsp;&nbsp;&nbsp;IRV Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-200P, Class B<br> 5.44%, 03/14/2047\*(1) | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 343573 |
| &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 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072868 |
| &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\*(5) | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 271609 |
| &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; 1324544 |
| &nbsp;&nbsp;&nbsp;Legacy Mtg. Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS2, Class A1<br> 4.75%, 04/25/2061\*(4) | &nbsp;&nbsp; 209377 | &nbsp;&nbsp;&nbsp;&nbsp; 209142 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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 2021-GS3, Class A1<br> 4.75%, 07/25/2061\*(4) | $296092 | &nbsp;&nbsp;$295255 |
| &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; 97740 | &nbsp;&nbsp;&nbsp;&nbsp; 92836 |
| &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; 29335 | &nbsp;&nbsp;&nbsp;&nbsp; 27543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 1.03%, 11/25/2064\*(1) | &nbsp;&nbsp; 206932 | &nbsp;&nbsp;&nbsp;&nbsp; 180167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1<br> 1.15%, 04/25/2065\*(1) | &nbsp;&nbsp; 133726 | &nbsp;&nbsp;&nbsp;&nbsp; 124467 |
| &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; 365597 | &nbsp;&nbsp;&nbsp;&nbsp; 354978 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-H1, Class XA<br> 1.30%, 06/15/2050(1)(6) | &nbsp;&nbsp; 1387767 | &nbsp;&nbsp;&nbsp;&nbsp; 25417 |
| &nbsp;&nbsp;&nbsp;New Residential Mtg. Loan Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5A, Class A1<br> 5.93%, (TSFR1M+1.61%), 06/25/2057\* | &nbsp;&nbsp; 233963 | &nbsp;&nbsp;&nbsp;&nbsp; 236564 |
| &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; 93831 | &nbsp;&nbsp;&nbsp;&nbsp; 89175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM4, Class A1<br> 2.49%, 09/25/2059\*(1) | &nbsp;&nbsp; 58673 | &nbsp;&nbsp;&nbsp;&nbsp; 55705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-5A, Class A1B<br> 3.50%, 08/25/2059\*(1) | &nbsp;&nbsp; 222335 | &nbsp;&nbsp;&nbsp;&nbsp; 210041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-2A, Class A1<br> 3.75%, 11/26/2035\*(1) | &nbsp;&nbsp; 254578 | &nbsp;&nbsp;&nbsp;&nbsp; 245012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1<br> 3.75%, 11/25/2056\*(1) | &nbsp;&nbsp; 247945 | &nbsp;&nbsp;&nbsp;&nbsp; 236265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A, Class A1<br> 4.00%, 05/25/2057\*(1) | &nbsp;&nbsp; 275515 | &nbsp;&nbsp;&nbsp;&nbsp; 263555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-5A, Class A1<br> 4.75%, 12/25/2057\*(1) | &nbsp;&nbsp; 194724 | &nbsp;&nbsp;&nbsp;&nbsp; 193125 |
| &nbsp;&nbsp;&nbsp;NJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-WBRK, Class A<br> 5.87%, 03/05/2035\* | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 682407 |
| &nbsp;&nbsp;&nbsp;NJ VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-WBRK, Class B<br> 6.28%, 03/05/2035\*(1) | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 560785 |
| &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) | &nbsp;&nbsp; 615534 | &nbsp;&nbsp;&nbsp;&nbsp; 531507 |
| &nbsp;&nbsp;&nbsp;NY Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-299P, Class B<br> 5.53%, 02/10/2047\*(1) | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127423 |
| &nbsp;&nbsp;&nbsp;NYC Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3BP, Class B<br> 6.01%, (TSFR1M+1.69%), 02/15/2042\* | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 584641 |
| &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; 231208 | &nbsp;&nbsp;&nbsp;&nbsp; 232282 |
| &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; 864790 | &nbsp;&nbsp;&nbsp;&nbsp; 700167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1<br> 1.07%, 02/25/2066\*(1) | &nbsp;&nbsp; 406262 | &nbsp;&nbsp;&nbsp;&nbsp; 347799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 1.10%, 05/25/2061\*(1) | &nbsp;&nbsp; 486736 | &nbsp;&nbsp;&nbsp;&nbsp; 395731 |

---

---

| | | |
|:---|:---|:---|
| **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-NQM4, Class A1<br> 1.96%, 10/25/2061\*(1) | $181023 | &nbsp;&nbsp;$150645 |
| &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; 598184 |
| &nbsp;&nbsp;&nbsp;PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5, Class A1<br> 4.79%, 06/25/2026\*(4) | &nbsp;&nbsp; 378443 | &nbsp;&nbsp;&nbsp;&nbsp; 377720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A1<br> 4.87%, 04/25/2026\*(4) | &nbsp;&nbsp; 365513 | &nbsp;&nbsp;&nbsp;&nbsp; 365573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-6, Class A1<br> 5.70%, 11/25/2029\*(4) | &nbsp;&nbsp; 106557 | &nbsp;&nbsp;&nbsp;&nbsp; 106390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-6, Class A1<br> 6.36%, 11/25/2025\*(4) | &nbsp;&nbsp; 90965 | &nbsp;&nbsp;&nbsp;&nbsp; 91091 |
| &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; 637130 | &nbsp;&nbsp;&nbsp;&nbsp; 641702 |
| &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; 510968 |
| &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; 1225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1169875 |
| &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; 21637 | &nbsp;&nbsp;&nbsp;&nbsp; 19745 |
| &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; 265865 | &nbsp;&nbsp;&nbsp;&nbsp; 247134 |
| &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; 92279 | &nbsp;&nbsp;&nbsp;&nbsp; 85858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6, Class A1<br> 1.92%, 11/25/2066\*(1) | &nbsp;&nbsp; 575154 | &nbsp;&nbsp;&nbsp;&nbsp; 498390 |
| &nbsp;&nbsp;&nbsp;TEXAS Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-TWR, Class B<br> 5.90%, (TSFR1M+1.59%), 04/15/2042\* | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 234560 |
| &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; 390504 | &nbsp;&nbsp;&nbsp;&nbsp; 373814 |
| &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; 1028404 | &nbsp;&nbsp;&nbsp;&nbsp; 887608 |
| &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; 838518 | &nbsp;&nbsp;&nbsp;&nbsp; 748926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A1<br> 4.13%, 02/25/2067\*(4) | &nbsp;&nbsp; 325235 | &nbsp;&nbsp;&nbsp;&nbsp; 307382 |
| &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; 176193 | &nbsp;&nbsp;&nbsp;&nbsp; 162364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A1<br> 0.94%, 07/25/2066\*(1) | &nbsp;&nbsp; 265958 | &nbsp;&nbsp;&nbsp;&nbsp; 219547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A1<br> 1.03%, 02/25/2066\*(1) | &nbsp;&nbsp; 148886 | &nbsp;&nbsp;&nbsp;&nbsp; 131983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8, Class A1<br> 1.82%, 11/25/2066\*(1) | &nbsp;&nbsp; 385141 | &nbsp;&nbsp;&nbsp;&nbsp; 349990 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-NXS1, Class XA<br> 0.78%, 05/15/2048(1)(6) | &nbsp;&nbsp; 765613 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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 2015-NXS3, Class XA<br> 0.86%, 09/15/2057(1)(6) | $4939503 | &nbsp;&nbsp;$7028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-NXS1, Class D<br> 4.01%, 05/15/2048(1)(5) | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 72214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42746955 |
| **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> 0.59%, 03/25/2027(1)(6) | &nbsp;&nbsp; 4549814 | &nbsp;&nbsp;&nbsp;&nbsp; 44178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K124, Class X1<br> 0.72%, 12/25/2030(1)(6) | &nbsp;&nbsp; 3462905 | &nbsp;&nbsp;&nbsp;&nbsp; 116283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K122, Class X1<br> 0.87%, 11/25/2030(1)(6) | &nbsp;&nbsp; 874825 | &nbsp;&nbsp;&nbsp;&nbsp; 34688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K121, Class X1<br> 1.02%, 10/25/2030(1)(6) | &nbsp;&nbsp; 1593818 | &nbsp;&nbsp;&nbsp;&nbsp; 71109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K104, Class X1<br> 1.11%, 01/25/2030(1)(6) | &nbsp;&nbsp; 2398096 | &nbsp;&nbsp;&nbsp;&nbsp; 104712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K114, Class X1<br> 1.11%, 06/25/2030(1)(6) | &nbsp;&nbsp; 2872747 | &nbsp;&nbsp;&nbsp;&nbsp; 138515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K111, Class X1<br> 1.57%, 05/25/2030(1)(6) | &nbsp;&nbsp; 1110028 | &nbsp;&nbsp;&nbsp;&nbsp; 72966 |
| &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; 656129 | &nbsp;&nbsp;&nbsp;&nbsp; 522021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4961, Class JB<br> 2.50%, 12/15/2042 | &nbsp;&nbsp; 285120 | &nbsp;&nbsp;&nbsp;&nbsp; 259556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3883, Class PB<br> 3.00%, 05/15/2041 | &nbsp;&nbsp; 84752 | &nbsp;&nbsp;&nbsp;&nbsp; 80925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4740, Class BA<br> 3.00%, 09/15/2045 | &nbsp;&nbsp; 25257 | &nbsp;&nbsp;&nbsp;&nbsp; 24762 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class MA<br> 2.50%, 08/25/2059 | &nbsp;&nbsp; 244631 | &nbsp;&nbsp;&nbsp;&nbsp; 223163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class MV<br> 3.50%, 10/25/2058 | &nbsp;&nbsp; 195246 | &nbsp;&nbsp;&nbsp;&nbsp; 181227 |
| &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> 5.99%, (SOFR30A+1.65%), 01/25/2034\* | &nbsp;&nbsp; 50379 | &nbsp;&nbsp;&nbsp;&nbsp; 50474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1B<br> 7.24%, (SOFR30A+2.90%), 04/25/2042\* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 318685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA3, Class B1<br> 7.69%, (SOFR30A+3.35%), 09/25/2041\* | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 861376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M1B<br> 7.69%, (SOFR30A+3.35%), 05/25/2042\* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 456902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class B1<br> 7.74%, (SOFR30A+3.40%), 10/25/2041\* | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 353340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA1, Class M1B<br> 7.84%, (SOFR30A+3.50%), 05/25/2043\* | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 891218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1B<br> 7.89%, (SOFR30A+3.55%), 08/25/2042\* | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 140882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class B1<br> 7.99%, (SOFR30A+3.65%), 11/25/2041\* | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 337872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA2, Class M1B<br> 8.34%, (SOFR30A+4.00%), 07/25/2042\* | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 353129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1B<br> 8.84%, (SOFR30A+4.50%), 06/25/2042\* | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 568106 |

---

---

| | | |
|:---|:---|:---|
| **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;Federal National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-77, Class BP<br> 1.70%, 06/25/2043 | $15724 | &nbsp;&nbsp;$15613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-21, Class PQ<br> 2.00%, 09/25/2041 | &nbsp;&nbsp; 46565 | &nbsp;&nbsp;&nbsp;&nbsp; 43824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-18, Class GA<br> 2.00%, 12/25/2041 | &nbsp;&nbsp; 86953 | &nbsp;&nbsp;&nbsp;&nbsp; 81067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-48, Class QB<br> 3.00%, 02/25/2043 | &nbsp;&nbsp; 81089 | &nbsp;&nbsp;&nbsp;&nbsp; 79278 |
| &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; 452188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-27, Class EA<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 236432 | &nbsp;&nbsp;&nbsp;&nbsp; 210240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-35, Class CD<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 148755 | &nbsp;&nbsp;&nbsp;&nbsp; 130144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-45, Class PT<br> 3.00%, 08/25/2049 | &nbsp;&nbsp; 191741 | &nbsp;&nbsp;&nbsp;&nbsp; 173257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-52, Class PA<br> 3.50%, 05/25/2042 | &nbsp;&nbsp; 72831 | &nbsp;&nbsp;&nbsp;&nbsp; 69886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-23, Class LA<br> 3.50%, 04/25/2048 | &nbsp;&nbsp; 203487 | &nbsp;&nbsp;&nbsp;&nbsp; 192094 |
| &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; 1168107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8821787 |
| **Total Collateralized Mortgage Obligations<br> (cost $55,367,978)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51568742 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 75.2%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 75.2%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 75.2%** |
| **U.S. Government — 44.4%** | **U.S. Government — 44.4%** | **U.S. Government — 44.4%** |
| &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; 1276937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/15/2050 | &nbsp;&nbsp; 8004000 | &nbsp;&nbsp;&nbsp;&nbsp; 3974174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2040(7) | &nbsp;&nbsp; 2996000 | &nbsp;&nbsp;&nbsp;&nbsp; 1946932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/15/2050 | &nbsp;&nbsp; 3256000 | &nbsp;&nbsp;&nbsp;&nbsp; 1659161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/15/2041 | &nbsp;&nbsp; 1543000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2041 to 11/15/2051 | &nbsp;&nbsp; 2054000 | &nbsp;&nbsp;&nbsp;&nbsp; 1353776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/15/2051 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1012430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 05/15/2041 to 08/15/2046 | &nbsp;&nbsp; 4021000 | &nbsp;&nbsp;&nbsp;&nbsp; 2735594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 to 05/15/2051 | &nbsp;&nbsp;11592000 | &nbsp;&nbsp;&nbsp;&nbsp; 7735853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2046 to 05/15/2046 | &nbsp;&nbsp; 6532000 | &nbsp;&nbsp;&nbsp;&nbsp; 4642167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/2042 to 08/15/2047 | &nbsp;&nbsp; 981000 | &nbsp;&nbsp;&nbsp;&nbsp; 736587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2043 to 05/15/2049 | &nbsp;&nbsp; 4079000 | &nbsp;&nbsp;&nbsp;&nbsp; 3088680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/15/2042 to 02/15/2049 | &nbsp;&nbsp; 8609000 | &nbsp;&nbsp;&nbsp;&nbsp; 6664201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052(7)(8) | &nbsp;&nbsp;11421000 | &nbsp;&nbsp;&nbsp;&nbsp; 8504630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 to 05/15/2048 | &nbsp;&nbsp; 2826000 | &nbsp;&nbsp;&nbsp;&nbsp; 2271810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2044 to 11/15/2048 | &nbsp;&nbsp; 1656000 | &nbsp;&nbsp;&nbsp;&nbsp; 1369804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2043 to 02/15/2044 | &nbsp;&nbsp; 1311000 | &nbsp;&nbsp;&nbsp;&nbsp; 1148770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2053(8) | &nbsp;&nbsp; 2090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1760498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2044 | &nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1283519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2053(8) | &nbsp;&nbsp; 1153000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2054 to 08/15/2054 | &nbsp;&nbsp; 5804000 | &nbsp;&nbsp;&nbsp;&nbsp; 5471417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/15/2039 to 05/15/2040 | &nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp;&nbsp; 2022438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2036 to 11/15/2054 | &nbsp;&nbsp; 3231000 | &nbsp;&nbsp;&nbsp;&nbsp; 3291980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/15/2044 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 225729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2037 to 11/15/2053 | &nbsp;&nbsp; 4852000 | &nbsp;&nbsp;&nbsp;&nbsp; 5026014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2028 to 02/15/2029 | &nbsp;&nbsp; 5086000 | &nbsp;&nbsp;&nbsp;&nbsp; 5325049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2031 | &nbsp;&nbsp; 1289000 | &nbsp;&nbsp;&nbsp;&nbsp; 1379784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/15/2027 | &nbsp;&nbsp; 394000 | &nbsp;&nbsp;&nbsp;&nbsp; 416440 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(9) | &nbsp;&nbsp; 2464543 | &nbsp;&nbsp;&nbsp;&nbsp; 1503659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(9) | &nbsp;&nbsp; 1056786 | &nbsp;&nbsp;&nbsp;&nbsp; 812427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 to 02/15/2045(9) | &nbsp;&nbsp; 5002218 | &nbsp;&nbsp;&nbsp;&nbsp; 3941393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046(9) | &nbsp;&nbsp; 609891 | &nbsp;&nbsp;&nbsp;&nbsp; 480889 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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 (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(9) | $1826098 | &nbsp;&nbsp;$1589273 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 09/30/2025 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 167688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%, 07/31/2027 to 09/30/2027 | &nbsp;&nbsp;14267000 | &nbsp;&nbsp;&nbsp;&nbsp; 13097077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 02/28/2026 to 10/31/2027 | &nbsp;&nbsp;12218000 | &nbsp;&nbsp;&nbsp;&nbsp; 11387803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 07/31/2026 to 08/15/2030 | &nbsp;&nbsp;18142000 | &nbsp;&nbsp;&nbsp;&nbsp; 15999350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 05/31/2026 to 01/31/2028 | &nbsp;&nbsp;10426000 | &nbsp;&nbsp;&nbsp;&nbsp; 9840534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 06/30/2026 to 11/15/2030 | &nbsp;&nbsp; 6504000 | &nbsp;&nbsp;&nbsp;&nbsp; 5903361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 02/29/2028 to 02/15/2031 | &nbsp;&nbsp; 6112000 | &nbsp;&nbsp;&nbsp;&nbsp; 5436391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/31/2026 to 08/15/2031 | &nbsp;&nbsp;12433000 | &nbsp;&nbsp;&nbsp;&nbsp; 11325797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2031 | &nbsp;&nbsp; 2820000 | &nbsp;&nbsp;&nbsp;&nbsp; 2381578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 08/15/2026 to 02/15/2030 | &nbsp;&nbsp; 4472000 | &nbsp;&nbsp;&nbsp;&nbsp; 4316829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 02/15/2026 to 05/15/2031 | &nbsp;&nbsp;16917000 | &nbsp;&nbsp;&nbsp;&nbsp; 15500061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 11/15/2029 | &nbsp;&nbsp; 2813000 | &nbsp;&nbsp;&nbsp;&nbsp; 2557742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/31/2026 to 02/28/2027 | &nbsp;&nbsp; 2317000 | &nbsp;&nbsp;&nbsp;&nbsp; 2241599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2026 | &nbsp;&nbsp; 4449000 | &nbsp;&nbsp;&nbsp;&nbsp; 4314140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/15/2025 to 11/15/2027 | &nbsp;&nbsp; 9518000 | &nbsp;&nbsp;&nbsp;&nbsp; 9200645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2027 to 05/15/2029 | &nbsp;&nbsp; 4144000 | &nbsp;&nbsp;&nbsp;&nbsp; 3932954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 02/15/2029 to 07/31/2029 | &nbsp;&nbsp;15966000 | &nbsp;&nbsp;&nbsp;&nbsp; 15174256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/31/2027 to 08/15/2032 | &nbsp;&nbsp; 6698000 | &nbsp;&nbsp;&nbsp;&nbsp; 6283459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2028 to 05/15/2032 | &nbsp;&nbsp; 6487000 | &nbsp;&nbsp;&nbsp;&nbsp; 6144395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 07/15/2025 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 697357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2026 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1986719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/31/2028 | &nbsp;&nbsp; 3565000 | &nbsp;&nbsp;&nbsp;&nbsp; 3535756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2033 to 08/15/2034 | &nbsp;&nbsp; 5586000 | &nbsp;&nbsp;&nbsp;&nbsp; 5471078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2027 to 12/15/2027 | &nbsp;&nbsp; 5405000 | &nbsp;&nbsp;&nbsp;&nbsp; 5417225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034(8) | &nbsp;&nbsp; 4915000 | &nbsp;&nbsp;&nbsp;&nbsp; 4848187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/30/2031 to 11/15/2032 | &nbsp;&nbsp; 6741000 | &nbsp;&nbsp;&nbsp;&nbsp; 6755684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/30/2029 to 11/15/2034 | &nbsp;&nbsp; 6600000 | &nbsp;&nbsp;&nbsp;&nbsp; 6623487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/31/2028 to 05/15/2034 | &nbsp;&nbsp; 6486000 | &nbsp;&nbsp;&nbsp;&nbsp; 6576360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2027 to 11/15/2033 | &nbsp;&nbsp; 5462000 | &nbsp;&nbsp;&nbsp;&nbsp; 5586561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/30/2029 to 04/30/2031 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1028691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/30/2026 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 504277 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(9) | &nbsp;&nbsp; 3430324 | &nbsp;&nbsp;&nbsp;&nbsp; 3424389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;284421600 |
| **U.S. Government Agency — 30.8%** | **U.S. Government Agency — 30.8%** | **U.S. Government Agency — 30.8%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/01/2037 | &nbsp;&nbsp; 872136 | &nbsp;&nbsp;&nbsp;&nbsp; 765315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2036 to 08/01/2052 | &nbsp;&nbsp; 6286353 | &nbsp;&nbsp;&nbsp;&nbsp; 5126803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2028 to 09/01/2051 | &nbsp;&nbsp; 873678 | &nbsp;&nbsp;&nbsp;&nbsp; 774234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2027 to 08/01/2046 | &nbsp;&nbsp; 1377698 | &nbsp;&nbsp;&nbsp;&nbsp; 1236965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2041 to 02/01/2052 | &nbsp;&nbsp; 1315548 | &nbsp;&nbsp;&nbsp;&nbsp; 1207089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 to 01/01/2050 | &nbsp;&nbsp; 820445 | &nbsp;&nbsp;&nbsp;&nbsp; 777442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2045 to 06/01/2052 | &nbsp;&nbsp; 973789 | &nbsp;&nbsp;&nbsp;&nbsp; 942915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2031 to 01/01/2053 | &nbsp;&nbsp; 874134 | &nbsp;&nbsp;&nbsp;&nbsp; 861431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2036 to 11/01/2054 | &nbsp;&nbsp; 7753185 | &nbsp;&nbsp;&nbsp;&nbsp; 7747211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2040 to 01/01/2053 | &nbsp;&nbsp; 386874 | &nbsp;&nbsp;&nbsp;&nbsp; 393124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/15/2032 | &nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 232566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 113786 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, (RFUCCT6M+1.49%), 02/01/2037 | &nbsp;&nbsp; 3836 | &nbsp;&nbsp;&nbsp;&nbsp; 3888 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2050 | &nbsp;&nbsp; 1347130 | &nbsp;&nbsp;&nbsp;&nbsp; 1020135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 09/24/2026 | &nbsp;&nbsp; 837000 | &nbsp;&nbsp;&nbsp;&nbsp; 811694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2035 to 05/01/2052 | &nbsp;&nbsp;24267331 | &nbsp;&nbsp;&nbsp;&nbsp; 19462872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2028 to 04/01/2052 | &nbsp;&nbsp; 9562541 | &nbsp;&nbsp;&nbsp;&nbsp; 8142050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2027 to 03/01/2050 | &nbsp;&nbsp; 2535417 | &nbsp;&nbsp;&nbsp;&nbsp; 2308380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2026 to 02/01/2052 | &nbsp;&nbsp; 3542626 | &nbsp;&nbsp;&nbsp;&nbsp; 3254201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2040 to 03/01/2049 | &nbsp;&nbsp; 1816076 | &nbsp;&nbsp;&nbsp;&nbsp; 1723437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2048 to 12/01/2048 | &nbsp;&nbsp; 449028 | &nbsp;&nbsp;&nbsp;&nbsp; 436560 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2040 to 11/01/2054 |  | $1522838 | &nbsp;&nbsp;$1497139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2037 to 01/01/2054 |  | &nbsp;&nbsp; 1333780 | &nbsp;&nbsp;&nbsp;&nbsp; 1334930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2038 to 11/01/2053 |  | &nbsp;&nbsp; 1332367 | &nbsp;&nbsp;&nbsp;&nbsp; 1354688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2037 to 07/01/2054 |  | &nbsp;&nbsp; 917867 | &nbsp;&nbsp;&nbsp;&nbsp; 946645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 11/15/2030 |  | &nbsp;&nbsp; 871000 | &nbsp;&nbsp;&nbsp;&nbsp; 981797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/15/2030 |  | &nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp;&nbsp; 2591044 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. FRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87%, (RFUCCT1Y+1.83%), 10/01/2040 |  | &nbsp;&nbsp; 25892 | &nbsp;&nbsp;&nbsp;&nbsp; 26766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.94%, (RFUCCT1Y+1.57%), 05/01/2037 |  | &nbsp;&nbsp; 6175 | &nbsp;&nbsp;&nbsp;&nbsp; 6377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.24%, (H15T1Y+2.27%), 11/01/2036 |  | &nbsp;&nbsp; 16368 | &nbsp;&nbsp;&nbsp;&nbsp; 16963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.33%, (RFUCCT1Y+1.82%), 10/01/2040 |  | &nbsp;&nbsp; 6516 | &nbsp;&nbsp;&nbsp;&nbsp; 6751 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/20/2050 |  | &nbsp;&nbsp; 1215609 | &nbsp;&nbsp;&nbsp;&nbsp; 994663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, April 30 TBA |  | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3679662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/20/2051 |  | &nbsp;&nbsp; 909328 | &nbsp;&nbsp;&nbsp;&nbsp; 775982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2045 to 03/20/2052 |  | &nbsp;&nbsp; 958522 | &nbsp;&nbsp;&nbsp;&nbsp; 856936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, April 30 TBA |  | &nbsp;&nbsp;20300000 | &nbsp;&nbsp;&nbsp;&nbsp; 17978200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/20/2045 to 07/20/2045 |  | &nbsp;&nbsp; 111007 | &nbsp;&nbsp;&nbsp;&nbsp; 103118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, April 30 TBA |  | &nbsp;&nbsp;14300000 | &nbsp;&nbsp;&nbsp;&nbsp; 13083450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/2039 to 05/20/2048 |  | &nbsp;&nbsp; 509815 | &nbsp;&nbsp;&nbsp;&nbsp; 487055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2033 to 04/20/2047 |  | &nbsp;&nbsp; 237388 | &nbsp;&nbsp;&nbsp;&nbsp; 232498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, April 30 TBA |  | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp;&nbsp; 6523750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2033 to 08/15/2038 |  | &nbsp;&nbsp; 162567 | &nbsp;&nbsp;&nbsp;&nbsp; 164156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/2032 to 05/20/2053 |  | &nbsp;&nbsp; 1157011 | &nbsp;&nbsp;&nbsp;&nbsp; 1164532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2028 to 12/15/2036 |  | &nbsp;&nbsp; 345833 | &nbsp;&nbsp;&nbsp;&nbsp; 356805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/15/2031 to 12/15/2031 |  | &nbsp;&nbsp; 3760 | &nbsp;&nbsp;&nbsp;&nbsp; 3822 |
| &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; 472293 |
| &nbsp;&nbsp;&nbsp;Uniform Mtg. Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, April 30 TBA |  | &nbsp;&nbsp;18800000 | &nbsp;&nbsp;&nbsp;&nbsp; 14938059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, April 30 TBA |  | &nbsp;&nbsp; 7600000 | &nbsp;&nbsp;&nbsp;&nbsp; 6318912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, April 30 TBA |  | &nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13865010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, April 30 TBA |  | &nbsp;&nbsp;12300000 | &nbsp;&nbsp;&nbsp;&nbsp; 11092160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, April 30 TBA |  | &nbsp;&nbsp;10300000 | &nbsp;&nbsp;&nbsp;&nbsp; 9596636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, April 30 TBA |  | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1243408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, April 30 TBA |  | &nbsp;&nbsp; 5335000 | &nbsp;&nbsp;&nbsp;&nbsp; 5327908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, April 30 TBA |  | &nbsp;&nbsp;21995000 | &nbsp;&nbsp;&nbsp;&nbsp; 22339045 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;197703258 |
| **Total U.S. Government & Agency Obligations<br> (cost $510,769,146)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;482124858 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 2.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 2.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 2.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 2.2%** |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/22/2033\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199682 |
| **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; 124710 |
| **Sovereign — 2.1%** | **Sovereign — 2.1%** | **Sovereign — 2.1%** | **Sovereign — 2.1%** |
| &nbsp;&nbsp;&nbsp;Dominican Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/25/2027 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200540 |
| &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; 183801 |
| &nbsp;&nbsp;&nbsp;Federative Republic of Brazil |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 01/01/2031 | &nbsp;&nbsp;BRL | &nbsp;&nbsp; 8722000 | &nbsp;&nbsp;&nbsp;&nbsp; 1293088 |
| &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; 173740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/2032\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196300 |
| &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; 101072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/13/2036 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 273964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/05/2037 |  | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 116031 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** |
| &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;$312356 |
| &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; 420624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/14/2041 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 812034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/24/2035\* |  | $322000 | &nbsp;&nbsp;&nbsp;&nbsp; 291007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/30/2029\* |  | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 328606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 01/17/2033 |  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/10/2037\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203382 |
| &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; 184758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 02/02/2061 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 123960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/18/2053 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 171520 |
| &nbsp;&nbsp;&nbsp;Republic of Azerbaijan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2032 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 175126 |
| &nbsp;&nbsp;&nbsp;Republic of Chile |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 01/22/2051 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 144345 |
| &nbsp;&nbsp;&nbsp;Republic of Colombia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 11/07/2036 |  | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 208726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/07/2054 |  | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 434184 |
| &nbsp;&nbsp;&nbsp;Republic of Costa Rica |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 04/03/2034\* |  | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 250880 |
| &nbsp;&nbsp;&nbsp;Republic of Hungary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 04/28/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 873158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/16/2029 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/26/2036\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 05/22/2028\* |  | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 446561 |
| &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; 528746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/10/2034 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 192841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/10/2054 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 182099 |
| &nbsp;&nbsp;&nbsp;Republic of Ivory Coast |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.08%, 04/01/2036\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191706 |
| &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; 193692 |
| &nbsp;&nbsp;&nbsp;Republic of Panama |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 02/14/2035 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 187340 |
| &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; 107863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/08/2054 |  | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 169236 |
| &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; 224694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/05/2030 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197181 |
| &nbsp;&nbsp;&nbsp;Republic of Serbia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/12/2034 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197811 |
| &nbsp;&nbsp;&nbsp;Republic of South Africa |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10%, 11/19/2036\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193840 |
| &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; 195432 |
| &nbsp;&nbsp;&nbsp;Republic of Uruguay |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/23/2031 |  | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 378171 |
| &nbsp;&nbsp;&nbsp;Republic of Uzbekistan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 02/28/2032 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198000 |
| &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; 197249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/16/2050 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 171411 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/13/2030 |  | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 270093 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/13/2037 | $690000 | &nbsp;&nbsp;$706284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/13/2055 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 408600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13555369 |
| **Total Foreign Government Obligations<br> (cost $15,664,717)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13879761 |
| **MUNICIPAL SECURITIES — 0.4%** | **MUNICIPAL SECURITIES — 0.4%** | **MUNICIPAL SECURITIES — 0.4%** |
| &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; 315673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32%, 11/01/2029 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 235518 |
| &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; 1345348 |
| &nbsp;&nbsp;&nbsp;State Board of Administration Finance Corp.<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%, 07/01/2025 | &nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 917391 |
| **Total Municipal Securities<br> (cost $2,908,510)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813930 |
| **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. †(5)<br> (cost $587) | &nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Long-Term Investment Securities<br> (cost $790,614,148)** |  | &nbsp;&nbsp;&nbsp;&nbsp;751428626 |
| **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 Liquid Reserves Fund, Premier Class<br> 4.28%(10)<br> (cost $2,281,587) | &nbsp;&nbsp; 2281587 | &nbsp;&nbsp;&nbsp;&nbsp; 2281587 |
| **REPURCHASE AGREEMENTS — 1.0%** | **REPURCHASE AGREEMENTS — 1.0%** | **REPURCHASE AGREEMENTS — 1.0%** |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(11) | &nbsp;&nbsp; 1435000 | &nbsp;&nbsp;&nbsp;&nbsp; 1435000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(11) | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(11) | &nbsp;&nbsp; 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1190000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(11) | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1430000 |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(11) | &nbsp;&nbsp; 1430000 | &nbsp;&nbsp;&nbsp;&nbsp; 1430000 |
| **Total Repurchase Agreements<br> (cost $6,675,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675000 |
| **TOTAL INVESTMENTS<br> (cost $799,570,735)(12)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118.5% | &nbsp;&nbsp;&nbsp;&nbsp;760385213 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.5) | &nbsp;&nbsp;&nbsp;&nbsp;(118842365) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$641542848 |

---

---

| | |
|:---|:---|
| \* | &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 March 31, 2025, the aggregate value of these securities was $103,384,702 representing 16.1% 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. |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

(2) PIK ("Payment-in-Kind") security -- Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the
coupon rate listed.

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

(4) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2025.

(5) Securities classified as Level 3 (see Note 2).

(6) Interest Only

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

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

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

(10) The rate shown is the 7-day yield as of March 31, 2025.

(11) See Note 2 for details of Joint Repurchase Agreements.

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

CLO—Collateralized Loan Obligation <br> DAC—Designated Activity Company <br> 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 |
| 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 |

---

BRL—Brazilian Real <br> EUR—Euro Currency

The rates shown on FRS and/or VRS are the current interest rates at March 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | $9028 | $124926 | $133954 |
| Centrally Cleared | 2225000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.970 | 12-Month SOFR | Annual | Annual | Mar 2053 | &nbsp;&nbsp;&nbsp; 3502 | &nbsp;&nbsp;&nbsp; 321406 | &nbsp;&nbsp;&nbsp; 324908 |
| Centrally Cleared | 1380000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.250 | 12-Month SOFR | Annual | Annual | Jun 2053 | &nbsp;&nbsp;&nbsp;(14216) | &nbsp;&nbsp;&nbsp; 149770 | &nbsp;&nbsp;&nbsp; 135554 |
| Centrally Cleared | 1530000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.590 | 12-Month SOFR | Annual | Annual | Sep 2053 | &nbsp;&nbsp;&nbsp; 6239 | &nbsp;&nbsp;&nbsp; 54251 | &nbsp;&nbsp;&nbsp; 60490 |
| Centrally Cleared | 5995000 | &nbsp;&nbsp;&nbsp;USD | Fixed 4.160 | 12-Month SOFR | Annual | Annual | Mar 2045 | &nbsp;&nbsp;&nbsp;(11894) | &nbsp;&nbsp;&nbsp;(202657) | &nbsp;&nbsp;&nbsp;(214551) |
|  |  |  |  |  |  |  |  | $(7341) | $447696 | $440355 |

---

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** |
| 182 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Australian 10 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$12743853 | &nbsp;&nbsp;&nbsp;&nbsp;$12811958 | &nbsp;&nbsp;&nbsp;&nbsp;$68105 |
| 10 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro Buxl 30 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1316000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26442 |
| 59 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BUND | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8271035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8218926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52109 |
| 73 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8942200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8924250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17950 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$164606 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 106 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Canada 10 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$9073993 | &nbsp;&nbsp;&nbsp;&nbsp;$9144852 | &nbsp;&nbsp;&nbsp;&nbsp;$(70859) |
| 15 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-OAT | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1984258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1989970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5712) |
| 178 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19645299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19796937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (151638) |
| 166 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34226547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34390531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (163984) |
| 331 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35393727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35799719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (405992) |
| 182 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20513438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20770750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (257312) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(1055497) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(890891) |

---

\* 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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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)** |
| Citibank, N.A. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;485453 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;445000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2196) |
| Deutsche Bank AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;5455000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;5974213 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;50237 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;BRL | &nbsp;&nbsp;7172000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1204204 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(32359) |
| Societe Generale | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;211982 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;195000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (218) |
| State Street Bank & Trust Co. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;268262 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;247000 | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (27) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$50237 | &nbsp;&nbsp;$(34800) |

---

BRL—Brazilian Real <br> EUR—Euro Currency <br> USD—United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;$178286228 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$178286228 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22755107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22755107 |
| Collateralized Mortgage Obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42475346 | &nbsp;&nbsp;&nbsp;&nbsp;271609 | &nbsp;&nbsp;&nbsp;&nbsp;42746955 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8821787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8821787 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;482124858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;482124858 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13879761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13879761 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2813930 |
| 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;&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;2281587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281587 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675000 |
| **Total Investments at Value** | &nbsp;&nbsp;$2281587 | &nbsp;&nbsp;$757832017 | &nbsp;&nbsp;$271609 | &nbsp;&nbsp;$760385213 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$650353 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$650353 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164606 |
| 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;50237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50237 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$164606 | &nbsp;&nbsp;$700590 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$865196 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$202657 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$202657 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1055497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055497 |
| 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;34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34800 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$1055497 | &nbsp;&nbsp;$237457 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1292954 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 71.4%** | **COMMON STOCKS — 71.4%** | **COMMON STOCKS — 71.4%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772 | &nbsp;&nbsp;$10721 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 8723 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19444 |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp; 6207 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp; 32763 |
| &nbsp;&nbsp;&nbsp;Rocket Lab USA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp; 10478 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 7939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57387 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 9316 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp;&nbsp; 29955 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 6875 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp; 10085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56231 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 4893 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 3807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 |
| **Apparel — 1.6%** | **Apparel — 1.6%** | **Apparel — 1.6%** |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 4673 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp; 558144 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 13701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576518 |
| **Auto Manufacturers — 3.5%** | **Auto Manufacturers — 3.5%** | **Auto Manufacturers — 3.5%** |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp; 8157 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4849 | &nbsp;&nbsp;&nbsp;&nbsp; 1256667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1264824 |
| **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;916 | &nbsp;&nbsp;&nbsp;&nbsp; 11780 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3135 | &nbsp;&nbsp;&nbsp;&nbsp; 21083 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 12730 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 13862 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 10857 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp; 15572 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp; 7836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93720 |
| **Banks — 2.0%** | **Banks — 2.0%** | **Banks — 2.0%** |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp; 3967 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 1424 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp; 28612 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 3425 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 2989 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 11308 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp; 38764 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 6647 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 6377 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp; 780 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp; 9083 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 9156 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 5222 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 1582 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 3245 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 5206 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp; 4606 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;$19448 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp; 24598 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 2760 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637 | &nbsp;&nbsp;&nbsp;&nbsp; 26847 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 25258 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 14775 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp; 4219 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 11457 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043 | &nbsp;&nbsp;&nbsp;&nbsp; 19994 |
| &nbsp;&nbsp;&nbsp;First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 11293 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 7249 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp; 2120 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp; 17915 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 7573 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 11854 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp; 13256 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | &nbsp;&nbsp;&nbsp;&nbsp; 15451 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp; 10292 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 3110 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp; 5308 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp; 6954 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 1303 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp; 13653 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp; 8790 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp; 751 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 1362 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 16408 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp; 31912 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 14976 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp; 6310 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp; 38153 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 2812 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp; 2757 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 9370 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 22109 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 6021 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp; 1585 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 11758 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp; 4894 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 5476 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 9711 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp; 10223 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 6675 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp; 2173 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp; 16783 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp; 4576 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp; 3066 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp; 4355 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 2269 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 9963 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp; 6533 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 13720 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695950 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp; 3123 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp; 10513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13636 |
| **Biotechnology — 4.6%** | **Biotechnology — 4.6%** | **Biotechnology — 4.6%** |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp; 11527 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp; 27203 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5279 | &nbsp;&nbsp;$7707 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 17356 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 5021 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438 | &nbsp;&nbsp;&nbsp;&nbsp; 8565 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp; 24320 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp; 2854 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp; 2724 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 14452 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 7669 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp; 10533 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 4321 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp; 7526 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 3630 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 19420 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 7328 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2247 | &nbsp;&nbsp;&nbsp;&nbsp; 27031 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9082 | &nbsp;&nbsp;&nbsp;&nbsp; 7176 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp; 44476 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1899 | &nbsp;&nbsp;&nbsp;&nbsp; 12780 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp; 29524 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp; 1614 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;&nbsp;&nbsp; 10388 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp; 9099 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 | &nbsp;&nbsp;&nbsp;&nbsp; 6131 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp; 3407 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734 | &nbsp;&nbsp;&nbsp;&nbsp; 6871 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. (Earnout Shares 12.50)†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. (Earnout Shares 15.00)†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Ovid Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3494 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp; 2958 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 11109 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp; 6882 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911 | &nbsp;&nbsp;&nbsp;&nbsp; 5007 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp; 5577 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp; 27545 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;21165 | &nbsp;&nbsp;&nbsp;&nbsp; 213555 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;29868 | &nbsp;&nbsp;&nbsp;&nbsp; 929791 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp; 23939 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 8231 |
| &nbsp;&nbsp;&nbsp;Taysha Gene Therapies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686 | &nbsp;&nbsp;&nbsp;&nbsp; 3733 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp; 14497 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 2176 |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 | &nbsp;&nbsp;&nbsp;&nbsp; 2467 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp; 17823 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp; 4113 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp; 1958 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1624676 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp; 4911 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp; 15792 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; 5221 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 41470 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 5052 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 32235 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp; 4398 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 37464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146543 |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 12672 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;$40504 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 20369 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 918 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 13188 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 9003 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 14497 |
| &nbsp;&nbsp;&nbsp;Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;&nbsp; 10189 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308 | &nbsp;&nbsp;&nbsp;&nbsp; 13171 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp; 2696 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137207 |
| **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;27 | &nbsp;&nbsp;&nbsp;&nbsp; 3382 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 10254 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp; 7276 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 1886 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 10642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33440 |
| **Commercial Services — 3.5%** | **Commercial Services — 3.5%** | **Commercial Services — 3.5%** |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp; 49586 |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238 | &nbsp;&nbsp;&nbsp;&nbsp; 7162 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 10064 |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 802463 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 | &nbsp;&nbsp;&nbsp;&nbsp; 38514 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2395 | &nbsp;&nbsp;&nbsp;&nbsp; 23639 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp; 17406 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 14647 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 17675 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346 | &nbsp;&nbsp;&nbsp;&nbsp; 15624 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 17466 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp; 9376 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 10344 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp; 3940 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 24169 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 15169 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp; 14126 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp; 13738 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217 | &nbsp;&nbsp;&nbsp;&nbsp; 14105 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp; 18585 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp; 28180 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp; 7310 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 11894 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11275 | &nbsp;&nbsp;&nbsp;&nbsp; 46453 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp; 7882 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp; 23636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1263153 |
| **Computers — 3.1%** | **Computers — 3.1%** | **Computers — 3.1%** |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp; 22750 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2740 | &nbsp;&nbsp;&nbsp;&nbsp; 7398 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644 | &nbsp;&nbsp;&nbsp;&nbsp; 932221 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp; 13030 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 8399 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 14445 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 18638 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp; 18120 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp; 5132 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp; 26144 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 24596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1090873 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;$6804 |
| &nbsp;&nbsp;&nbsp;Oddity Tech, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp; 7657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14461 |
| **Distribution/Wholesale — 1.6%** | **Distribution/Wholesale — 1.6%** | **Distribution/Wholesale — 1.6%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10345 | &nbsp;&nbsp;&nbsp;&nbsp; 499767 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 6619 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp; 506 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp; 10458 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 7062 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp; 31352 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 9795 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp; 15996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581555 |
| **Diversified Financial Services — 2.9%** | **Diversified Financial Services — 2.9%** | **Diversified Financial Services — 2.9%** |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 9698 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 | &nbsp;&nbsp;&nbsp;&nbsp; 16726 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; 7161 |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 | &nbsp;&nbsp;&nbsp;&nbsp; 18005 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp; 6581 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 70614 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp; 32561 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp; 29065 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc.† | &nbsp;&nbsp;&nbsp;&nbsp;30329 | &nbsp;&nbsp;&nbsp;&nbsp; 191679 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 23094 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2840 | &nbsp;&nbsp;&nbsp;&nbsp; 489900 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp; 50950 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp; 6163 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp; 11613 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp; 5696 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp; 17891 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 26427 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 15144 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 3241 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp; 17753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1049962 |
| **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp; 2680 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp; 5216 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 3871 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp; 10685 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 22779 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp; 29302 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 5134 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 27691 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107358 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp; 39105 |
| **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 17037 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 14772 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 | &nbsp;&nbsp;&nbsp;&nbsp; 14562 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 5605 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 11218 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 29854 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 52564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145612 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;$1852 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp; 3440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5292 |
| **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp; 25141 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp; 15308 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 26050 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp; 26113 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp; 8219 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 11393 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 32231 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp; 6200 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp; 22415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173070 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp; 12241 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp; 4829 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 3505 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp; 12081 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 4779 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp; 23869 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp; 16411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77715 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 20533 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 16362 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 10620 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 20650 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 20315 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp; 31902 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp; 7490 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 12713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120052 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 15797 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 10548 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp; 7006 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp; 37190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70541 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp; 8967 |
| **Healthcare-Products — 2.3%** | **Healthcare-Products — 2.3%** | **Healthcare-Products — 2.3%** |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2485 | &nbsp;&nbsp;&nbsp;&nbsp; 18464 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 18388 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp; 13431 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2466 | &nbsp;&nbsp;&nbsp;&nbsp; 505530 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp; 25884 |
| &nbsp;&nbsp;&nbsp;Inmode, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 5499 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp; 8478 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp; 15107 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp; 52131 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 21179 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; 1123 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4338 | &nbsp;&nbsp;&nbsp;&nbsp; 14619 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 26392 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp; 11475 |
| &nbsp;&nbsp;&nbsp;Sera Prognostics, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp; 8449 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;$5177 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp; 21597 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4907 | &nbsp;&nbsp;&nbsp;&nbsp; 41170 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 2434 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp; 19453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835980 |
| **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 4055 |
| &nbsp;&nbsp;&nbsp;agilon health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 9353 |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp; 2069 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp; 11831 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp; 13714 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 11421 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736 | &nbsp;&nbsp;&nbsp;&nbsp; 15260 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp; 28986 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 6032 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804 | &nbsp;&nbsp;&nbsp;&nbsp; 4655 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 12664 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 3301 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp; 16286 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139627 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 19226 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp; 7247 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp; 24353 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp; 9854 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 13426 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp; 9249 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 12050 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp; 15790 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp; 11140 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122335 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 13302 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479 | &nbsp;&nbsp;&nbsp;&nbsp; 19138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32440 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 10473 |
| &nbsp;&nbsp;&nbsp;Helen of Troy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp; 14282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24755 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp; 24824 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 21356 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc.,† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 4488 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 4312 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp; 25804 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp; 19323 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp; 5757 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 13817 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 7323 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 3175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130179 |
| **Internet — 14.7%** | **Internet — 14.7%** | **Internet — 14.7%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5484 | &nbsp;&nbsp;&nbsp;&nbsp; 655119 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3655 | &nbsp;&nbsp;&nbsp;&nbsp; 695400 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp; 18702 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8059 | &nbsp;&nbsp;&nbsp;&nbsp; 1472943 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 | &nbsp;&nbsp;$17583 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp; 1123701 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp; 5334 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;12582 | &nbsp;&nbsp;&nbsp;&nbsp; 1200134 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 2776 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp; 4098 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp; 28772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5224562 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp; 1452 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp; 19795 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp; 2405 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 | &nbsp;&nbsp;&nbsp;&nbsp; 19309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42961 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp; 4215 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 7428 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp; 41961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53604 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp; 16338 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp; 15296 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3156 | &nbsp;&nbsp;&nbsp;&nbsp; 19946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51580 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp; 18406 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp; 4640 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 17341 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21981 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 37632 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp; 2658 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp; 4442 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 20215 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp; 27987 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 12672 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 37725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143331 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp; 695 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2374 | &nbsp;&nbsp;&nbsp;&nbsp; 14742 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 6042 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp; 6687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29738 |
| **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp; 57790 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp; 3139 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp; 2269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63198 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp; 3084 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp; 5963 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;$10153 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292 | &nbsp;&nbsp;&nbsp;&nbsp; 10956 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30156 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 2300 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp; 346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646 |
| **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;502 | &nbsp;&nbsp;&nbsp;&nbsp; 18373 |
| **Oil & Gas — 0.6%** | **Oil & Gas — 0.6%** | **Oil & Gas — 0.6%** |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 3034 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp; 8567 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp; 7587 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp; 3996 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 2411 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 20255 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 1541 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp; 12150 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp; 20896 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 18403 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp; 10618 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp; 15879 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp; 12125 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp; 4429 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | &nbsp;&nbsp;&nbsp;&nbsp; 18517 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp; 25517 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp; 13270 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 7443 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206638 |
| **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp; 8056 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759 | &nbsp;&nbsp;&nbsp;&nbsp; 30044 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 865 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055 | &nbsp;&nbsp;&nbsp;&nbsp; 32531 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp; 14089 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 4770 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 10867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101222 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp; 3685 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp; 5643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9328 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp; 32789 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp; 4345 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 2979 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp; 13022 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 26385 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 28156 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 3615 |
| &nbsp;&nbsp;&nbsp;Neurogene, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 3138 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp; 25479 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 42073 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 22618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204599 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp; 3025 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;$7018 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 4259 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862 | &nbsp;&nbsp;&nbsp;&nbsp; 7560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21862 |
| **REITS — 2.9%** | **REITS — 2.9%** | **REITS — 2.9%** |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 4631 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 10907 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 5901 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 2273 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312 | &nbsp;&nbsp;&nbsp;&nbsp; 503091 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp; 10999 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 901 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566 | &nbsp;&nbsp;&nbsp;&nbsp; 8707 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 18318 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp; 23350 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp; 10738 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 1427 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp; 2288 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp; 38314 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 10281 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476 | &nbsp;&nbsp;&nbsp;&nbsp; 11395 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp; 7233 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp; 23044 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 5018 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp; 15668 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 14244 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 2336 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 13064 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp; 1426 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854 | &nbsp;&nbsp;&nbsp;&nbsp; 32564 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668 | &nbsp;&nbsp;&nbsp;&nbsp; 14428 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 3027 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp; 54334 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 | &nbsp;&nbsp;&nbsp;&nbsp; 9861 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;&nbsp; 9030 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp; 47872 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp; 6596 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp; 39228 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;&nbsp; 23550 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 11540 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp; 4898 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 2805 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp; 3079 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp; 13289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1021655 |
| **Retail — 2.1%** | **Retail — 2.1%** | **Retail — 2.1%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp; 8095 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp; 20707 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 6728 |
| &nbsp;&nbsp;&nbsp;Arko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 3022 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 9938 |
| &nbsp;&nbsp;&nbsp;Beacon Roofing Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 24369 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 9528 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 6955 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 4274 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 16437 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp; 11328 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 11611 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 5113 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp; 6716 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6037 | &nbsp;&nbsp;&nbsp;&nbsp; 485797 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Foot Locker, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;$12210 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp; 11840 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 11417 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 28276 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;&nbsp; 10891 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp; 16400 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp; 4750 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp; 9000 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 7525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742927 |
| **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 17033 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 | &nbsp;&nbsp;&nbsp;&nbsp; 15368 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp; 2790 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp; 1551 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp; 1645 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 | &nbsp;&nbsp;&nbsp;&nbsp; 19630 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 3225 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 3144 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp; 4098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68484 |
| **Semiconductors — 1.7%** | **Semiconductors — 1.7%** | **Semiconductors — 1.7%** |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp; 12767 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 474443 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 2235 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp; 14739 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 2389 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp; 9588 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp; 48047 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp; 5257 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp; 6571 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 15201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591237 |
| **Software — 14.7%** | **Software — 14.7%** | **Software — 14.7%** |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 | &nbsp;&nbsp;&nbsp;&nbsp; 22586 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp; 8777 |
| &nbsp;&nbsp;&nbsp;Appian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 9911 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp; 11427 |
| &nbsp;&nbsp;&nbsp;Box, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp; 28792 |
| &nbsp;&nbsp;&nbsp;Braze, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp; 9273 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp; 31838 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;17219 | &nbsp;&nbsp;&nbsp;&nbsp; 1940409 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 18458 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp; 15510 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp; 23704 |
| &nbsp;&nbsp;&nbsp;Domo, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp; 14118 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc. Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp; 13353 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp; 22477 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp; 8634 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2106 | &nbsp;&nbsp;&nbsp;&nbsp; 9540 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 | &nbsp;&nbsp;&nbsp;&nbsp; 39155 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp; 11168 |
| &nbsp;&nbsp;&nbsp;Logility Supply Chain Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp; 20777 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711 | &nbsp;&nbsp;&nbsp;&nbsp; 1069770 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp; 4956 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212 | &nbsp;&nbsp;&nbsp;&nbsp; 16702 |
| &nbsp;&nbsp;&nbsp;Onestream, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 2113 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp; 1832 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 5358 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A† | &nbsp;&nbsp; 1243 | &nbsp;&nbsp;$11361 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp; 15941 | &nbsp;&nbsp;&nbsp;&nbsp; 929201 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp; 9888 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A† | &nbsp;&nbsp; 6165 | &nbsp;&nbsp;&nbsp;&nbsp; 901076 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.† | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 6371 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp., Class A† | &nbsp;&nbsp; 569 | &nbsp;&nbsp;&nbsp;&nbsp; 7716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5226554 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 3137 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.† | &nbsp;&nbsp; 1167 | &nbsp;&nbsp;&nbsp;&nbsp; 10176 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.† | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 5344 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.† | &nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp; 20507 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp; 1139 | &nbsp;&nbsp;&nbsp;&nbsp; 6048 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp; 8153 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A† | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 4656 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; 6099 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.† | &nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 2837 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.† | &nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp;&nbsp; 4732 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 37629 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; 2951 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp; 1603 | &nbsp;&nbsp;&nbsp;&nbsp; 6284 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp;&nbsp; 6555 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.† | &nbsp;&nbsp; 959 | &nbsp;&nbsp;&nbsp;&nbsp; 12553 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | &nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp;&nbsp; 5031 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 4261 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.† | &nbsp;&nbsp; 1189 | &nbsp;&nbsp;&nbsp;&nbsp; 12389 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159342 |
| **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 8329 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.† | &nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp;&nbsp; 4590 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp; 11853 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; 21020 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp;&nbsp; 4852 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp;&nbsp; 2472 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 902 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp; 1062 | &nbsp;&nbsp;&nbsp;&nbsp; 6977 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A | &nbsp;&nbsp; 514 | &nbsp;&nbsp;&nbsp;&nbsp; 19671 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp; 2050 | &nbsp;&nbsp;&nbsp;&nbsp; 484292 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 10777 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575735 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 1127 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 6452 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co., Ltd. | &nbsp;&nbsp; 702 | &nbsp;&nbsp;&nbsp;&nbsp; 17192 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23644 |
| **Total Common Stocks<br> (cost $21,712,468)** |  | &nbsp;&nbsp;&nbsp;&nbsp;25436731 |
| **CORPORATE BONDS & NOTES — 7.4%** | **CORPORATE BONDS & NOTES — 7.4%** | **CORPORATE BONDS & NOTES — 7.4%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/15/2029 | $15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14585 |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5328 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Aerospace/Defense (continued)** | **Aerospace/Defense (continued)** | **Aerospace/Defense (continued)** |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 06/01/2029 | $3000 | &nbsp;&nbsp;$3039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18224 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83%, 02/20/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5199 |
| &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; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5139 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/01/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2031 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/17/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/07/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43892 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/11/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/11/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4941 |
| &nbsp;&nbsp;&nbsp;William Carter Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/15/2027\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39730 |
| **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/12/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8241 |
| **Banks — 1.2%** | **Banks — 1.2%** | **Banks — 1.2%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 07/23/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%, 10/24/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/21/2036 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%, 04/29/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 04/22/2032 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/24/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/12/2036 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 09/15/2027 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15293 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98%, 03/14/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06%, 07/22/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 03/14/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5033 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 04/25/2035 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3192 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 04/22/2032 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 6985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 04/23/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 10/23/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 10/23/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10083 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44%, 08/04/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19865 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58%, 04/22/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51%, 01/23/2029 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 05/06/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01%, 04/23/2029 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 15726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9990 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/22/2030 | $10000 | &nbsp;&nbsp;$10090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 01/24/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 07/22/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/24/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 01/23/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 04/22/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10315 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41%, 10/30/2029 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7541 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 08/09/2026\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20025 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%, 02/13/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%, 07/21/2032 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 01/21/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21%, 04/20/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9928 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/04/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10121 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/11/2031 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/23/2026 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/02/2033 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 10767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 07/25/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/25/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 01/24/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 10/23/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410211 |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5072 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10101 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15173 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19115 |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18455 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37570 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5213 |
| **Commercial Services — 0.2%** | **Commercial Services — 0.2%** | **Commercial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15151 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 08/15/2027 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10081 |
| &nbsp;&nbsp;&nbsp;Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/01/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9739 |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84865 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2028\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4746 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2028\* | $10000 | &nbsp;&nbsp;$9804 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20157 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34707 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/30/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10126 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/15/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5201 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%, 03/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31%, 06/08/2029 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 10/30/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16706 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 11/02/2034 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3429 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%, 06/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22066 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/13/2025 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84487 |
| **Electric — 1.0%** | **Electric — 1.0%** | **Electric — 1.0%** |
| &nbsp;&nbsp;&nbsp;Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/01/2049 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/15/2044 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4144 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5047 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 12/15/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 |
| &nbsp;&nbsp;&nbsp;Cleco Corporate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4642 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 12/01/2051 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2055 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4855 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 03/15/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5326 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 04/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4434 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 06/15/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4892 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 06/15/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4329 |
| &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/01/2050 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6099 |
| &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4842 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 10/15/2046 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/30/2044 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4976 |
| &nbsp;&nbsp;&nbsp;Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 11/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5198 |
| &nbsp;&nbsp;&nbsp;Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/01/2032 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 07/01/2027 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10008 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2033 | $10000 | &nbsp;&nbsp;$9886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5023 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/15/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5033 |
| &nbsp;&nbsp;&nbsp;Monongahela Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 02/15/2034\* | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3096 |
| &nbsp;&nbsp;&nbsp;National Grid PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/12/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5128 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/07/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5066 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4424 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/01/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5085 |
| &nbsp;&nbsp;&nbsp;Ohio Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5064 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2035\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5056 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2031 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 6877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 07/01/2030 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2032 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/15/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5150 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4939 |
| &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2054 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2944 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/15/2033 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6325 |
| &nbsp;&nbsp;&nbsp;Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 05/15/2025 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22%, 03/15/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 03/15/2035\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9984 |
| &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5036 |
| &nbsp;&nbsp;&nbsp;Sempra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/01/2029 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3839 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2047 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2053 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4796 |
| &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/01/2026 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9843 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/15/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4963 |
| &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/2034 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3038 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 03/15/2027 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/01/2032 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340809 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| &nbsp;&nbsp;&nbsp;GTP Acquisition Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 06/15/2050\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44842 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032 | $10000 | &nbsp;&nbsp;$8810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 13122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 03/15/2062 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 14478 |
| &nbsp;&nbsp;&nbsp;WMG Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/15/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59499 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2027\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29575 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 02/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 11/15/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5054 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53719 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5055 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5011 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30248 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 08/05/2027\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19954 |
| &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99%, 03/06/2033\* | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2049 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49%, 05/15/2027 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2034 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3010 |
| &nbsp;&nbsp;&nbsp;Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2054 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41597 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 04/15/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5129 |
| **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2028\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19276 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14686 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%, 10/14/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4317 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/01/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10201 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/15/2027 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58252 |
| **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** | **Healthcare-Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 07/15/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4562 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2031 | $10000 | &nbsp;&nbsp;$8431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 08/01/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 02/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/15/2029 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28742 |
| &nbsp;&nbsp;&nbsp;Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 03/15/2026 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2908 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/30/2026 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 11/01/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5012 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/01/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4943 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/15/2040 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/15/2039 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/15/2064 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98201 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/01/2030\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19769 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 10/04/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72%, 01/07/2029\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%, 10/08/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9866 |
| &nbsp;&nbsp;&nbsp;CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/10/2027\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5012 |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%, 03/08/2028\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/27/2030\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5021 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2039 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3798 |
| &nbsp;&nbsp;&nbsp;Willis North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2027 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78417 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15185 |
| &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2027\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45941 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 10/13/2026 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28737 |
| &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/29/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9914 |
| &nbsp;&nbsp;&nbsp;Sixth Street Lending Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/15/2030\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5033 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43684 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9567 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 08/15/2034 | $5000 | &nbsp;&nbsp;$5014 |
| **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;4.70%, 11/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10102 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/21/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5061 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/15/2030 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 10861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15922 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22758 |
| &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; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 03/15/2028 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/30/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4977 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/01/2051 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 5489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99%, 11/01/2063 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/2039 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 6212 |
| &nbsp;&nbsp;&nbsp;Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 06/15/2031\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 6888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/01/2034\* | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/01/2054\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4636 |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/20/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14413 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2044 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/30/2036 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3078 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/01/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13324 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2042 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/15/2040 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4584 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122140 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 04/15/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/15/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4931 |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 04/04/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10602 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Alcan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55540 |
| **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** |
| &nbsp;&nbsp;&nbsp;APA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10025 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 02/13/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 09/11/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99%, 04/10/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 11/17/2034 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4020 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/15/2052 | $5000 | &nbsp;&nbsp;$3699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%, 03/15/2062 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2054 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2063 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9732 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4921 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 04/18/2064 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9407 |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 9997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/01/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/2036 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9743 |
| &nbsp;&nbsp;&nbsp;Energean Israel Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9175 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 12/01/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4942 |
| &nbsp;&nbsp;&nbsp;Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/06/2040 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8373 |
| &nbsp;&nbsp;&nbsp;Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 03/15/2033 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 12443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 08/15/2031 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3395 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15%, 10/01/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5269 |
| &nbsp;&nbsp;&nbsp;Shell Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/06/2050 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3451 |
| &nbsp;&nbsp;&nbsp;Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 11/26/2041 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3609 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 09/10/2064 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%, 04/05/2064 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6835 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/01/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14861 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188394 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2029 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30356 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5080 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/22/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4927 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10082 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8040 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/28/2031 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 5854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/15/2031 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2040 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/25/2048 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2560 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/12/2055 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50450 |
| **Pipelines — 0.3%** | **Pipelines — 0.3%** | **Pipelines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 08/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10343 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 08/15/2030\* | $8000 | &nbsp;&nbsp;$8313 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/05/2034 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8127 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 12/01/2030 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3197 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/15/2053 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3339 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10199 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2034 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2989 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 09/01/2029 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/01/2064 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3143 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/01/2027 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5219 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/15/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4978 |
| &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/30/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/30/2034\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106257 |
| **REITS — 0.1%** | **REITS — 0.1%** | **REITS — 0.1%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 09/15/2026 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4781 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/11/2028 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7026 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16759 |
| **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;3.88%, 01/15/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23894 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/01/2028 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6739 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/15/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 11/01/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5441 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/01/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14544 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/15/2032 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78688 |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 02/15/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5069 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 5880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 6274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1838 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 04/15/2028 | $5000 | &nbsp;&nbsp;$4685 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 02/15/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4992 |
| &nbsp;&nbsp;&nbsp;NXP BV/NXP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/01/2026 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6029 |
| &nbsp;&nbsp;&nbsp;NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 06/01/2027 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14960 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2031\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72925 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/2028\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19017 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 11/01/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4514 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 12/01/2027\* | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7245 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/25/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2040 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 03/25/2061 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/06/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4916 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/30/2027\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98714 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 12/01/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 12/01/2057 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 4914 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/24/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/26/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/26/2064 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4861 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2039 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5137 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 02/15/2028 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 03/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49280 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2025\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/24/2026\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24968 |
| **Total Corporate Bonds & Notes<br> (cost $2,713,777)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2652081 |
| **ASSET BACKED SECURITIES — 1.2%** | **ASSET BACKED SECURITIES — 1.2%** | **ASSET BACKED SECURITIES — 1.2%** |
| **Auto Loan Receivables — 0.2%** | **Auto Loan Receivables — 0.2%** | **Auto Loan Receivables — 0.2%** |
| &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3, Class B<br> 5.37%, 10/16/2028(1) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class B<br> 5.43%, 08/15/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5037 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** |
| &nbsp;&nbsp;&nbsp;Citizens Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A4<br> 5.03%, 10/15/2030\* | $5000 | &nbsp;&nbsp;$5054 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3, Class B<br> 5.64%, 07/16/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10099 |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-D, Class B<br> 5.98%, 06/15/2028(1) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19717 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class B<br> 4.98%, 07/16/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15096 |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-6, Class B<br> 5.98%, 04/16/2029(1) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4920 |
| &nbsp;&nbsp;&nbsp;SBNA Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A4<br> 5.24%, 01/22/2029\*(1) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69682 |
| **Other Asset Backed Securities — 1.0%** | **Other Asset Backed Securities — 1.0%** | **Other Asset Backed Securities — 1.0%** |
| &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; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2<br> 6.35%, 10/15/2047\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25116 |
| &nbsp;&nbsp;&nbsp;Compass Datacenters Issuer II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A1<br> 5.25%, 02/25/2049\*(1) | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24288 |
| &nbsp;&nbsp;&nbsp;DLLAA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A3<br> 5.64%, 02/22/2028\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5073 |
| &nbsp;&nbsp;&nbsp;Dllad LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A3<br> 5.30%, 07/20/2029\*(1) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4914 |
| &nbsp;&nbsp;&nbsp;GreatAmerica Leasing Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class B<br> 5.18%, 12/16/2030\*(1) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4903 |
| &nbsp;&nbsp;&nbsp;MMAF Equipment Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A, Class A3<br> 5.54%, 12/13/2029\*(1) | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14785 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers NBLA CLO 52, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-52A, Class AR<br> 5.65%, (TSFR3M+1.35%), 10/24/2038\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250125 |
| &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; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369533 |
| **Total Asset Backed Securities<br> (cost $439,879)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439215 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.6%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.6%** |
| **Commercial and Residential — 0.9%** | **Commercial and Residential — 0.9%** | **Commercial and Residential — 0.9%** |
| &nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN17, Class A4<br> 3.71%, 04/15/2052 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33660 |
| &nbsp;&nbsp;&nbsp;BPR Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-STAR, Class A<br> 7.55%, (TSFR1M+3.23%), 08/15/2039\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9997 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-P1, Class A5<br> 3.72%, 09/15/2048 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49710 |

---

---

| | | |
|:---|:---|:---|
| **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;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02, Class 1M2<br> 6.14%, (SOFR30A+1.80%), 02/25/2044\* | $10000 | &nbsp;&nbsp;$10014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R05, Class 2M2<br> 7.34%, (SOFR30A+3.00%), 04/25/2042\* | &nbsp;&nbsp; 24996 | &nbsp;&nbsp;&nbsp;&nbsp; 25633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B1<br> 7.44%, (SOFR30A+3.10%), 10/25/2041\* | &nbsp;&nbsp; 18800 | &nbsp;&nbsp;&nbsp;&nbsp; 19111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1B1<br> 7.49%, (SOFR30A+3.15%), 12/25/2041\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20454 |
| &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; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38942 |
| &nbsp;&nbsp;&nbsp;DC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HLTN, Class A<br> 5.73%, 04/13/2040\*(2) | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25329 |
| &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 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28996 |
| &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\*(1) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8668 |
| &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; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28650 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-P2, Class A4<br> 3.81%, 12/15/2048 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34677 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333841 |
| **U.S. Government Agency — 0.7%** | **U.S. Government Agency — 0.7%** | **U.S. Government Agency — 0.7%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3964, Class MD<br> 2.00%, 01/15/2041 | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5170, Class DP<br> 2.00%, 07/25/2050 | &nbsp;&nbsp; 16378 | &nbsp;&nbsp;&nbsp;&nbsp; 14270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4961, Class JB<br> 2.50%, 12/15/2042 | &nbsp;&nbsp; 7188 | &nbsp;&nbsp;&nbsp;&nbsp; 6543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3883, Class PB<br> 3.00%, 05/15/2041 | &nbsp;&nbsp; 2127 | &nbsp;&nbsp;&nbsp;&nbsp; 2031 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1B<br> 7.24%, (SOFR30A+2.90%), 04/25/2042\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA3, Class B1<br> 7.69%, (SOFR30A+3.35%), 09/25/2041\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M1B<br> 7.69%, (SOFR30A+3.35%), 05/25/2042\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA2, Class M1B<br> 7.69%, (SOFR30A+3.35%), 06/25/2043\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class B1<br> 7.74%, (SOFR30A+3.40%), 10/25/2041\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA1, Class M1B<br> 7.84%, (SOFR30A+3.50%), 05/25/2043\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class B1<br> 7.99%, (SOFR30A+3.65%), 11/25/2041\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA6, Class M1B<br> 8.04%, (SOFR30A+3.70%), 09/25/2042\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1B<br> 8.84%, (SOFR30A+4.50%), 06/25/2042\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15928 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-77, Class BP<br> 1.70%, 06/25/2043 | &nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp;&nbsp; 416 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-16, Class A<br> 1.75%, 01/25/2040 | $411 | &nbsp;&nbsp;$408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-21, Class PQ<br> 2.00%, 09/25/2041 | &nbsp;&nbsp; 1157 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-18, Class GA<br> 2.00%, 12/25/2041 | &nbsp;&nbsp; 2249 | &nbsp;&nbsp;&nbsp;&nbsp; 2097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-5, Class EP<br> 2.00%, 06/25/2043 | &nbsp;&nbsp; 3945 | &nbsp;&nbsp;&nbsp;&nbsp; 3771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-11, Class GA<br> 2.50%, 03/25/2046 | &nbsp;&nbsp; 3181 | &nbsp;&nbsp;&nbsp;&nbsp; 2941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-54, Class KC<br> 2.50%, 09/25/2049 | &nbsp;&nbsp; 11237 | &nbsp;&nbsp;&nbsp;&nbsp; 10393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-48, Class QB<br> 3.00%, 02/25/2043 | &nbsp;&nbsp; 1996 | &nbsp;&nbsp;&nbsp;&nbsp; 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-38, Class NA<br> 3.00%, 01/25/2046 | &nbsp;&nbsp; 1301 | &nbsp;&nbsp;&nbsp;&nbsp; 1205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-16, Class PB<br> 3.00%, 03/25/2047 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-34, Class JK<br> 3.00%, 05/25/2047 | &nbsp;&nbsp; 1106 | &nbsp;&nbsp;&nbsp;&nbsp; 1079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-45, Class PT<br> 3.00%, 08/25/2049 | &nbsp;&nbsp; 4813 | &nbsp;&nbsp;&nbsp;&nbsp; 4349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-52, Class PA<br> 3.50%, 05/25/2042 | &nbsp;&nbsp; 2145 | &nbsp;&nbsp;&nbsp;&nbsp; 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-26, Class CG<br> 3.50%, 07/25/2044 | &nbsp;&nbsp; 1498 | &nbsp;&nbsp;&nbsp;&nbsp; 1483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-23, Class LA<br> 3.50%, 04/25/2048 | &nbsp;&nbsp; 5050 | &nbsp;&nbsp;&nbsp;&nbsp; 4767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-14, Class CA<br> 3.50%, 04/25/2049 | &nbsp;&nbsp; 4524 | &nbsp;&nbsp;&nbsp;&nbsp; 4334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-35, Class AH<br> 3.50%, 04/25/2053 | &nbsp;&nbsp; 1559 | &nbsp;&nbsp;&nbsp;&nbsp; 1546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-84, Class KA<br> 3.50%, 04/25/2053 | &nbsp;&nbsp; 1968 | &nbsp;&nbsp;&nbsp;&nbsp; 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-70, Class HA<br> 3.50%, 10/25/2056 | &nbsp;&nbsp; 3625 | &nbsp;&nbsp;&nbsp;&nbsp; 3540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-12, Class HA<br> 3.50%, 11/25/2057 | &nbsp;&nbsp; 4610 | &nbsp;&nbsp;&nbsp;&nbsp; 4423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-49, Class JA<br> 4.00%, 07/25/2053 | &nbsp;&nbsp; 1710 | &nbsp;&nbsp;&nbsp;&nbsp; 1699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-90, Class AY<br> 4.50%, 12/25/2041 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24035 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-37, Class LG<br> 2.00%, 01/20/2042 | &nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 1646 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-74, Class HB<br> 7.50%, 09/16/2035 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-74, Class HC<br> 7.50%, 09/16/2035 | &nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; 273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248189 |
| **Total Collateralized Mortgage Obligations<br> (cost $611,700)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582030 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 14.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 14.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 14.7%** |
| **U.S. Government — 10.7%** | **U.S. Government — 10.7%** | **U.S. Government — 10.7%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/15/2050 | &nbsp;&nbsp; 209000 | &nbsp;&nbsp;&nbsp;&nbsp; 103773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/15/2050 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 17835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/15/2046 to 02/15/2052 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 115406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 08/15/2045(3)(4) | &nbsp;&nbsp; 602000 | &nbsp;&nbsp;&nbsp;&nbsp; 461071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 85635 |

---

---

| | | |
|:---|:---|:---|
| **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;3.13%, 08/15/2044 | $30000 | &nbsp;&nbsp;$24197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2053 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 27797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2053 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 133615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2054 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2045 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86554 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(5) | &nbsp;&nbsp; 92652 | &nbsp;&nbsp;&nbsp;&nbsp; 56529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(5) | &nbsp;&nbsp; 6907 | &nbsp;&nbsp;&nbsp;&nbsp; 5310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 to 02/15/2045(5) | &nbsp;&nbsp; 159083 | &nbsp;&nbsp;&nbsp;&nbsp; 125059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(5) | &nbsp;&nbsp; 68138 | &nbsp;&nbsp;&nbsp;&nbsp; 59301 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2033 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 132612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/30/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 249238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 138097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 10/31/2026 to 11/15/2032 | &nbsp;&nbsp; 570000 | &nbsp;&nbsp;&nbsp;&nbsp; 571515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | &nbsp;&nbsp;1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1095112 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(5) | &nbsp;&nbsp; 56828 | &nbsp;&nbsp;&nbsp;&nbsp; 56729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3810558 |
| **U.S. Government Agency — 4.0%** | **U.S. Government Agency — 4.0%** | **U.S. Government Agency — 4.0%** |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, April 30 TBA | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 84134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, April 30 TBA | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 54896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, April 30 TBA | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54095 |
| &nbsp;&nbsp;&nbsp;Uniform Mtg. Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, April 15 TBA | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 65797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, April 30 TBA | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 73658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, April 30 TBA | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, April 30 TBA | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 394475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, April 30 TBA | &nbsp;&nbsp; 587000 | &nbsp;&nbsp;&nbsp;&nbsp; 596182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1421242 |
| **Total U.S. Government & Agency Obligations<br> (cost $5,667,161)** |  | &nbsp;&nbsp;&nbsp;&nbsp;5231800 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 0.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.2%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.2%** |
| **Sovereign — 0.2%** | **Sovereign — 0.2%** | **Sovereign — 0.2%** |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/30/2029\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/10/2037\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6102 |
| &nbsp;&nbsp;&nbsp;Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 01/26/2036 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7649 |
| &nbsp;&nbsp;&nbsp;Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/08/2035 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/08/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4835 |
| &nbsp;&nbsp;&nbsp;Republic of Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/23/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4911 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/08/2044 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 27864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 01/11/2040 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5643 |
| **Total Foreign Government Obligations<br> (cost $74,621)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72812 |
| **MUNICIPAL SECURITIES — 0.1%** | **MUNICIPAL SECURITIES — 0.1%** | **MUNICIPAL SECURITIES — 0.1%** |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2045 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10031 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **MUNICIPAL SECURITIES (continued)** | **MUNICIPAL SECURITIES (continued)** | **MUNICIPAL SECURITIES (continued)** |
| &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64%, 04/01/2057 | $4000 | &nbsp;&nbsp;$4379 |
| **Total Municipal Securities<br> (cost $13,984)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14410 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lehman Brothers Holdings, Inc.<br> Escrow Notes<br> 5.50%, 04/04/2016†<br> (cost $0) | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| **PURCHASED OPTIONS† — 0.1%** | **PURCHASED OPTIONS† — 0.1%** | **PURCHASED OPTIONS† — 0.1%** |
| **Purchased Options - Calls — 0.1%** | **Purchased Options - Calls — 0.1%** | **Purchased Options - Calls — 0.1%** |
| &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.) | &nbsp;&nbsp;5133233 | &nbsp;&nbsp;&nbsp;&nbsp; 15508 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 07/31/2025; Strike Price: USD 7.77; Counterparty: JPMorgan Chase Bank, N.A.) | &nbsp;&nbsp;2274390 | &nbsp;&nbsp;&nbsp;&nbsp; 1089 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 09/01/2025; Strike Price: USD 7.66; Counterparty: JPMorgan Chase Bank, N.A.) | &nbsp;&nbsp;2524196 | &nbsp;&nbsp;&nbsp;&nbsp; 3521 |
| &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) | &nbsp;&nbsp;4873350 | &nbsp;&nbsp;&nbsp;&nbsp; 7300 |
| &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) | &nbsp;&nbsp;5356073 | &nbsp;&nbsp;&nbsp;&nbsp; 5469 |
| **Total Purchased Options<br> (cost $88,163)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32887 |
| **Total Long-Term Investment Securities<br> (cost $31,321,753)** |  | &nbsp;&nbsp;&nbsp;&nbsp;34461973 |
| **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> (6)<br> (cost $78,571) | &nbsp;&nbsp; 78571 | &nbsp;&nbsp;&nbsp;&nbsp; 78571 |
| **REPURCHASE AGREEMENTS — 4.0%** | **REPURCHASE AGREEMENTS — 4.0%** | **REPURCHASE AGREEMENTS — 4.0%** |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(7) | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 310000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(7) | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(7) | $255000 | &nbsp;&nbsp;$255000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(7) | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(7) | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 305000 |
| **Total Repurchase Agreements<br> (cost $1,430,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1430000 |
| **TOTAL INVESTMENTS<br> (cost $32,830,324)(8)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.9% | &nbsp;&nbsp;&nbsp;&nbsp;35970544 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315462) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$35655082 |

---

---

| | |
|:---|:---|
| † | &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 Growth Portfolio has no right to demand registration of these securities. At March 31, 2025, the aggregate value of these securities was $2,343,200 representing 6.6% of net assets. |
| (1) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (2) | &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. |
| (3) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open swap contracts. |
| (4) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| (5) | &nbsp;&nbsp;Principal amount of security is adjusted for inflation. |
| (6) | &nbsp;&nbsp;The rate shown is the 7-day yield as of March 31, 2025. |
| (7) | &nbsp;&nbsp;See Note 2 for details of Joint Repurchase Agreements. |
| (8) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

---

| |
|:---|
| CLO—Collateralized Loan Obligation |
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| 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 |

---

CNY—Chinese Yuan

The rates shown on FRS and/or VRS are the current interest rates at March 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 105000 | &nbsp;&nbsp;&nbsp;USD | Fixed 1.560% | 12-Month SOFR | Annual | Annual | Dec 2051 | $(582) | $40430 | $39848 |
| Centrally Cleared | 60000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.970 | 12-Month SOFR | Annual | Annual | Mar 2053 | &nbsp;&nbsp;&nbsp;&nbsp;3491 | &nbsp;&nbsp;&nbsp;&nbsp; 5271 | &nbsp;&nbsp;&nbsp;&nbsp; 8762 |
| Centrally Cleared | 195000 | &nbsp;&nbsp;&nbsp;USD | Fixed 4.160 | 12-Month SOFR | Annual | Annual | Mar 2045 | &nbsp;&nbsp;&nbsp;&nbsp; (404) | &nbsp;&nbsp;&nbsp;&nbsp;(6574) | &nbsp;&nbsp;&nbsp;&nbsp;(6978) |
|  |  |  |  |  |  |  |  | $2505 | $39127 | $41632 |

---

SOFR—Secured Overnight Financing Rate

USD—United States Dollar

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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** |
| 6 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Australian 10 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$420134 | &nbsp;&nbsp;&nbsp;&nbsp;$422372 | &nbsp;&nbsp;&nbsp;&nbsp;$2238 |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3746 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$103047 | &nbsp;&nbsp;&nbsp;&nbsp;$101355 | &nbsp;&nbsp;&nbsp;&nbsp;$(1692) |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Canada 10 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2001) |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BUND | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1960) |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-OAT | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381) |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4911) |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2452) |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (219) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(13616) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(9870) |

---

\* 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;&nbsp;&nbsp;65000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;71187 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;$895 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;70355 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) |
| Goldman Sachs International | &nbsp;&nbsp;BRL | &nbsp;&nbsp;173000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;29078 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1224) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;29814 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;173000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2169 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;&nbsp;&nbsp;(1230) |
| HSBC Bank PLC | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;68189 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;68482 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (353) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$1445 | &nbsp;&nbsp;$(1647) |

---

BRL—Brazilian Real <br> EUR—Euro Currency <br> USD—United States Dollar

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;Apparel | &nbsp;&nbsp;$18374 | &nbsp;&nbsp;$558144 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$576518 |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1624676 | &nbsp;&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;1624676 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1263153 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;21972384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21972384 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2652081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2652081 |
| Asset Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Loan Receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35286 | &nbsp;&nbsp;&nbsp;&nbsp;34396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69682 |
| &nbsp;&nbsp;&nbsp;Other 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;320643 | &nbsp;&nbsp;&nbsp;&nbsp;48890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369533 |
| Collateralized Mortgage Obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325173 | &nbsp;&nbsp;&nbsp;&nbsp;8668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333841 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248189 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5231800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5231800 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72812 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14410 |
| 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;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32887 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78571 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1430000 |
| **Total Investments at Value** | &nbsp;&nbsp;$24154695 | &nbsp;&nbsp;$11723895 | &nbsp;&nbsp;$91954 | &nbsp;&nbsp;$35970544 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$45701 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$45701 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746 |
| 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;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$3746 | &nbsp;&nbsp;$47146 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$50892 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6574 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6574 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13616 |
| 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;1647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$13616 | &nbsp;&nbsp;$8221 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$21837 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 22.5%** | **CORPORATE BONDS & NOTES — 22.5%** | **CORPORATE BONDS & NOTES — 22.5%** |
| **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 01/15/2031 | $5000 | &nbsp;&nbsp;$4469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/15/2029 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38501 |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/01/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/01/2050 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10656 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/2054 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6756 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/16/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35095 |
| **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83%, 02/20/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15596 |
| &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; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10278 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/01/2027 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2030 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2033 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/07/2033 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117373 |
| **Apparel — 0.4%** | **Apparel — 0.4%** | **Apparel — 0.4%** |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/11/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/11/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14822 |
| &nbsp;&nbsp;&nbsp;William Carter Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/15/2027\* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 89375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109194 |
| **Banks — 3.3%** | **Banks — 3.3%** | **Banks — 3.3%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 07/23/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%, 10/24/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 34227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/21/2036 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 10/20/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%, 04/29/2031 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 26946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 04/22/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 44007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%, 02/04/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/24/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/12/2036 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 09/15/2027 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20390 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98%, 03/14/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06%, 07/22/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 03/14/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15100 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 02/13/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 07/23/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 04/25/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5320 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 04/23/2029 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29289 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02%, 10/31/2038 | $10000 | &nbsp;&nbsp;$8588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48%, 08/23/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 10/23/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 10/23/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 04/25/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15474 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58%, 04/22/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 05/06/2030 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01%, 04/23/2029 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 71751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/22/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/22/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 01/24/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/24/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 01/23/2035 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 04/22/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20629 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41%, 10/30/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16159 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%, 02/13/2032 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 25136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%, 07/21/2032 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 01/21/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 04/20/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/20/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66%, 04/18/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15464 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/04/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25303 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/11/2031 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/30/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/23/2026 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/02/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/25/2033 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 01/24/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%, 07/25/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 10/23/2034 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873335 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/23/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2033 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12173 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32374 |
| **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;5.00%, 03/01/2030\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 52567 |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 01/15/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 46138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107399 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10426 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Sherwin-Williams Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2047 | $5000 | &nbsp;&nbsp;$4250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14676 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2032\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45454 |
| &nbsp;&nbsp;&nbsp;Howard University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 10/01/2041 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 11172 |
| &nbsp;&nbsp;&nbsp;Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2030 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 44559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/01/2029 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 31164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146055 |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14240 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24511 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2032\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84103 |
| **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/30/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25316 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27%, 03/01/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18%, 01/30/2036 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 10/30/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 44549 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 11/02/2034 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 17145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101373 |
| **Electric — 3.1%** | **Electric — 3.1%** | **Electric — 3.1%** |
| &nbsp;&nbsp;&nbsp;Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/01/2049 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/15/2044 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 16577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/02/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4999 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10094 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 12/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10200 |
| &nbsp;&nbsp;&nbsp;Cleco Corporate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/15/2029 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12070 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 12/01/2051 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 9871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2055 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14564 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20098 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 04/15/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/15/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5051 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 06/15/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/05/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/2052 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4892 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 06/15/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12986 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/01/2050 | $30000 | &nbsp;&nbsp;$18296 |
| &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9685 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 10/15/2046 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 16512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/30/2044 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14928 |
| &nbsp;&nbsp;&nbsp;Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 11/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25990 |
| &nbsp;&nbsp;&nbsp;Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2033 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10047 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 06/01/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4784 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2042 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 10294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/15/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10067 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 01/15/2035\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4943 |
| &nbsp;&nbsp;&nbsp;National Grid PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/12/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5128 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/07/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15197 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 01/15/2027 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13271 |
| &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 01/17/2034\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9891 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/01/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10170 |
| &nbsp;&nbsp;&nbsp;Ohio Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5064 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2035\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15167 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 07/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5166 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14817 |
| &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4907 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/15/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5271 |
| &nbsp;&nbsp;&nbsp;Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22%, 03/15/2032 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 16759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 03/15/2035\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24959 |
| &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15107 |
| &nbsp;&nbsp;&nbsp;Sempra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/01/2029 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3839 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 08/01/2029 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2047 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2053 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/01/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5134 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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 Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/01/2026 | $25000 | &nbsp;&nbsp;$24606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/30/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4764 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/15/2050 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/15/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4702 |
| &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/2034 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3038 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 03/15/2027 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 52075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/01/2032 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830770 |
| **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** |
| &nbsp;&nbsp;&nbsp;GTP Acquisition Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 06/15/2050\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 159438 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| &nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 35241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 15996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 32805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 03/15/2062 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 14478 |
| &nbsp;&nbsp;&nbsp;WMG Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/15/2030\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 60032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163212 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2027\* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 83797 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 02/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 11/15/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10107 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/18/2026 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5061 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137778 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15166 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10022 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/15/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80797 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99%, 03/06/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5123 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49%, 05/15/2027 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/01/2030 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13257 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2034 | $3000 | &nbsp;&nbsp;$3010 |
| &nbsp;&nbsp;&nbsp;Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50679 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 04/15/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10259 |
| **Healthcare-Products — 0.5%** | **Healthcare-Products — 0.5%** | **Healthcare-Products — 0.5%** |
| &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2028\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48189 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/01/2028\* | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 43079 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%, 10/14/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12952 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/13/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134817 |
| **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** | **Healthcare-Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 07/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 08/01/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/15/2029 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 76646 |
| &nbsp;&nbsp;&nbsp;CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 10/01/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4713 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/30/2026 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 11/01/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15037 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/01/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14829 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/15/2040 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 22397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/15/2039 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2062 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/15/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 02/15/2063 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220051 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/01/2030\* | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028\* | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 36912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55171 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 10/04/2031\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 38582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72%, 01/07/2029\* | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 17568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%, 10/08/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29598 |
| &nbsp;&nbsp;&nbsp;CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/10/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15036 |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%, 03/08/2028\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 24021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/27/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10042 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 04/20/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4957 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2039 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150249 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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 — 0.5%** | **Internet — 0.5%** | **Internet — 0.5%** |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2033\* | $20000 | &nbsp;&nbsp;$19909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2027\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20246 |
| &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2027\* | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 81304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121459 |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 10/13/2026 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 71842 |
| &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/29/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24786 |
| &nbsp;&nbsp;&nbsp;Sixth Street Lending Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/15/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106693 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 08/15/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10027 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 11/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25256 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/21/2027 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10123 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/15/2030 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 26247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36370 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030\* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 63721 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 04/01/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/30/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9954 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/01/2051 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 12197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 07/15/2036 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/2039 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 14754 |
| &nbsp;&nbsp;&nbsp;Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 06/15/2031\* | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 19802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/01/2034\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/01/2054\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4636 |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4498 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2044 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/30/2036 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5130 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/01/2030\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 35530 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2042 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 9903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/15/2040 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260659 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 04/04/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26504 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp;Rio Tinto Alcan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2033 | $15000 | &nbsp;&nbsp;$16053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88049 |
| **Oil & Gas — 1.6%** | **Oil & Gas — 1.6%** | **Oil & Gas — 1.6%** |
| &nbsp;&nbsp;&nbsp;APA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2027\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30074 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 02/13/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 09/11/2033 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 21677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99%, 04/10/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9902 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%, 03/15/2062 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2063 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29195 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4921 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/18/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 04/18/2064 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9407 |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 18328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/01/2032 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/2036 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38973 |
| &nbsp;&nbsp;&nbsp;Energean Israel Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27525 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 12/01/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9884 |
| &nbsp;&nbsp;&nbsp;Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/06/2040 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8373 |
| &nbsp;&nbsp;&nbsp;Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 03/15/2033 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 20362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 08/15/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16976 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15%, 10/01/2033 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10537 |
| &nbsp;&nbsp;&nbsp;Shell Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/06/2050 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 8973 |
| &nbsp;&nbsp;&nbsp;Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 11/26/2041 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/26/2051 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3247 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 09/10/2064 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%, 04/05/2064 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24412 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/01/2027\* | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 26749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419897 |
| **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** |
| &nbsp;&nbsp;&nbsp;Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2029 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80948 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/15/2027\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120102 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5080 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/22/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9855 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25204 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20099 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/28/2031 | $5000 | &nbsp;&nbsp;$4182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/15/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2040 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/25/2048 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8533 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 08/14/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/12/2055 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108052 |
| **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 10/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 08/15/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15514 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 08/15/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 11/15/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5162 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/05/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/08/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5132 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 12/01/2026 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 12/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5329 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/15/2053 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6678 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2030\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20398 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9963 |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/01/2064 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19905 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2033 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7307 |
| &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; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4614 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14935 |
| &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/30/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/30/2034\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5055 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229090 |
| **REITS — 0.3%** | **REITS — 0.3%** | **REITS — 0.3%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 09/15/2026 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 04/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 08/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4801 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/11/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20075 |
| &nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 01/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5007 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14855 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Regency Centers LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2034 | $20000 | &nbsp;&nbsp;$20022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83524 |
| **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/01/2032 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/15/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10104 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/01/2030\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38785 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/15/2032 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113329 |
| **Semiconductors — 0.6%** | **Semiconductors — 0.6%** | **Semiconductors — 0.6%** |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 02/15/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10139 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 5292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 02/10/2063 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6560 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 04/15/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9369 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 02/15/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14977 |
| &nbsp;&nbsp;&nbsp;NXP BV/NXP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/01/2026 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 12/01/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10242 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145006 |
| **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/2028\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 57050 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 11/01/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18056 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/2029\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 59128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 12/01/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15525 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/25/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2040 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2060 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 6184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/06/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/03/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/27/2064 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4533 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/30/2027\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272630 |
| **Telecommunications — 0.5%** | **Telecommunications — 0.5%** | **Telecommunications — 0.5%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 12/01/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 09/15/2055 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 15587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4700 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/24/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20319 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;4.95%, 02/26/2031 | $15000 | &nbsp;&nbsp;$15301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/26/2064 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7778 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2039 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15410 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 02/15/2028 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 14944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/15/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127779 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2025\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/24/2026\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/01/2028\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30334 |
| **Total Corporate Bonds & Notes<br> (cost $6,113,857)** |  | &nbsp;&nbsp;&nbsp;&nbsp;5956005 |
| **ASSET BACKED SECURITIES — 3.2%** | **ASSET BACKED SECURITIES — 3.2%** | **ASSET BACKED SECURITIES — 3.2%** |
| **Auto Loan Receivables — 0.6%** | **Auto Loan Receivables — 0.6%** | **Auto Loan Receivables — 0.6%** |
| &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class B<br> 5.43%, 08/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15110 |
| &nbsp;&nbsp;&nbsp;Citizens Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A4<br> 5.03%, 10/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15162 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class B<br> 4.91%, 08/15/2029 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60328 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class B<br> 5.05%, 01/18/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10011 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class B<br> 4.98%, 07/16/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30191 |
| &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; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10264 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141066 |
| **Other Asset Backed Securities — 2.6%** | **Other Asset Backed Securities — 2.6%** | **Other Asset Backed Securities — 2.6%** |
| &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; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40377 |
| &nbsp;&nbsp;&nbsp;Columbia Cent CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-27A, Class AR<br> 5.75%, (TSFR3M+1.45%), 01/25/2035\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 249926 |
| &nbsp;&nbsp;&nbsp;DLLAA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A3<br> 5.64%, 02/22/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15218 |
| &nbsp;&nbsp;&nbsp;MF1, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-FL8, Class AS<br> 6.07%, (TSFR1M+1.75%), 02/19/2037\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99759 |
| &nbsp;&nbsp;&nbsp;New Economy Assets - Phase 1 Sponsor LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A1<br> 1.91%, 10/20/2061\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93319 |
| &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; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30186 |

---

---

| | | |
|:---|:---|:---|
| **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;Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class A2<br> 5.90%, 07/25/2048\* | $40000 | &nbsp;&nbsp;$40461 |
| &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; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24497 |
| &nbsp;&nbsp;&nbsp;Venture 42 CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-42A, Class A1A<br> 5.69%, (TSFR3M+1.39%), 04/15/2034\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693761 |
| **Total Asset Backed Securities<br> (cost $823,769)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834827 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.9%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.9%** |
| **Commercial and Residential — 3.2%** | **Commercial and Residential — 3.2%** | **Commercial and Residential — 3.2%** |
| &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; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 117600 |
| &nbsp;&nbsp;&nbsp;BOCA Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BOCA, Class B<br> 6.66%, (TSFR1M+2.34%), 08/15/2041\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100031 |
| &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; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10123 |
| &nbsp;&nbsp;&nbsp;CAMB Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-LIFE, Class F<br> 7.17%, (TSFR1M+2.85%), 12/15/2037\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99812 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02, Class 1M2<br> 6.14%, (SOFR30A+1.80%), 02/25/2044\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B1<br> 7.44%, (SOFR30A+3.10%), 10/25/2041\* | &nbsp;&nbsp; 51800 | &nbsp;&nbsp;&nbsp;&nbsp; 52658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1B1<br> 7.49%, (SOFR30A+3.15%), 12/25/2041\* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55225 |
| &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; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 121695 |
| &nbsp;&nbsp;&nbsp;DC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HLTN, Class A<br> 5.73%, 04/13/2040\*(1) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HLTN, Class C<br> 7.04%, 04/13/2040\*(1) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10208 |
| &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 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 82157 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81%\*(2) | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21669 |
| &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; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 85950 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-NXS3, Class A4<br> 3.62%, 09/15/2057 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01%(1)(2) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845894 |
| **U.S. Government Agency — 2.7%** | **U.S. Government Agency — 2.7%** | **U.S. Government Agency — 2.7%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3964, Class MD<br> 2.00%, 01/15/2041 | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5170, Class DP<br> 2.00%, 07/25/2050 | &nbsp;&nbsp; 39308 | &nbsp;&nbsp;&nbsp;&nbsp; 34249 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;&nbsp;&nbsp;&nbsp;&nbsp;Series 4961, Class JB<br> 2.50%, 12/15/2042 | $21564 | &nbsp;&nbsp;$19631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3883, Class PB<br> 3.00%, 05/15/2041 | &nbsp;&nbsp; 6512 | &nbsp;&nbsp;&nbsp;&nbsp; 6218 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class MV<br> 3.50%, 10/25/2058 | &nbsp;&nbsp; 15620 | &nbsp;&nbsp;&nbsp;&nbsp; 14498 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1B<br> 7.24%, (SOFR30A+2.90%), 04/25/2042\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA3, Class B1<br> 7.69%, (SOFR30A+3.35%), 09/25/2041\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M1B<br> 7.69%, (SOFR30A+3.35%), 05/25/2042\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA2, Class M1B<br> 7.69%, (SOFR30A+3.35%), 06/25/2043\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class B1<br> 7.74%, (SOFR30A+3.40%), 10/25/2041\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA1, Class M1B<br> 7.84%, (SOFR30A+3.50%), 05/25/2043\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1B<br> 7.89%, (SOFR30A+3.55%), 08/25/2042\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class B1<br> 7.99%, (SOFR30A+3.65%), 11/25/2041\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA6, Class M1B<br> 8.04%, (SOFR30A+3.70%), 09/25/2042\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA2, Class M1B<br> 8.34%, (SOFR30A+4.00%), 07/25/2042\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1B<br> 8.84%, (SOFR30A+4.50%), 06/25/2042\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37166 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 415, Class A3 STRIPS<br> 3.00%, 11/25/2042 | &nbsp;&nbsp; 12306 | &nbsp;&nbsp;&nbsp;&nbsp; 11304 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-77, Class BP<br> 1.70%, 06/25/2043 | &nbsp;&nbsp; 1174 | &nbsp;&nbsp;&nbsp;&nbsp; 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-21, Class PQ<br> 2.00%, 09/25/2041 | &nbsp;&nbsp; 3471 | &nbsp;&nbsp;&nbsp;&nbsp; 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-18, Class GA<br> 2.00%, 12/25/2041 | &nbsp;&nbsp; 6746 | &nbsp;&nbsp;&nbsp;&nbsp; 6290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-11, Class GA<br> 2.50%, 03/25/2046 | &nbsp;&nbsp; 10337 | &nbsp;&nbsp;&nbsp;&nbsp; 9560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-54, Class KC<br> 2.50%, 09/25/2049 | &nbsp;&nbsp; 33711 | &nbsp;&nbsp;&nbsp;&nbsp; 31177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-48, Class QB<br> 3.00%, 02/25/2043 | &nbsp;&nbsp; 6143 | &nbsp;&nbsp;&nbsp;&nbsp; 6006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-38, Class NA<br> 3.00%, 01/25/2046 | &nbsp;&nbsp; 5203 | &nbsp;&nbsp;&nbsp;&nbsp; 4820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-16, Class PB<br> 3.00%, 03/25/2047 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 26341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-34, Class JK<br> 3.00%, 05/25/2047 | &nbsp;&nbsp; 3318 | &nbsp;&nbsp;&nbsp;&nbsp; 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-45, Class PT<br> 3.00%, 08/25/2049 | &nbsp;&nbsp; 15243 | &nbsp;&nbsp;&nbsp;&nbsp; 13773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-52, Class PA<br> 3.50%, 05/25/2042 | &nbsp;&nbsp; 6005 | &nbsp;&nbsp;&nbsp;&nbsp; 5762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-26, Class CG<br> 3.50%, 07/25/2044 | &nbsp;&nbsp; 3994 | &nbsp;&nbsp;&nbsp;&nbsp; 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-23, Class LA<br> 3.50%, 04/25/2048 | &nbsp;&nbsp; 15400 | &nbsp;&nbsp;&nbsp;&nbsp; 14538 |

---

---

| | | |
|:---|:---|:---|
| **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 2019-14, Class CA<br> 3.50%, 04/25/2049 | $16587 | &nbsp;&nbsp;$15890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-35, Class AH<br> 3.50%, 04/25/2053 | &nbsp;&nbsp; 4158 | &nbsp;&nbsp;&nbsp;&nbsp; 4124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-84, Class KA<br> 3.50%, 04/25/2053 | &nbsp;&nbsp; 5903 | &nbsp;&nbsp;&nbsp;&nbsp; 5829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-70, Class HA<br> 3.50%, 10/25/2056 | &nbsp;&nbsp; 9667 | &nbsp;&nbsp;&nbsp;&nbsp; 9441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-12, Class HA<br> 3.50%, 11/25/2057 | &nbsp;&nbsp; 17124 | &nbsp;&nbsp;&nbsp;&nbsp; 16427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-49, Class JA<br> 4.00%, 07/25/2053 | &nbsp;&nbsp; 5131 | &nbsp;&nbsp;&nbsp;&nbsp; 5096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-90, Class AY<br> 4.50%, 12/25/2041 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 72105 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-37, Class LG<br> 2.00%, 01/20/2042 | &nbsp;&nbsp; 4932 | &nbsp;&nbsp;&nbsp;&nbsp; 4787 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-74, Class HB<br> 7.50%, 09/16/2035 | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-74, Class HC<br> 7.50%, 09/16/2035 | &nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp;&nbsp; 296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729619 |
| **Total Collateralized Mortgage Obligations<br> (cost $1,634,909)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1575513 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 47.5%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 47.5%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 47.5%** |
| **U.S. Government — 35.4%** | **U.S. Government — 35.4%** | **U.S. Government — 35.4%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/15/2050 | &nbsp;&nbsp; 553000 | &nbsp;&nbsp;&nbsp;&nbsp; 274577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/15/2050 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 10191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 11/15/2050 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 141527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/15/2041 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 128762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/15/2051 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 86354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/15/2046 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 77346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2045 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 165825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 08/15/2045 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 225940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/15/2045(3)(4) | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 290219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/15/2045 to 08/15/2052 | &nbsp;&nbsp; 852000 | &nbsp;&nbsp;&nbsp;&nbsp; 641699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/15/2044 | &nbsp;&nbsp; 168000 | &nbsp;&nbsp;&nbsp;&nbsp; 135503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2042 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 244332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2043 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 246137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/2054 | &nbsp;&nbsp; 602000 | &nbsp;&nbsp;&nbsp;&nbsp; 568232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2045 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 239296 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(5) | &nbsp;&nbsp; 191481 | &nbsp;&nbsp;&nbsp;&nbsp; 116826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(5) | &nbsp;&nbsp; 13814 | &nbsp;&nbsp;&nbsp;&nbsp; 10620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 to 02/15/2045(5) | &nbsp;&nbsp; 380280 | &nbsp;&nbsp;&nbsp;&nbsp; 298802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046(5) | &nbsp;&nbsp; 40213 | &nbsp;&nbsp;&nbsp;&nbsp; 31707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(5) | &nbsp;&nbsp; 143090 | &nbsp;&nbsp;&nbsp;&nbsp; 124533 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/31/2029 | &nbsp;&nbsp; 398000 | &nbsp;&nbsp;&nbsp;&nbsp; 375348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2034 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 136456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 236738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/31/2027 | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 857906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034(3) | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 526559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 378845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | &nbsp;&nbsp;2440000 | &nbsp;&nbsp;&nbsp;&nbsp; 2520825 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(5) | &nbsp;&nbsp; 273806 | &nbsp;&nbsp;&nbsp;&nbsp; 273332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9364437 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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 — 12.1%** | **U.S. Government Agency — 12.1%** | **U.S. Government Agency — 12.1%** |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, April 30 TBA | $150000 | &nbsp;&nbsp;$127926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, April 30 TBA | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 154985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, April 30 TBA | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 137239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, April 30 TBA | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 140407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, March 30 TBA | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 122943 |
| &nbsp;&nbsp;&nbsp;Uniform Mtg. Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, April 15 TBA | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 158134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, April 30 TBA | &nbsp;&nbsp; 294000 | &nbsp;&nbsp;&nbsp;&nbsp; 281201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, April 30 TBA | &nbsp;&nbsp; 682000 | &nbsp;&nbsp;&nbsp;&nbsp; 681093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, April 30 TBA | &nbsp;&nbsp;1381000 | &nbsp;&nbsp;&nbsp;&nbsp; 1402602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3206530 |
| **Total U.S. Government & Agency Obligations<br> (cost $13,395,261)** |  | &nbsp;&nbsp;&nbsp;&nbsp;12570967 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 0.6%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.6%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.6%** |
| **Sovereign — 0.6%** | **Sovereign — 0.6%** | **Sovereign — 0.6%** |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/24/2035\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/30/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/10/2037\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6101 |
| &nbsp;&nbsp;&nbsp;Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 01/26/2036 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17210 |
| &nbsp;&nbsp;&nbsp;Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/08/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/08/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9671 |
| &nbsp;&nbsp;&nbsp;Republic of Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/23/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14734 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/08/2044 | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 63468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 01/11/2040 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5643 |
| **Total Foreign Government Obligations<br> (cost $159,487)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155197 |
| **MUNICIPAL SECURITIES — 0.2%** | **MUNICIPAL SECURITIES — 0.2%** | **MUNICIPAL SECURITIES — 0.2%** |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2045 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35109 |
| &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64%, 04/01/2057 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 20800 |
| **Total Municipal Securities<br> (cost $54,611)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55909 |
| **COMMON STOCKS — 15.6%** | **COMMON STOCKS — 15.6%** | **COMMON STOCKS — 15.6%** |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp; 134854 |
| **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp; 1022 | &nbsp;&nbsp;&nbsp;&nbsp; 264862 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.† | &nbsp;&nbsp; 5172 | &nbsp;&nbsp;&nbsp;&nbsp; 52186 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp; 6749 | &nbsp;&nbsp;&nbsp;&nbsp; 210096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262282 |
| **Commercial Services — 0.7%** | **Commercial Services — 0.7%** | **Commercial Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 195648 |
| **Computers — 0.8%** | **Computers — 0.8%** | **Computers — 0.8%** |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp;&nbsp; 211196 |
| **Distribution/Wholesale — 0.4%** | **Distribution/Wholesale — 0.4%** | **Distribution/Wholesale — 0.4%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp; 2340 | &nbsp;&nbsp;&nbsp;&nbsp; 113045 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;$17395 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6854 | &nbsp;&nbsp;&nbsp;&nbsp; 43318 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp; 111090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171803 |
| **Healthcare-Products — 0.5%** | **Healthcare-Products — 0.5%** | **Healthcare-Products — 0.5%** |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp; 123615 |
| **Internet — 4.3%** | **Internet — 4.3%** | **Internet — 4.3%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 | &nbsp;&nbsp;&nbsp;&nbsp; 169753 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp; 169903 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693 | &nbsp;&nbsp;&nbsp;&nbsp; 309429 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp; 245810 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp;&nbsp;&nbsp; 252293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1147188 |
| **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp; 114022 |
| **Retail — 0.5%** | **Retail — 0.5%** | **Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp; 118693 |
| **Semiconductors — 0.4%** | **Semiconductors — 0.4%** | **Semiconductors — 0.4%** |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp; 107346 |
| **Software — 4.0%** | **Software — 4.0%** | **Software — 4.0%** |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3680 | &nbsp;&nbsp;&nbsp;&nbsp; 414699 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp; 228598 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3602 | &nbsp;&nbsp;&nbsp;&nbsp; 209961 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396 | &nbsp;&nbsp;&nbsp;&nbsp; 204039 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1057297 |
| **Transportation — 0.4%** | **Transportation — 0.4%** | **Transportation — 0.4%** |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 109852 |
| **Total Common Stocks<br> (cost $3,308,299)** |  | &nbsp;&nbsp;&nbsp;&nbsp;4131703 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lehman Brothers Holdings, Inc.<br> Escrow Notes<br> 5.50%, 04/04/2016†<br> (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| **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.) | 1096868 | &nbsp;&nbsp;&nbsp;&nbsp; 3314 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 07/31/2025; Strike Price: USD 7.77; Counterparty: JPMorgan Chase Bank, N.A.) | &nbsp;&nbsp;&nbsp;&nbsp;517188 | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 09/01/2025; Strike Price: USD 7.66; Counterparty: JPMorgan Chase Bank, N.A.) | &nbsp;&nbsp;&nbsp;&nbsp;574542 | &nbsp;&nbsp;&nbsp;&nbsp; 801 |
| &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) | 1121660 | &nbsp;&nbsp;&nbsp;&nbsp; 1680 |
| &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) | 1228334 | &nbsp;&nbsp;&nbsp;&nbsp; 1254 |
| **Total Purchased Options<br> (cost $19,867)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7297 |
| **Total Long-Term Investment Securities<br> (cost $25,510,060)** |  | &nbsp;&nbsp;&nbsp;&nbsp;25287428 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 10.7%** | **REPURCHASE AGREEMENTS — 10.7%** |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(6) | $620000 | &nbsp;&nbsp;$620000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(6) | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(6) | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(6) | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 605000 |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(6) | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 605000 |
| **Total Repurchase Agreements<br> (cost $2,840,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;2840000 |
| **TOTAL INVESTMENTS<br> (cost $28,350,060)(7)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106.2% | &nbsp;&nbsp;&nbsp;&nbsp;28127428 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.2) | &nbsp;&nbsp;&nbsp;&nbsp;(1651845) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$26475583 |

---

---

| | |
|:---|:---|
| \* | &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 Income Portfolio has no right to demand registration of these securities. At March 31, 2025, the aggregate value of these securities was $3,919,830 representing 14.8% 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) Securities classified as Level 3 (see Note 2).

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

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

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

(6) See Note 2 for details of Joint Repurchase Agreements.

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

---

| |
|:---|
| CLO—Collateralized Loan Obligation |
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| STRIPS—Separate Trading of Registered Interest and Principal |
| 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 |

---

CNY—Chinese Yuan

The rates shown on FRS and/or VRS are the current interest rates at March 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 60000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.880% | 12-Month SOFR | Annual | Annual | Mar 2053 | $557 | $9127 | $9684 |
| Centrally Cleared | 120000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.970 | 12-Month SOFR | Annual | Annual | Mar 2053 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 17455 | &nbsp;&nbsp;&nbsp; 17523 |
| Centrally Cleared | 195000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.590 | 12-Month SOFR | Annual | Annual | Sep 2053 | &nbsp;&nbsp;&nbsp; 824 | &nbsp;&nbsp;&nbsp; 6885 | &nbsp;&nbsp;&nbsp; 7709 |
| Centrally Cleared | 55000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.750 | 12-Month SOFR | Annual | Annual | Dec 2054 | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp; 493 |
| Centrally Cleared | 435000 | &nbsp;&nbsp;&nbsp;USD | Fixed 4.160 | 12-Month SOFR | Annual | Annual | Mar 2045 | &nbsp;&nbsp;&nbsp;(899) | &nbsp;&nbsp;&nbsp;(14669) | &nbsp;&nbsp;&nbsp;(15568) |
|  |  |  |  |  |  |  |  | $631 | $19210 | $19841 |

---

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** |
| 12 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Australian 10 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$840252 | &nbsp;&nbsp;&nbsp;&nbsp;$844745 | &nbsp;&nbsp;&nbsp;&nbsp;$4493 |
| 7 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531 |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7870 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 8 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Canada 10 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$684841 | &nbsp;&nbsp;&nbsp;&nbsp;$690178 | &nbsp;&nbsp;&nbsp;&nbsp;$(5337) |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BUND | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3863) |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-OAT | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381) |
| 7 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6908) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(16489) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(8619) |

---

\* 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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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)** |
| Deutsche Bank AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;292000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;319793 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;$4019 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;316057 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;292000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (285) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(285) |
| Goldman Sachs International | &nbsp;&nbsp;BRL | &nbsp;&nbsp;504000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;84734 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(3545) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;59529 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;86858 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;504000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;59642 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (164) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp;(3709) |
| HSBC Bank PLC | &nbsp;&nbsp;EUR | &nbsp;&nbsp;166000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;179672 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;180445 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;166000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (931) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(931) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;57566 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;57331 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;53000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| State Street Bank & Trust Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;76846 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;77112 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (331) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$5968 | &nbsp;&nbsp;$(5272) |

---

BRL—Brazilian Real <br> EUR—Euro Currency <br> USD—United States Dollar

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;$5956005 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5956005 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834827 |
| Collateralized Mortgage Obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815164 | &nbsp;&nbsp;&nbsp;&nbsp;30730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845894 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729619 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12570967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12570967 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155197 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55909 |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134854 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195648 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;3801201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3801201 |
| 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;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7297 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2840000 |
| **Total Investments at Value** | &nbsp;&nbsp;$3801201 | &nbsp;&nbsp;$24295497 | &nbsp;&nbsp;$30730 | &nbsp;&nbsp;$28127428 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$33879 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$33879 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7870 |
| 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;5968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5968 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$7870 | &nbsp;&nbsp;$39847 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$47717 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14669 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14669 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16489 |
| 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;5272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5272 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$16489 | &nbsp;&nbsp;$19941 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$36430 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 17.9%** | **CORPORATE BONDS & NOTES — 17.9%** | **CORPORATE BONDS & NOTES — 17.9%** |
| **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 | $5000 | &nbsp;&nbsp;$4469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/15/2029 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38501 |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/01/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10656 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 06/01/2029 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/2054 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6756 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/16/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4929 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44248 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83%, 02/20/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20795 |
| &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; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10278 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/01/2027 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/13/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/07/2033 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129785 |
| **Apparel — 0.3%** | **Apparel — 0.3%** | **Apparel — 0.3%** |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/11/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/11/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14822 |
| &nbsp;&nbsp;&nbsp;William Carter Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/15/2027\* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 94340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119157 |
| **Banks — 2.7%** | **Banks — 2.7%** | **Banks — 2.7%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 07/23/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%, 10/24/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 42784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/21/2036 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 10/20/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%, 04/29/2031 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 40418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 04/22/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 44007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97%, 02/04/2033 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/24/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/12/2036 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 09/15/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25488 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98%, 03/14/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06%, 07/22/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 03/14/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32%, 10/25/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5290 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 02/13/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 07/23/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 04/25/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5320 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62%, 04/22/2032 | $20000 | &nbsp;&nbsp;$17463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 04/23/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 10/23/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 10/23/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 04/25/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20632 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 11/08/2032 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58%, 04/22/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51%, 01/23/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 05/06/2030 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 62547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01%, 04/23/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/22/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/22/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 01/24/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 07/22/2035 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/24/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 01/23/2035 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/24/2036 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 04/22/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07%, 10/22/2027 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15354 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41%, 10/30/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16159 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%, 02/13/2032 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 16757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%, 07/21/2032 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 25544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/15/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/20/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66%, 04/18/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15464 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59%, 07/22/2028(1) | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24377 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/04/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25303 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/30/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/23/2026 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/02/2033 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 21533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/25/2033 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 01/24/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%, 07/25/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 10/23/2034 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971216 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/23/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2033 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13188 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32379 |
| **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; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 52567 |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 59979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112546 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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 — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2031\* | $10000 | &nbsp;&nbsp;$10426 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2047 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14676 |
| **Commercial Services — 0.4%** | **Commercial Services — 0.4%** | **Commercial Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2032\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45453 |
| &nbsp;&nbsp;&nbsp;Howard University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 10/01/2041 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7448 |
| &nbsp;&nbsp;&nbsp;Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2030 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 49015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/01/2029 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 36034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156052 |
| **Computers — 0.3%** | **Computers — 0.3%** | **Computers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14240 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24511 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2032\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89142 |
| **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** | **Diversified Financial Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/30/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25316 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18%, 01/30/2036 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 10/30/2031 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 50117 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 11/02/2034 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 17145 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97567 |
| **Electric — 2.4%** | **Electric — 2.4%** | **Electric — 2.4%** |
| &nbsp;&nbsp;&nbsp;Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/01/2049 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 17707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/15/2044 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/02/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4999 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10094 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 12/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10200 |
| &nbsp;&nbsp;&nbsp;Cleco Corporate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/15/2029 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12070 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 12/01/2051 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 9871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2055 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14564 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20098 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 04/15/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/15/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5051 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 06/15/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/05/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/2052 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4892 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 06/15/2030 | $15000 | &nbsp;&nbsp;$12986 |
| &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/01/2050 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 12197 |
| &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9685 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 10/15/2046 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 22516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/30/2044 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 18015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14928 |
| &nbsp;&nbsp;&nbsp;Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 11/15/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20792 |
| &nbsp;&nbsp;&nbsp;Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/01/2032 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 9857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2033 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10046 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2042 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 6863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/15/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10067 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 01/15/2035\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4943 |
| &nbsp;&nbsp;&nbsp;National Grid PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/12/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5128 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/07/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15197 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 01/15/2027 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22119 |
| &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 01/17/2034\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9891 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/01/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10170 |
| &nbsp;&nbsp;&nbsp;Ohio Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10129 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2035\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15167 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 07/01/2030 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/2052 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10331 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14817 |
| &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4907 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/15/2033 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12651 |
| &nbsp;&nbsp;&nbsp;Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22%, 03/15/2032 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 16759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 03/15/2035\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19967 |
| &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15107 |
| &nbsp;&nbsp;&nbsp;Sempra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/01/2029 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 15357 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 08/01/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2047 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/01/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4882 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;5.45%, 03/01/2035 | $5000 | &nbsp;&nbsp;$4951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2053 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/01/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5134 |
| &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/01/2026 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19685 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/15/2050 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2033 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/15/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/15/2055 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4912 |
| &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/2034 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3038 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 03/15/2027 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 52075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/01/2032 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869400 |
| **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** |
| &nbsp;&nbsp;&nbsp;GTP Acquisition Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 06/15/2050\* | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 159438 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| &nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 44052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 3999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 44469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 03/15/2062 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 18097 |
| &nbsp;&nbsp;&nbsp;WMG Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/15/2030\* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 64650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175267 |
| **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2027\* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 88726 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 02/15/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 11/15/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10107 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/18/2026 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5061 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2035 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156910 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15166 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15033 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/15/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85808 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99%, 03/06/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5123 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49%, 05/15/2027 | $25000 | &nbsp;&nbsp;$24485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/01/2030 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2034 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3010 |
| &nbsp;&nbsp;&nbsp;Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2054 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14551 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60426 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 04/15/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10259 |
| **Healthcare-Products — 0.4%** | **Healthcare-Products — 0.4%** | **Healthcare-Products — 0.4%** |
| &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2028\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53008 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/01/2028\* | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 46995 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%, 10/14/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12952 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/13/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143552 |
| **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 07/15/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 08/01/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/15/2029 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 76646 |
| &nbsp;&nbsp;&nbsp;CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 10/01/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4712 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/30/2026 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 11/01/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10025 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/01/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14829 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/15/2040 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 23119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/15/2039 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2062 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 02/15/2063 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230075 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/01/2030\* | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53359 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 10/04/2031\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 38582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72%, 01/07/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%, 10/08/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29598 |
| &nbsp;&nbsp;&nbsp;CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/10/2027\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20047 |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%, 03/08/2028\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/27/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10043 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 04/20/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4957 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 12/15/2031 | $13000 | &nbsp;&nbsp;$11190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2039 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5697 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170947 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2033\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2027\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25307 |
| &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2027\* | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 81304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126520 |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 10/13/2026 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 71842 |
| &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/29/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24786 |
| &nbsp;&nbsp;&nbsp;Sixth Street Lending Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/15/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106693 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 08/15/2034 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15041 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 11/15/2029 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30307 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/21/2027 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10125 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/15/2030 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37277 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030\* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 63722 |
| &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; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 04/01/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8634 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/01/2051 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 14027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 07/15/2036 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/2039 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 20966 |
| &nbsp;&nbsp;&nbsp;Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 06/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/01/2034\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/01/2054\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4636 |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4498 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2044 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/30/2036 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5130 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/01/2030\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 39971 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2042 | $35000 | &nbsp;&nbsp;$26661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/15/2040 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283027 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 04/04/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31805 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Alcan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98371 |
| **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** |
| &nbsp;&nbsp;&nbsp;APA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/15/2027\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30074 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 02/13/2033 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 09/11/2033 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99%, 04/10/2034 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 11/17/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5026 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%, 03/15/2062 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2063 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29195 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9841 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/18/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 04/18/2064 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9407 |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 29157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/01/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/2036 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 43845 |
| &nbsp;&nbsp;&nbsp;Energean Israel Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27525 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 12/01/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9884 |
| &nbsp;&nbsp;&nbsp;Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/06/2040 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 16746 |
| &nbsp;&nbsp;&nbsp;Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 03/15/2033 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 20362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 08/15/2031 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 20371 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15%, 10/01/2033 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10537 |
| &nbsp;&nbsp;&nbsp;Shell Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/06/2050 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10354 |
| &nbsp;&nbsp;&nbsp;Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 11/26/2041 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/26/2051 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1299 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 09/10/2064 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 29192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%, 04/05/2064 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19529 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/01/2027\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 27740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478461 |
| **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2029 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86007 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/15/2027\* | $40000 | &nbsp;&nbsp;$39154 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125161 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5080 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/22/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9855 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2029 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30245 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25124 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/28/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/15/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2040 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/25/2048 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8533 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 08/14/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/12/2055 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122786 |
| **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 10/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68%, 01/15/2034\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 08/15/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25857 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 11/15/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5162 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/15/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/05/2034 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/08/2033 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3079 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 12/01/2026 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 12/01/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10657 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/15/2053 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6678 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2030\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20398 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9963 |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/01/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/01/2064 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20953 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9986 |
| &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; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18455 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14935 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/30/2031\* | $15000 | &nbsp;&nbsp;$15174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/30/2034\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264419 |
| **REITS — 0.2%** | **REITS — 0.2%** | **REITS — 0.2%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 09/15/2026 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14344 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/11/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20075 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14855 |
| &nbsp;&nbsp;&nbsp;Regency Centers LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69296 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/01/2032 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/15/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 11/01/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5441 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 52524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/01/2030\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38785 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/15/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115554 |
| **Semiconductors — 0.5%** | **Semiconductors — 0.5%** | **Semiconductors — 0.5%** |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 02/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10139 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 4116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 02/15/2060 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 2773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 13941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 02/10/2063 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6560 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 04/15/2028 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12180 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 02/15/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19969 |
| &nbsp;&nbsp;&nbsp;NXP BV/NXP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/01/2026 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 12/01/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10242 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170081 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/2028\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 57050 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 11/01/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18056 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/2029\* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 63676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 12/01/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10350 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/25/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2040 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2060 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 8933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/06/2033 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25565 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/03/2032 | $5000 | &nbsp;&nbsp;$5065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/27/2064 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4533 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/30/2027\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 64508 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281241 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 09/15/2059 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 12/01/2057 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 17551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9399 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/24/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/26/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/26/2064 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7778 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2039 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15409 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 02/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10417 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140339 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2025\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/24/2026\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/01/2028\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35390 |
| **Total Corporate Bonds & Notes<br> (cost $6,584,744)** |  | &nbsp;&nbsp;&nbsp;&nbsp;6425724 |
| **ASSET BACKED SECURITIES — 1.6%** | **ASSET BACKED SECURITIES — 1.6%** | **ASSET BACKED SECURITIES — 1.6%** |
| **Auto Loan Receivables — 0.5%** | **Auto Loan Receivables — 0.5%** | **Auto Loan Receivables — 0.5%** |
| &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class B<br> 5.43%, 08/15/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20147 |
| &nbsp;&nbsp;&nbsp;Citizens Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A4<br> 5.03%, 10/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20217 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class B<br> 5.05%, 01/18/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10011 |
| &nbsp;&nbsp;&nbsp;OneMain Direct Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A<br> 5.41%, 11/14/2029\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101082 |
| &nbsp;&nbsp;&nbsp;SBNA Auto Lease Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A4<br> 5.24%, 01/22/2029\*(2) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9766 |
| &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; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176618 |
| **Other Asset Backed Securities — 1.1%** | **Other Asset Backed Securities — 1.1%** | **Other Asset Backed Securities — 1.1%** |
| &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; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2<br> 6.35%, 10/15/2047\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60277 |

---

---

| | | |
|:---|:---|:---|
| **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;DLLAA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A3<br> 5.64%, 02/22/2028\* | $15000 | &nbsp;&nbsp;$15218 |
| &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; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35217 |
| &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; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2<br> 5.90%, 03/25/2049\*(2) | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24524 |
| &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; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24497 |
| &nbsp;&nbsp;&nbsp;VB-S1 Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class C2<br> 5.59%, 05/15/2054\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30183 |
| &nbsp;&nbsp;&nbsp;Venture 42 CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-42A, Class A1A<br> 5.69%, (TSFR3M+1.39%), 04/15/2034\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375819 |
| **Total Asset Backed Securities<br> (cost $548,149)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552437 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.0%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 5.0%** |
| **Commercial and Residential — 3.0%** | **Commercial and Residential — 3.0%** | **Commercial and Residential — 3.0%** |
| &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; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 117600 |
| &nbsp;&nbsp;&nbsp;Benchmark Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B15, Class A5<br> 2.93%, 12/15/2072 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 63801 |
| &nbsp;&nbsp;&nbsp;BOCA Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BOCA, Class B<br> 6.66%, (TSFR1M+2.34%), 08/15/2041\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100031 |
| &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; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10123 |
| &nbsp;&nbsp;&nbsp;BX Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PAT, Class B<br> 7.36%, (TSFR1M+3.04%), 03/15/2041\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9988 |
| &nbsp;&nbsp;&nbsp;Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-CR25, Class A4<br> 3.76%, 08/10/2048 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74620 |
| &nbsp;&nbsp;&nbsp;Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CBM, Class B<br> 6.51%, 12/10/2041\*(1) | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17415 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02, Class 1M2<br> 6.14%, (SOFR30A+1.80%), 02/25/2044\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B1<br> 7.44%, (SOFR30A+3.10%), 10/25/2041\* | &nbsp;&nbsp; 56600 | &nbsp;&nbsp;&nbsp;&nbsp; 57537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1B1<br> 7.49%, (SOFR30A+3.15%), 12/25/2041\* | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 60338 |
| &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; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 121695 |
| &nbsp;&nbsp;&nbsp;DC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HLTN, Class A<br> 5.73%, 04/13/2040\*(1) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10132 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-JP3, Class A5<br> 2.87%, 08/15/2049 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14531 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;JPMorgan Chase Commercial Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NNN, Class AFX<br> 2.81%, 01/16/2037\*(2) | $25000 | &nbsp;&nbsp;$21669 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C26, Class A5<br> 3.53%, 10/15/2048 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14888 |
| &nbsp;&nbsp;&nbsp;NJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-WBRK, Class A<br> 5.87%, 03/05/2035\* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 82094 |
| &nbsp;&nbsp;&nbsp;NJ VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-WBRK, Class B<br> 6.28%, 03/05/2035\*(1) | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81569 |
| &nbsp;&nbsp;&nbsp;NYC Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3BP, Class B<br> 6.01%, (TSFR1M+1.69%), 02/15/2042\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99092 |
| &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; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 90725 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-NXS1, Class D<br> 4.01%, 05/15/2048(1)(2) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1066923 |
| **U.S. Government Agency — 2.0%** | **U.S. Government Agency — 2.0%** | **U.S. Government Agency — 2.0%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3964, Class MD<br> 2.00%, 01/15/2041 | &nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5170, Class DP<br> 2.00%, 07/25/2050 | &nbsp;&nbsp; 39308 | &nbsp;&nbsp;&nbsp;&nbsp; 34249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4961, Class JB<br> 2.50%, 12/15/2042 | &nbsp;&nbsp; 21564 | &nbsp;&nbsp;&nbsp;&nbsp; 19631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3883, Class PB<br> 3.00%, 05/15/2041 | &nbsp;&nbsp; 6438 | &nbsp;&nbsp;&nbsp;&nbsp; 6148 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1B<br> 7.24%, (SOFR30A+2.90%), 04/25/2042\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA3, Class B1<br> 7.69%, (SOFR30A+3.35%), 09/25/2041\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M1B<br> 7.69%, (SOFR30A+3.35%), 05/25/2042\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA2, Class M1B<br> 7.69%, (SOFR30A+3.35%), 06/25/2043\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class B1<br> 7.74%, (SOFR30A+3.40%), 10/25/2041\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA1, Class M1B<br> 7.84%, (SOFR30A+3.50%), 05/25/2043\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1B<br> 7.89%, (SOFR30A+3.55%), 08/25/2042\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class B1<br> 7.99%, (SOFR30A+3.65%), 11/25/2041\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA6, Class M1B<br> 8.04%, (SOFR30A+3.70%), 09/25/2042\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA2, Class M1B<br> 8.34%, (SOFR30A+4.00%), 07/25/2042\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1B<br> 8.84%, (SOFR30A+4.50%), 06/25/2042\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37166 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 415, Class A3 STRIPS<br> 3.00%, 11/25/2042 | &nbsp;&nbsp; 12306 | &nbsp;&nbsp;&nbsp;&nbsp; 11304 |

---

---

| | | |
|:---|:---|:---|
| **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;Federal National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-77, Class BP<br> 1.70%, 06/25/2043 | $1216 | &nbsp;&nbsp;$1207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-21, Class PQ<br> 2.00%, 09/25/2041 | &nbsp;&nbsp; 3472 | &nbsp;&nbsp;&nbsp;&nbsp; 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-18, Class GA<br> 2.00%, 12/25/2041 | &nbsp;&nbsp; 6746 | &nbsp;&nbsp;&nbsp;&nbsp; 6290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-11, Class GA<br> 2.50%, 03/25/2046 | &nbsp;&nbsp; 10337 | &nbsp;&nbsp;&nbsp;&nbsp; 9560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-54, Class KC<br> 2.50%, 09/25/2049 | &nbsp;&nbsp; 35584 | &nbsp;&nbsp;&nbsp;&nbsp; 32910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-48, Class QB<br> 3.00%, 02/25/2043 | &nbsp;&nbsp; 6066 | &nbsp;&nbsp;&nbsp;&nbsp; 5931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-38, Class NA<br> 3.00%, 01/25/2046 | &nbsp;&nbsp; 5203 | &nbsp;&nbsp;&nbsp;&nbsp; 4820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-16, Class PB<br> 3.00%, 03/25/2047 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 26341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-34, Class JK<br> 3.00%, 05/25/2047 | &nbsp;&nbsp; 3318 | &nbsp;&nbsp;&nbsp;&nbsp; 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-45, Class PT<br> 3.00%, 08/25/2049 | &nbsp;&nbsp; 15243 | &nbsp;&nbsp;&nbsp;&nbsp; 13773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-52, Class PA<br> 3.50%, 05/25/2042 | &nbsp;&nbsp; 6005 | &nbsp;&nbsp;&nbsp;&nbsp; 5762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-26, Class CG<br> 3.50%, 07/25/2044 | &nbsp;&nbsp; 3994 | &nbsp;&nbsp;&nbsp;&nbsp; 3955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-23, Class LA<br> 3.50%, 04/25/2048 | &nbsp;&nbsp; 15400 | &nbsp;&nbsp;&nbsp;&nbsp; 14538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-14, Class CA<br> 3.50%, 04/25/2049 | &nbsp;&nbsp; 15079 | &nbsp;&nbsp;&nbsp;&nbsp; 14446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-35, Class AH<br> 3.50%, 04/25/2053 | &nbsp;&nbsp; 4418 | &nbsp;&nbsp;&nbsp;&nbsp; 4381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-84, Class KA<br> 3.50%, 04/25/2053 | &nbsp;&nbsp; 6297 | &nbsp;&nbsp;&nbsp;&nbsp; 6218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-70, Class HA<br> 3.50%, 10/25/2056 | &nbsp;&nbsp; 9667 | &nbsp;&nbsp;&nbsp;&nbsp; 9441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-12, Class HA<br> 3.50%, 11/25/2057 | &nbsp;&nbsp; 15806 | &nbsp;&nbsp;&nbsp;&nbsp; 15164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-49, Class JA<br> 4.00%, 07/25/2053 | &nbsp;&nbsp; 5131 | &nbsp;&nbsp;&nbsp;&nbsp; 5096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-90, Class AY<br> 4.50%, 12/25/2041 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 67298 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-37, Class LG<br> 2.00%, 01/20/2042 | &nbsp;&nbsp; 4932 | &nbsp;&nbsp;&nbsp;&nbsp; 4787 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-74, Class HB<br> 7.50%, 09/16/2035 | &nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp;&nbsp; 353 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725381 |
| **Total Collateralized Mortgage Obligations<br> (cost $1,836,379)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1792304 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 36.1%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 36.1%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 36.1%** |
| **U.S. Government — 28.1%** | **U.S. Government — 28.1%** | **U.S. Government — 28.1%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 08/15/2046 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 117701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2045(3)(4) | &nbsp;&nbsp; 363000 | &nbsp;&nbsp;&nbsp;&nbsp; 261715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 08/15/2045 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 306359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/15/2045 to 08/15/2052 | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 516194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/15/2044 | &nbsp;&nbsp; 204000 | &nbsp;&nbsp;&nbsp;&nbsp; 164539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2042 to 11/15/2048 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 658697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2043 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 259323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2044 to 08/15/2053 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 338650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/2054 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 523868 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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 (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2054 | $155000 | &nbsp;&nbsp;$152723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2045 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 244388 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(5) | &nbsp;&nbsp; 228542 | &nbsp;&nbsp;&nbsp;&nbsp; 139437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(5) | &nbsp;&nbsp; 6907 | &nbsp;&nbsp;&nbsp;&nbsp; 5310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 to 02/15/2045(5) | &nbsp;&nbsp; 449422 | &nbsp;&nbsp;&nbsp;&nbsp; 353129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(5) | &nbsp;&nbsp; 149904 | &nbsp;&nbsp;&nbsp;&nbsp; 130463 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/31/2027 | &nbsp;&nbsp; 464000 | &nbsp;&nbsp;&nbsp;&nbsp; 455771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/30/2029 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 608141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 389631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 01/31/2027 to 10/31/2031 | &nbsp;&nbsp; 880000 | &nbsp;&nbsp;&nbsp;&nbsp; 882927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 245727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | &nbsp;&nbsp;3040000 | &nbsp;&nbsp;&nbsp;&nbsp; 3140700 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(5) | &nbsp;&nbsp; 144652 | &nbsp;&nbsp;&nbsp;&nbsp; 144402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10080751 |
| **U.S. Government Agency — 8.0%** | **U.S. Government Agency — 8.0%** | **U.S. Government Agency — 8.0%** |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, April 30 TBA | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 154984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, April 30 TBA | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 137239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, March 30 TBA | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147531 |
| &nbsp;&nbsp;&nbsp;Uniform Mtg. Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, April 15 TBA | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 180725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, April 30 TBA | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 130440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, April 30 TBA | &nbsp;&nbsp; 557000 | &nbsp;&nbsp;&nbsp;&nbsp; 556260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, April 30 TBA | &nbsp;&nbsp;1522000 | &nbsp;&nbsp;&nbsp;&nbsp; 1545807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2852986 |
| **Total U.S. Government & Agency Obligations<br> (cost $13,564,135)** |  | &nbsp;&nbsp;&nbsp;&nbsp;12933737 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 0.5%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.5%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.5%** |
| **Sovereign — 0.5%** | **Sovereign — 0.5%** | **Sovereign — 0.5%** |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/30/2029\* | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/10/2037\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10169 |
| &nbsp;&nbsp;&nbsp;Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 01/26/2036 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19122 |
| &nbsp;&nbsp;&nbsp;Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/08/2035 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/08/2054 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14506 |
| &nbsp;&nbsp;&nbsp;Republic of Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/23/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14734 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/08/2044 | &nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp; 74304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 01/11/2040 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5643 |
| **Total Foreign Government Obligations<br> (cost $175,193)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170032 |
| **MUNICIPAL SECURITIES — 0.1%** | **MUNICIPAL SECURITIES — 0.1%** | **MUNICIPAL SECURITIES — 0.1%** |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2045 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35109 |
| &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64%, 04/01/2057 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 15326 |
| **Total Municipal Securities<br> (cost $49,616)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50435 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 30.7%** | **COMMON STOCKS — 30.7%** | **COMMON STOCKS — 30.7%** |
| **Apparel — 1.0%** | **Apparel — 1.0%** | **Apparel — 1.0%** |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;$347123 |
| **Auto Manufacturers — 2.1%** | **Auto Manufacturers — 2.1%** | **Auto Manufacturers — 2.1%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847 | &nbsp;&nbsp;&nbsp;&nbsp; 737828 |
| **Biotechnology — 1.9%** | **Biotechnology — 1.9%** | **Biotechnology — 1.9%** |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;13304 | &nbsp;&nbsp;&nbsp;&nbsp; 134237 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;17901 | &nbsp;&nbsp;&nbsp;&nbsp; 557258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691495 |
| **Commercial Services — 1.4%** | **Commercial Services — 1.4%** | **Commercial Services — 1.4%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 504405 |
| **Computers — 1.6%** | **Computers — 1.6%** | **Computers — 1.6%** |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589 | &nbsp;&nbsp;&nbsp;&nbsp; 560250 |
| **Distribution/Wholesale — 0.8%** | **Distribution/Wholesale — 0.8%** | **Distribution/Wholesale — 0.8%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6194 | &nbsp;&nbsp;&nbsp;&nbsp; 299232 |
| **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** | **Diversified Financial Services — 1.3%** |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 44780 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc.† | &nbsp;&nbsp;&nbsp;&nbsp;18178 | &nbsp;&nbsp;&nbsp;&nbsp; 114885 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708 | &nbsp;&nbsp;&nbsp;&nbsp; 294630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454295 |
| **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp; 317750 |
| **Internet — 8.6%** | **Internet — 8.6%** | **Internet — 8.6%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3759 | &nbsp;&nbsp;&nbsp;&nbsp; 449050 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297 | &nbsp;&nbsp;&nbsp;&nbsp; 437027 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4607 | &nbsp;&nbsp;&nbsp;&nbsp; 842022 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 667198 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7193 | &nbsp;&nbsp;&nbsp;&nbsp; 686104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3081401 |
| **REITS — 0.8%** | **REITS — 0.8%** | **REITS — 0.8%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 | &nbsp;&nbsp;&nbsp;&nbsp; 302682 |
| **Retail — 0.8%** | **Retail — 0.8%** | **Retail — 0.8%** |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3795 | &nbsp;&nbsp;&nbsp;&nbsp; 305384 |
| **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp; 284268 |
| **Software — 7.9%** | **Software — 7.9%** | **Software — 7.9%** |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9946 | &nbsp;&nbsp;&nbsp;&nbsp; 1120815 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp; 615168 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9554 | &nbsp;&nbsp;&nbsp;&nbsp; 556903 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3702 | &nbsp;&nbsp;&nbsp;&nbsp; 541084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2833970 |
| **Transportation — 0.8%** | **Transportation — 0.8%** | **Transportation — 0.8%** |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp;&nbsp;&nbsp; 291284 |
| **Total Common Stocks<br> (cost $8,847,510)** |  | &nbsp;&nbsp;&nbsp;&nbsp;11011367 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lehman Brothers Holdings, Inc.<br> Escrow Notes<br> 5.50%, 04/04/2016†<br> (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
| **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.) | 2947337 | &nbsp;&nbsp;&nbsp;&nbsp; 8904 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **PURCHASED OPTIONS (continued)** | **PURCHASED OPTIONS (continued)** |  |
| **Purchased Options - Calls (continued)** | **Purchased Options - Calls (continued)** |  |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 07/31/2025; Strike Price: USD 7.77; Counterparty: JPMorgan Chase Bank, N.A.) | &nbsp;&nbsp;1368386 | &nbsp;&nbsp;$656 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 09/01/2025; Strike Price: USD 7.66; Counterparty: JPMorgan Chase Bank, N.A.) | &nbsp;&nbsp;1514792 | &nbsp;&nbsp;&nbsp;&nbsp; 2113 |
| &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) | &nbsp;&nbsp;2940560 | &nbsp;&nbsp;&nbsp;&nbsp; 4405 |
| &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) | &nbsp;&nbsp;3222478 | &nbsp;&nbsp;&nbsp;&nbsp; 3290 |
| **Total Purchased Options<br> (cost $52,481)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19368 |
| **Total Long-Term Investment Securities<br> (cost $31,658,207)** |  | &nbsp;&nbsp;&nbsp;&nbsp;32955423 |
| **REPURCHASE AGREEMENTS — 9.9%** | **REPURCHASE AGREEMENTS — 9.9%** |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(6) | $765000 | &nbsp;&nbsp;&nbsp;&nbsp; 765000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(6) | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 630000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(6) | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 630000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(6) | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 755000 |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(6) | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp;&nbsp; 755000 |
| **Total Repurchase Agreements<br> (cost $3,535,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;3535000 |
| **TOTAL INVESTMENTS<br> (cost $35,193,207)(7)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.8% | &nbsp;&nbsp;&nbsp;&nbsp;36490423 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(640702) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$35849721 |

---

---

| | |
|:---|:---|
| \* | &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 Income/Equity Portfolio has no right to demand registration of these securities. At March 31, 2025, the aggregate value of these securities was $4,309,976 representing 12.0% of net assets. |
| † | &nbsp;&nbsp;Non-income producing security |

---

(1) 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) Securities classified as Level 3 (see Note 2).

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

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

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

(6) See Note 2 for details of Joint Repurchase Agreements.

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

---

| |
|:---|
| CLO—Collateralized Loan Obligation |
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| STRIPS—Separate Trading of Registered Interest and Principal |
| 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 |

---

CNY—Chinese Yuan

The rates shown on FRS and/or VRS are the current interest rates at March 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 155000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.970% | 12-Month SOFR | Annual | Annual | Mar 2053 | $467 | $22167 | $22634 |
| Centrally Cleared | 180000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.590 | 12-Month SOFR | Annual | Annual | Sep 2053 | &nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp; 6382 | &nbsp;&nbsp;&nbsp; 7116 |
| Centrally Cleared | 490000 | &nbsp;&nbsp;&nbsp;USD | Fixed 4.160 | 12-Month SOFR | Annual | Annual | Mar 2045 | &nbsp;&nbsp;&nbsp;(920) | &nbsp;&nbsp;&nbsp;(16616) | &nbsp;&nbsp;&nbsp;(17536) |
|  |  |  |  |  |  |  |  | $281 | $11933 | $12214 |

---

SOFR—Secured Overnight Financing Rate

USD—United States Dollar

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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** |
| 14 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Australian 10 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$980291 | &nbsp;&nbsp;&nbsp;&nbsp;$985535 | &nbsp;&nbsp;&nbsp;&nbsp;$5244 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2328 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7955 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 9 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Canada 10 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$770446 | &nbsp;&nbsp;&nbsp;&nbsp;$776450 | &nbsp;&nbsp;&nbsp;&nbsp;$(6004) |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BUND | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3863) |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-OAT | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381) |
| 7 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6857) |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (150) |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (219) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(17474) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(9519) |

---

\* 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;355000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;388789 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;$4889 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;384248 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;355000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (346) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346) |
| Goldman Sachs International | &nbsp;&nbsp;BRL | &nbsp;&nbsp;504000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;84716 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(3564) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5412 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;86858 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;504000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5422 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (15) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1428 | &nbsp;&nbsp;&nbsp;&nbsp;(3579) |
| HSBC Bank PLC | &nbsp;&nbsp;EUR | &nbsp;&nbsp;176000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;190496 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;191315 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;176000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (987) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(987) |
| Societe Generale | &nbsp;&nbsp;EUR | &nbsp;&nbsp;103000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;111482 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;111970 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;103000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (585) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(585) |
| State Street Bank & Trust Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;76846 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;77112 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (332) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$6646 | &nbsp;&nbsp;$(5829) |

---

BRL—Brazilian Real <br> EUR—Euro Currency <br> USD—United States Dollar

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Income/Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;$6425724 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6425724 |
| Asset Backed Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Auto Loan Receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166852 | &nbsp;&nbsp;&nbsp;&nbsp;9766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176618 |
| &nbsp;&nbsp;&nbsp;Other 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;351295 | &nbsp;&nbsp;&nbsp;&nbsp;24524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375819 |
| Collateralized Mortgage Obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1036193 | &nbsp;&nbsp;&nbsp;&nbsp;30730 | &nbsp;&nbsp;&nbsp;&nbsp;1066923 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725381 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12933737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12933737 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170032 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50435 |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347123 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504405 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;10159839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10159839 |
| 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;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19368 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3535000 |
| **Total Investments at Value** | &nbsp;&nbsp;$10159839 | &nbsp;&nbsp;$26265564 | &nbsp;&nbsp;$65020 | &nbsp;&nbsp;$36490423 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$28549 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$28549 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7955 |
| 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;6646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6646 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$7955 | &nbsp;&nbsp;$35195 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$43150 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16616 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16616 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17474 |
| 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;5829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5829 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$17474 | &nbsp;&nbsp;$22445 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$39919 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** |
| **Australia — 3.4%** | **Australia — 3.4%** | **Australia — 3.4%** |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34862 | &nbsp;&nbsp;$637289 |
| &nbsp;&nbsp;&nbsp;APA Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141 | &nbsp;&nbsp;&nbsp;&nbsp; 30383 |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp;&nbsp;&nbsp; 108110 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp; 37579 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (ASX) | &nbsp;&nbsp;&nbsp;&nbsp;34680 | &nbsp;&nbsp;&nbsp;&nbsp; 841084 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (LSE) | &nbsp;&nbsp;&nbsp;&nbsp;14398 | &nbsp;&nbsp;&nbsp;&nbsp; 345616 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp; 27805 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6558 | &nbsp;&nbsp;&nbsp;&nbsp; 82497 |
| &nbsp;&nbsp;&nbsp;CAR Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791 | &nbsp;&nbsp;&nbsp;&nbsp; 35579 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 51047 |
| &nbsp;&nbsp;&nbsp;Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6356 | &nbsp;&nbsp;&nbsp;&nbsp; 77714 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7936 | &nbsp;&nbsp;&nbsp;&nbsp; 754124 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 61501 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp; 359201 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8030 | &nbsp;&nbsp;&nbsp;&nbsp; 77671 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9631 | &nbsp;&nbsp;&nbsp;&nbsp; 173206 |
| &nbsp;&nbsp;&nbsp;GPT Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9084 | &nbsp;&nbsp;&nbsp;&nbsp; 24861 |
| &nbsp;&nbsp;&nbsp;Insurance Australia Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11216 | &nbsp;&nbsp;&nbsp;&nbsp; 54356 |
| &nbsp;&nbsp;&nbsp;Lottery Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10555 | &nbsp;&nbsp;&nbsp;&nbsp; 31517 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5079 | &nbsp;&nbsp;&nbsp;&nbsp; 629678 |
| &nbsp;&nbsp;&nbsp;Medibank Private, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13060 | &nbsp;&nbsp;&nbsp;&nbsp; 36324 |
| &nbsp;&nbsp;&nbsp;National Australia Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14584 | &nbsp;&nbsp;&nbsp;&nbsp; 312207 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5427 | &nbsp;&nbsp;&nbsp;&nbsp; 62664 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8169 | &nbsp;&nbsp;&nbsp;&nbsp; 54032 |
| &nbsp;&nbsp;&nbsp;Pro Medicus, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp; 34500 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516 | &nbsp;&nbsp;&nbsp;&nbsp; 20051 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7139 | &nbsp;&nbsp;&nbsp;&nbsp; 98339 |
| &nbsp;&nbsp;&nbsp;REA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp; 34759 |
| &nbsp;&nbsp;&nbsp;Reece, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp; 10624 |
| &nbsp;&nbsp;&nbsp;Rio Tinto, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14151 | &nbsp;&nbsp;&nbsp;&nbsp; 1028999 |
| &nbsp;&nbsp;&nbsp;Santos, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15401 | &nbsp;&nbsp;&nbsp;&nbsp; 64359 |
| &nbsp;&nbsp;&nbsp;Scentre Group | &nbsp;&nbsp;&nbsp;&nbsp;230421 | &nbsp;&nbsp;&nbsp;&nbsp; 483632 |
| &nbsp;&nbsp;&nbsp;SGH, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 30189 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 | &nbsp;&nbsp;&nbsp;&nbsp; 34904 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21422 | &nbsp;&nbsp;&nbsp;&nbsp; 43233 |
| &nbsp;&nbsp;&nbsp;Stockland | &nbsp;&nbsp;&nbsp;&nbsp;11320 | &nbsp;&nbsp;&nbsp;&nbsp; 34846 |
| &nbsp;&nbsp;&nbsp;Suncorp Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5135 | &nbsp;&nbsp;&nbsp;&nbsp; 62179 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19177 | &nbsp;&nbsp;&nbsp;&nbsp; 50558 |
| &nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;14720 | &nbsp;&nbsp;&nbsp;&nbsp; 123695 |
| &nbsp;&nbsp;&nbsp;Treasury Wine Estates, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3848 | &nbsp;&nbsp;&nbsp;&nbsp; 23538 |
| &nbsp;&nbsp;&nbsp;Vicinity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18349 | &nbsp;&nbsp;&nbsp;&nbsp; 25379 |
| &nbsp;&nbsp;&nbsp;Washington H. Soul Pattinson & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp; 24683 |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381 | &nbsp;&nbsp;&nbsp;&nbsp; 243828 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16278 | &nbsp;&nbsp;&nbsp;&nbsp; 323171 |
| &nbsp;&nbsp;&nbsp;WiseTech Global, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp; 44875 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9004 | &nbsp;&nbsp;&nbsp;&nbsp; 130271 |
| &nbsp;&nbsp;&nbsp;Woolworths Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5793 | &nbsp;&nbsp;&nbsp;&nbsp; 107312 |
| &nbsp;&nbsp;&nbsp;Worley, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;38391 | &nbsp;&nbsp;&nbsp;&nbsp; 346783 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8330752 |
| **Austria — 0.6%** | **Austria — 0.6%** | **Austria — 0.6%** |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;20047 | &nbsp;&nbsp;&nbsp;&nbsp; 1392812 |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp; 35808 |
| &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp; 22914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451534 |
| **Belgium — 0.6%** | **Belgium — 0.6%** | **Belgium — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp; 42838 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261 | &nbsp;&nbsp;&nbsp;&nbsp; 262372 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 17573 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp; 29459 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp;&nbsp;&nbsp; 99599 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| &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;$17815 |
| &nbsp;&nbsp;&nbsp;Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp; 18675 |
| &nbsp;&nbsp;&nbsp;Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp; 23879 |
| &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5999 | &nbsp;&nbsp;&nbsp;&nbsp; 1058006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570216 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| &nbsp;&nbsp;&nbsp;Aegon, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6270 | &nbsp;&nbsp;&nbsp;&nbsp; 41241 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 17966 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 22527 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp; 33942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115676 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19885 | &nbsp;&nbsp;&nbsp;&nbsp; 203622 |
| **Canada — 1.7%** | **Canada — 1.7%** | **Canada — 1.7%** |
| &nbsp;&nbsp;&nbsp;Brookfield Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9791 | &nbsp;&nbsp;&nbsp;&nbsp; 512394 |
| &nbsp;&nbsp;&nbsp;Definity Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8385 | &nbsp;&nbsp;&nbsp;&nbsp; 372563 |
| &nbsp;&nbsp;&nbsp;Element Fleet Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39559 | &nbsp;&nbsp;&nbsp;&nbsp; 786479 |
| &nbsp;&nbsp;&nbsp;Great-West Lifeco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13449 | &nbsp;&nbsp;&nbsp;&nbsp; 526913 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6234 | &nbsp;&nbsp;&nbsp;&nbsp; 211894 |
| &nbsp;&nbsp;&nbsp;National Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7652 | &nbsp;&nbsp;&nbsp;&nbsp; 631547 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10240 | &nbsp;&nbsp;&nbsp;&nbsp; 508211 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;10075 | &nbsp;&nbsp;&nbsp;&nbsp; 603709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153710 |
| **China — 0.5%** | **China — 0.5%** | **China — 0.5%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 208923 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 297908 |
| &nbsp;&nbsp;&nbsp;Meituan, Class B\*† | &nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp; 301257 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 223064 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR† | &nbsp;&nbsp;&nbsp;&nbsp;23414 | &nbsp;&nbsp;&nbsp;&nbsp; 337396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368548 |
| **Denmark — 2.0%** | **Denmark — 2.0%** | **Denmark — 2.0%** |
| &nbsp;&nbsp;&nbsp;AP Moller-Maersk A/S, Series A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp; 24011 |
| &nbsp;&nbsp;&nbsp;AP Moller-Maersk A/S, Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 38495 |
| &nbsp;&nbsp;&nbsp;Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 57699 |
| &nbsp;&nbsp;&nbsp;Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp; 62880 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271 | &nbsp;&nbsp;&nbsp;&nbsp; 107244 |
| &nbsp;&nbsp;&nbsp;Demant A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 14088 |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp; 187568 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp; 243054 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;42499 | &nbsp;&nbsp;&nbsp;&nbsp; 2945706 |
| &nbsp;&nbsp;&nbsp;Novonesis (Novozymes), Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 | &nbsp;&nbsp;&nbsp;&nbsp; 97384 |
| &nbsp;&nbsp;&nbsp;Orsted A/S\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp; 35089 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp; 427546 |
| &nbsp;&nbsp;&nbsp;Rockwool A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 18676 |
| &nbsp;&nbsp;&nbsp;Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 | &nbsp;&nbsp;&nbsp;&nbsp; 38273 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S† | &nbsp;&nbsp;&nbsp;&nbsp;42762 | &nbsp;&nbsp;&nbsp;&nbsp; 589672 |
| &nbsp;&nbsp;&nbsp;Zealand Pharma A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 22805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4910190 |
| **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;674 | &nbsp;&nbsp;&nbsp;&nbsp; 32842 |
| &nbsp;&nbsp;&nbsp;Fortum Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 34870 |
| &nbsp;&nbsp;&nbsp;Kesko Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295 | &nbsp;&nbsp;&nbsp;&nbsp; 26500 |
| &nbsp;&nbsp;&nbsp;Kone Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1612 | &nbsp;&nbsp;&nbsp;&nbsp; 89193 |
| &nbsp;&nbsp;&nbsp;Mandatum Oyj | &nbsp;&nbsp;&nbsp;&nbsp;38322 | &nbsp;&nbsp;&nbsp;&nbsp; 232494 |
| &nbsp;&nbsp;&nbsp;Metso Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2948 | &nbsp;&nbsp;&nbsp;&nbsp; 30498 |
| &nbsp;&nbsp;&nbsp;Neste Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp; 18482 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;23925 | &nbsp;&nbsp;&nbsp;&nbsp; 126168 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;14949 | &nbsp;&nbsp;&nbsp;&nbsp; 191163 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Orion Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;$30563 |
| &nbsp;&nbsp;&nbsp;Sampo Oyj, Class A | &nbsp;&nbsp;&nbsp;&nbsp;79812 | &nbsp;&nbsp;&nbsp;&nbsp; 764392 |
| &nbsp;&nbsp;&nbsp;Stora Enso Oyj, Class R | &nbsp;&nbsp;&nbsp;&nbsp;28289 | &nbsp;&nbsp;&nbsp;&nbsp; 268440 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531 | &nbsp;&nbsp;&nbsp;&nbsp; 67929 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385 | &nbsp;&nbsp;&nbsp;&nbsp; 42576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956110 |
| **France — 9.9%** | **France — 9.9%** | **France — 9.9%** |
| &nbsp;&nbsp;&nbsp;Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924 | &nbsp;&nbsp;&nbsp;&nbsp; 42183 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp; 16774 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6505 | &nbsp;&nbsp;&nbsp;&nbsp; 1237912 |
| &nbsp;&nbsp;&nbsp;Alstom SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641 | &nbsp;&nbsp;&nbsp;&nbsp; 36330 |
| &nbsp;&nbsp;&nbsp;Amundi SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 22916 |
| &nbsp;&nbsp;&nbsp;Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp; 20686 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;31682 | &nbsp;&nbsp;&nbsp;&nbsp; 1352516 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 24223 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;18986 | &nbsp;&nbsp;&nbsp;&nbsp; 1581205 |
| &nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381 | &nbsp;&nbsp;&nbsp;&nbsp; 19822 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp; 35450 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 | &nbsp;&nbsp;&nbsp;&nbsp; 45563 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp; 109310 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572 | &nbsp;&nbsp;&nbsp;&nbsp; 36885 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5386 | &nbsp;&nbsp;&nbsp;&nbsp; 535380 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp; 111552 |
| &nbsp;&nbsp;&nbsp;Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 14887 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5047 | &nbsp;&nbsp;&nbsp;&nbsp; 91747 |
| &nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3061 | &nbsp;&nbsp;&nbsp;&nbsp; 234559 |
| &nbsp;&nbsp;&nbsp;Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 30942 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174 | &nbsp;&nbsp;&nbsp;&nbsp; 120955 |
| &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6834 | &nbsp;&nbsp;&nbsp;&nbsp; 222994 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 37899 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;40958 | &nbsp;&nbsp;&nbsp;&nbsp; 798099 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7439 | &nbsp;&nbsp;&nbsp;&nbsp; 2140088 |
| &nbsp;&nbsp;&nbsp;Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp; 14687 |
| &nbsp;&nbsp;&nbsp;FDJ United \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp; 15183 |
| &nbsp;&nbsp;&nbsp;Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 20538 |
| &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp; 24851 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 393071 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp; 20626 |
| &nbsp;&nbsp;&nbsp;Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp; 403948 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 34112 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;16688 | &nbsp;&nbsp;&nbsp;&nbsp; 1766996 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630 | &nbsp;&nbsp;&nbsp;&nbsp; 976545 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 | &nbsp;&nbsp;&nbsp;&nbsp; 1422831 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8830 | &nbsp;&nbsp;&nbsp;&nbsp; 114492 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp; 95060 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp; 102235 |
| &nbsp;&nbsp;&nbsp;Renault SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp; 46344 |
| &nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp; 28504 |
| &nbsp;&nbsp;&nbsp;Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045 | &nbsp;&nbsp;&nbsp;&nbsp; 1330901 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;27534 | &nbsp;&nbsp;&nbsp;&nbsp; 3051039 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp; 27445 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8361 | &nbsp;&nbsp;&nbsp;&nbsp; 1935428 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;16427 | &nbsp;&nbsp;&nbsp;&nbsp; 741643 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 26984 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092 | &nbsp;&nbsp;&nbsp;&nbsp; 210894 |
| &nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp; 399514 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;29751 | &nbsp;&nbsp;&nbsp;&nbsp; 1922828 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337 | &nbsp;&nbsp;&nbsp;&nbsp; 114697 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 | &nbsp;&nbsp;&nbsp;&nbsp; 296333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24458606 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Germany — 9.8%** | **Germany — 9.8%** | **Germany — 9.8%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;$189912 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6288 | &nbsp;&nbsp;&nbsp;&nbsp; 2397369 |
| &nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;11214 | &nbsp;&nbsp;&nbsp;&nbsp; 557344 |
| &nbsp;&nbsp;&nbsp;Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659 | &nbsp;&nbsp;&nbsp;&nbsp; 111214 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;14119 | &nbsp;&nbsp;&nbsp;&nbsp; 1126133 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 19759 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962 | &nbsp;&nbsp;&nbsp;&nbsp; 642350 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp; 37603 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4494 | &nbsp;&nbsp;&nbsp;&nbsp; 102019 |
| &nbsp;&nbsp;&nbsp;Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp; 36487 |
| &nbsp;&nbsp;&nbsp;Covestro AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6566 | &nbsp;&nbsp;&nbsp;&nbsp; 421716 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp; 29572 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253 | &nbsp;&nbsp;&nbsp;&nbsp; 90570 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp; 21190 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8777 | &nbsp;&nbsp;&nbsp;&nbsp; 207279 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp; 263198 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845 | &nbsp;&nbsp;&nbsp;&nbsp; 20594 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552 | &nbsp;&nbsp;&nbsp;&nbsp; 194295 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;16552 | &nbsp;&nbsp;&nbsp;&nbsp; 612897 |
| &nbsp;&nbsp;&nbsp;Dr. Ing. h.c. F. Porsche AG (Preference Shares)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 26897 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;10647 | &nbsp;&nbsp;&nbsp;&nbsp; 160676 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 26220 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | &nbsp;&nbsp;&nbsp;&nbsp; 48103 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 | &nbsp;&nbsp;&nbsp;&nbsp; 85389 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 44468 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 84903 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 110875 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 35507 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 | &nbsp;&nbsp;&nbsp;&nbsp; 63838 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;37122 | &nbsp;&nbsp;&nbsp;&nbsp; 1225942 |
| &nbsp;&nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6185 | &nbsp;&nbsp;&nbsp;&nbsp; 255425 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 31164 |
| &nbsp;&nbsp;&nbsp;LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp; 24988 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 | &nbsp;&nbsp;&nbsp;&nbsp; 200853 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp; 83928 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 88320 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 | &nbsp;&nbsp;&nbsp;&nbsp; 1853799 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp; 31774 |
| &nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp; 27132 |
| &nbsp;&nbsp;&nbsp;Puma SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp; 12035 |
| &nbsp;&nbsp;&nbsp;Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp; 19886 |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp; 555038 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998 | &nbsp;&nbsp;&nbsp;&nbsp; 107079 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;20968 | &nbsp;&nbsp;&nbsp;&nbsp; 5566817 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp; 28681 |
| &nbsp;&nbsp;&nbsp;Scout24 SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 37107 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;19921 | &nbsp;&nbsp;&nbsp;&nbsp; 4570449 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3032 | &nbsp;&nbsp;&nbsp;&nbsp; 177039 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG\* | &nbsp;&nbsp;&nbsp;&nbsp;23364 | &nbsp;&nbsp;&nbsp;&nbsp; 1253592 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 65250 |
| &nbsp;&nbsp;&nbsp;Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp; 32009 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp; 99052 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512 | &nbsp;&nbsp;&nbsp;&nbsp; 94751 |
| &nbsp;&nbsp;&nbsp;Zalando SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1064 | &nbsp;&nbsp;&nbsp;&nbsp; 36714 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24247201 |
| **Hong Kong — 1.2%** | **Hong Kong — 1.2%** | **Hong Kong — 1.2%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;111000 | &nbsp;&nbsp;&nbsp;&nbsp; 839072 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 809665 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9360 | &nbsp;&nbsp;&nbsp;&nbsp; 38017 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12860 | &nbsp;&nbsp;&nbsp;&nbsp; 72691 |
| &nbsp;&nbsp;&nbsp;CLP Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 65212 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 27020 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Galaxy Entertainment Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;$39274 |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 48913 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062 | &nbsp;&nbsp;&nbsp;&nbsp; 20384 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 24082 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;53533 | &nbsp;&nbsp;&nbsp;&nbsp; 46108 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 253565 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;12340 | &nbsp;&nbsp;&nbsp;&nbsp; 57970 |
| &nbsp;&nbsp;&nbsp;MTR Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 24615 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;&nbsp;&nbsp; 38924 |
| &nbsp;&nbsp;&nbsp;Sino Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20032 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 16309 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 66448 |
| &nbsp;&nbsp;&nbsp;Swire Pacific, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 17631 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 421536 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;39500 | &nbsp;&nbsp;&nbsp;&nbsp; 36321 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 11904 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 19483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015176 |
| **India — 0.4%** | **India — 0.4%** | **India — 0.4%** |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25065 | &nbsp;&nbsp;&nbsp;&nbsp; 533094 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5322 | &nbsp;&nbsp;&nbsp;&nbsp; 353594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886688 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;790400 | &nbsp;&nbsp;&nbsp;&nbsp; 402542 |
| **Ireland — 0.7%** | **Ireland — 0.7%** | **Ireland — 0.7%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9938 | &nbsp;&nbsp;&nbsp;&nbsp; 64511 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758 | &nbsp;&nbsp;&nbsp;&nbsp; 56308 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5628 | &nbsp;&nbsp;&nbsp;&nbsp; 375734 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC CDI† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038 | &nbsp;&nbsp;&nbsp;&nbsp; 48347 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp; 74329 |
| &nbsp;&nbsp;&nbsp;Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;13314 | &nbsp;&nbsp;&nbsp;&nbsp; 1076756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695985 |
| **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;2880 | &nbsp;&nbsp;&nbsp;&nbsp; 21701 |
| **Israel — 0.5%** | **Israel — 0.5%** | **Israel — 0.5%** |
| &nbsp;&nbsp;&nbsp;Azrieli Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp; 13544 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5969 | &nbsp;&nbsp;&nbsp;&nbsp; 80856 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7125 | &nbsp;&nbsp;&nbsp;&nbsp; 95774 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp; 94359 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 68614 |
| &nbsp;&nbsp;&nbsp;Elbit Systems, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 48727 |
| &nbsp;&nbsp;&nbsp;Global-e Online, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 16827 |
| &nbsp;&nbsp;&nbsp;ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3671 | &nbsp;&nbsp;&nbsp;&nbsp; 20777 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5846 | &nbsp;&nbsp;&nbsp;&nbsp; 40622 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 33047 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 42796 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 45842 |
| &nbsp;&nbsp;&nbsp;Nova, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 25856 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;34680 | &nbsp;&nbsp;&nbsp;&nbsp; 533032 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp; 40682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201355 |
| **Italy — 2.3%** | **Italy — 2.3%** | **Italy — 2.3%** |
| &nbsp;&nbsp;&nbsp;Amplifon SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 11932 |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6107 | &nbsp;&nbsp;&nbsp;&nbsp; 62099 |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4719 | &nbsp;&nbsp;&nbsp;&nbsp; 37019 |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp; 10499 |
| &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;38569 | &nbsp;&nbsp;&nbsp;&nbsp; 312862 |
| &nbsp;&nbsp;&nbsp;Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;10124 | &nbsp;&nbsp;&nbsp;&nbsp; 156360 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;64562 | &nbsp;&nbsp;$1279114 |
| &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465 | &nbsp;&nbsp;&nbsp;&nbsp; 156868 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547 | &nbsp;&nbsp;&nbsp;&nbsp; 16380 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;181256 | &nbsp;&nbsp;&nbsp;&nbsp; 933188 |
| &nbsp;&nbsp;&nbsp;Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919 | &nbsp;&nbsp;&nbsp;&nbsp; 93659 |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371 | &nbsp;&nbsp;&nbsp;&nbsp; 44522 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8099 | &nbsp;&nbsp;&nbsp;&nbsp; 500454 |
| &nbsp;&nbsp;&nbsp;Nexi SpA\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2333 | &nbsp;&nbsp;&nbsp;&nbsp; 12423 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp; 38623 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;13557 | &nbsp;&nbsp;&nbsp;&nbsp; 744165 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 30883 |
| &nbsp;&nbsp;&nbsp;Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9563 | &nbsp;&nbsp;&nbsp;&nbsp; 49612 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA† | &nbsp;&nbsp;&nbsp;&nbsp;47251 | &nbsp;&nbsp;&nbsp;&nbsp; 15976 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6672 | &nbsp;&nbsp;&nbsp;&nbsp; 60391 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;19299 | &nbsp;&nbsp;&nbsp;&nbsp; 1083203 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701 | &nbsp;&nbsp;&nbsp;&nbsp; 27204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5677436 |
| **Japan — 20.1%** | **Japan — 20.1%** | **Japan — 20.1%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 160128 |
| &nbsp;&nbsp;&nbsp;Aeon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 77676 |
| &nbsp;&nbsp;&nbsp;AGC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 27376 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 27205 |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp; 87025 |
| &nbsp;&nbsp;&nbsp;ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 14739 |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 88230 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 41303 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 65838 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33700 | &nbsp;&nbsp;&nbsp;&nbsp; 325648 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 93848 |
| &nbsp;&nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp; 734952 |
| &nbsp;&nbsp;&nbsp;Canon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp; 137195 |
| &nbsp;&nbsp;&nbsp;Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 39452 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 70470 |
| &nbsp;&nbsp;&nbsp;Chiba Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 25351 |
| &nbsp;&nbsp;&nbsp;Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 33623 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp; 621165 |
| &nbsp;&nbsp;&nbsp;Concordia Financial Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 32956 |
| &nbsp;&nbsp;&nbsp;Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 25546 |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | &nbsp;&nbsp;&nbsp;&nbsp; 37675 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17200 | &nbsp;&nbsp;&nbsp;&nbsp; 130941 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 194767 |
| &nbsp;&nbsp;&nbsp;Daikin Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 651404 |
| &nbsp;&nbsp;&nbsp;Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 30683 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 89253 |
| &nbsp;&nbsp;&nbsp;Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 42034 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38400 | &nbsp;&nbsp;&nbsp;&nbsp; 476427 |
| &nbsp;&nbsp;&nbsp;Dentsu Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 19814 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 82356 |
| &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 84772 |
| &nbsp;&nbsp;&nbsp;Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 33292 |
| &nbsp;&nbsp;&nbsp;Electric Power Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15800 | &nbsp;&nbsp;&nbsp;&nbsp; 267101 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12950 | &nbsp;&nbsp;&nbsp;&nbsp; 67940 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp; 575848 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 268765 |
| &nbsp;&nbsp;&nbsp;Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 25480 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49300 | &nbsp;&nbsp;&nbsp;&nbsp; 943819 |
| &nbsp;&nbsp;&nbsp;Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 44098 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 165001 |
| &nbsp;&nbsp;&nbsp;Hamamatsu Photonics KK | &nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp; 145580 |
| &nbsp;&nbsp;&nbsp;Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 29533 |
| &nbsp;&nbsp;&nbsp;Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 25778 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;71700 | &nbsp;&nbsp;&nbsp;&nbsp; 1659932 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Honda Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21300 | &nbsp;&nbsp;$193249 |
| &nbsp;&nbsp;&nbsp;Hoshizaki Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 19284 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 191767 |
| &nbsp;&nbsp;&nbsp;Hulic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 21112 |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4295 | &nbsp;&nbsp;&nbsp;&nbsp; 30257 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp; 57802 |
| &nbsp;&nbsp;&nbsp;Isetan Mitsukoshi Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22600 | &nbsp;&nbsp;&nbsp;&nbsp; 323664 |
| &nbsp;&nbsp;&nbsp;Isuzu Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 36568 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23300 | &nbsp;&nbsp;&nbsp;&nbsp; 1076428 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 11955 |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75500 | &nbsp;&nbsp;&nbsp;&nbsp; 773549 |
| &nbsp;&nbsp;&nbsp;Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 69687 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp; 90903 |
| &nbsp;&nbsp;&nbsp;Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 18254 |
| &nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 156531 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 33031 |
| &nbsp;&nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 38795 |
| &nbsp;&nbsp;&nbsp;Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 53210 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 95069 |
| &nbsp;&nbsp;&nbsp;Kawasaki Kisen Kaisha, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 24326 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;96400 | &nbsp;&nbsp;&nbsp;&nbsp; 1521302 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 981268 |
| &nbsp;&nbsp;&nbsp;Kikkoman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 30810 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 51292 |
| &nbsp;&nbsp;&nbsp;Kobe Bussan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 15602 |
| &nbsp;&nbsp;&nbsp;Kokusai Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;&nbsp;&nbsp; 251591 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 124780 |
| &nbsp;&nbsp;&nbsp;Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 59057 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 56478 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 68742 |
| &nbsp;&nbsp;&nbsp;Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 15952 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 33456 |
| &nbsp;&nbsp;&nbsp;LY Corp. | &nbsp;&nbsp;&nbsp;&nbsp;83700 | &nbsp;&nbsp;&nbsp;&nbsp; 283025 |
| &nbsp;&nbsp;&nbsp;M3, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 24046 |
| &nbsp;&nbsp;&nbsp;Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 36507 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp; 107052 |
| &nbsp;&nbsp;&nbsp;MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 25041 |
| &nbsp;&nbsp;&nbsp;MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 23809 |
| &nbsp;&nbsp;&nbsp;Minebea Mitsumi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 24822 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 31587 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34700 | &nbsp;&nbsp;&nbsp;&nbsp; 610287 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49900 | &nbsp;&nbsp;&nbsp;&nbsp; 911096 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34600 | &nbsp;&nbsp;&nbsp;&nbsp; 564679 |
| &nbsp;&nbsp;&nbsp;Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;&nbsp;&nbsp; 165473 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15200 | &nbsp;&nbsp;&nbsp;&nbsp; 259753 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;306500 | &nbsp;&nbsp;&nbsp;&nbsp; 4139354 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp; 225547 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;83700 | &nbsp;&nbsp;&nbsp;&nbsp; 747241 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 55510 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11440 | &nbsp;&nbsp;&nbsp;&nbsp; 311574 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 22410 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55700 | &nbsp;&nbsp;&nbsp;&nbsp; 1206580 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22000 | &nbsp;&nbsp;&nbsp;&nbsp; 342048 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 127334 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 21870 |
| &nbsp;&nbsp;&nbsp;NIDEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 66977 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18500 | &nbsp;&nbsp;&nbsp;&nbsp; 1261875 |
| &nbsp;&nbsp;&nbsp;Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp; 30579 |
| &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 33751 |
| &nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 24175 |
| &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 98199 |
| &nbsp;&nbsp;&nbsp;Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;141700 | &nbsp;&nbsp;&nbsp;&nbsp; 136866 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;$69145 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp; 26919 |
| &nbsp;&nbsp;&nbsp;Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 18326 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 594068 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 62664 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14300 | &nbsp;&nbsp;&nbsp;&nbsp; 87669 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14900 | &nbsp;&nbsp;&nbsp;&nbsp; 483531 |
| &nbsp;&nbsp;&nbsp;NTT Data Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 54223 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 41215 |
| &nbsp;&nbsp;&nbsp;Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 43281 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp; 69614 |
| &nbsp;&nbsp;&nbsp;Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 22538 |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 19325 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 21032 |
| &nbsp;&nbsp;&nbsp;Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 100361 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 113791 |
| &nbsp;&nbsp;&nbsp;Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 38496 |
| &nbsp;&nbsp;&nbsp;Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 23834 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 109005 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 49272 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;54900 | &nbsp;&nbsp;&nbsp;&nbsp; 657643 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 40630 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24700 | &nbsp;&nbsp;&nbsp;&nbsp; 1283173 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29121 | &nbsp;&nbsp;&nbsp;&nbsp; 395564 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp; 85687 |
| &nbsp;&nbsp;&nbsp;Ricoh Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 26440 |
| &nbsp;&nbsp;&nbsp;SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 34866 |
| &nbsp;&nbsp;&nbsp;SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 26074 |
| &nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp; 17866 |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 68094 |
| &nbsp;&nbsp;&nbsp;Seiko Epson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 22379 |
| &nbsp;&nbsp;&nbsp;Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 30673 |
| &nbsp;&nbsp;&nbsp;Sekisui House, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 62621 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49100 | &nbsp;&nbsp;&nbsp;&nbsp; 713566 |
| &nbsp;&nbsp;&nbsp;SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | &nbsp;&nbsp;&nbsp;&nbsp; 15408 |
| &nbsp;&nbsp;&nbsp;Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 27512 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 491262 |
| &nbsp;&nbsp;&nbsp;Shimizu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24300 | &nbsp;&nbsp;&nbsp;&nbsp; 215494 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp; 729360 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 54273 |
| &nbsp;&nbsp;&nbsp;Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 35920 |
| &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 747250 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;135700 | &nbsp;&nbsp;&nbsp;&nbsp; 189109 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 227711 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;&nbsp;&nbsp; 127318 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;139900 | &nbsp;&nbsp;&nbsp;&nbsp; 3563462 |
| &nbsp;&nbsp;&nbsp;Stanley Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 118399 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp; 327598 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30400 | &nbsp;&nbsp;&nbsp;&nbsp; 682924 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 56741 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 26076 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17700 | &nbsp;&nbsp;&nbsp;&nbsp; 451630 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15400 | &nbsp;&nbsp;&nbsp;&nbsp; 384285 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 56284 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 23061 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;40500 | &nbsp;&nbsp;&nbsp;&nbsp; 493799 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp; 262545 |
| &nbsp;&nbsp;&nbsp;T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 48992 |
| &nbsp;&nbsp;&nbsp;Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 35406 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 222733 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp; 96039 |
| &nbsp;&nbsp;&nbsp;TechnoPro Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15400 | &nbsp;&nbsp;&nbsp;&nbsp; 342082 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51000 | &nbsp;&nbsp;&nbsp;&nbsp; 957519 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | &nbsp;&nbsp;$29055 |
| &nbsp;&nbsp;&nbsp;Toho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 24826 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36700 | &nbsp;&nbsp;&nbsp;&nbsp; 1415431 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 709075 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 54043 |
| &nbsp;&nbsp;&nbsp;Tokyo Metro Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 17001 |
| &nbsp;&nbsp;&nbsp;Tokyu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 28140 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 30050 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp; 45071 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp;&nbsp;&nbsp; 1015590 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;93800 | &nbsp;&nbsp;&nbsp;&nbsp; 1654492 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 50115 |
| &nbsp;&nbsp;&nbsp;Trend Micro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 40364 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67200 | &nbsp;&nbsp;&nbsp;&nbsp; 534513 |
| &nbsp;&nbsp;&nbsp;Welcia Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 41814 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 40945 |
| &nbsp;&nbsp;&nbsp;Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 22786 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp; 35162 |
| &nbsp;&nbsp;&nbsp;Yaskawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 27594 |
| &nbsp;&nbsp;&nbsp;Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 21365 |
| &nbsp;&nbsp;&nbsp;Zensho Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 26817 |
| &nbsp;&nbsp;&nbsp;ZOZO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890 | &nbsp;&nbsp;&nbsp;&nbsp; 18158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;49673041 |
| **Jersey — 0.5%** | **Jersey — 0.5%** | **Jersey — 0.5%** |
| &nbsp;&nbsp;&nbsp;CVC Capital Partners PLC\*† | &nbsp;&nbsp;&nbsp;&nbsp;17126 | &nbsp;&nbsp;&nbsp;&nbsp; 340362 |
| &nbsp;&nbsp;&nbsp;Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4362 | &nbsp;&nbsp;&nbsp;&nbsp; 202167 |
| &nbsp;&nbsp;&nbsp;Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;49179 | &nbsp;&nbsp;&nbsp;&nbsp; 180911 |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;59596 | &nbsp;&nbsp;&nbsp;&nbsp; 450359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173799 |
| **Luxembourg — 0.1%** | **Luxembourg — 0.1%** | **Luxembourg — 0.1%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224 | &nbsp;&nbsp;&nbsp;&nbsp; 64236 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp; 34155 |
| &nbsp;&nbsp;&nbsp;InPost SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp; 15703 |
| &nbsp;&nbsp;&nbsp;Samsonite Group SA\* | &nbsp;&nbsp;&nbsp;&nbsp;93900 | &nbsp;&nbsp;&nbsp;&nbsp; 221827 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;&nbsp; 38274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374195 |
| **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sands China, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;11600 | &nbsp;&nbsp;&nbsp;&nbsp; 23361 |
| **Netherlands — 5.4%** | **Netherlands — 5.4%** | **Netherlands — 5.4%** |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173 | &nbsp;&nbsp;&nbsp;&nbsp; 45766 |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp; 391296 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp; 93486 |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7996 | &nbsp;&nbsp;&nbsp;&nbsp; 1409879 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6177 | &nbsp;&nbsp;&nbsp;&nbsp; 380820 |
| &nbsp;&nbsp;&nbsp;Argenx SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 168904 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 435021 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp; 416484 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6045 | &nbsp;&nbsp;&nbsp;&nbsp; 3999959 |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp; 43285 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 | &nbsp;&nbsp;&nbsp;&nbsp; 245971 |
| &nbsp;&nbsp;&nbsp;Davide Campari-Milano NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2919 | &nbsp;&nbsp;&nbsp;&nbsp; 17138 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp; 53730 |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 42949 |
| &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp; 255060 |
| &nbsp;&nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2249 | &nbsp;&nbsp;&nbsp;&nbsp; 100669 |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 44653 |
| &nbsp;&nbsp;&nbsp;Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;17490 | &nbsp;&nbsp;&nbsp;&nbsp; 1428347 |
| &nbsp;&nbsp;&nbsp;IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 37269 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;64233 | &nbsp;&nbsp;&nbsp;&nbsp; 1257464 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;$17799 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4365 | &nbsp;&nbsp;&nbsp;&nbsp; 163189 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;18442 | &nbsp;&nbsp;&nbsp;&nbsp; 78078 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV† | &nbsp;&nbsp;&nbsp;&nbsp;29605 | &nbsp;&nbsp;&nbsp;&nbsp; 752165 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp; 71022 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2574 | &nbsp;&nbsp;&nbsp;&nbsp; 489214 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6487 | &nbsp;&nbsp;&nbsp;&nbsp; 302625 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp; 40598 |
| &nbsp;&nbsp;&nbsp;Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 21423 |
| &nbsp;&nbsp;&nbsp;Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9613 | &nbsp;&nbsp;&nbsp;&nbsp; 107648 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3211 | &nbsp;&nbsp;&nbsp;&nbsp; 70286 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 | &nbsp;&nbsp;&nbsp;&nbsp; 107601 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp; 175674 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13265472 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| &nbsp;&nbsp;&nbsp;Auckland International Airport, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7975 | &nbsp;&nbsp;&nbsp;&nbsp; 37023 |
| &nbsp;&nbsp;&nbsp;Contact Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3784 | &nbsp;&nbsp;&nbsp;&nbsp; 19668 |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp;&nbsp; 53069 |
| &nbsp;&nbsp;&nbsp;Infratil, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4361 | &nbsp;&nbsp;&nbsp;&nbsp; 25748 |
| &nbsp;&nbsp;&nbsp;Meridian Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180 | &nbsp;&nbsp;&nbsp;&nbsp; 19670 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3557 | &nbsp;&nbsp;&nbsp;&nbsp; 347754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502932 |
| **Norway — 1.8%** | **Norway — 1.8%** | **Norway — 1.8%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;&nbsp; 35518 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;84434 | &nbsp;&nbsp;&nbsp;&nbsp; 2220799 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;37352 | &nbsp;&nbsp;&nbsp;&nbsp; 989181 |
| &nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp; 21811 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | &nbsp;&nbsp;&nbsp;&nbsp; 61139 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2207 | &nbsp;&nbsp;&nbsp;&nbsp; 41111 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;83666 | &nbsp;&nbsp;&nbsp;&nbsp; 487983 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3324 | &nbsp;&nbsp;&nbsp;&nbsp; 36491 |
| &nbsp;&nbsp;&nbsp;Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 15048 |
| &nbsp;&nbsp;&nbsp;Storebrand ASA | &nbsp;&nbsp;&nbsp;&nbsp;43567 | &nbsp;&nbsp;&nbsp;&nbsp; 552996 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920 | &nbsp;&nbsp;&nbsp;&nbsp; 41716 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 23768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4527561 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| &nbsp;&nbsp;&nbsp;EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;14881 | &nbsp;&nbsp;&nbsp;&nbsp; 50308 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp; 34799 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;33906 | &nbsp;&nbsp;&nbsp;&nbsp; 720240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805347 |
| **Singapore — 1.6%** | **Singapore — 1.6%** | **Singapore — 1.6%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;17700 | &nbsp;&nbsp;&nbsp;&nbsp; 35057 |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;27692 | &nbsp;&nbsp;&nbsp;&nbsp; 43121 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp; 22535 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;51320 | &nbsp;&nbsp;&nbsp;&nbsp; 1761274 |
| &nbsp;&nbsp;&nbsp;Genting Singapore, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp; 15888 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10947 | &nbsp;&nbsp;&nbsp;&nbsp; 49590 |
| &nbsp;&nbsp;&nbsp;Keppel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 35292 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp; 205747 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743 | &nbsp;&nbsp;&nbsp;&nbsp; 227444 |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195 | &nbsp;&nbsp;&nbsp;&nbsp; 19600 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 35802 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4100 | &nbsp;&nbsp;&nbsp;&nbsp; 40817 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7400 | &nbsp;&nbsp;&nbsp;&nbsp; 37237 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35210 | &nbsp;&nbsp;&nbsp;&nbsp; 89271 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29600 | &nbsp;&nbsp;&nbsp;&nbsp; 833660 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Singapore (continued)** | **Singapore (continued)** | **Singapore (continued)** |
| &nbsp;&nbsp;&nbsp;Wilmar International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;169400 | &nbsp;&nbsp;$420400 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp; 21301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894036 |
| **South Korea — 0.5%** | **South Korea — 0.5%** | **South Korea — 0.5%** |
| &nbsp;&nbsp;&nbsp;KT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12676 | &nbsp;&nbsp;&nbsp;&nbsp; 426425 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14488 | &nbsp;&nbsp;&nbsp;&nbsp; 573750 |
| &nbsp;&nbsp;&nbsp;Samsung SDI Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451 | &nbsp;&nbsp;&nbsp;&nbsp; 187841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188016 |
| **Spain — 3.0%** | **Spain — 3.0%** | **Spain — 3.0%** |
| &nbsp;&nbsp;&nbsp;Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 15321 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp; 48197 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 83451 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8702 | &nbsp;&nbsp;&nbsp;&nbsp; 666862 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;129499 | &nbsp;&nbsp;&nbsp;&nbsp; 1765233 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;25798 | &nbsp;&nbsp;&nbsp;&nbsp; 72629 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;71855 | &nbsp;&nbsp;&nbsp;&nbsp; 483976 |
| &nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;55061 | &nbsp;&nbsp;&nbsp;&nbsp; 612614 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;18713 | &nbsp;&nbsp;&nbsp;&nbsp; 145645 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513 | &nbsp;&nbsp;&nbsp;&nbsp; 89202 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479 | &nbsp;&nbsp;&nbsp;&nbsp; 12335 |
| &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp; 39883 |
| &nbsp;&nbsp;&nbsp;Grifols SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp; 12607 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;93584 | &nbsp;&nbsp;&nbsp;&nbsp; 1512917 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;21617 | &nbsp;&nbsp;&nbsp;&nbsp; 1078303 |
| &nbsp;&nbsp;&nbsp;Puig Brands SA, Class B† | &nbsp;&nbsp;&nbsp;&nbsp;12522 | &nbsp;&nbsp;&nbsp;&nbsp; 213674 |
| &nbsp;&nbsp;&nbsp;Redeia Corp. SA | &nbsp;&nbsp;&nbsp;&nbsp;17957 | &nbsp;&nbsp;&nbsp;&nbsp; 360601 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5489 | &nbsp;&nbsp;&nbsp;&nbsp; 72935 |
| &nbsp;&nbsp;&nbsp;Telefonica SA | &nbsp;&nbsp;&nbsp;&nbsp;18822 | &nbsp;&nbsp;&nbsp;&nbsp; 88568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7374953 |
| **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;575 | &nbsp;&nbsp;&nbsp;&nbsp; 48478 |
| **Sweden — 2.6%** | **Sweden — 2.6%** | **Sweden — 2.6%** |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp;&nbsp;&nbsp; 36145 |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372 | &nbsp;&nbsp;&nbsp;&nbsp; 58753 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4753 | &nbsp;&nbsp;&nbsp;&nbsp; 142821 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;12737 | &nbsp;&nbsp;&nbsp;&nbsp; 204079 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7402 | &nbsp;&nbsp;&nbsp;&nbsp; 104371 |
| &nbsp;&nbsp;&nbsp;Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp; 25610 |
| &nbsp;&nbsp;&nbsp;Boliden AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297 | &nbsp;&nbsp;&nbsp;&nbsp; 42466 |
| &nbsp;&nbsp;&nbsp;Elekta AB, Series B | &nbsp;&nbsp;&nbsp;&nbsp;31339 | &nbsp;&nbsp;&nbsp;&nbsp; 164206 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp; 63120 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1850 | &nbsp;&nbsp;&nbsp;&nbsp; 32684 |
| &nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp; 53991 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894 | &nbsp;&nbsp;&nbsp;&nbsp; 82254 |
| &nbsp;&nbsp;&nbsp;Evolution AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp; 56171 |
| &nbsp;&nbsp;&nbsp;Fastighets AB Balder, Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405 | &nbsp;&nbsp;&nbsp;&nbsp; 21318 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686 | &nbsp;&nbsp;&nbsp;&nbsp; 35460 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9846 | &nbsp;&nbsp;&nbsp;&nbsp; 105504 |
| &nbsp;&nbsp;&nbsp;Holmen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp; 14310 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 20788 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 26993 |
| &nbsp;&nbsp;&nbsp;Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp; 36013 |
| &nbsp;&nbsp;&nbsp;Investment AB Latour, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 19142 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8208 | &nbsp;&nbsp;&nbsp;&nbsp; 245006 |
| &nbsp;&nbsp;&nbsp;L E Lundbergforetagen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 18065 |
| &nbsp;&nbsp;&nbsp;Lifco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp; 39116 |
| &nbsp;&nbsp;&nbsp;Nibe Industrier AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7187 | &nbsp;&nbsp;&nbsp;&nbsp; 27401 |
| &nbsp;&nbsp;&nbsp;Saab AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519 | &nbsp;&nbsp;&nbsp;&nbsp; 59678 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;&nbsp; 21854 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| &nbsp;&nbsp;&nbsp;Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;28113 | &nbsp;&nbsp;$593061 |
| &nbsp;&nbsp;&nbsp;Securitas AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332 | &nbsp;&nbsp;&nbsp;&nbsp; 32988 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;37420 | &nbsp;&nbsp;&nbsp;&nbsp; 613550 |
| &nbsp;&nbsp;&nbsp;Skanska AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp; 35675 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617 | &nbsp;&nbsp;&nbsp;&nbsp; 32835 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2966 | &nbsp;&nbsp;&nbsp;&nbsp; 1631389 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2877 | &nbsp;&nbsp;&nbsp;&nbsp; 37921 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;59967 | &nbsp;&nbsp;&nbsp;&nbsp; 677012 |
| &nbsp;&nbsp;&nbsp;Swedbank AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4026 | &nbsp;&nbsp;&nbsp;&nbsp; 91586 |
| &nbsp;&nbsp;&nbsp;Swedish Orphan Biovitrum AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp; 26576 |
| &nbsp;&nbsp;&nbsp;Tele2 AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2592 | &nbsp;&nbsp;&nbsp;&nbsp; 34945 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;73833 | &nbsp;&nbsp;&nbsp;&nbsp; 572763 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | &nbsp;&nbsp;&nbsp;&nbsp;11188 | &nbsp;&nbsp;&nbsp;&nbsp; 40373 |
| &nbsp;&nbsp;&nbsp;Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp; 37676 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7533 | &nbsp;&nbsp;&nbsp;&nbsp; 221542 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6437211 |
| **Switzerland — 8.6%** | **Switzerland — 8.6%** | **Switzerland — 8.6%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26188 | &nbsp;&nbsp;&nbsp;&nbsp; 1355261 |
| &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;17016 | &nbsp;&nbsp;&nbsp;&nbsp; 1606434 |
| &nbsp;&nbsp;&nbsp;Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | &nbsp;&nbsp;&nbsp;&nbsp; 18246 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 40937 |
| &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; 15598 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 159163 |
| &nbsp;&nbsp;&nbsp;BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 17547 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 836813 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9769 | &nbsp;&nbsp;&nbsp;&nbsp; 1705918 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp; 46685 |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp; 87413 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp; 22417 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 42044 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp; 99270 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 189079 |
| &nbsp;&nbsp;&nbsp;Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 36498 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472 | &nbsp;&nbsp;&nbsp;&nbsp; 265921 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8022 | &nbsp;&nbsp;&nbsp;&nbsp; 554111 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp; 53022 |
| &nbsp;&nbsp;&nbsp;Logitech International SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp; 61318 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp; 833353 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;30479 | &nbsp;&nbsp;&nbsp;&nbsp; 3082265 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;19336 | &nbsp;&nbsp;&nbsp;&nbsp; 2150890 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp; 153254 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;14398 | &nbsp;&nbsp;&nbsp;&nbsp; 4734099 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (BR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 52776 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1982 | &nbsp;&nbsp;&nbsp;&nbsp; 83370 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp; 33563 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 60297 |
| &nbsp;&nbsp;&nbsp;SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp; 71371 |
| &nbsp;&nbsp;&nbsp;SIG Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 26794 |
| &nbsp;&nbsp;&nbsp;Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp; 175129 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp; 278968 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp; 63889 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp; 23661 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 123880 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp; 45069 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430 | &nbsp;&nbsp;&nbsp;&nbsp; 242736 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 70820 |
| &nbsp;&nbsp;&nbsp;Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp; 20729 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;15597 | &nbsp;&nbsp;&nbsp;&nbsp; 477917 |
| &nbsp;&nbsp;&nbsp;VAT Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp; 46254 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp; 1123032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21187811 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Taiwan — 0.9%** | **Taiwan — 0.9%** | **Taiwan — 0.9%** |
| &nbsp;&nbsp;&nbsp;Largan Precision Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;$143081 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp; 2090835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2233916 |
| **United Kingdom — 16.5%** | **United Kingdom — 16.5%** | **United Kingdom — 16.5%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4616 | &nbsp;&nbsp;&nbsp;&nbsp; 216236 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9285 | &nbsp;&nbsp;&nbsp;&nbsp; 343108 |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6026 | &nbsp;&nbsp;&nbsp;&nbsp; 169164 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;50544 | &nbsp;&nbsp;&nbsp;&nbsp; 1104025 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937 | &nbsp;&nbsp;&nbsp;&nbsp; 313642 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531 | &nbsp;&nbsp;&nbsp;&nbsp; 244689 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1555 | &nbsp;&nbsp;&nbsp;&nbsp; 38462 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;19185 | &nbsp;&nbsp;&nbsp;&nbsp; 2803786 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;18939 | &nbsp;&nbsp;&nbsp;&nbsp; 1392017 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212 | &nbsp;&nbsp;&nbsp;&nbsp; 40636 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;12698 | &nbsp;&nbsp;&nbsp;&nbsp; 91508 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;60087 | &nbsp;&nbsp;&nbsp;&nbsp; 1215887 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;68380 | &nbsp;&nbsp;&nbsp;&nbsp; 256773 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6537 | &nbsp;&nbsp;&nbsp;&nbsp; 35946 |
| &nbsp;&nbsp;&nbsp;BP PLC | &nbsp;&nbsp;&nbsp;&nbsp;76450 | &nbsp;&nbsp;&nbsp;&nbsp; 431202 |
| &nbsp;&nbsp;&nbsp;Bridgepoint Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;64991 | &nbsp;&nbsp;&nbsp;&nbsp; 270295 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9425 | &nbsp;&nbsp;&nbsp;&nbsp; 388566 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;299940 | &nbsp;&nbsp;&nbsp;&nbsp; 644076 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;31829 | &nbsp;&nbsp;&nbsp;&nbsp; 1219532 |
| &nbsp;&nbsp;&nbsp;Burberry Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;24858 | &nbsp;&nbsp;&nbsp;&nbsp; 251390 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;24079 | &nbsp;&nbsp;&nbsp;&nbsp; 46532 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 84854 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;36830 | &nbsp;&nbsp;&nbsp;&nbsp; 1215957 |
| &nbsp;&nbsp;&nbsp;Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 23837 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;54672 | &nbsp;&nbsp;&nbsp;&nbsp; 1426216 |
| &nbsp;&nbsp;&nbsp;Dowlais Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;98023 | &nbsp;&nbsp;&nbsp;&nbsp; 76785 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;69270 | &nbsp;&nbsp;&nbsp;&nbsp; 1322980 |
| &nbsp;&nbsp;&nbsp;Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;256062 | &nbsp;&nbsp;&nbsp;&nbsp; 1296039 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 60201 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 19853 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;84756 | &nbsp;&nbsp;&nbsp;&nbsp; 961022 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760 | &nbsp;&nbsp;&nbsp;&nbsp; 139048 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6308 | &nbsp;&nbsp;&nbsp;&nbsp; 63101 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp; 80826 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 49534 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8319 | &nbsp;&nbsp;&nbsp;&nbsp; 25300 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;12290 | &nbsp;&nbsp;&nbsp;&nbsp; 10808 |
| &nbsp;&nbsp;&nbsp;Johnson Matthey PLC | &nbsp;&nbsp;&nbsp;&nbsp;11726 | &nbsp;&nbsp;&nbsp;&nbsp; 201476 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;338200 | &nbsp;&nbsp;&nbsp;&nbsp; 1113069 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3356 | &nbsp;&nbsp;&nbsp;&nbsp; 23850 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;27946 | &nbsp;&nbsp;&nbsp;&nbsp; 88162 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 2281536 | &nbsp;&nbsp;&nbsp;&nbsp; 2134540 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2268 | &nbsp;&nbsp;&nbsp;&nbsp; 336326 |
| &nbsp;&nbsp;&nbsp;M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;10829 | &nbsp;&nbsp;&nbsp;&nbsp; 27918 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9729 | &nbsp;&nbsp;&nbsp;&nbsp; 44771 |
| &nbsp;&nbsp;&nbsp;Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;99926 | &nbsp;&nbsp;&nbsp;&nbsp; 615833 |
| &nbsp;&nbsp;&nbsp;Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2093 | &nbsp;&nbsp;&nbsp;&nbsp; 31204 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;150734 | &nbsp;&nbsp;&nbsp;&nbsp; 1963802 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;36285 | &nbsp;&nbsp;&nbsp;&nbsp; 212588 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5320 | &nbsp;&nbsp;&nbsp;&nbsp; 765881 |
| &nbsp;&nbsp;&nbsp;Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844 | &nbsp;&nbsp;&nbsp;&nbsp; 44938 |
| &nbsp;&nbsp;&nbsp;Persimmon PLC | &nbsp;&nbsp;&nbsp;&nbsp;14665 | &nbsp;&nbsp;&nbsp;&nbsp; 226264 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3330 | &nbsp;&nbsp;&nbsp;&nbsp; 24688 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;12564 | &nbsp;&nbsp;&nbsp;&nbsp; 135552 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;18967 | &nbsp;&nbsp;&nbsp;&nbsp; 1281697 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;35722 | &nbsp;&nbsp;&nbsp;&nbsp; 1794360 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;11972 | &nbsp;&nbsp;&nbsp;&nbsp; 54102 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp; 5347 | &nbsp;&nbsp;$319657 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC† | &nbsp;&nbsp; 40331 | &nbsp;&nbsp;&nbsp;&nbsp; 389943 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp; 4754 | &nbsp;&nbsp;&nbsp;&nbsp; 74264 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | &nbsp;&nbsp; 3807 | &nbsp;&nbsp;&nbsp;&nbsp; 17224 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp; 29578 | &nbsp;&nbsp;&nbsp;&nbsp; 263979 |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | &nbsp;&nbsp; 1281 | &nbsp;&nbsp;&nbsp;&nbsp; 41937 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp; 28905 | &nbsp;&nbsp;&nbsp;&nbsp; 1052007 |
| &nbsp;&nbsp;&nbsp;Shell PLC (XAMS) | &nbsp;&nbsp; 63623 | &nbsp;&nbsp;&nbsp;&nbsp; 2331856 |
| &nbsp;&nbsp;&nbsp;Shell PLC ADR | &nbsp;&nbsp; 12256 | &nbsp;&nbsp;&nbsp;&nbsp; 898120 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp; 3939 | &nbsp;&nbsp;&nbsp;&nbsp; 55403 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp; 1626 | &nbsp;&nbsp;&nbsp;&nbsp; 40724 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp;&nbsp; 28107 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp; 5233 | &nbsp;&nbsp;&nbsp;&nbsp; 107687 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp; 51156 | &nbsp;&nbsp;&nbsp;&nbsp; 758183 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp; 31966 | &nbsp;&nbsp;&nbsp;&nbsp; 137330 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp; 66609 | &nbsp;&nbsp;&nbsp;&nbsp; 3968145 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp; 3234 | &nbsp;&nbsp;&nbsp;&nbsp; 42175 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp; 96430 | &nbsp;&nbsp;&nbsp;&nbsp; 90240 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | &nbsp;&nbsp; 15306 | &nbsp;&nbsp;&nbsp;&nbsp; 486727 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A† | &nbsp;&nbsp; 3159 | &nbsp;&nbsp;&nbsp;&nbsp; 38686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;40637248 |
| **United States — 1.4%** | **United States — 1.4%** | **United States — 1.4%** |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. SDR | &nbsp;&nbsp; 4579 | &nbsp;&nbsp;&nbsp;&nbsp; 405790 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 718678 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp; 4371 | &nbsp;&nbsp;&nbsp;&nbsp; 731837 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp; 1950 | &nbsp;&nbsp;&nbsp;&nbsp; 312449 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp; 7428 | &nbsp;&nbsp;&nbsp;&nbsp; 668594 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp;&nbsp; 369393 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 234104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440845 |
| **Total Long-Term Investment Securities<br> (cost $190,309,148)** |  | &nbsp;&nbsp;&nbsp;&nbsp;242455270 |
| **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** | **SHORT-TERM INVESTMENTS — 0.6%** |
| **U.S. Government — 0.1%** | **U.S. Government — 0.1%** | **U.S. Government — 0.1%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19%, 05/13/2025(1) | $120000 | &nbsp;&nbsp;&nbsp;&nbsp; 119408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33%, 04/01/2025(1) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219408 |
| **Unaffiliated Investment Companies — 0.5%** | **Unaffiliated Investment Companies — 0.5%** | **Unaffiliated Investment Companies — 0.5%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class (2) | &nbsp;&nbsp; 655613 | &nbsp;&nbsp;&nbsp;&nbsp; 655613 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund 4.39%(2) | &nbsp;&nbsp; 705685 | &nbsp;&nbsp;&nbsp;&nbsp; 705685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361298 |
| **Total Short-Term Investments<br> (cost $1,580,712)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580706 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 0.1%** | **REPURCHASE AGREEMENTS — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 03/31/2025, to be repurchased 04/01/2025 in the amount of $293,243 and collateralized by $311,200 of United States Treasury Notes, bearing interest at 1.13% due 10/31/2026 and having an approximate value of $299,262<br> (cost $293,231) | $293231 | &nbsp;&nbsp;$293231 |
| **TOTAL INVESTMENTS<br> (cost $192,183,091)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.9% | &nbsp;&nbsp;&nbsp;&nbsp;244329207 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2605875 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$246935082 |

---

---

| | |
|:---|:---|
| † | &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 March 31, 2025, the aggregate value of these securities was $3,492,682 representing 1.4% of net assets. |

---

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

(2) The rate shown is the 7-day yield as of March 31, 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 |

---

#### 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)** |
| 12 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;MSCI EAFE Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1499938 | &nbsp;&nbsp;&nbsp;&nbsp;$1449780 | &nbsp;&nbsp;&nbsp;&nbsp;$(50158) |

---

\* 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;15.0% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;8.8 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Metal Fabricate/Hardware | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Advertising | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Water | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Shipbuilding | &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 March 31, 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;Brazil | &nbsp;&nbsp;$203622 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$203622 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;4153710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153710 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822229 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368548 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988156 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015176 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533094 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886688 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405045 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201355 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1017721 | &nbsp;&nbsp;&nbsp;&nbsp;12247751 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13265472 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3617002 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3894036 |
| &nbsp;&nbsp;&nbsp;Sweden | &nbsp;&nbsp;&nbsp;&nbsp;1631389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4805822 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6437211 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2688633 | &nbsp;&nbsp;&nbsp;&nbsp;37948615 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;40637248 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3035055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405790 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440845 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;163951359 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;163951359 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219408 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219408 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1361298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361298 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293231 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293231 |
| **Total Investments at Value** | &nbsp;&nbsp;$16091705 | &nbsp;&nbsp;$228237502 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$244329207 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$50158 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$50158 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
| **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp;$307030 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412 | &nbsp;&nbsp;&nbsp;&nbsp; 183179 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2648 | &nbsp;&nbsp;&nbsp;&nbsp; 350754 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 271125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112088 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719 | &nbsp;&nbsp;&nbsp;&nbsp; 163194 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928 | &nbsp;&nbsp;&nbsp;&nbsp; 464762 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627956 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237 | &nbsp;&nbsp;&nbsp;&nbsp; 97533 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;&nbsp;&nbsp; 79201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176734 |
| **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;529 | &nbsp;&nbsp;&nbsp;&nbsp; 59147 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739 | &nbsp;&nbsp;&nbsp;&nbsp; 2334342 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 30683 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp; 50836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2475008 |
| **Auto Manufacturers — 3.8%** | **Auto Manufacturers — 3.8%** | **Auto Manufacturers — 3.8%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp; 150138 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp; 97954 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35196 | &nbsp;&nbsp;&nbsp;&nbsp; 9121395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9369487 |
| **Banks — 0.7%** | **Banks — 0.7%** | **Banks — 0.7%** |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp; 113308 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5558 | &nbsp;&nbsp;&nbsp;&nbsp; 1363378 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | &nbsp;&nbsp;&nbsp;&nbsp; 226573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703259 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp; 62850 |
| **Biotechnology — 2.7%** | **Biotechnology — 2.7%** | **Biotechnology — 2.7%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154 | &nbsp;&nbsp;&nbsp;&nbsp; 581623 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 250797 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp; 548659 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp; 20345 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92711 | &nbsp;&nbsp;&nbsp;&nbsp; 935454 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;123330 | &nbsp;&nbsp;&nbsp;&nbsp; 3839263 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 433914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6610055 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp; 26112 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp; 85717 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 62813 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 | &nbsp;&nbsp;&nbsp;&nbsp; 601966 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 21071 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp; 263471 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 66724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127874 |
| **Chemicals — 0.6%** | **Chemicals — 0.6%** | **Chemicals — 0.6%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp; 334145 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 109267 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 1143597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587009 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services — 2.2%** | **Commercial Services — 2.2%** | **Commercial Services — 2.2%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213 | &nbsp;&nbsp;$3382574 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp; 247174 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp; 245814 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 84739 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp; 130859 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311 | &nbsp;&nbsp;&nbsp;&nbsp; 150793 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 130903 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp; 30689 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | &nbsp;&nbsp;&nbsp;&nbsp; 704226 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp; 142888 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 64583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5315242 |
| **Computers — 9.1%** | **Computers — 9.1%** | **Computers — 9.1%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73175 | &nbsp;&nbsp;&nbsp;&nbsp; 16254363 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13122 | &nbsp;&nbsp;&nbsp;&nbsp; 4626555 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp; 46577 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 | &nbsp;&nbsp;&nbsp;&nbsp; 213505 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 112490 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 | &nbsp;&nbsp;&nbsp;&nbsp; 801680 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; 32116 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp; 29251 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp; 60125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22176662 |
| **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;1245 | &nbsp;&nbsp;&nbsp;&nbsp; 116657 |
| **Distribution/Wholesale — 1.0%** | **Distribution/Wholesale — 1.0%** | **Distribution/Wholesale — 1.0%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057 | &nbsp;&nbsp;&nbsp;&nbsp; 172996 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42988 | &nbsp;&nbsp;&nbsp;&nbsp; 2076750 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 88407 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 153114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491267 |
| **Diversified Financial Services — 4.7%** | **Diversified Financial Services — 4.7%** | **Diversified Financial Services — 4.7%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp; 520612 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 162177 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559 | &nbsp;&nbsp;&nbsp;&nbsp; 213489 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp;&nbsp;&nbsp; 305019 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 149363 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc.† | &nbsp;&nbsp;&nbsp;&nbsp;125235 | &nbsp;&nbsp;&nbsp;&nbsp; 791485 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12376 | &nbsp;&nbsp;&nbsp;&nbsp; 2134860 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9109 | &nbsp;&nbsp;&nbsp;&nbsp; 4992825 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp; 44909 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 55425 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp; 71787 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6009 | &nbsp;&nbsp;&nbsp;&nbsp; 2105914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11547865 |
| **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091 | &nbsp;&nbsp;&nbsp;&nbsp; 219978 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4804 | &nbsp;&nbsp;&nbsp;&nbsp; 340556 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp; 67395 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp; 48351 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp; 67239 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp; 139284 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882803 |
| **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;3339 | &nbsp;&nbsp;&nbsp;&nbsp; 574775 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3840 | &nbsp;&nbsp;&nbsp;&nbsp; 1043827 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** | **Electrical Components & Equipment (continued)** |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | &nbsp;&nbsp;$146589 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp; 16338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781529 |
| **Electronics — 0.2%** | **Electronics — 0.2%** | **Electronics — 0.2%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp; 21004 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4223 | &nbsp;&nbsp;&nbsp;&nbsp; 276987 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp; 116382 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp; 61880 |
| &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; 35427 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp; 24750 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536430 |
| **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;198 | &nbsp;&nbsp;&nbsp;&nbsp; 25033 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp; 71427 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp; 35452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106879 |
| **Environmental Control — 0.4%** | **Environmental Control — 0.4%** | **Environmental Control — 0.4%** |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 32805 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp; 171449 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp; 40344 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339 | &nbsp;&nbsp;&nbsp;&nbsp; 456550 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 156269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857417 |
| **Healthcare-Products — 2.6%** | **Healthcare-Products — 2.6%** | **Healthcare-Products — 2.6%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785 | &nbsp;&nbsp;&nbsp;&nbsp; 502080 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15724 | &nbsp;&nbsp;&nbsp;&nbsp; 1586237 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10602 | &nbsp;&nbsp;&nbsp;&nbsp; 2173410 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 64340 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240 | &nbsp;&nbsp;&nbsp;&nbsp; 1604675 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp; 114611 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 236379 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 35014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6316746 |
| **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;153 | &nbsp;&nbsp;&nbsp;&nbsp; 23405 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp; 127162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150567 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561 | &nbsp;&nbsp;&nbsp;&nbsp; 408731 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp; 50711 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp; 72577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532019 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 153650 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307 | &nbsp;&nbsp;&nbsp;&nbsp; 125707 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 137751 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;&nbsp;&nbsp; 1668041 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp; 103003 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp; 42691 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 36457 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp; 68299 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;&nbsp; 183999 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 | &nbsp;&nbsp;&nbsp;&nbsp; 578189 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;$40988 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 56438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195213 |
| **Internet — 23.4%** | **Internet — 23.4%** | **Internet — 23.4%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24767 | &nbsp;&nbsp;&nbsp;&nbsp; 2958666 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35858 | &nbsp;&nbsp;&nbsp;&nbsp; 5545081 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26163 | &nbsp;&nbsp;&nbsp;&nbsp; 4087445 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66941 | &nbsp;&nbsp;&nbsp;&nbsp; 12736195 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 529794 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38097 | &nbsp;&nbsp;&nbsp;&nbsp; 6962989 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp; 75790 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 72283 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp; 24497 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097 | &nbsp;&nbsp;&nbsp;&nbsp; 29114 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp; 88629 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687 | &nbsp;&nbsp;&nbsp;&nbsp; 5241988 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14880 | &nbsp;&nbsp;&nbsp;&nbsp; 8576237 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp; 3441036 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp; 394008 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53487 | &nbsp;&nbsp;&nbsp;&nbsp; 5101857 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669 | &nbsp;&nbsp;&nbsp;&nbsp; 918000 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7284 | &nbsp;&nbsp;&nbsp;&nbsp; 530712 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;57314321 |
| **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;3654 | &nbsp;&nbsp;&nbsp;&nbsp; 71362 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp; 29066 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp; 177295 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277723 |
| **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;839 | &nbsp;&nbsp;&nbsp;&nbsp; 190914 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp; 46279 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp; 190084 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 26052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453329 |
| **Machinery-Construction & Mining — 0.8%** | **Machinery-Construction & Mining — 0.8%** | **Machinery-Construction & Mining — 0.8%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667 | &nbsp;&nbsp;&nbsp;&nbsp; 549776 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4510 | &nbsp;&nbsp;&nbsp;&nbsp; 1376813 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926589 |
| **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;389 | &nbsp;&nbsp;&nbsp;&nbsp; 182577 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 37771 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp; 112442 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117 | &nbsp;&nbsp;&nbsp;&nbsp; 805371 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp; 108085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246246 |
| **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;60 | &nbsp;&nbsp;&nbsp;&nbsp; 27278 |
| **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;253 | &nbsp;&nbsp;&nbsp;&nbsp; 133065 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 94740 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp; 272925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500730 |
| **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;81 | &nbsp;&nbsp;&nbsp;&nbsp; 22887 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;$153980 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp; 87449 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241429 |
| **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;155 | &nbsp;&nbsp;&nbsp;&nbsp; 30693 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6887 | &nbsp;&nbsp;&nbsp;&nbsp; 1442964 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6501 | &nbsp;&nbsp;&nbsp;&nbsp; 477823 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp; 40018 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5958 | &nbsp;&nbsp;&nbsp;&nbsp; 4920772 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388 | &nbsp;&nbsp;&nbsp;&nbsp; 374713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7256290 |
| **Pipelines — 0.8%** | **Pipelines — 0.8%** | **Pipelines — 0.8%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6197 | &nbsp;&nbsp;&nbsp;&nbsp; 1433986 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp; 120255 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 152357 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp; 132069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838667 |
| **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;1036 | &nbsp;&nbsp;&nbsp;&nbsp; 119772 |
| **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;1031 | &nbsp;&nbsp;&nbsp;&nbsp; 134834 |
| **REITS — 1.2%** | **REITS — 1.2%** | **REITS — 1.2%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9227 | &nbsp;&nbsp;&nbsp;&nbsp; 2007795 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 46787 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 23237 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 130456 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp; 33110 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp; 49447 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp; 21827 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp;&nbsp; 88105 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 27986 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp; 47214 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 164609 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp; 177540 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 21320 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;&nbsp;&nbsp; 175732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015165 |
| **Retail — 4.1%** | **Retail — 4.1%** | **Retail — 4.1%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 224954 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4006 | &nbsp;&nbsp;&nbsp;&nbsp; 346158 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4726 | &nbsp;&nbsp;&nbsp;&nbsp; 237292 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426 | &nbsp;&nbsp;&nbsp;&nbsp; 3240242 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 36566 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp; 23432 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25775 | &nbsp;&nbsp;&nbsp;&nbsp; 2074114 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524 | &nbsp;&nbsp;&nbsp;&nbsp; 558531 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2449 | &nbsp;&nbsp;&nbsp;&nbsp; 571180 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 50951 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp; 600688 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 286516 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3118 | &nbsp;&nbsp;&nbsp;&nbsp; 398449 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2313 | &nbsp;&nbsp;&nbsp;&nbsp; 281723 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp; 55431 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10135 | &nbsp;&nbsp;&nbsp;&nbsp; 889752 |

---

---

| | | |
|:---|:---|:---|
| **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;429 | &nbsp;&nbsp;$67825 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 62787 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10006591 |
| **Semiconductors — 11.0%** | **Semiconductors — 11.0%** | **Semiconductors — 11.0%** |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 172693 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp; 1971987 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31555 | &nbsp;&nbsp;&nbsp;&nbsp; 5283254 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929 | &nbsp;&nbsp;&nbsp;&nbsp; 1311334 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17643 | &nbsp;&nbsp;&nbsp;&nbsp; 1086279 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5256 | &nbsp;&nbsp;&nbsp;&nbsp; 456694 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 96857 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;152064 | &nbsp;&nbsp;&nbsp;&nbsp; 16480696 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 67471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26927265 |
| **Software — 18.9%** | **Software — 18.9%** | **Software — 18.9%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp; 244692 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; 42419 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535 | &nbsp;&nbsp;&nbsp;&nbsp; 1201639 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 | &nbsp;&nbsp;&nbsp;&nbsp; 624110 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 196350 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 43643 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp; 133778 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74834 | &nbsp;&nbsp;&nbsp;&nbsp; 8433043 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6947 | &nbsp;&nbsp;&nbsp;&nbsp; 689212 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;&nbsp; 32315 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11187 | &nbsp;&nbsp;&nbsp;&nbsp; 527467 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp; 47836 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 156754 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp; 438127 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp; 360484 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp; 599254 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 18625 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37536 | &nbsp;&nbsp;&nbsp;&nbsp; 14090639 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17041 | &nbsp;&nbsp;&nbsp;&nbsp; 4912409 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp; 153251 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5657 | &nbsp;&nbsp;&nbsp;&nbsp; 790905 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7148 | &nbsp;&nbsp;&nbsp;&nbsp; 603291 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 80997 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp; 35831 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 30525 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65822 | &nbsp;&nbsp;&nbsp;&nbsp; 3836764 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468 | &nbsp;&nbsp;&nbsp;&nbsp; 2004112 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8886 | &nbsp;&nbsp;&nbsp;&nbsp; 340600 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp; 571629 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32916 | &nbsp;&nbsp;&nbsp;&nbsp; 4811003 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 120078 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 86627 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp; 81969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;46340378 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3602 | &nbsp;&nbsp;&nbsp;&nbsp; 279083 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp; 255243 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp; 236305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770631 |
| **Transportation — 1.1%** | **Transportation — 1.1%** | **Transportation — 1.1%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093 | &nbsp;&nbsp;&nbsp;&nbsp; 91027 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4422 | &nbsp;&nbsp;$731620 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8183 | &nbsp;&nbsp;&nbsp;&nbsp; 1933152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2755799 |
| **Total Common Stocks<br> (cost $184,152,676)** |  | &nbsp;&nbsp;&nbsp;&nbsp;242091266 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.1%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.1%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.1%** |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 Growth ETF<br> (cost $433,998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 377739 |
| **PURCHASED OPTIONS† — 0.1%** | **PURCHASED OPTIONS† — 0.1%** | **PURCHASED OPTIONS† — 0.1%** |
| **Purchased Options - Calls — 0.1%** | **Purchased Options - Calls — 0.1%** | **Purchased Options - Calls — 0.1%** |
| &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; 73238 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 07/31/2025; Strike Price: USD 7.77; Counterparty: JPMorgan Chase Bank, N.A.) | 11882552 | &nbsp;&nbsp;&nbsp;&nbsp; 5692 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 09/01/2025; Strike Price: USD 7.66; Counterparty: JPMorgan Chase Bank, N.A.) | 12465929 | &nbsp;&nbsp;&nbsp;&nbsp; 17390 |
| &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) | 24302864 | &nbsp;&nbsp;&nbsp;&nbsp; 36406 |
| &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; 27289 |
| **Total Purchased Options<br> (cost $435,991)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160015 |
| **Total Long-Term Investment Securities<br> (cost $185,022,665)** |  | &nbsp;&nbsp;&nbsp;&nbsp;242629020 |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |
| **Unaffiliated Investment Companies — 0.1%** | **Unaffiliated Investment Companies — 0.1%** | **Unaffiliated Investment Companies — 0.1%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Administration Class<br> 4.04%(1) | &nbsp;&nbsp;&nbsp;&nbsp;281945 | &nbsp;&nbsp;&nbsp;&nbsp; 281945 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government — 0.0%** | **U.S. Government — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/13/2025(2) | $80000 | &nbsp;&nbsp;$79605 |
| **Total Short-Term Investments<br> (cost $361,553)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361550 |
| **REPURCHASE AGREEMENTS — 0.1%** | **REPURCHASE AGREEMENTS — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 03/31/2025, to be repurchased 04/01/2025 in the amount of $150,552 and collateralized by $159,800 of United States Treasury Notes bearing interest at 1.13% due 10/31/2026 and having an approximate value of $153,697<br> (cost $150,546) | &nbsp;&nbsp; 150546 | &nbsp;&nbsp;&nbsp;&nbsp; 150546 |
| **TOTAL INVESTMENTS<br> (cost $185,534,764)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.3% | &nbsp;&nbsp;&nbsp;&nbsp;243141116 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768461 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$244909577 |

---

---

| | |
|:---|:---|
| † | &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 March 31, 2025, the aggregate value of these securities was $3,382,574 representing 1.4% of net assets. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of March 31, 2025. |
| (2) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| (3) | &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> (Depreciation)** |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$286568 | &nbsp;&nbsp;&nbsp;&nbsp;$282663 | &nbsp;&nbsp;&nbsp;&nbsp;$(3905) |

---

\* 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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;Apparel | &nbsp;&nbsp;$140666 | &nbsp;&nbsp;$2334342 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2475008 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1932668 | &nbsp;&nbsp;&nbsp;&nbsp;3382574 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5315242 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;234301016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;234301016 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377739 |
| Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160015 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160015 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79605 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79605 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281945 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150546 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150546 |
| **Total Investments at Value** | &nbsp;&nbsp;$237034034 | &nbsp;&nbsp;$6107082 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$243141116 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$3905 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3905 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1587 | &nbsp;&nbsp;$43103 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp; 69396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112499 |
| **Aerospace/Defense — 2.2%** | **Aerospace/Defense — 2.2%** | **Aerospace/Defense — 2.2%** |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | 51821 | &nbsp;&nbsp;&nbsp;&nbsp; 1048621 |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;3196 | &nbsp;&nbsp;&nbsp;&nbsp; 545078 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1081 | &nbsp;&nbsp;&nbsp;&nbsp; 294659 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;2698 | &nbsp;&nbsp;&nbsp;&nbsp; 540004 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7961 | &nbsp;&nbsp;&nbsp;&nbsp; 1666317 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp; 398912 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 296966 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 14089 | &nbsp;&nbsp;&nbsp;&nbsp; 1866229 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6656786 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3899 | &nbsp;&nbsp;&nbsp;&nbsp; 234018 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 30023 | &nbsp;&nbsp;&nbsp;&nbsp; 1441404 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp; 43483 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3047 | &nbsp;&nbsp;&nbsp;&nbsp; 483650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2202555 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 16944 | &nbsp;&nbsp;&nbsp;&nbsp; 568980 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;5033 | &nbsp;&nbsp;&nbsp;&nbsp; 319495 |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 16585 | &nbsp;&nbsp;&nbsp;&nbsp; 166347 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;4239 | &nbsp;&nbsp;&nbsp;&nbsp; 199360 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 14110 | &nbsp;&nbsp;&nbsp;&nbsp; 1373891 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739598 |
| **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | 10536 | &nbsp;&nbsp;&nbsp;&nbsp; 626892 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 52735 | &nbsp;&nbsp;&nbsp;&nbsp; 1228725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855617 |
| **Banks — 8.0%** | **Banks — 8.0%** | **Banks — 8.0%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 28211 | &nbsp;&nbsp;&nbsp;&nbsp; 1177245 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 18252 | &nbsp;&nbsp;&nbsp;&nbsp; 1530795 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7997 | &nbsp;&nbsp;&nbsp;&nbsp; 567707 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1862 | &nbsp;&nbsp;&nbsp;&nbsp; 76286 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;2854 | &nbsp;&nbsp;&nbsp;&nbsp; 111877 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1329 | &nbsp;&nbsp;&nbsp;&nbsp; 726019 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6194 | &nbsp;&nbsp;&nbsp;&nbsp; 92972 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 28830 | &nbsp;&nbsp;&nbsp;&nbsp; 7071999 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;4244 | &nbsp;&nbsp;&nbsp;&nbsp; 67862 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8320 | &nbsp;&nbsp;&nbsp;&nbsp; 1487200 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 13644 | &nbsp;&nbsp;&nbsp;&nbsp; 1591846 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 10850 | &nbsp;&nbsp;&nbsp;&nbsp; 1070353 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8804 | &nbsp;&nbsp;&nbsp;&nbsp; 1547479 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 58963 | &nbsp;&nbsp;&nbsp;&nbsp; 1281266 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp; 110032 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 55488 | &nbsp;&nbsp;&nbsp;&nbsp; 2283331 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 54057 | &nbsp;&nbsp;&nbsp;&nbsp; 2282287 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 14012 | &nbsp;&nbsp;&nbsp;&nbsp; 1005921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24082477 |
| **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;776 | &nbsp;&nbsp;&nbsp;&nbsp; 26338 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 16496 | &nbsp;&nbsp;&nbsp;&nbsp; 1181444 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp; 121490 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV | 18558 | &nbsp;&nbsp;$1347421 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 42115 | &nbsp;&nbsp;&nbsp;&nbsp; 1441175 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 44679 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1671 | &nbsp;&nbsp;&nbsp;&nbsp; 97787 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5843 | &nbsp;&nbsp;&nbsp;&nbsp; 876099 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 11953 | &nbsp;&nbsp;&nbsp;&nbsp; 1187303 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA ADR | 45930 | &nbsp;&nbsp;&nbsp;&nbsp; 909414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7233150 |
| **Biotechnology — 1.2%** | **Biotechnology — 1.2%** | **Biotechnology — 1.2%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1305 | &nbsp;&nbsp;&nbsp;&nbsp; 406573 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp; 85388 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2921 | &nbsp;&nbsp;&nbsp;&nbsp; 183818 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 21965 | &nbsp;&nbsp;&nbsp;&nbsp; 2461178 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp; 16591 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1443 | &nbsp;&nbsp;&nbsp;&nbsp; 40909 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp; 284135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3478592 |
| **Building Materials — 1.6%** | **Building Materials — 1.6%** | **Building Materials — 1.6%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 29361 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1789 | &nbsp;&nbsp;&nbsp;&nbsp; 113422 |
| &nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;7038 | &nbsp;&nbsp;&nbsp;&nbsp; 619133 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 14327 | &nbsp;&nbsp;&nbsp;&nbsp; 872228 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 18116 | &nbsp;&nbsp;&nbsp;&nbsp; 1451273 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1426 | &nbsp;&nbsp;&nbsp;&nbsp; 681813 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp; 37065 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7790 | &nbsp;&nbsp;&nbsp;&nbsp; 889462 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 49926 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4743683 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp; 279584 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;7857 | &nbsp;&nbsp;&nbsp;&nbsp; 484394 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp; 36082 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | 36737 | &nbsp;&nbsp;&nbsp;&nbsp; 1218566 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp; 57909 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2999 | &nbsp;&nbsp;&nbsp;&nbsp; 104725 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1781 | &nbsp;&nbsp;&nbsp;&nbsp; 133005 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp; 43262 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp; 138929 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp;&nbsp;&nbsp; 84517 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;2029 | &nbsp;&nbsp;&nbsp;&nbsp; 944784 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp; 77722 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;1353 | &nbsp;&nbsp;&nbsp;&nbsp; 36545 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6934 | &nbsp;&nbsp;&nbsp;&nbsp; 758233 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp; 148057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546314 |
| **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;745 | &nbsp;&nbsp;&nbsp;&nbsp; 227620 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp; 128600 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp; 103305 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 23143 | &nbsp;&nbsp;&nbsp;&nbsp; 1270782 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp; 34832 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp; 147624 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1391 | &nbsp;&nbsp;&nbsp;&nbsp; 90763 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp; 27177 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp; 361259 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp; 100298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492260 |
| **Computers — 4.8%** | **Computers — 4.8%** | **Computers — 4.8%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;8342 | &nbsp;&nbsp;&nbsp;&nbsp; 2603038 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Amdocs, Ltd. | 32543 | &nbsp;&nbsp;$2977684 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 34561 | &nbsp;&nbsp;&nbsp;&nbsp; 7677035 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;9815 | &nbsp;&nbsp;&nbsp;&nbsp; 750848 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp; 64170 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 40859 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp; 86346 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3996 | &nbsp;&nbsp;&nbsp;&nbsp; 110649 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 36164 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 40319 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp; 76625 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1482 | &nbsp;&nbsp;&nbsp;&nbsp; 59917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14523654 |
| **Cosmetics/Personal Care — 3.1%** | **Cosmetics/Personal Care — 3.1%** | **Cosmetics/Personal Care — 3.1%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;1936 | &nbsp;&nbsp;&nbsp;&nbsp; 181403 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | 23549 | &nbsp;&nbsp;&nbsp;&nbsp; 1554234 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 123548 | &nbsp;&nbsp;&nbsp;&nbsp; 2962681 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;9990 | &nbsp;&nbsp;&nbsp;&nbsp; 1702496 |
| &nbsp;&nbsp;&nbsp;Unilever PLC ADR | 47120 | &nbsp;&nbsp;&nbsp;&nbsp; 2805996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9206810 |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp; 81505 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp; 47134 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp; 51573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180212 |
| **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6822 | &nbsp;&nbsp;&nbsp;&nbsp; 1000173 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2721 | &nbsp;&nbsp;&nbsp;&nbsp; 2575372 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1624 | &nbsp;&nbsp;&nbsp;&nbsp; 291183 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp; 100925 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 35769 | &nbsp;&nbsp;&nbsp;&nbsp; 2799997 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp; 407220 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1321 | &nbsp;&nbsp;&nbsp;&nbsp; 25429 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 202688 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1909 | &nbsp;&nbsp;&nbsp;&nbsp; 28960 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4003 | &nbsp;&nbsp;&nbsp;&nbsp; 1309542 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 16190 | &nbsp;&nbsp;&nbsp;&nbsp; 1228173 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9714 | &nbsp;&nbsp;&nbsp;&nbsp; 1349372 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;&nbsp;&nbsp; 87185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11406219 |
| **Electric — 3.9%** | **Electric — 3.9%** | **Electric — 3.9%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3029 | &nbsp;&nbsp;&nbsp;&nbsp; 37620 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp; 70335 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 115460 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 17022 | &nbsp;&nbsp;&nbsp;&nbsp; 1859994 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2777 | &nbsp;&nbsp;&nbsp;&nbsp; 100611 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1273 | &nbsp;&nbsp;&nbsp;&nbsp; 95615 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1476 | &nbsp;&nbsp;&nbsp;&nbsp; 163231 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3579 | &nbsp;&nbsp;&nbsp;&nbsp; 200674 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp; 122092 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 19048 | &nbsp;&nbsp;&nbsp;&nbsp; 2323285 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp; 97159 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1827 | &nbsp;&nbsp;&nbsp;&nbsp; 156190 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp; 67571 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 17299 | &nbsp;&nbsp;&nbsp;&nbsp; 1074441 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4283 | &nbsp;&nbsp;&nbsp;&nbsp; 197361 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2185 | &nbsp;&nbsp;&nbsp;&nbsp; 88318 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2891 | &nbsp;&nbsp;&nbsp;&nbsp; 204943 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9346 | &nbsp;&nbsp;&nbsp;&nbsp; 160564 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp; 46101 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;$54526 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 92587 |
| &nbsp;&nbsp;&nbsp;Sempra | 24323 | &nbsp;&nbsp;&nbsp;&nbsp; 1735689 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;4668 | &nbsp;&nbsp;&nbsp;&nbsp; 429223 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1353 | &nbsp;&nbsp;&nbsp;&nbsp; 147450 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 30459 | &nbsp;&nbsp;&nbsp;&nbsp; 2156193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11797233 |
| **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;522 | &nbsp;&nbsp;&nbsp;&nbsp; 89857 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 17165 | &nbsp;&nbsp;&nbsp;&nbsp; 1881971 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp; 12285 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984113 |
| **Electronics — 1.0%** | **Electronics — 1.0%** | **Electronics — 1.0%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp; 22700 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp; 106404 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp; 586548 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp; 63545 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp; 110380 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp; 62588 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | 18959 | &nbsp;&nbsp;&nbsp;&nbsp; 993831 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;7992 | &nbsp;&nbsp;&nbsp;&nbsp; 1129429 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp; 38471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113896 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 34996 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 27056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62052 |
| **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;522 | &nbsp;&nbsp;&nbsp;&nbsp; 63105 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 22625 |
| **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;246 | &nbsp;&nbsp;&nbsp;&nbsp; 21520 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp; 53402 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp; 169234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244156 |
| **Food — 2.1%** | **Food — 2.1%** | **Food — 2.1%** |
| &nbsp;&nbsp;&nbsp;Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp; 33453 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 28505 | &nbsp;&nbsp;&nbsp;&nbsp; 760228 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 18661 | &nbsp;&nbsp;&nbsp;&nbsp; 1115741 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 107578 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 38366 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 53640 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;1146 | &nbsp;&nbsp;&nbsp;&nbsp; 94534 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | 14419 | &nbsp;&nbsp;&nbsp;&nbsp; 539065 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;3717 | &nbsp;&nbsp;&nbsp;&nbsp; 113108 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;2836 | &nbsp;&nbsp;&nbsp;&nbsp; 191969 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp; 32406 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp; 88566 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 25304 | &nbsp;&nbsp;&nbsp;&nbsp; 1716876 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2084 | &nbsp;&nbsp;&nbsp;&nbsp; 156383 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1219 | &nbsp;&nbsp;&nbsp;&nbsp; 77784 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | 18462 | &nbsp;&nbsp;&nbsp;&nbsp; 1208523 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328220 |
| **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;2246 | &nbsp;&nbsp;&nbsp;&nbsp; 119824 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8846 | &nbsp;&nbsp;$1367415 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp; 80260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447675 |
| **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;223 | &nbsp;&nbsp;&nbsp;&nbsp; 75153 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp; 50510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125663 |
| **Healthcare-Products — 3.7%** | **Healthcare-Products — 3.7%** | **Healthcare-Products — 3.7%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;7390 | &nbsp;&nbsp;&nbsp;&nbsp; 980283 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 142131 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299 | &nbsp;&nbsp;&nbsp;&nbsp; 47499 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2175 | &nbsp;&nbsp;&nbsp;&nbsp; 74450 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp; 39517 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | 10511 | &nbsp;&nbsp;&nbsp;&nbsp; 1060350 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 71697 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2727 | &nbsp;&nbsp;&nbsp;&nbsp; 559035 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2513 | &nbsp;&nbsp;&nbsp;&nbsp; 182142 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1948 | &nbsp;&nbsp;&nbsp;&nbsp; 157223 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp; 59052 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp; 146563 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 37058 | &nbsp;&nbsp;&nbsp;&nbsp; 3330032 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp; 54910 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 44788 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 94966 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp; 256108 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp; 811088 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp; 50494 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 69179 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 27082 | &nbsp;&nbsp;&nbsp;&nbsp; 3065141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11296648 |
| **Healthcare-Services — 5.2%** | **Healthcare-Services — 5.2%** | **Healthcare-Services — 5.2%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | 42097 | &nbsp;&nbsp;&nbsp;&nbsp; 2555709 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 32813 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;1166 | &nbsp;&nbsp;&nbsp;&nbsp; 383614 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6188 | &nbsp;&nbsp;&nbsp;&nbsp; 2691532 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 107812 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp; 136004 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8739 | &nbsp;&nbsp;&nbsp;&nbsp; 1540686 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 82623 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp; 77736 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4018 | &nbsp;&nbsp;&nbsp;&nbsp; 679845 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 12861 | &nbsp;&nbsp;&nbsp;&nbsp; 6735949 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2923 | &nbsp;&nbsp;&nbsp;&nbsp; 549232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15573555 |
| **Home Builders — 0.4%** | **Home Builders — 0.4%** | **Home Builders — 0.4%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp; 153573 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7524 | &nbsp;&nbsp;&nbsp;&nbsp; 863605 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 36222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053400 |
| **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** | **Household Products/Wares — 0.7%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 60866 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp; 115374 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 77306 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7268 | &nbsp;&nbsp;&nbsp;&nbsp; 1033655 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | 10782 | &nbsp;&nbsp;&nbsp;&nbsp; 728595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015796 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance — 5.1%** | **Insurance — 5.1%** | **Insurance — 5.1%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2109 | &nbsp;&nbsp;$234500 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7238 | &nbsp;&nbsp;&nbsp;&nbsp; 1498773 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2528 | &nbsp;&nbsp;&nbsp;&nbsp; 219784 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp; 179990 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp; 205763 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp; 45935 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;7866 | &nbsp;&nbsp;&nbsp;&nbsp; 4189274 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3419 | &nbsp;&nbsp;&nbsp;&nbsp; 1032504 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 46236 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3518 | &nbsp;&nbsp;&nbsp;&nbsp; 1278195 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp; 47156 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 68175 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp; 69208 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7466 | &nbsp;&nbsp;&nbsp;&nbsp; 1821928 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 28364 | &nbsp;&nbsp;&nbsp;&nbsp; 2277346 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp; 75680 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1508 | &nbsp;&nbsp;&nbsp;&nbsp; 168413 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 255468 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp; 40988 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;5143 | &nbsp;&nbsp;&nbsp;&nbsp; 1738077 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15493393 |
| **Internet — 2.2%** | **Internet — 2.2%** | **Internet — 2.2%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;5944 | &nbsp;&nbsp;&nbsp;&nbsp; 928631 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | 16878 | &nbsp;&nbsp;&nbsp;&nbsp; 3211208 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp; 91028 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;&nbsp; 45582 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8316 | &nbsp;&nbsp;&nbsp;&nbsp; 2214301 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 25744 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp; 33384 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp; 88093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6637971 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 120340 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1809 | &nbsp;&nbsp;&nbsp;&nbsp; 522349 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp; 75423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718112 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &nbsp;&nbsp;&nbsp;MGM Resorts International† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp; 28247 |
| **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** | **Machinery-Construction & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 10380 | &nbsp;&nbsp;&nbsp;&nbsp; 976550 |
| **Machinery-Diversified — 0.9%** | **Machinery-Diversified — 0.9%** | **Machinery-Diversified — 0.9%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp; 283487 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4370 | &nbsp;&nbsp;&nbsp;&nbsp; 767722 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp; 58453 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;7118 | &nbsp;&nbsp;&nbsp;&nbsp; 1081794 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 46597 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1689 | &nbsp;&nbsp;&nbsp;&nbsp; 174305 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 124539 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 123641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660538 |
| **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;411 | &nbsp;&nbsp;&nbsp;&nbsp; 151466 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 16069 | &nbsp;&nbsp;&nbsp;&nbsp; 592946 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; 40463 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp; 52525 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp; 29623 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1611 | &nbsp;&nbsp;&nbsp;&nbsp; 43851 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp; 14456 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp; 30319 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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. | 18255 | &nbsp;&nbsp;$1801768 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;9511 | &nbsp;&nbsp;&nbsp;&nbsp; 102053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2859470 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6123 | &nbsp;&nbsp;&nbsp;&nbsp; 231817 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp; 234158 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465975 |
| **Miscellaneous Manufacturing — 1.1%** | **Miscellaneous Manufacturing — 1.1%** | **Miscellaneous Manufacturing — 1.1%** |
| &nbsp;&nbsp;&nbsp;3M Co. | 11619 | &nbsp;&nbsp;&nbsp;&nbsp; 1706366 |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 11835 | &nbsp;&nbsp;&nbsp;&nbsp; 773536 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp; 166415 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;2814 | &nbsp;&nbsp;&nbsp;&nbsp; 645612 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp; 99044 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp; 56211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447184 |
| **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;120 | &nbsp;&nbsp;&nbsp;&nbsp; 33907 |
| **Oil & Gas — 5.9%** | **Oil & Gas — 5.9%** | **Oil & Gas — 5.9%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | 31929 | &nbsp;&nbsp;&nbsp;&nbsp; 1291209 |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1576 | &nbsp;&nbsp;&nbsp;&nbsp; 33128 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 10079 | &nbsp;&nbsp;&nbsp;&nbsp; 1686116 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 22741 | &nbsp;&nbsp;&nbsp;&nbsp; 2388260 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 82328 | &nbsp;&nbsp;&nbsp;&nbsp; 2379279 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2799 | &nbsp;&nbsp;&nbsp;&nbsp; 104683 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp; 127264 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2396 | &nbsp;&nbsp;&nbsp;&nbsp; 307263 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp;&nbsp;&nbsp; 135819 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp; 99743 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 38809 | &nbsp;&nbsp;&nbsp;&nbsp; 4615554 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6867 | &nbsp;&nbsp;&nbsp;&nbsp; 1096866 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 10557 | &nbsp;&nbsp;&nbsp;&nbsp; 1538049 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2878 | &nbsp;&nbsp;&nbsp;&nbsp; 142058 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;1760 | &nbsp;&nbsp;&nbsp;&nbsp; 217325 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 29520 | &nbsp;&nbsp;&nbsp;&nbsp; 1074390 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;7330 | &nbsp;&nbsp;&nbsp;&nbsp; 474178 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1349 | &nbsp;&nbsp;&nbsp;&nbsp; 178162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17889346 |
| **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 22595 | &nbsp;&nbsp;&nbsp;&nbsp; 993050 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;3699 | &nbsp;&nbsp;&nbsp;&nbsp; 93844 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;5968 | &nbsp;&nbsp;&nbsp;&nbsp; 249462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336356 |
| **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;6158 | &nbsp;&nbsp;&nbsp;&nbsp; 59733 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp; 66181 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 58456 | &nbsp;&nbsp;&nbsp;&nbsp; 1517518 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 37624 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;2107 | &nbsp;&nbsp;&nbsp;&nbsp; 94941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775997 |
| **Pharmaceuticals — 8.9%** | **Pharmaceuticals — 8.9%** | **Pharmaceuticals — 8.9%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4362 | &nbsp;&nbsp;&nbsp;&nbsp; 913926 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | 18747 | &nbsp;&nbsp;&nbsp;&nbsp; 1377905 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;9586 | &nbsp;&nbsp;&nbsp;&nbsp; 2195769 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;8646 | &nbsp;&nbsp;&nbsp;&nbsp; 527320 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp; 141765 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 204396 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 17089 | &nbsp;&nbsp;&nbsp;&nbsp; 1157780 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;$64807 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.† | 20167 | &nbsp;&nbsp;&nbsp;&nbsp; 1381238 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 53015 | &nbsp;&nbsp;&nbsp;&nbsp; 8792008 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;&nbsp; 359377 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 53167 | &nbsp;&nbsp;&nbsp;&nbsp; 4772270 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 111671 | &nbsp;&nbsp;&nbsp;&nbsp; 2829743 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp; 697061 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG ADR | 26008 | &nbsp;&nbsp;&nbsp;&nbsp; 1070229 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5085 | &nbsp;&nbsp;&nbsp;&nbsp; 44290 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1908 | &nbsp;&nbsp;&nbsp;&nbsp; 314152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26844036 |
| **Pipelines — 1.0%** | **Pipelines — 1.0%** | **Pipelines — 1.0%** |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8236 | &nbsp;&nbsp;&nbsp;&nbsp; 234973 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 16268 | &nbsp;&nbsp;&nbsp;&nbsp; 1614111 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5492 | &nbsp;&nbsp;&nbsp;&nbsp; 1100981 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2493 | &nbsp;&nbsp;&nbsp;&nbsp; 148982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099047 |
| **Private Equity — 0.7%** | **Private Equity — 0.7%** | **Private Equity — 0.7%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3118 | &nbsp;&nbsp;&nbsp;&nbsp; 435834 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 13940 | &nbsp;&nbsp;&nbsp;&nbsp; 1611603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047437 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1796 | &nbsp;&nbsp;&nbsp;&nbsp; 142297 |
| **REITS — 3.1%** | **REITS — 3.1%** | **REITS — 3.1%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp; 60687 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7832 | &nbsp;&nbsp;&nbsp;&nbsp; 1704243 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp; 72756 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 41658 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 27273 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 16498 | &nbsp;&nbsp;&nbsp;&nbsp; 1719587 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1348 | &nbsp;&nbsp;&nbsp;&nbsp; 193155 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 179377 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 18819 | &nbsp;&nbsp;&nbsp;&nbsp; 1347064 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp; 43533 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp; 73799 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 32183 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | 30800 | &nbsp;&nbsp;&nbsp;&nbsp; 1567720 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2981 | &nbsp;&nbsp;&nbsp;&nbsp; 60276 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1102 | &nbsp;&nbsp;&nbsp;&nbsp; 15659 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2427 | &nbsp;&nbsp;&nbsp;&nbsp; 84581 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2895 | &nbsp;&nbsp;&nbsp;&nbsp; 61490 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp; 49268 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3949 | &nbsp;&nbsp;&nbsp;&nbsp; 441459 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 12388 | &nbsp;&nbsp;&nbsp;&nbsp; 718628 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 51263 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp; 100765 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp; 31890 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1862 | &nbsp;&nbsp;&nbsp;&nbsp; 128031 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4491 | &nbsp;&nbsp;&nbsp;&nbsp; 146496 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1194 | &nbsp;&nbsp;&nbsp;&nbsp; 182933 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;3091 | &nbsp;&nbsp;&nbsp;&nbsp; 90504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9226278 |
| **Retail — 3.3%** | **Retail — 3.3%** | **Retail — 3.3%** |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp; 61023 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 | &nbsp;&nbsp;&nbsp;&nbsp; 51038 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 59004 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6260 | &nbsp;&nbsp;&nbsp;&nbsp; 1261766 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp; 82390 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7980 | &nbsp;&nbsp;&nbsp;&nbsp; 599059 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;85 | &nbsp;&nbsp;$39053 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp; 70531 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp; 868581 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA ADR | 41165 | &nbsp;&nbsp;&nbsp;&nbsp; 1029125 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2406 | &nbsp;&nbsp;&nbsp;&nbsp; 561151 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp; 73029 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3053 | &nbsp;&nbsp;&nbsp;&nbsp; 953666 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | 12965 | &nbsp;&nbsp;&nbsp;&nbsp; 1006991 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1406 | &nbsp;&nbsp;&nbsp;&nbsp; 179673 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 18451 | &nbsp;&nbsp;&nbsp;&nbsp; 1809859 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp; 203711 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp; 239215 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp; 57690 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp; 72575 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3056 | &nbsp;&nbsp;&nbsp;&nbsp; 34135 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6099 | &nbsp;&nbsp;&nbsp;&nbsp; 535431 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 110467 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9959163 |
| **Semiconductors — 2.8%** | **Semiconductors — 2.8%** | **Semiconductors — 2.8%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6904 | &nbsp;&nbsp;&nbsp;&nbsp; 709317 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8230 | &nbsp;&nbsp;&nbsp;&nbsp; 1659744 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2008 | &nbsp;&nbsp;&nbsp;&nbsp; 291401 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 18448 | &nbsp;&nbsp;&nbsp;&nbsp; 418954 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5469 | &nbsp;&nbsp;&nbsp;&nbsp; 397596 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2291 | &nbsp;&nbsp;&nbsp;&nbsp; 110907 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4747 | &nbsp;&nbsp;&nbsp;&nbsp; 412467 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;7502 | &nbsp;&nbsp;&nbsp;&nbsp; 1425830 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | 17393 | &nbsp;&nbsp;&nbsp;&nbsp; 707721 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8904 | &nbsp;&nbsp;&nbsp;&nbsp; 1367744 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp; 44272 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp; 57325 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3879 | &nbsp;&nbsp;&nbsp;&nbsp; 697056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300334 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 34075 |
| **Software — 5.2%** | **Software — 5.2%** | **Software — 5.2%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4976 | &nbsp;&nbsp;&nbsp;&nbsp; 1908445 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 51520 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp; 66161 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp; 67646 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp; 133777 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp; 87579 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2257 | &nbsp;&nbsp;&nbsp;&nbsp; 168553 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp; 33964 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 33210 | &nbsp;&nbsp;&nbsp;&nbsp; 12466702 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp; 111699 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp; 42146 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp; 269438 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 135517 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp; 144868 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp; 112795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15800810 |
| **Telecommunications — 3.4%** | **Telecommunications — 3.4%** | **Telecommunications — 3.4%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 30583 | &nbsp;&nbsp;&nbsp;&nbsp; 864887 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 87958 | &nbsp;&nbsp;&nbsp;&nbsp; 5427888 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 27684 | &nbsp;&nbsp;&nbsp;&nbsp; 1267373 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1411 | &nbsp;&nbsp;&nbsp;&nbsp; 51064 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Telecommunications (continued)** | **Telecommunications (continued)** |  |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp; 960 | &nbsp;&nbsp;$256042 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp; 55138 | &nbsp;&nbsp;&nbsp;&nbsp; 2501060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10368314 |
| **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp; 559 | &nbsp;&nbsp;&nbsp;&nbsp; 34373 |
| **Transportation — 2.2%** | **Transportation — 2.2%** |  |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp; 506 | &nbsp;&nbsp;&nbsp;&nbsp; 51814 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp; 4437 | &nbsp;&nbsp;&nbsp;&nbsp; 130581 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp;&nbsp; 71669 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp; 944 | &nbsp;&nbsp;&nbsp;&nbsp; 230128 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp;&nbsp; 50007 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp; 21356 | &nbsp;&nbsp;&nbsp;&nbsp; 928773 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp; 11031 | &nbsp;&nbsp;&nbsp;&nbsp; 2612692 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp;&nbsp; 71475 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp; 2575 | &nbsp;&nbsp;&nbsp;&nbsp; 608318 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp; 18132 | &nbsp;&nbsp;&nbsp;&nbsp; 1994339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6749796 |
| **Water — 0.0%** | **Water — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp;&nbsp; 122442 |
| **Total Common Stocks<br> (cost $278,259,372)** |  | &nbsp;&nbsp;&nbsp;&nbsp;297648310 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.3%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;iShares S&P 500 Value ETF<br> (cost $988,750) | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 952900 |
| **Total Long-Term Investment Securities<br> (cost $279,248,122)** |  | &nbsp;&nbsp;&nbsp;&nbsp;298601210 |
| **SHORT-TERM INVESTMENTS — 0.0%** | **SHORT-TERM INVESTMENTS — 0.0%** |  |
| **U.S. Government — 0.0%** | **U.S. Government — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/13/2025(1) | $30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31%, 04/01/2025(1) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| **Total Short-Term Investments<br> (cost $49,853)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49852 |
| **REPURCHASE AGREEMENTS — 0.4%** | **REPURCHASE AGREEMENTS — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 03/31/2025, to be repurchased 04/01/2025 in the amount of $142,000 and collateralized by $144,800 of United States Treasury Notes, bearing interest at 3.75% due 08/15/2027 and having an approximate value of $144,966 | &nbsp;&nbsp;141994 | &nbsp;&nbsp;&nbsp;&nbsp; 141994 |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(2) | &nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp; 260000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(2) | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(2) | &nbsp;&nbsp;210000 | &nbsp;&nbsp;&nbsp;&nbsp; 210000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(2) | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(2) | &nbsp;&nbsp;255000 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 |
| **Total Repurchase Agreements<br> (cost $1,331,994)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331994 |
| **TOTAL INVESTMENTS<br> (cost $280,629,969)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.3% | &nbsp;&nbsp;&nbsp;&nbsp;299983056 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015386 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$301998442 |

---

† Non-income producing security

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

(2) See Note 2 for details of Joint Repurchase Agreements.

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

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

ADR—American Depositary Receipt <br> ETF—Exchange Traded Fund

#### 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)** |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$286568 | &nbsp;&nbsp;&nbsp;&nbsp;$282663 | &nbsp;&nbsp;&nbsp;&nbsp;$(3905) |

---

\* 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;CHF | &nbsp;&nbsp;&nbsp;&nbsp;287931 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;330143 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;$1366 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;955411 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1039583 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20229 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17659 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (64) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64) |
| Citibank, N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;1058472 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1369339 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2162 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;955411 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1039679 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1583 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;GBP | &nbsp;&nbsp;1058472 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1369240 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2062 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;110501 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;101689 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;955412 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1039542 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1446 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;287931 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;330116 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1339 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;955412 | &nbsp;&nbsp;USD | &nbsp;&nbsp;1039292 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1196 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31762 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27693 | &nbsp;&nbsp;06/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(141) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp;(141) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$12642 | &nbsp;&nbsp;$(216) |

---

---

| |
|:---|
| CHF—Swiss Franc |
| EUR—Euro Currency |
| GBP—British Pound |
| USD—United States Dollar |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;Aerospace/Defense | &nbsp;&nbsp;$5608165 | &nbsp;&nbsp;$1048621 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$6656786 |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4698426 | &nbsp;&nbsp;&nbsp;&nbsp;2534724 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7233150 |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4061920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484394 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4546314 |
| &nbsp;&nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5789155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539065 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328220 |
| &nbsp;&nbsp;&nbsp;Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728595 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015796 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2801572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645612 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447184 |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;16814956 | &nbsp;&nbsp;&nbsp;&nbsp;1074390 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17889346 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;26146975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697061 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26844036 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;222687478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;222687478 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952900 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49852 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49852 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1331994 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331994 |
| **Total Investments at Value** | &nbsp;&nbsp;$290848748 | &nbsp;&nbsp;$9134308 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$299983056 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12642 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$12642 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$3905 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3905 |
| 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;216 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$3905 | &nbsp;&nbsp;$216 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4121 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.2%** | **COMMON STOCKS — 97.2%** | **COMMON STOCKS — 97.2%** |
| **Advertising — 0.8%** | **Advertising — 0.8%** | **Advertising — 0.8%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | 22800 | &nbsp;&nbsp;$1247616 |
| **Aerospace/Defense — 1.0%** | **Aerospace/Defense — 1.0%** | **Aerospace/Defense — 1.0%** |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2683 | &nbsp;&nbsp;&nbsp;&nbsp; 716871 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp; 304219 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2664 | &nbsp;&nbsp;&nbsp;&nbsp; 345601 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp; 103502 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp; 8856 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2621 | &nbsp;&nbsp;&nbsp;&nbsp; 69823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548872 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp; 8830 |
| **Apparel — 1.3%** | **Apparel — 1.3%** | **Apparel — 1.3%** |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC† | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 50435 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp; 19328 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;8543 | &nbsp;&nbsp;&nbsp;&nbsp; 955193 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | 16975 | &nbsp;&nbsp;&nbsp;&nbsp; 745542 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1329 | &nbsp;&nbsp;&nbsp;&nbsp; 75461 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845959 |
| **Banks — 0.7%** | **Banks — 0.7%** | **Banks — 0.7%** |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | 104018 | &nbsp;&nbsp;&nbsp;&nbsp; 1065144 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 11731 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076875 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp; 7404 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5332 | &nbsp;&nbsp;&nbsp;&nbsp; 189926 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 180999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378329 |
| **Biotechnology — 2.6%** | **Biotechnology — 2.6%** | **Biotechnology — 2.6%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4106 | &nbsp;&nbsp;&nbsp;&nbsp; 1108702 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1901 | &nbsp;&nbsp;&nbsp;&nbsp; 41575 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 585946 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 36162 |
| &nbsp;&nbsp;&nbsp;BeiGene, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 81651 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 40187 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 44255 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4155 | &nbsp;&nbsp;&nbsp;&nbsp; 153403 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 10112 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 68661 |
| &nbsp;&nbsp;&nbsp;Intra-Cellular Therapies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1827 | &nbsp;&nbsp;&nbsp;&nbsp; 241018 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2583 | &nbsp;&nbsp;&nbsp;&nbsp; 77929 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 49582 |
| &nbsp;&nbsp;&nbsp;Legend Biotech Corp. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 45806 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 40779 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 42432 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7026 | &nbsp;&nbsp;&nbsp;&nbsp; 448399 |
| &nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp; 44469 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 52083 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2227 | &nbsp;&nbsp;&nbsp;&nbsp; 80640 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1836 | &nbsp;&nbsp;&nbsp;&nbsp; 565984 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1887 | &nbsp;&nbsp;&nbsp;&nbsp; 45571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905346 |
| **Building Materials — 1.2%** | **Building Materials — 1.2%** | **Building Materials — 1.2%** |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2196 | &nbsp;&nbsp;&nbsp;&nbsp; 171573 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 36629 |
| &nbsp;&nbsp;&nbsp;AZEK Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1761 | &nbsp;&nbsp;&nbsp;&nbsp; 86095 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp; 22864 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp; 99203 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;$641590 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1876 | &nbsp;&nbsp;&nbsp;&nbsp; 172555 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp; 29166 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp; 11153 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3572 | &nbsp;&nbsp;&nbsp;&nbsp; 207533 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;1331 | &nbsp;&nbsp;&nbsp;&nbsp; 310522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788883 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 28044 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 2652 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp; 122621 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153317 |
| **Commercial Services — 4.6%** | **Commercial Services — 4.6%** | **Commercial Services — 4.6%** |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1894 | &nbsp;&nbsp;&nbsp;&nbsp; 67729 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 8956 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8588 | &nbsp;&nbsp;&nbsp;&nbsp; 466586 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5164 | &nbsp;&nbsp;&nbsp;&nbsp; 540051 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp; 95661 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2483 | &nbsp;&nbsp;&nbsp;&nbsp; 865872 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;&nbsp;&nbsp; 173415 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 52506 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp; 28375 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 25918 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp; 734981 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 355946 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp; 419143 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6273 | &nbsp;&nbsp;&nbsp;&nbsp; 338930 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 65363 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp; 158354 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | 14793 | &nbsp;&nbsp;&nbsp;&nbsp; 490684 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 16266 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 3856 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp; 45628 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp; 245040 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp; 78984 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4797 | &nbsp;&nbsp;&nbsp;&nbsp; 1427683 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 45020 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 10206 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2734 | &nbsp;&nbsp;&nbsp;&nbsp; 76005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6837158 |
| **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 — 0.1%** | **Computer Graphics — 0.1%** | **Computer Graphics — 0.1%** |
| &nbsp;&nbsp;&nbsp;Canva, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 77605 |
| **Computers — 3.2%** | **Computers — 3.2%** | **Computers — 3.2%** |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 51369 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 122694 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp; 10299 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8474 | &nbsp;&nbsp;&nbsp;&nbsp; 400058 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 64494 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3851 | &nbsp;&nbsp;&nbsp;&nbsp; 1616419 |
| &nbsp;&nbsp;&nbsp;Globant SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp; 97237 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4028 | &nbsp;&nbsp;&nbsp;&nbsp; 111535 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1353 | &nbsp;&nbsp;&nbsp;&nbsp; 67393 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp; 141862 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 135208 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 53289 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;9077 | &nbsp;&nbsp;&nbsp;&nbsp; 401839 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 44210 |
| &nbsp;&nbsp;&nbsp;SailPoint, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5286 | &nbsp;&nbsp;&nbsp;&nbsp; 99112 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Super Micro Computer, Inc.† | 17497 | &nbsp;&nbsp;$599097 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3524 | &nbsp;&nbsp;&nbsp;&nbsp; 699232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715347 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp; 120808 |
| **Distribution/Wholesale — 1.7%** | **Distribution/Wholesale — 1.7%** | **Distribution/Wholesale — 1.7%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1091 | &nbsp;&nbsp;&nbsp;&nbsp; 61740 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4265 | &nbsp;&nbsp;&nbsp;&nbsp; 206042 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 17519 | &nbsp;&nbsp;&nbsp;&nbsp; 1358598 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp; 210748 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp; 84036 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp; 663822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2584986 |
| **Diversified Financial Services — 6.2%** | **Diversified Financial Services — 6.2%** | **Diversified Financial Services — 6.2%** |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp; 24180 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3198 | &nbsp;&nbsp;&nbsp;&nbsp; 1548184 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6710 | &nbsp;&nbsp;&nbsp;&nbsp; 983753 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 17856 | &nbsp;&nbsp;&nbsp;&nbsp; 357834 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;8759 | &nbsp;&nbsp;&nbsp;&nbsp; 1508563 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 44922 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp; 237867 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5678 | &nbsp;&nbsp;&nbsp;&nbsp; 630428 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3689 | &nbsp;&nbsp;&nbsp;&nbsp; 548444 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 14050 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp; 46820 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1819 | &nbsp;&nbsp;&nbsp;&nbsp; 78763 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp; 854490 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2997 | &nbsp;&nbsp;&nbsp;&nbsp; 34855 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 84874 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 155529 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp; 81105 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | 12941 | &nbsp;&nbsp;&nbsp;&nbsp; 1921221 |
| &nbsp;&nbsp;&nbsp;UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 6279 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;1056 | &nbsp;&nbsp;&nbsp;&nbsp; 11172 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp; 10065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9183398 |
| **Electric — 1.0%** | **Electric — 1.0%** | **Electric — 1.0%** |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp; 139849 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 11728 | &nbsp;&nbsp;&nbsp;&nbsp; 1377336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517185 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 71438 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp; 63832 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | &nbsp;&nbsp;&nbsp;&nbsp; 58163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193433 |
| **Electronics — 1.1%** | **Electronics — 1.1%** | **Electronics — 1.1%** |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 47563 |
| &nbsp;&nbsp;&nbsp;Celestica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;9001 | &nbsp;&nbsp;&nbsp;&nbsp; 709369 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 38964 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | 20128 | &nbsp;&nbsp;&nbsp;&nbsp; 665834 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 49636 |
| &nbsp;&nbsp;&nbsp;Ingram Micro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; 1384 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 21091 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 52419 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 54322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640582 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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;2339 | &nbsp;&nbsp;$145135 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 35400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180535 |
| **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1249 | &nbsp;&nbsp;&nbsp;&nbsp; 402590 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 117912 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 52452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572954 |
| **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; 3827 |
| **Entertainment — 3.4%** | **Entertainment — 3.4%** | **Entertainment — 3.4%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2362 | &nbsp;&nbsp;&nbsp;&nbsp; 262347 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A† | 52061 | &nbsp;&nbsp;&nbsp;&nbsp; 1728946 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2398 | &nbsp;&nbsp;&nbsp;&nbsp; 207691 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | 18484 | &nbsp;&nbsp;&nbsp;&nbsp; 2413641 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp; 5063 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2371 | &nbsp;&nbsp;&nbsp;&nbsp; 362312 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp; 89451 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5069451 |
| **Environmental Control — 0.6%** | **Environmental Control — 0.6%** | **Environmental Control — 0.6%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2599 | &nbsp;&nbsp;&nbsp;&nbsp; 512263 |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 62803 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 72648 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp; 29747 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1973 | &nbsp;&nbsp;&nbsp;&nbsp; 192269 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp; 82565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952295 |
| **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp; 61400 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 43173 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp; 152385 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 3761 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3839 | &nbsp;&nbsp;&nbsp;&nbsp; 585985 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5420 | &nbsp;&nbsp;&nbsp;&nbsp; 406717 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | 14739 | &nbsp;&nbsp;&nbsp;&nbsp; 964815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218236 |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 417366 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 10977 | &nbsp;&nbsp;&nbsp;&nbsp; 440068 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857434 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp; 51641 |
| **Healthcare-Products — 5.5%** | **Healthcare-Products — 5.5%** | **Healthcare-Products — 5.5%** |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp; 10947 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 49717 |
| &nbsp;&nbsp;&nbsp;Alcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 56958 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 123911 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 50715 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp; 51298 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.† | 21525 | &nbsp;&nbsp;&nbsp;&nbsp; 931817 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp; 61259 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp; 368091 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 64050 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp;&nbsp;&nbsp; 1302685 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp; 134114 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp; 588246 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 63440 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;$66807 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | 13804 | &nbsp;&nbsp;&nbsp;&nbsp; 1952024 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp; 346563 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;5424 | &nbsp;&nbsp;&nbsp;&nbsp; 316002 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp; 75962 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp; 364876 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 50255 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;&nbsp;&nbsp; 923636 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp; 175074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8128447 |
| **Healthcare-Services — 1.3%** | **Healthcare-Services — 1.3%** | **Healthcare-Services — 1.3%** |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp; 99682 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp; 128036 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp; 184836 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5042 | &nbsp;&nbsp;&nbsp;&nbsp; 652435 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 1208 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp; 124644 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp; 205970 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp; 291510 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 59220 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 141225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1888766 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp; 72444 |
| **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp; 61140 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2979 | &nbsp;&nbsp;&nbsp;&nbsp; 178382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239522 |
| **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 | &nbsp;&nbsp;&nbsp;&nbsp; 95392 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;2204 | &nbsp;&nbsp;&nbsp;&nbsp; 324539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419931 |
| **Insurance — 1.6%** | **Insurance — 1.6%** | **Insurance — 1.6%** |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1828 | &nbsp;&nbsp;&nbsp;&nbsp; 378524 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 79348 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;&nbsp; 232347 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4291 | &nbsp;&nbsp;&nbsp;&nbsp; 533800 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5548 | &nbsp;&nbsp;&nbsp;&nbsp; 288995 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 44690 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 71145 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp; 380120 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp; 99089 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 7230 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp; 320670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435958 |
| **Internet — 4.7%** | **Internet — 4.7%** | **Internet — 4.7%** |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 304494 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | 39318 | &nbsp;&nbsp;&nbsp;&nbsp; 862244 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 68539 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp; 60909 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4397 | &nbsp;&nbsp;&nbsp;&nbsp; 739136 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | 12321 | &nbsp;&nbsp;&nbsp;&nbsp; 2219505 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | 10347 | &nbsp;&nbsp;&nbsp;&nbsp; 122819 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | 11941 | &nbsp;&nbsp;&nbsp;&nbsp; 476326 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | 22395 | &nbsp;&nbsp;&nbsp;&nbsp; 694245 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp; 50457 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1675 | &nbsp;&nbsp;&nbsp;&nbsp; 69714 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;$23738 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp; 501077 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 1445 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp; 17527 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 24372 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C† | 11605 | &nbsp;&nbsp;&nbsp;&nbsp; 795639 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7032186 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2797 | &nbsp;&nbsp;&nbsp;&nbsp; 22991 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 65667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88658 |
| **Leisure Time — 1.1%** | **Leisure Time — 1.1%** | **Leisure Time — 1.1%** |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;7788 | &nbsp;&nbsp;&nbsp;&nbsp; 147661 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1940 | &nbsp;&nbsp;&nbsp;&nbsp; 187423 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;4036 | &nbsp;&nbsp;&nbsp;&nbsp; 829156 |
| &nbsp;&nbsp;&nbsp;Viking Holdings, Ltd.† | 12207 | &nbsp;&nbsp;&nbsp;&nbsp; 485228 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp; 14928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664396 |
| **Lodging — 1.1%** | **Lodging — 1.1%** | **Lodging — 1.1%** |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp; 54705 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4632 | &nbsp;&nbsp;&nbsp;&nbsp; 1054012 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp; 61985 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9736 | &nbsp;&nbsp;&nbsp;&nbsp; 376102 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 10590 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 11105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568499 |
| **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 94211 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 12632 | &nbsp;&nbsp;&nbsp;&nbsp; 912030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006241 |
| **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 4922 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp; 68269 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 47800 |
| &nbsp;&nbsp;&nbsp;Symbotic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 39410 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 68006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228407 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp; 108659 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp; 6120 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 40824 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 11976 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | 20375 | &nbsp;&nbsp;&nbsp;&nbsp; 1833954 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp; 36561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2038094 |
| **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;972 | &nbsp;&nbsp;&nbsp;&nbsp; 105608 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 72398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178006 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 98784 |
| **Miscellaneous Manufacturing — 1.4%** | **Miscellaneous Manufacturing — 1.4%** | **Miscellaneous Manufacturing — 1.4%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3883 | &nbsp;&nbsp;&nbsp;&nbsp; 2042264 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 79336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121600 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **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;429 | &nbsp;&nbsp;$121218 |
| **Oil & Gas — 2.1%** | **Oil & Gas — 2.1%** | **Oil & Gas — 2.1%** |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 16398 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 19127 | &nbsp;&nbsp;&nbsp;&nbsp; 552770 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3680 | &nbsp;&nbsp;&nbsp;&nbsp; 588359 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 34676 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 66792 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;&nbsp;&nbsp; 512733 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 63150 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;1302 | &nbsp;&nbsp;&nbsp;&nbsp; 66519 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 31995 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 12247 | &nbsp;&nbsp;&nbsp;&nbsp; 169621 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp; 441222 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | 10494 | &nbsp;&nbsp;&nbsp;&nbsp; 473804 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;1281 | &nbsp;&nbsp;&nbsp;&nbsp; 68598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086637 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 63380 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 4017 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 57785 |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 75592 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | 14397 | &nbsp;&nbsp;&nbsp;&nbsp; 1072001 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5869 | &nbsp;&nbsp;&nbsp;&nbsp; 808572 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7226 | &nbsp;&nbsp;&nbsp;&nbsp; 2009478 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | 11357 | &nbsp;&nbsp;&nbsp;&nbsp; 775570 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp; 74527 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6814 | &nbsp;&nbsp;&nbsp;&nbsp; 753628 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 26432 |
| &nbsp;&nbsp;&nbsp;Verona Pharma PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 50792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5704377 |
| **Pipelines — 2.7%** | **Pipelines — 2.7%** | **Pipelines — 2.7%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;&nbsp;&nbsp; 41382 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4017 | &nbsp;&nbsp;&nbsp;&nbsp; 929534 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp; 6623 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 15265 | &nbsp;&nbsp;&nbsp;&nbsp; 3060175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037714 |
| **Private Equity — 0.5%** | **Private Equity — 0.5%** | **Private Equity — 0.5%** |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6015 | &nbsp;&nbsp;&nbsp;&nbsp; 695394 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 58851 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp; 74318 |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 49785 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 64456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247410 |
| **REITS — 1.6%** | **REITS — 1.6%** | **REITS — 1.6%** |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2251 | &nbsp;&nbsp;&nbsp;&nbsp; 483110 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5066 | &nbsp;&nbsp;&nbsp;&nbsp; 528029 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 68336 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 63365 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6252 | &nbsp;&nbsp;&nbsp;&nbsp; 537922 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp; 158495 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 43065 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2796 | &nbsp;&nbsp;&nbsp;&nbsp; 464360 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 56898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403580 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail — 7.6%** | **Retail — 7.6%** | **Retail — 7.6%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;$76256 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 146048 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4204 | &nbsp;&nbsp;&nbsp;&nbsp; 1001939 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp; 14961 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp; 307766 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp; 1087270 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3983 | &nbsp;&nbsp;&nbsp;&nbsp; 344171 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2084 | &nbsp;&nbsp;&nbsp;&nbsp; 432972 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2933 | &nbsp;&nbsp;&nbsp;&nbsp; 591176 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 221455 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp; 116750 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 93574 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;&nbsp;&nbsp; 57542 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 96966 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7239 | &nbsp;&nbsp;&nbsp;&nbsp; 602068 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 152688 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.† | 11487 | &nbsp;&nbsp;&nbsp;&nbsp; 1336627 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 1124575 |
| &nbsp;&nbsp;&nbsp;RH† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 45241 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4585 | &nbsp;&nbsp;&nbsp;&nbsp; 585917 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2734 | &nbsp;&nbsp;&nbsp;&nbsp; 455567 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 18330 | &nbsp;&nbsp;&nbsp;&nbsp; 1009983 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp; 516088 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;1507 | &nbsp;&nbsp;&nbsp;&nbsp; 22047 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp; 317149 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1136 | &nbsp;&nbsp;&nbsp;&nbsp; 256259 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1921 | &nbsp;&nbsp;&nbsp;&nbsp; 302289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11315344 |
| **Semiconductors — 2.0%** | **Semiconductors — 2.0%** | **Semiconductors — 2.0%** |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp; 5848 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4679 | &nbsp;&nbsp;&nbsp;&nbsp; 409319 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 29477 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;3966 | &nbsp;&nbsp;&nbsp;&nbsp; 208017 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 42661 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 14051 | &nbsp;&nbsp;&nbsp;&nbsp; 865120 |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 47689 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1774 | &nbsp;&nbsp;&nbsp;&nbsp; 1028884 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp; 87729 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp; 91901 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2526 | &nbsp;&nbsp;&nbsp;&nbsp; 208648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3025495 |
| **Software — 22.4%** | **Software — 22.4%** | **Software — 22.4%** |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp; 155469 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | 15415 | &nbsp;&nbsp;&nbsp;&nbsp; 4084513 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2771 | &nbsp;&nbsp;&nbsp;&nbsp; 588034 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2488 | &nbsp;&nbsp;&nbsp;&nbsp; 97878 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp; 20467 |
| &nbsp;&nbsp;&nbsp;Braze, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 50512 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3861 | &nbsp;&nbsp;&nbsp;&nbsp; 936138 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 45150 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp; 48910 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | 12007 | &nbsp;&nbsp;&nbsp;&nbsp; 1353069 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;8046 | &nbsp;&nbsp;&nbsp;&nbsp; 188598 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;2067 | &nbsp;&nbsp;&nbsp;&nbsp; 191197 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | 12980 | &nbsp;&nbsp;&nbsp;&nbsp; 1287746 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 16507 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 52936 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | 21600 | &nbsp;&nbsp;&nbsp;&nbsp; 1758240 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1429 | &nbsp;&nbsp;&nbsp;&nbsp; 19106 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 9691 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;$32159 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc. Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp; 326999 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;9386 | &nbsp;&nbsp;&nbsp;&nbsp; 442550 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;2421 | &nbsp;&nbsp;&nbsp;&nbsp; 215711 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp; 1303821 |
| &nbsp;&nbsp;&nbsp;Five9, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1317 | &nbsp;&nbsp;&nbsp;&nbsp; 35757 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2241 | &nbsp;&nbsp;&nbsp;&nbsp; 105327 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6189 | &nbsp;&nbsp;&nbsp;&nbsp; 1159571 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp; 1076882 |
| &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;2426 | &nbsp;&nbsp;&nbsp;&nbsp; 419795 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp; 74662 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 58358 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1546 | &nbsp;&nbsp;&nbsp;&nbsp; 271168 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp; 896317 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp; 25190 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;3612 | &nbsp;&nbsp;&nbsp;&nbsp; 252154 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | 100950 | &nbsp;&nbsp;&nbsp;&nbsp; 8520180 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4075 | &nbsp;&nbsp;&nbsp;&nbsp; 628691 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3883 | &nbsp;&nbsp;&nbsp;&nbsp; 848358 |
| &nbsp;&nbsp;&nbsp;Paycor HCM, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; 3209 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 54990 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2764 | &nbsp;&nbsp;&nbsp;&nbsp; 182479 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2616 | &nbsp;&nbsp;&nbsp;&nbsp; 405349 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp; 35085 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | 28601 | &nbsp;&nbsp;&nbsp;&nbsp; 1667152 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 65161 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp; 14708 |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp; 23873 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2084 | &nbsp;&nbsp;&nbsp;&nbsp; 431909 |
| &nbsp;&nbsp;&nbsp;Tanium<br> Class B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp; 10047 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp; 38104 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;7509 | &nbsp;&nbsp;&nbsp;&nbsp; 735206 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1319 | &nbsp;&nbsp;&nbsp;&nbsp; 766853 |
| &nbsp;&nbsp;&nbsp;UiPath, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;6506 | &nbsp;&nbsp;&nbsp;&nbsp; 67012 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2417 | &nbsp;&nbsp;&nbsp;&nbsp; 47349 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4588 | &nbsp;&nbsp;&nbsp;&nbsp; 1062718 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;33209019 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 52876 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 100716 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp; 4945 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp; 10235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168772 |
| **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2158 | &nbsp;&nbsp;&nbsp;&nbsp; 132696 |
| **Transportation — 1.3%** | **Transportation — 1.3%** | **Transportation — 1.3%** |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp; 48461 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7055 | &nbsp;&nbsp;&nbsp;&nbsp; 1167250 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp; 221539 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp; 428168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865418 |
| **Total Common Stocks<br> (cost $125,251,251)** |  | &nbsp;&nbsp;&nbsp;&nbsp;144055162 |
| **CONVERTIBLE PREFERRED STOCKS — 0.6%** | **CONVERTIBLE PREFERRED STOCKS — 0.6%** | **CONVERTIBLE PREFERRED STOCKS — 0.6%** |
| **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 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** |
| &nbsp;&nbsp;&nbsp;Canva, Inc.<br> Series A†(1)(2) | &nbsp;&nbsp; 2 | &nbsp;&nbsp;$3785 |
| **E-Commerce/Services — 0.1%** | **E-Commerce/Services — 0.1%** | **E-Commerce/Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Rappi, Inc.<br> Series E†(1)(2) | &nbsp;&nbsp; 1959 | &nbsp;&nbsp;&nbsp;&nbsp; 67301 |
| **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; 1118 | &nbsp;&nbsp;&nbsp;&nbsp; 4651 |
| &nbsp;&nbsp;&nbsp;Socure, Inc.<br> Series A1†(1)(2) | &nbsp;&nbsp; 918 | &nbsp;&nbsp;&nbsp;&nbsp; 3819 |
| &nbsp;&nbsp;&nbsp;Socure, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;Socure, Inc.<br> Series E†(1)(2) | &nbsp;&nbsp; 2127 | &nbsp;&nbsp;&nbsp;&nbsp; 8848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17389 |
| **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
| &nbsp;&nbsp;&nbsp;DataRobot, Inc.<br> Series G†(1)(2) | &nbsp;&nbsp; 2952 | &nbsp;&nbsp;&nbsp;&nbsp; 8443 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series F †(1)(2) | &nbsp;&nbsp; 5040 | &nbsp;&nbsp;&nbsp;&nbsp; 466200 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series G†(1)(2) | &nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp;&nbsp; 44955 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series H†(1)(2) | &nbsp;&nbsp; 1092 | &nbsp;&nbsp;&nbsp;&nbsp; 101010 |
| &nbsp;&nbsp;&nbsp;Tanium, Inc.<br> Series G†(1)(2) | &nbsp;&nbsp; 32619 | &nbsp;&nbsp;&nbsp;&nbsp; 171576 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783741 |
| **Total Convertible Preferred Stocks<br> (cost $713,654)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937398 |
| **UNAFFILIATED INVESTMENT COMPANIES — 1.4%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.4%** | **UNAFFILIATED INVESTMENT COMPANIES — 1.4%** |
| &nbsp;&nbsp;&nbsp;iShares Russell Midcap Growth Index Fund | &nbsp;&nbsp; 9134 | &nbsp;&nbsp;&nbsp;&nbsp; 1073153 |
| &nbsp;&nbsp;&nbsp;Vanguard Mid-Cap Growth ETF | &nbsp;&nbsp; 4017 | &nbsp;&nbsp;&nbsp;&nbsp; 982719 |
| **Total Unaffiliated Investment Companies<br> (cost $2,109,212)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055872 |
| **Total Long-Term Investment Securities<br> (cost $128,074,117)** |  | &nbsp;&nbsp;&nbsp;&nbsp;147048432 |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 0.1%** |
| **Unaffiliated Investment Companies — 0.1%** | **Unaffiliated Investment Companies — 0.1%** | **Unaffiliated Investment Companies — 0.1%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> (3) | &nbsp;&nbsp; 92284 | &nbsp;&nbsp;&nbsp;&nbsp; 92284 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund<br> 4.39%(3) | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92386 |
| **U.S. Government — 0.0%** | **U.S. Government — 0.0%** | **U.S. Government — 0.0%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/13/2025(4) | $45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44778 |
| **Total Short-Term Investments<br> (cost $137,165)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137164 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 0.7%** | **REPURCHASE AGREEMENTS — 0.7%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 03/31/2025, to be repurchased 04/01/2025 in the amount of $193,952 and collateralized by $171,800 of United States Treasury Inflation Indexed Notes, bearing interest at 0.13% due 10/15/2026 and having an approximate value of $197,996 | $193945 | &nbsp;&nbsp;$193945 |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(5) | &nbsp;&nbsp;200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(5) | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(5) | &nbsp;&nbsp;155000 | &nbsp;&nbsp;&nbsp;&nbsp; 155000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(5) | &nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(5) | &nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 |
| **Total Repurchase Agreements<br> (cost $1,073,945)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073945 |
| **TOTAL INVESTMENTS<br> (cost $129,285,227)(6)** | &nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;148259541 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5718) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$148253823 |

---

† 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 March 31, 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. |  |  |  |  |  |  |
|  | 08/16/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $25563 |  |  |  |
|  | 11/04/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;44324 |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;69887 | $77605 | $1892.79 | 0.0% |
| Databricks, Inc. |  |  |  |  |  |  |
|  | 07/24/2020 | &nbsp;&nbsp;1404 | &nbsp;&nbsp;22481 |  |  |  |
|  | 08/28/2020 | &nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;10608 |  |  |  |
|  |  | &nbsp;&nbsp;2067 | &nbsp;&nbsp;33089 | &nbsp;&nbsp;&nbsp;&nbsp;191197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.50 | 0.2 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** |
| Magic Leap, Inc., Class A | 12/28/2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $114566 | $4 | $0.48 | 0.0% |
| Snyk, Ltd. | 09/03/2021 | &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. | 12/22/2021 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;14783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 | 0.0 |
| Tanium<br> Class B | 09/24/2020 | &nbsp;&nbsp;1910 | &nbsp;&nbsp;21765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26 | 0.0 |
| **<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 | 11/04/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;3410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785 | &nbsp;&nbsp;1892.79 | 0.0 |
| Databricks, Inc.<br> Series F | 10/22/2019 | &nbsp;&nbsp;5040 | &nbsp;&nbsp;72153 | &nbsp;&nbsp;&nbsp;&nbsp;466200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.50 | 0.3 |
| Databricks, Inc.<br> Series G | 02/01/2021 | &nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;28734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.50 | 0.0 |
| Databricks, Inc.<br> Series H | 08/31/2021 | &nbsp;&nbsp;1092 | &nbsp;&nbsp;80245 | &nbsp;&nbsp;&nbsp;&nbsp;101010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.50 | 0.1 |
| DataRobot, Inc.<br> Series G | 06/11/2021 | &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 | 09/08/2020 | &nbsp;&nbsp;1959 | 117042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.36 | 0.1 |
| Snyk, Ltd.<br> Series F | 09/03/2021 | &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 | 12/22/2021 | &nbsp;&nbsp;1118 | &nbsp;&nbsp;17965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 | 0.0 |
| Socure, Inc.<br> Series A1 | 12/22/2021 | &nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;14751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 | 0.0 |
| Socure, Inc.<br> Series B | 12/22/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 | 0.0 |
| Socure, Inc.<br> Series E | 10/27/2021 | &nbsp;&nbsp;2127 | &nbsp;&nbsp;34178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 | 0.0 |
| Tanium, Inc.<br> Series G | 08/26/2015 | 32619 | 161930 | &nbsp;&nbsp;&nbsp;&nbsp;171576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26 | 0.1 |
|  |  |  |  | $1253928 |  | 0.8%\*\* |

---

\*\* 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 March 31, 2025.

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

(5) See Note 2 for details of Joint Repurchase Agreements.

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

ADR—American Depositary Receipt <br> ETF—Exchange Traded Fund

#### 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)** |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P Mid Cap 400 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$299615 | &nbsp;&nbsp;&nbsp;&nbsp;$293860 | &nbsp;&nbsp;&nbsp;&nbsp;$(5755) |

---

\* 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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;&nbsp;&nbsp;77605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77605 |
| &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;&nbsp;&nbsp;3827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3827 |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;33007771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201248 | &nbsp;&nbsp;&nbsp;&nbsp;33209019 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;110730861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;110730861 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;937398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937398 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055872 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44778 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92386 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1073945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073945 |
| **Total Investments at Value** | &nbsp;&nbsp;$145886890 | &nbsp;&nbsp;$1118723 | &nbsp;&nbsp;$1253928 | &nbsp;&nbsp;$148259541 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$5755 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5755 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.1%** | **COMMON STOCKS — 97.1%** | **COMMON STOCKS — 97.1%** |
| **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;2502 | &nbsp;&nbsp;$67954 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5603 | &nbsp;&nbsp;&nbsp;&nbsp; 464545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532499 |
| **Aerospace/Defense — 1.7%** | **Aerospace/Defense — 1.7%** | **Aerospace/Defense — 1.7%** |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp; 81538 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6948 | &nbsp;&nbsp;&nbsp;&nbsp; 380472 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5849 | &nbsp;&nbsp;&nbsp;&nbsp; 758791 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6945 | &nbsp;&nbsp;&nbsp;&nbsp; 1453658 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp; 1484 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp; 23536 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15465 | &nbsp;&nbsp;&nbsp;&nbsp; 411988 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111467 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210 | &nbsp;&nbsp;&nbsp;&nbsp; 154112 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894 | &nbsp;&nbsp;&nbsp;&nbsp; 68320 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp; 33333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255765 |
| **Airlines — 1.1%** | **Airlines — 1.1%** | **Airlines — 1.1%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6117 | &nbsp;&nbsp;&nbsp;&nbsp; 301079 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088 | &nbsp;&nbsp;&nbsp;&nbsp; 43128 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13385 | &nbsp;&nbsp;&nbsp;&nbsp; 583586 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;24590 | &nbsp;&nbsp;&nbsp;&nbsp; 825732 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203 | &nbsp;&nbsp;&nbsp;&nbsp; 152117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905642 |
| **Apparel — 1.0%** | **Apparel — 1.0%** | **Apparel — 1.0%** |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 12105 |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp; 15212 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp; 9775 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 16273 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 33453 |
| &nbsp;&nbsp;&nbsp;Puma SE | &nbsp;&nbsp;&nbsp;&nbsp;12775 | &nbsp;&nbsp;&nbsp;&nbsp; 309353 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp; 24111 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2057 | &nbsp;&nbsp;&nbsp;&nbsp; 454062 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8135 | &nbsp;&nbsp;&nbsp;&nbsp; 461905 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp; 110121 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp; 7938 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 | &nbsp;&nbsp;&nbsp;&nbsp; 7634 |
| &nbsp;&nbsp;&nbsp;VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21334 | &nbsp;&nbsp;&nbsp;&nbsp; 331104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793046 |
| **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 288365 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6653 | &nbsp;&nbsp;&nbsp;&nbsp; 16100 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3440 | &nbsp;&nbsp;&nbsp;&nbsp; 334953 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5680 | &nbsp;&nbsp;&nbsp;&nbsp; 70716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710134 |
| **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** | **Auto Parts & Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp; 55680 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9451 | &nbsp;&nbsp;&nbsp;&nbsp; 562335 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp;&nbsp; 42001 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp; 35649 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 32112 |
| &nbsp;&nbsp;&nbsp;QuantumScape Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427 | &nbsp;&nbsp;&nbsp;&nbsp; 10096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737873 |
| **Banks — 4.7%** | **Banks — 4.7%** | **Banks — 4.7%** |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838 | &nbsp;&nbsp;&nbsp;&nbsp; 405763 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 31067 |

---

---

| | | |
|:---|:---|:---|
| **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;153 | &nbsp;&nbsp;$15935 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2957 | &nbsp;&nbsp;&nbsp;&nbsp; 121148 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12170 | &nbsp;&nbsp;&nbsp;&nbsp; 303520 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp; 52682 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 51651 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp; 49579 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6580 | &nbsp;&nbsp;&nbsp;&nbsp; 590621 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;28841 | &nbsp;&nbsp;&nbsp;&nbsp; 1130567 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp; 142767 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857 | &nbsp;&nbsp;&nbsp;&nbsp; 20945 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3506 | &nbsp;&nbsp;&nbsp;&nbsp; 68087 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394 | &nbsp;&nbsp;&nbsp;&nbsp; 32199 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9717 | &nbsp;&nbsp;&nbsp;&nbsp; 145852 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;34929 | &nbsp;&nbsp;&nbsp;&nbsp; 558515 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4709 | &nbsp;&nbsp;&nbsp;&nbsp; 841734 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7439 | &nbsp;&nbsp;&nbsp;&nbsp; 733857 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 54080 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7519 | &nbsp;&nbsp;&nbsp;&nbsp; 694530 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp; 339007 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27838 | &nbsp;&nbsp;&nbsp;&nbsp; 604920 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971 | &nbsp;&nbsp;&nbsp;&nbsp; 176464 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp; 44263 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10013 | &nbsp;&nbsp;&nbsp;&nbsp; 516170 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7556 | &nbsp;&nbsp;&nbsp;&nbsp; 580527 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp; 49145 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp; 48514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8404109 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 10987 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp; 10978 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp; 39370 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 55350 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6073 | &nbsp;&nbsp;&nbsp;&nbsp; 528533 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 70001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715219 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp; 26192 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585 | &nbsp;&nbsp;&nbsp;&nbsp; 353731 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp; 89847 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 30932 |
| &nbsp;&nbsp;&nbsp;Certara, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp; 8009 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14794 | &nbsp;&nbsp;&nbsp;&nbsp; 930986 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 11556 |
| &nbsp;&nbsp;&nbsp;GRAIL, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp; 4572 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp; 85053 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007 | &nbsp;&nbsp;&nbsp;&nbsp; 60974 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp; 2233 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819 | &nbsp;&nbsp;&nbsp;&nbsp; 28444 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595 | &nbsp;&nbsp;&nbsp;&nbsp; 80782 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp; 90631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803942 |
| **Building Materials — 1.0%** | **Building Materials — 1.0%** | **Building Materials — 1.0%** |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp; 27331 |
| &nbsp;&nbsp;&nbsp;AZEK Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 13836 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp; 371821 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp; 11984 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp; 50470 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959 | &nbsp;&nbsp;&nbsp;&nbsp; 13349 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC† | &nbsp;&nbsp;&nbsp;&nbsp;10159 | &nbsp;&nbsp;&nbsp;&nbsp; 239346 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 180420 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 11681 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;$186471 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451 | &nbsp;&nbsp;&nbsp;&nbsp; 100903 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2695 | &nbsp;&nbsp;&nbsp;&nbsp; 307715 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 82121 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp; 40527 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp; 154211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1792186 |
| **Chemicals — 2.5%** | **Chemicals — 2.5%** | **Chemicals — 2.5%** |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 56824 |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6387 | &nbsp;&nbsp;&nbsp;&nbsp; 378685 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp; 48594 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8747 | &nbsp;&nbsp;&nbsp;&nbsp; 496567 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp; 91279 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 | &nbsp;&nbsp;&nbsp;&nbsp; 12569 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9840 | &nbsp;&nbsp;&nbsp;&nbsp; 343613 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17401 | &nbsp;&nbsp;&nbsp;&nbsp; 1299507 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6928 | &nbsp;&nbsp;&nbsp;&nbsp; 610426 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp; 34051 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp; 35355 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 17369 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6815 | &nbsp;&nbsp;&nbsp;&nbsp; 528912 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;&nbsp;&nbsp; 123341 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp; 57477 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 25490 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp; 18835 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556 | &nbsp;&nbsp;&nbsp;&nbsp; 170149 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp; 76580 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 22607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448230 |
| **Commercial Services — 3.8%** | **Commercial Services — 3.8%** | **Commercial Services — 3.8%** |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498 | &nbsp;&nbsp;&nbsp;&nbsp; 20334 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744 | &nbsp;&nbsp;&nbsp;&nbsp; 78811 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;21218 | &nbsp;&nbsp;&nbsp;&nbsp; 758756 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 5237 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161 | &nbsp;&nbsp;&nbsp;&nbsp; 117407 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 41923 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC† | &nbsp;&nbsp;&nbsp;&nbsp;29895 | &nbsp;&nbsp;&nbsp;&nbsp; 117487 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579 | &nbsp;&nbsp;&nbsp;&nbsp; 899349 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035 | &nbsp;&nbsp;&nbsp;&nbsp; 18193 |
| &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;11666 | &nbsp;&nbsp;&nbsp;&nbsp; 380663 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp; 160993 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp; 29811 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 112720 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 38887 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15455 | &nbsp;&nbsp;&nbsp;&nbsp; 1513354 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 22493 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 30873 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp; 40524 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 18058 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp; 53871 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;76083 | &nbsp;&nbsp;&nbsp;&nbsp; 313462 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876 | &nbsp;&nbsp;&nbsp;&nbsp; 476842 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 | &nbsp;&nbsp;&nbsp;&nbsp; 123570 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp; 37148 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp; 75869 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6693 | &nbsp;&nbsp;&nbsp;&nbsp; 555452 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp; 1895 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp; 22666 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 209318 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;16743 | &nbsp;&nbsp;&nbsp;&nbsp; 376885 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Vestis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768 | &nbsp;&nbsp;$7603 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 37999 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651 | &nbsp;&nbsp;&nbsp;&nbsp; 184898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6883351 |
| **Computers — 1.9%** | **Computers — 1.9%** | **Computers — 1.9%** |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp; 68259 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp; 18146 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 54671 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp; 452193 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp; 256275 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 16962 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;&nbsp;&nbsp; 20528 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 58081 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp; 58239 |
| &nbsp;&nbsp;&nbsp;Globant SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 8241 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8837 | &nbsp;&nbsp;&nbsp;&nbsp; 136355 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4783 | &nbsp;&nbsp;&nbsp;&nbsp; 132441 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9320 | &nbsp;&nbsp;&nbsp;&nbsp; 464229 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp; 48042 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4035 | &nbsp;&nbsp;&nbsp;&nbsp; 544483 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp; 28489 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;&nbsp; 66231 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp; 63343 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp; 18237 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 11687 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8125 | &nbsp;&nbsp;&nbsp;&nbsp; 386831 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp; 36825 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;10502 | &nbsp;&nbsp;&nbsp;&nbsp; 424596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373384 |
| **Cosmetics/Personal Care — 1.7%** | **Cosmetics/Personal Care — 1.7%** | **Cosmetics/Personal Care — 1.7%** |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567 | &nbsp;&nbsp;&nbsp;&nbsp; 14042 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97541 | &nbsp;&nbsp;&nbsp;&nbsp; 2339033 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;26812 | &nbsp;&nbsp;&nbsp;&nbsp; 751808 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104883 |
| **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;438 | &nbsp;&nbsp;&nbsp;&nbsp; 21160 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 46918 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14555 | &nbsp;&nbsp;&nbsp;&nbsp; 619170 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814 | &nbsp;&nbsp;&nbsp;&nbsp; 341732 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 118434 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 43950 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp; 37537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228901 |
| **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 33606 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 33914 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp; 58206 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 27594 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 160666 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 37546 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp; 4647 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp; 287288 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | &nbsp;&nbsp;&nbsp;&nbsp; 328140 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083 | &nbsp;&nbsp;&nbsp;&nbsp; 40098 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp; 52326 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 117569 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459 | &nbsp;&nbsp;&nbsp;&nbsp; 37303 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp; 31017 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp;&nbsp;&nbsp; 45160 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13647 | &nbsp;&nbsp;&nbsp;&nbsp; 590915 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2773 | &nbsp;&nbsp;$210360 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7565 | &nbsp;&nbsp;&nbsp;&nbsp; 369777 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6789 | &nbsp;&nbsp;&nbsp;&nbsp; 943060 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp; 11237 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp; 52167 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp; 537471 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6053 | &nbsp;&nbsp;&nbsp;&nbsp; 70396 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4905 | &nbsp;&nbsp;&nbsp;&nbsp; 256188 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp; 62966 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475 | &nbsp;&nbsp;&nbsp;&nbsp; 342786 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476 | &nbsp;&nbsp;&nbsp;&nbsp; 135600 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540 | &nbsp;&nbsp;&nbsp;&nbsp; 357622 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp; 70222 |
| &nbsp;&nbsp;&nbsp;UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp; 20547 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15062 | &nbsp;&nbsp;&nbsp;&nbsp; 1020601 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;66552 | &nbsp;&nbsp;&nbsp;&nbsp; 704120 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2468 | &nbsp;&nbsp;&nbsp;&nbsp; 33935 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7086137 |
| **Electric — 6.4%** | **Electric — 6.4%** | **Electric — 6.4%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25327 | &nbsp;&nbsp;&nbsp;&nbsp; 314561 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10666 | &nbsp;&nbsp;&nbsp;&nbsp; 686357 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9628 | &nbsp;&nbsp;&nbsp;&nbsp; 966651 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 | &nbsp;&nbsp;&nbsp;&nbsp; 25742 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27922 | &nbsp;&nbsp;&nbsp;&nbsp; 1011614 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 6631 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp; 16709 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10426 | &nbsp;&nbsp;&nbsp;&nbsp; 783097 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2331 | &nbsp;&nbsp;&nbsp;&nbsp; 257785 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11318 | &nbsp;&nbsp;&nbsp;&nbsp; 634600 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 | &nbsp;&nbsp;&nbsp;&nbsp; 192334 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7062 | &nbsp;&nbsp;&nbsp;&nbsp; 416093 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870 | &nbsp;&nbsp;&nbsp;&nbsp; 245356 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;&nbsp; 103356 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2470 | &nbsp;&nbsp;&nbsp;&nbsp; 153412 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6735 | &nbsp;&nbsp;&nbsp;&nbsp; 310349 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19706 | &nbsp;&nbsp;&nbsp;&nbsp; 796517 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp; 41607 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp; 76559 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp; 61816 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;101528 | &nbsp;&nbsp;&nbsp;&nbsp; 1744251 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6073 | &nbsp;&nbsp;&nbsp;&nbsp; 578453 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971 | &nbsp;&nbsp;&nbsp;&nbsp; 179503 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11276 | &nbsp;&nbsp;&nbsp;&nbsp; 928015 |
| &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626 | &nbsp;&nbsp;&nbsp;&nbsp; 401471 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129 | &nbsp;&nbsp;&nbsp;&nbsp; 232019 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869 | &nbsp;&nbsp;&nbsp;&nbsp; 273887 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11438745 |
| **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** | **Electrical Components & Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp; 54514 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554 | &nbsp;&nbsp;&nbsp;&nbsp; 267506 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp; 25203 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp; 32265 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp; 21759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401247 |
| **Electronics — 3.2%** | **Electronics — 3.2%** | **Electronics — 3.2%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4515 | &nbsp;&nbsp;&nbsp;&nbsp; 589027 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp; 36652 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp; 27796 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;&nbsp;&nbsp; 54485 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;15267 | &nbsp;&nbsp;$505032 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12734 | &nbsp;&nbsp;&nbsp;&nbsp; 931874 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;&nbsp; 226249 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 119128 |
| &nbsp;&nbsp;&nbsp;Ingram Micro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; 1579 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp; 89670 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6773 | &nbsp;&nbsp;&nbsp;&nbsp; 1014392 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 165327 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp; 58291 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;20981 | &nbsp;&nbsp;&nbsp;&nbsp; 509209 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp; 52708 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7561 | &nbsp;&nbsp;&nbsp;&nbsp; 1068521 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp; 107600 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp; 33146 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp; 72266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5662952 |
| **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;718 | &nbsp;&nbsp;&nbsp;&nbsp; 90777 |
| **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** |
| &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp; 82622 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp; 68381 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 12685 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676 | &nbsp;&nbsp;&nbsp;&nbsp; 565282 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 49252 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp; 55501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833723 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 | &nbsp;&nbsp;&nbsp;&nbsp; 35525 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;16471 | &nbsp;&nbsp;&nbsp;&nbsp; 267818 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp; 8876 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 21260 |
| &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; 22393 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 15032 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;&nbsp; 16538 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp; 69987 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 6401 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463830 |
| **Environmental Control — 0.7%** | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp; 67605 |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10275 | &nbsp;&nbsp;&nbsp;&nbsp; 496385 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6233 | &nbsp;&nbsp;&nbsp;&nbsp; 545263 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp; 41184 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp; 89070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239507 |
| **Food — 3.2%** | **Food — 3.2%** | **Food — 3.2%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;23835 | &nbsp;&nbsp;&nbsp;&nbsp; 524132 |
| &nbsp;&nbsp;&nbsp;Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292 | &nbsp;&nbsp;&nbsp;&nbsp; 51577 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14205 | &nbsp;&nbsp;&nbsp;&nbsp; 378847 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19836 | &nbsp;&nbsp;&nbsp;&nbsp; 377082 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3712 | &nbsp;&nbsp;&nbsp;&nbsp; 221940 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp; 8919 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2797 | &nbsp;&nbsp;&nbsp;&nbsp; 478371 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1951 | &nbsp;&nbsp;&nbsp;&nbsp; 60364 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514 | &nbsp;&nbsp;&nbsp;&nbsp; 475128 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 82295 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp; 145595 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4466 | &nbsp;&nbsp;&nbsp;&nbsp; 302304 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13942 | &nbsp;&nbsp;&nbsp;&nbsp; 743109 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp; 139515 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;$69273 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp; 13682 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp; 40842 |
| &nbsp;&nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp; 5394 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 3507 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6077 | &nbsp;&nbsp;&nbsp;&nbsp; 456018 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7634 | &nbsp;&nbsp;&nbsp;&nbsp; 487126 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;11010 | &nbsp;&nbsp;&nbsp;&nbsp; 720715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785735 |
| **Food Service — 0.7%** | **Food Service — 0.7%** | **Food Service — 0.7%** |
| &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;24179 | &nbsp;&nbsp;&nbsp;&nbsp; 834659 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;11560 | &nbsp;&nbsp;&nbsp;&nbsp; 381658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216317 |
| **Forest Products & Paper — 0.9%** | **Forest Products & Paper — 0.9%** | **Forest Products & Paper — 0.9%** |
| &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;28809 | &nbsp;&nbsp;&nbsp;&nbsp; 1536960 |
| **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616 | &nbsp;&nbsp;&nbsp;&nbsp; 558961 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 | &nbsp;&nbsp;&nbsp;&nbsp; 23116 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp; 47752 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144 | &nbsp;&nbsp;&nbsp;&nbsp; 126043 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447 | &nbsp;&nbsp;&nbsp;&nbsp; 47852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803724 |
| **Hand/Machine Tools — 1.0%** | **Hand/Machine Tools — 1.0%** | **Hand/Machine Tools — 1.0%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 50695 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp; 36526 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546 | &nbsp;&nbsp;&nbsp;&nbsp; 403712 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp; 117279 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14501 | &nbsp;&nbsp;&nbsp;&nbsp; 1114837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723049 |
| **Healthcare-Products — 4.4%** | **Healthcare-Products — 4.4%** | **Healthcare-Products — 4.4%** |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 2043 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7403 | &nbsp;&nbsp;&nbsp;&nbsp; 866003 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp; 33202 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4565 | &nbsp;&nbsp;&nbsp;&nbsp; 73999 |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp; 9318 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33953 | &nbsp;&nbsp;&nbsp;&nbsp; 1162211 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp; 61972 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp; 11228 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6114 | &nbsp;&nbsp;&nbsp;&nbsp; 515716 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34423 | &nbsp;&nbsp;&nbsp;&nbsp; 514280 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp; 14482 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp; 19952 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;10343 | &nbsp;&nbsp;&nbsp;&nbsp; 447748 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6386 | &nbsp;&nbsp;&nbsp;&nbsp; 515414 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp; 55120 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp; 92408 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 23324 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 | &nbsp;&nbsp;&nbsp;&nbsp; 58699 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 15527 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp; 40844 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp; 159157 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376 | &nbsp;&nbsp;&nbsp;&nbsp; 357181 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;933 | &nbsp;&nbsp;&nbsp;&nbsp; 70945 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423 | &nbsp;&nbsp;&nbsp;&nbsp; 549173 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp; 270161 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 57128 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;$42985 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15660 | &nbsp;&nbsp;&nbsp;&nbsp; 1772399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7812619 |
| **Healthcare-Services — 2.3%** | **Healthcare-Services — 2.3%** | **Healthcare-Services — 2.3%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 18556 |
| &nbsp;&nbsp;&nbsp;Amedisys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp; 20008 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3397 | &nbsp;&nbsp;&nbsp;&nbsp; 206232 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 51779 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; 54763 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33117 | &nbsp;&nbsp;&nbsp;&nbsp; 718639 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp; 67453 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp; 4085 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998 | &nbsp;&nbsp;&nbsp;&nbsp; 528671 |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1693 | &nbsp;&nbsp;&nbsp;&nbsp; 296258 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp; 189699 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2179 | &nbsp;&nbsp;&nbsp;&nbsp; 507140 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 46444 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp; 126392 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37842 | &nbsp;&nbsp;&nbsp;&nbsp; 631961 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;&nbsp; 11823 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 86080 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;&nbsp;&nbsp; 475387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4041370 |
| **Home Builders — 0.9%** | **Home Builders — 0.9%** | **Home Builders — 0.9%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp; 242818 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp; 177680 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp; 7962 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp; 137644 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123 | &nbsp;&nbsp;&nbsp;&nbsp; 423844 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 25927 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5505 | &nbsp;&nbsp;&nbsp;&nbsp; 581273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597148 |
| **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;405 | &nbsp;&nbsp;&nbsp;&nbsp; 32526 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 7080 |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 29777 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 32086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101469 |
| **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;2595 | &nbsp;&nbsp;&nbsp;&nbsp; 461832 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642 | &nbsp;&nbsp;&nbsp;&nbsp; 180768 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp; 8733 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp; 12736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664069 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37460 | &nbsp;&nbsp;&nbsp;&nbsp; 232252 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 15918 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248170 |
| **Insurance — 6.6%** | **Insurance — 6.6%** | **Insurance — 6.6%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717 | &nbsp;&nbsp;&nbsp;&nbsp; 413293 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669 | &nbsp;&nbsp;&nbsp;&nbsp; 759740 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp; 63437 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2428 | &nbsp;&nbsp;&nbsp;&nbsp; 233525 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 | &nbsp;&nbsp;&nbsp;&nbsp; 532015 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276 | &nbsp;&nbsp;&nbsp;&nbsp; 1106641 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp; 28809 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 51724 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 22906 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;$111960 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 152152 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 7517 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp; 60362 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10384 | &nbsp;&nbsp;&nbsp;&nbsp; 540902 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp; 498852 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746 | &nbsp;&nbsp;&nbsp;&nbsp; 113630 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp; 44103 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp; 73368 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5968 | &nbsp;&nbsp;&nbsp;&nbsp; 1038133 |
| &nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13375 | &nbsp;&nbsp;&nbsp;&nbsp; 1654889 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 217923 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6991 | &nbsp;&nbsp;&nbsp;&nbsp; 585706 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp; 27275 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11354 | &nbsp;&nbsp;&nbsp;&nbsp; 407722 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 110751 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 121525 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692 | &nbsp;&nbsp;&nbsp;&nbsp; 41928 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp; 61183 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp; 63735 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp; 128833 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2420 | &nbsp;&nbsp;&nbsp;&nbsp; 270266 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 87030 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803 | &nbsp;&nbsp;&nbsp;&nbsp; 912720 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp; 42093 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222 | &nbsp;&nbsp;&nbsp;&nbsp; 99544 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 | &nbsp;&nbsp;&nbsp;&nbsp; 140754 |
| &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; 32739 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809 | &nbsp;&nbsp;&nbsp;&nbsp; 949301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11808986 |
| **Internet — 1.7%** | **Internet — 1.7%** | **Internet — 1.7%** |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4957 | &nbsp;&nbsp;&nbsp;&nbsp; 794409 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3222 | &nbsp;&nbsp;&nbsp;&nbsp; 218226 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp; 12314 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp; 103579 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659 | &nbsp;&nbsp;&nbsp;&nbsp; 97110 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2928 | &nbsp;&nbsp;&nbsp;&nbsp; 527450 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp; 23016 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp; 9235 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp; 44637 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684 | &nbsp;&nbsp;&nbsp;&nbsp; 52541 |
| &nbsp;&nbsp;&nbsp;Open Lending Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;32338 | &nbsp;&nbsp;&nbsp;&nbsp; 89253 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp; 545600 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4522 | &nbsp;&nbsp;&nbsp;&nbsp; 188206 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp; 50928 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp; 9749 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 3966 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp; 133028 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;&nbsp; 20915 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp; 20793 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | &nbsp;&nbsp;&nbsp;&nbsp; 71577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3016532 |
| **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;7273 | &nbsp;&nbsp;&nbsp;&nbsp; 411361 |
| **Iron/Steel — 0.7%** | **Iron/Steel — 0.7%** | **Iron/Steel — 0.7%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 43185 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 | &nbsp;&nbsp;&nbsp;&nbsp; 17936 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 | &nbsp;&nbsp;&nbsp;&nbsp; 190017 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp; 104528 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Iron/Steel (continued)** | **Iron/Steel (continued)** | **Iron/Steel (continued)** |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;$120577 |
| &nbsp;&nbsp;&nbsp;United States Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18113 | &nbsp;&nbsp;&nbsp;&nbsp; 765455 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241698 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp; 11307 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7274 | &nbsp;&nbsp;&nbsp;&nbsp; 391705 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6907 | &nbsp;&nbsp;&nbsp;&nbsp; 134894 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp; 19468 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 25118 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp; 14206 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;&nbsp; 214068 |
| &nbsp;&nbsp;&nbsp;Viking Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360 | &nbsp;&nbsp;&nbsp;&nbsp; 252810 |
| &nbsp;&nbsp;&nbsp;Viking Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp; 28978 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp; 13306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105860 |
| **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;427 | &nbsp;&nbsp;&nbsp;&nbsp; 28109 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp; 3718 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 178627 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910 | &nbsp;&nbsp;&nbsp;&nbsp; 356475 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 | &nbsp;&nbsp;&nbsp;&nbsp; 45675 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 20460 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 42087 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp; 52021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727172 |
| **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp; 48141 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp; 41301 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89442 |
| **Machinery-Diversified — 3.3%** | **Machinery-Diversified — 3.3%** | **Machinery-Diversified — 3.3%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11962 | &nbsp;&nbsp;&nbsp;&nbsp; 1107322 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875 | &nbsp;&nbsp;&nbsp;&nbsp; 72145 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094 | &nbsp;&nbsp;&nbsp;&nbsp; 32634 |
| &nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 50396 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp; 162153 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4886 | &nbsp;&nbsp;&nbsp;&nbsp; 569219 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp; 43175 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1592 | &nbsp;&nbsp;&nbsp;&nbsp; 29309 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126 | &nbsp;&nbsp;&nbsp;&nbsp; 94032 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 92295 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717 | &nbsp;&nbsp;&nbsp;&nbsp; 217441 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5425 | &nbsp;&nbsp;&nbsp;&nbsp; 824491 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882 | &nbsp;&nbsp;&nbsp;&nbsp; 379637 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6529 | &nbsp;&nbsp;&nbsp;&nbsp; 673793 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp; 178541 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5653 | &nbsp;&nbsp;&nbsp;&nbsp; 411256 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4127 | &nbsp;&nbsp;&nbsp;&nbsp; 748431 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626 | &nbsp;&nbsp;&nbsp;&nbsp; 194242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5880512 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp; 229226 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 75016 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1488 | &nbsp;&nbsp;&nbsp;&nbsp; 84221 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 46912 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp; 7140 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp; 47713 |
| &nbsp;&nbsp;&nbsp;Liberty Global, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116 | &nbsp;&nbsp;&nbsp;&nbsp; 12845 |
| &nbsp;&nbsp;&nbsp;Liberty Global, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp; 12317 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp; 8228 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;$81819 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082 | &nbsp;&nbsp;&nbsp;&nbsp; 53667 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561 | &nbsp;&nbsp;&nbsp;&nbsp; 69710 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 23233 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 21506 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 1411 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3982 | &nbsp;&nbsp;&nbsp;&nbsp; 47625 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;&nbsp; 32645 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16338 | &nbsp;&nbsp;&nbsp;&nbsp; 175307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030541 |
| **Metal Fabricate/Hardware — 0.3%** | **Metal Fabricate/Hardware — 0.3%** | **Metal Fabricate/Hardware — 0.3%** |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 31834 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp; 354269 |
| &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 31263 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; 38240 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455606 |
| **Mining — 0.8%** | **Mining — 0.8%** | **Mining — 0.8%** |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp; 50630 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5347 | &nbsp;&nbsp;&nbsp;&nbsp; 840962 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9928 | &nbsp;&nbsp;&nbsp;&nbsp; 375874 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 21237 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 72271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360974 |
| **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** | **Miscellaneous Manufacturing — 0.7%** |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp; 52157 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp; 89552 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;&nbsp; 54184 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3085 | &nbsp;&nbsp;&nbsp;&nbsp; 398459 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 155286 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6421 | &nbsp;&nbsp;&nbsp;&nbsp; 463917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1213555 |
| **Office/Business Equipment — 0.5%** | **Office/Business Equipment — 0.5%** | **Office/Business Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 | &nbsp;&nbsp;&nbsp;&nbsp; 806144 |
| **Oil & Gas — 3.4%** | **Oil & Gas — 3.4%** | **Oil & Gas — 3.4%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp; 78939 |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;&nbsp;&nbsp; 51184 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp; 46102 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 16398 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4913 | &nbsp;&nbsp;&nbsp;&nbsp; 141986 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193 | &nbsp;&nbsp;&nbsp;&nbsp; 156818 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4655 | &nbsp;&nbsp;&nbsp;&nbsp; 744241 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3721 | &nbsp;&nbsp;&nbsp;&nbsp; 198813 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14699 | &nbsp;&nbsp;&nbsp;&nbsp; 1636293 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 106061 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 34195 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4250 | &nbsp;&nbsp;&nbsp;&nbsp; 619182 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp; 37347 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747 | &nbsp;&nbsp;&nbsp;&nbsp; 74772 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63222 | &nbsp;&nbsp;&nbsp;&nbsp; 875625 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp; 63688 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6666 | &nbsp;&nbsp;&nbsp;&nbsp; 258108 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3102 | &nbsp;&nbsp;&nbsp;&nbsp; 409681 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12699 | &nbsp;&nbsp;&nbsp;&nbsp; 573360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6122793 |
| **Oil & Gas Services — 1.4%** | **Oil & Gas Services — 1.4%** | **Oil & Gas Services — 1.4%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;15974 | &nbsp;&nbsp;&nbsp;&nbsp; 702057 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;14522 | &nbsp;&nbsp;&nbsp;&nbsp; 368423 |

---

---

| | | |
|:---|:---|:---|
| **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;NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607 | &nbsp;&nbsp;$39679 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;29507 | &nbsp;&nbsp;&nbsp;&nbsp; 935077 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8922 | &nbsp;&nbsp;&nbsp;&nbsp; 377133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422369 |
| **Packaging & Containers — 1.0%** | **Packaging & Containers — 1.0%** | **Packaging & Containers — 1.0%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9680 | &nbsp;&nbsp;&nbsp;&nbsp; 93896 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 65881 |
| &nbsp;&nbsp;&nbsp;Ardagh Group SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 1548 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;&nbsp; 103463 |
| &nbsp;&nbsp;&nbsp;Berry Global Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6526 | &nbsp;&nbsp;&nbsp;&nbsp; 455580 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp; 70247 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;26268 | &nbsp;&nbsp;&nbsp;&nbsp; 681917 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597 | &nbsp;&nbsp;&nbsp;&nbsp; 118218 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp;&nbsp;&nbsp; 26761 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp; 28525 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479 | &nbsp;&nbsp;&nbsp;&nbsp; 156764 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp; 31131 |
| &nbsp;&nbsp;&nbsp;Stora Enso Oyj, Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp; 8047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841978 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;20150 | &nbsp;&nbsp;&nbsp;&nbsp; 665353 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 64408 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp; 91755 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578 | &nbsp;&nbsp;&nbsp;&nbsp; 716916 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313 | &nbsp;&nbsp;&nbsp;&nbsp; 34786 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp; 56915 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp; 49288 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;15485 | &nbsp;&nbsp;&nbsp;&nbsp; 230572 |
| &nbsp;&nbsp;&nbsp;Premier, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp; 12397 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56124 | &nbsp;&nbsp;&nbsp;&nbsp; 488840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2411230 |
| **Pipelines — 1.7%** | **Pipelines — 1.7%** | **Pipelines — 1.7%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp; 25380 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 170079 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;&nbsp;&nbsp; 65414 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13049 | &nbsp;&nbsp;&nbsp;&nbsp; 372288 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp; 2235 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4174 | &nbsp;&nbsp;&nbsp;&nbsp; 414144 |
| &nbsp;&nbsp;&nbsp;Plains GP Holdings LP, Class A | &nbsp;&nbsp;&nbsp;&nbsp;20555 | &nbsp;&nbsp;&nbsp;&nbsp; 439055 |
| &nbsp;&nbsp;&nbsp;South Bow Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8300 | &nbsp;&nbsp;&nbsp;&nbsp; 212020 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3823 | &nbsp;&nbsp;&nbsp;&nbsp; 766397 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8192 | &nbsp;&nbsp;&nbsp;&nbsp; 489554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956566 |
| **Private Equity — 0.2%** | **Private Equity — 0.2%** | **Private Equity — 0.2%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7989 | &nbsp;&nbsp;&nbsp;&nbsp; 348240 |
| **Real Estate — 0.5%** | **Real Estate — 0.5%** | **Real Estate — 0.5%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059 | &nbsp;&nbsp;&nbsp;&nbsp; 269276 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795 | &nbsp;&nbsp;&nbsp;&nbsp; 221448 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 15409 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp; 463096 |
| &nbsp;&nbsp;&nbsp;Seaport Entertainment Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp; 1116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970345 |
| **REITS — 8.6%** | **REITS — 8.6%** | **REITS — 8.6%** |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5820 | &nbsp;&nbsp;&nbsp;&nbsp; 55756 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp; 52952 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 | &nbsp;&nbsp;&nbsp;&nbsp; 106757 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272 | &nbsp;&nbsp;&nbsp;&nbsp; 85904 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 | &nbsp;&nbsp;&nbsp;&nbsp; 41032 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30266 | &nbsp;&nbsp;$614702 |
| &nbsp;&nbsp;&nbsp;Apartment Investment & Management Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;41478 | &nbsp;&nbsp;&nbsp;&nbsp; 365006 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 204962 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20726 | &nbsp;&nbsp;&nbsp;&nbsp; 550275 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp; 71020 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 | &nbsp;&nbsp;&nbsp;&nbsp; 85121 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp; 33158 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp; 304977 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp; 64321 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 | &nbsp;&nbsp;&nbsp;&nbsp; 319680 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp; 58306 |
| &nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp; 26463 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp; 84709 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;11755 | &nbsp;&nbsp;&nbsp;&nbsp; 841423 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033 | &nbsp;&nbsp;&nbsp;&nbsp; 623257 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5309 | &nbsp;&nbsp;&nbsp;&nbsp; 788333 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp; 55562 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889 | &nbsp;&nbsp;&nbsp;&nbsp; 47970 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753 | &nbsp;&nbsp;&nbsp;&nbsp; 89228 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377 | &nbsp;&nbsp;&nbsp;&nbsp; 40171 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4702 | &nbsp;&nbsp;&nbsp;&nbsp; 95074 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 20807 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691 | &nbsp;&nbsp;&nbsp;&nbsp; 66659 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4119 | &nbsp;&nbsp;&nbsp;&nbsp; 143547 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 72360 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp; 25749 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4433 | &nbsp;&nbsp;&nbsp;&nbsp; 94157 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 49836 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8821 | &nbsp;&nbsp;&nbsp;&nbsp; 517175 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994 | &nbsp;&nbsp;&nbsp;&nbsp; 24084 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803 | &nbsp;&nbsp;&nbsp;&nbsp; 637307 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp; 21977 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 18518 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp; 53526 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp; 69115 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | &nbsp;&nbsp;&nbsp;&nbsp; 14632 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17052 | &nbsp;&nbsp;&nbsp;&nbsp; 475410 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5867 | &nbsp;&nbsp;&nbsp;&nbsp; 340345 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9933 | &nbsp;&nbsp;&nbsp;&nbsp; 732658 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24429 | &nbsp;&nbsp;&nbsp;&nbsp; 956395 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp;&nbsp;&nbsp; 39960 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp; 158847 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 269050 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp; 43994 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp; 42347 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11509 | &nbsp;&nbsp;&nbsp;&nbsp; 1480518 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 | &nbsp;&nbsp;&nbsp;&nbsp; 99781 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9161 | &nbsp;&nbsp;&nbsp;&nbsp; 629910 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24217 | &nbsp;&nbsp;&nbsp;&nbsp; 789959 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;11178 | &nbsp;&nbsp;&nbsp;&nbsp; 413474 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;25722 | &nbsp;&nbsp;&nbsp;&nbsp; 753140 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9042 | &nbsp;&nbsp;&nbsp;&nbsp; 570641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15331997 |
| **Retail — 2.9%** | **Retail — 2.9%** | **Retail — 2.9%** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16307 | &nbsp;&nbsp;&nbsp;&nbsp; 639397 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 27688 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18319 | &nbsp;&nbsp;&nbsp;&nbsp; 555432 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp; 105557 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657 | &nbsp;&nbsp;&nbsp;&nbsp; 531364 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331 | &nbsp;&nbsp;&nbsp;&nbsp; 317217 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp; 75504 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;$98895 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp; 89412 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;&nbsp; 412819 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 68934 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 7163 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1479 | &nbsp;&nbsp;&nbsp;&nbsp; 130048 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361 | &nbsp;&nbsp;&nbsp;&nbsp; 102170 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 69836 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 27474 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152 | &nbsp;&nbsp;&nbsp;&nbsp; 505045 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 5619 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp; 36131 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp; 17715 |
| &nbsp;&nbsp;&nbsp;GameStop Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2641 | &nbsp;&nbsp;&nbsp;&nbsp; 58947 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;&nbsp;&nbsp; 28133 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;&nbsp; 111515 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp; 6078 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 51663 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843 | &nbsp;&nbsp;&nbsp;&nbsp; 23148 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 24000 |
| &nbsp;&nbsp;&nbsp;Nordstrom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp; 16650 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 47708 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp; 17854 |
| &nbsp;&nbsp;&nbsp;RH† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp; 19222 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4634 | &nbsp;&nbsp;&nbsp;&nbsp; 592179 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp; 15395 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4818 | &nbsp;&nbsp;&nbsp;&nbsp; 53817 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 8632 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 52964 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp; 183796 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5135121 |
| **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;340 | &nbsp;&nbsp;&nbsp;&nbsp; 4213 |
| **Semiconductors — 1.4%** | **Semiconductors — 1.4%** | **Semiconductors — 1.4%** |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;&nbsp; 19802 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp; 13708 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 42067 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 35477 |
| &nbsp;&nbsp;&nbsp;GlobalFoundries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp; 24434 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp; 11492 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 6451 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 42160 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3569 | &nbsp;&nbsp;&nbsp;&nbsp; 172775 |
| &nbsp;&nbsp;&nbsp;MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7427 | &nbsp;&nbsp;&nbsp;&nbsp; 595274 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 | &nbsp;&nbsp;&nbsp;&nbsp; 357503 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8499 | &nbsp;&nbsp;&nbsp;&nbsp; 345824 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669 | &nbsp;&nbsp;&nbsp;&nbsp; 202517 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp; 45401 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 279585 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3958 | &nbsp;&nbsp;&nbsp;&nbsp; 255806 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp; 7764 |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;&nbsp; 3170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461210 |
| **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;263 | &nbsp;&nbsp;&nbsp;&nbsp; 53662 |
| **Software — 2.7%** | **Software — 2.7%** | **Software — 2.7%** |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp; 80661 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp; 185821 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp; 23358 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 16730 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp; 29275 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;$17360 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp; 52847 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5571 | &nbsp;&nbsp;&nbsp;&nbsp; 453479 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 5602 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp; 45379 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 27778 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4943 | &nbsp;&nbsp;&nbsp;&nbsp; 714362 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 46104 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11015 | &nbsp;&nbsp;&nbsp;&nbsp; 822600 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 56208 |
| &nbsp;&nbsp;&nbsp;Informatica, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp; 9475 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp; 89109 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp; 420298 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 121583 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 5879 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206 | &nbsp;&nbsp;&nbsp;&nbsp; 84191 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp; 214141 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 27747 |
| &nbsp;&nbsp;&nbsp;Paycor HCM, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp; 11287 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp; 116376 |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp; 2445 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 48499 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1597 | &nbsp;&nbsp;&nbsp;&nbsp; 29033 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7464 | &nbsp;&nbsp;&nbsp;&nbsp; 623468 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp; 240410 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp; 80874 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;UiPath, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 4172 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;&nbsp;&nbsp; 22470 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp; 130942 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909 | &nbsp;&nbsp;&nbsp;&nbsp; 19090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4904053 |
| **Telecommunications — 1.2%** | **Telecommunications — 1.2%** | **Telecommunications — 1.2%** |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp; 57529 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42631 | &nbsp;&nbsp;&nbsp;&nbsp; 1951647 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652 | &nbsp;&nbsp;&nbsp;&nbsp; 59241 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp; 18769 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192 | &nbsp;&nbsp;&nbsp;&nbsp; 79329 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 4652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171167 |
| **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;118 | &nbsp;&nbsp;&nbsp;&nbsp; 7256 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17097 | &nbsp;&nbsp;&nbsp;&nbsp; 332194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339450 |
| **Transportation — 1.7%** | **Transportation — 1.7%** | **Transportation — 1.7%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp; 80077 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 94396 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422 | &nbsp;&nbsp;&nbsp;&nbsp; 358335 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp; 38687 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6076 | &nbsp;&nbsp;&nbsp;&nbsp; 264245 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp; 35447 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5425 | &nbsp;&nbsp;&nbsp;&nbsp; 1284911 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 40267 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749 | &nbsp;&nbsp;&nbsp;&nbsp; 611153 |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 7129 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691 | &nbsp;&nbsp;&nbsp;&nbsp; 289498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3104145 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp; 1313 | &nbsp;&nbsp;$193694 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; 67003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260697 |
| **Total Common Stocks<br> (cost $149,227,424)** |  | &nbsp;&nbsp;&nbsp;&nbsp;173535798 |
| **CONVERTIBLE PREFERRED STOCKS — 0.2%** | **CONVERTIBLE PREFERRED STOCKS — 0.2%** | **CONVERTIBLE PREFERRED STOCKS — 0.2%** |
| **Aerospace/Defense — 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; 343603 |
| **CONVERTIBLE BONDS & NOTES — 0.0%** | **CONVERTIBLE BONDS & NOTES — 0.0%** | **CONVERTIBLE BONDS & NOTES — 0.0%** |
| **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2028 | $109000 | &nbsp;&nbsp;&nbsp;&nbsp; 25997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 12/01/2029 | &nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 82560 |
| **Total Convertible Bonds & Notes<br> (cost $303,180)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108557 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.2%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.2%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.2%** |
| &nbsp;&nbsp;&nbsp;iShares Russell Mid-Cap Value ETF<br> (cost $296,677) | &nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 289731 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. †(1)<br> (cost $0) | &nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Long-Term Investment Securities<br> (cost $150,114,431)** |  | &nbsp;&nbsp;&nbsp;&nbsp;174277689 |
| **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** |
| **U.S. Government Agency — 0.2%** | **U.S. Government Agency — 0.2%** | **U.S. Government Agency — 0.2%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank Disc. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 04/01/2025 | &nbsp;&nbsp; 152000 | &nbsp;&nbsp;&nbsp;&nbsp; 151982 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Disc. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04%, 04/01/2025 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99988 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. Disc. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%, 04/01/2025 | &nbsp;&nbsp; 167000 | &nbsp;&nbsp;&nbsp;&nbsp; 166981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418951 |
| **Unaffiliated Investment Companies — 1.9%** | **Unaffiliated Investment Companies — 1.9%** | **Unaffiliated Investment Companies — 1.9%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> (2) | &nbsp;&nbsp;2193236 | &nbsp;&nbsp;&nbsp;&nbsp; 2193236 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund<br> 4.39%(2) | &nbsp;&nbsp;1154085 | &nbsp;&nbsp;&nbsp;&nbsp; 1154085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347321 |
| **U.S. Government — 0.0%** | **U.S. Government — 0.0%** | **U.S. Government — 0.0%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/13/2025(3) | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49753 |
| **Total Short-Term Investments<br> (cost $3,816,076)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3816025 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 0.1%** | **REPURCHASE AGREEMENTS — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 03/31/2025, to be repurchased 04/01/2025 in the amount of $178,227 and collateralized by $157,900 of United States Treasury Inflation Indexed Notes, bearing interest at 1.25% due 10/15/2026 and having an approximate value of $182,010<br> (cost $178,221) | $178221 | &nbsp;&nbsp;$178221 |
| **TOTAL INVESTMENTS<br> (cost $154,108,728)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.7% | &nbsp;&nbsp;&nbsp;&nbsp;178271935 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492826 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$178764761 |

---

† Non-income producing security

(1) Securities classified as Level 3 (see Note 2).

(2) The rate shown is the 7-day yield as of March 31, 2025.

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

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

ETF—Exchange Traded Fund

#### 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)** |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P Mid Cap 400 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$299615 | &nbsp;&nbsp;&nbsp;&nbsp;$293860 | &nbsp;&nbsp;&nbsp;&nbsp;$(5755) |

---

\* 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 March 31, 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;Apparel | &nbsp;&nbsp;$1483693 | &nbsp;&nbsp;$309353 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1793046 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6502688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380663 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6883351 |
| &nbsp;&nbsp;&nbsp;Food Service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381658 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216317 |
| &nbsp;&nbsp;&nbsp;Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9595 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841978 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;161801106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;161801106 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343603 |
| Convertible Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108557 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108557 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289731 |
| 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;Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347321 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468704 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468704 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178221 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178221 |
| **Total Investments at Value** | &nbsp;&nbsp;$176435184 | &nbsp;&nbsp;$1836751 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$178271935 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$5755 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$5755 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 56.6%** | **COMMON STOCKS — 56.6%** | **COMMON STOCKS — 56.6%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2452 | &nbsp;&nbsp;$14835 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 12070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26905 |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp; 8589 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 45418 |
| &nbsp;&nbsp;&nbsp;Rocket Lab USA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp; 14500 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp; 10976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79483 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 12879 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867 | &nbsp;&nbsp;&nbsp;&nbsp; 41428 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 9526 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp; 13925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77758 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp; 6727 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp; 5261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11988 |
| **Apparel — 1.2%** | **Apparel — 1.2%** | **Apparel — 1.2%** |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 6372 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp; 658660 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 | &nbsp;&nbsp;&nbsp;&nbsp; 18960 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683992 |
| **Auto Manufacturers — 2.6%** | **Auto Manufacturers — 2.6%** | **Auto Manufacturers — 2.6%** |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp; 11297 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491 | &nbsp;&nbsp;&nbsp;&nbsp; 1423048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1434345 |
| **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** | **Auto Parts & Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267 | &nbsp;&nbsp;&nbsp;&nbsp; 16294 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4336 | &nbsp;&nbsp;&nbsp;&nbsp; 29160 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321 | &nbsp;&nbsp;&nbsp;&nbsp; 17609 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp; 19166 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626 | &nbsp;&nbsp;&nbsp;&nbsp; 15024 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp; 21554 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp; 10831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129638 |
| **Banks — 1.8%** | **Banks — 1.8%** | **Banks — 1.8%** |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp; 5491 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 1981 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp; 39551 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 4731 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 4142 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp; 15641 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp; 53632 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp; 9195 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp; 8800 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 1032 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp; 917 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp; 12589 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 12688 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; 7226 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp; 2265 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp; 4489 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp; 7209 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp; 6425 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;$26887 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp; 33985 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 3792 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp; 37146 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 34877 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp; 20449 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126 | &nbsp;&nbsp;&nbsp;&nbsp; 5841 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 15850 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp; 27643 |
| &nbsp;&nbsp;&nbsp;First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp; 15620 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp; 9992 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 2922 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 24749 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 10470 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 16364 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp; 18332 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp; 21363 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; 14251 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 4297 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp; 7339 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp; 9648 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 1781 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 18870 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 12206 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 1925 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp; 22691 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083 | &nbsp;&nbsp;&nbsp;&nbsp; 44139 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp; 20717 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp; 8737 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp; 52743 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp; 3891 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp; 4029 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp; 13051 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp; 30596 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp; 8311 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 2145 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp; 16262 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 6777 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp; 7611 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 13446 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp; 14155 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 9233 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 3001 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp; 23152 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp; 6345 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 4219 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 6064 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 3120 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp; 13808 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 9040 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp; 18893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962943 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 4330 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp; 14528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18858 |
| **Biotechnology — 3.6%** | **Biotechnology — 3.6%** | **Biotechnology — 3.6%** |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 15946 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 37646 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7303 | &nbsp;&nbsp;$10662 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942 | &nbsp;&nbsp;&nbsp;&nbsp; 24007 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp; 6963 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6138 | &nbsp;&nbsp;&nbsp;&nbsp; 11846 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 | &nbsp;&nbsp;&nbsp;&nbsp; 33642 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 3937 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp; 3767 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp;&nbsp; 19999 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp; 10602 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 14604 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp; 5981 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp; 10359 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp; 5028 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp; 26866 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp; 10143 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108 | &nbsp;&nbsp;&nbsp;&nbsp; 37389 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12247 | &nbsp;&nbsp;&nbsp;&nbsp; 9676 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;&nbsp; 61449 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626 | &nbsp;&nbsp;&nbsp;&nbsp; 17673 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 40815 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp; 2233 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2407 | &nbsp;&nbsp;&nbsp;&nbsp; 14370 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp; 12582 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 8481 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp; 4716 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166 | &nbsp;&nbsp;&nbsp;&nbsp; 9505 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 2177 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. (Earnout Shares 12.50)†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. (Earnout Shares 15.00)†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Ovid Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4810 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp; 4096 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp; 15339 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1793 | &nbsp;&nbsp;&nbsp;&nbsp; 9485 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643 | &nbsp;&nbsp;&nbsp;&nbsp; 6925 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 7712 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp; 38118 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;25247 | &nbsp;&nbsp;&nbsp;&nbsp; 254742 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;34445 | &nbsp;&nbsp;&nbsp;&nbsp; 1072273 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp; 33121 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp; 11388 |
| &nbsp;&nbsp;&nbsp;Taysha Gene Therapies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3705 | &nbsp;&nbsp;&nbsp;&nbsp; 5150 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp; 20070 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp; 3004 |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp; 3422 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp; 24657 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp; 5688 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp; 2703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1992457 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp; 6764 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 21874 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 7215 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp; 57343 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; 7037 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp; 44592 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 6440 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp; 51807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203072 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 17539 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;$56108 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp; 28184 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 18239 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 12499 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp; 20087 |
| &nbsp;&nbsp;&nbsp;Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091 | &nbsp;&nbsp;&nbsp;&nbsp; 14107 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1809 | &nbsp;&nbsp;&nbsp;&nbsp; 18217 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp; 3724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189969 |
| **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;39 | &nbsp;&nbsp;&nbsp;&nbsp; 4885 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp; 14186 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp; 10068 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 2603 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp; 14698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46440 |
| **Commercial Services — 2.9%** | **Commercial Services — 2.9%** | **Commercial Services — 2.9%** |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448 | &nbsp;&nbsp;&nbsp;&nbsp; 68577 |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 | &nbsp;&nbsp;&nbsp;&nbsp; 9904 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 13989 |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp;&nbsp;&nbsp; 956842 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp; 53282 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313 | &nbsp;&nbsp;&nbsp;&nbsp; 32699 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp; 24114 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 20248 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp; 24427 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245 | &nbsp;&nbsp;&nbsp;&nbsp; 21612 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp; 24158 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 12969 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp; 14289 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 5439 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp; 33433 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 20969 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 19517 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp; 19018 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683 | &nbsp;&nbsp;&nbsp;&nbsp; 19506 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp; 25708 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906 | &nbsp;&nbsp;&nbsp;&nbsp; 38978 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp; 10108 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 16442 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;15596 | &nbsp;&nbsp;&nbsp;&nbsp; 64256 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382 | &nbsp;&nbsp;&nbsp;&nbsp; 10904 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464 | &nbsp;&nbsp;&nbsp;&nbsp; 32706 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1594094 |
| **Computers — 2.4%** | **Computers — 2.4%** | **Computers — 2.4%** |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 31510 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3788 | &nbsp;&nbsp;&nbsp;&nbsp; 10228 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059 | &nbsp;&nbsp;&nbsp;&nbsp; 1078542 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 18034 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 11999 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp; 19974 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp; 25690 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 25046 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp; 7105 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp; 36150 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp; 34004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1298282 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;$9425 |
| &nbsp;&nbsp;&nbsp;Oddity Tech, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 10599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20024 |
| **Distribution/Wholesale — 1.3%** | **Distribution/Wholesale — 1.3%** | **Distribution/Wholesale — 1.3%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11964 | &nbsp;&nbsp;&nbsp;&nbsp; 577981 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 9162 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | &nbsp;&nbsp;&nbsp;&nbsp; 14476 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp; 9771 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;&nbsp; 43369 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 13604 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; 22208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691274 |
| **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp; 13421 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523 | &nbsp;&nbsp;&nbsp;&nbsp; 23136 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp; 9916 |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1885 | &nbsp;&nbsp;&nbsp;&nbsp; 24901 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp; 9148 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 85082 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297 | &nbsp;&nbsp;&nbsp;&nbsp; 45071 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp; 40169 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc.† | &nbsp;&nbsp;&nbsp;&nbsp;34977 | &nbsp;&nbsp;&nbsp;&nbsp; 221055 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 31977 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283 | &nbsp;&nbsp;&nbsp;&nbsp; 566317 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 70444 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 8525 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 16018 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp; 8420 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp; 24769 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp; 36510 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 20944 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; 4514 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; 24647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1284984 |
| **Electric — 0.3%** | **Electric — 0.3%** | **Electric — 0.3%** |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; 3726 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 7278 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp; 5351 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp; 14802 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp; 31612 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908 | &nbsp;&nbsp;&nbsp;&nbsp; 40497 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 7113 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 38306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148685 |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 54032 |
| **Electronics — 0.4%** | **Electronics — 0.4%** | **Electronics — 0.4%** |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp; 23576 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 20393 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp; 20155 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp; 7754 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp; 15552 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp; 41258 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955 | &nbsp;&nbsp;&nbsp;&nbsp; 72752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201440 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;$2566 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | &nbsp;&nbsp;&nbsp;&nbsp; 4758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7324 |
| **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp; 34781 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp; 21130 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 36105 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp; 36107 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp; 11385 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 15685 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp; 44557 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 8612 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 31133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239495 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707 | &nbsp;&nbsp;&nbsp;&nbsp; 16933 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 6671 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp; 4848 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1028 | &nbsp;&nbsp;&nbsp;&nbsp; 16715 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp; 6611 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 33044 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp; 22685 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107507 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp; 28402 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp; 22634 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 14704 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 28525 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp; 28075 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp; 44113 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 10363 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp; 17567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165981 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 21833 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp; 14571 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp; 9697 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp; 51477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97578 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp; 12397 |
| **Healthcare-Products — 1.9%** | **Healthcare-Products — 1.9%** | **Healthcare-Products — 1.9%** |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437 | &nbsp;&nbsp;&nbsp;&nbsp; 25537 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 25453 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 | &nbsp;&nbsp;&nbsp;&nbsp; 18574 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942 | &nbsp;&nbsp;&nbsp;&nbsp; 603110 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 35825 |
| &nbsp;&nbsp;&nbsp;Inmode, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp; 7610 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp; 11729 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951 | &nbsp;&nbsp;&nbsp;&nbsp; 20912 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp; 72125 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp; 29378 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;&nbsp; 1553 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6001 | &nbsp;&nbsp;&nbsp;&nbsp; 20223 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp; 36529 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359 | &nbsp;&nbsp;&nbsp;&nbsp; 15876 |
| &nbsp;&nbsp;&nbsp;Sera Prognostics, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176 | &nbsp;&nbsp;&nbsp;&nbsp; 11688 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;$7169 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 29940 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6787 | &nbsp;&nbsp;&nbsp;&nbsp; 56943 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp; 3337 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp; 26900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1060411 |
| **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 5538 |
| &nbsp;&nbsp;&nbsp;agilon health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109 | &nbsp;&nbsp;&nbsp;&nbsp; 13462 |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp; 2861 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2614 | &nbsp;&nbsp;&nbsp;&nbsp; 16364 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 18987 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 15788 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401 | &nbsp;&nbsp;&nbsp;&nbsp; 21105 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 39984 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 8352 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3879 | &nbsp;&nbsp;&nbsp;&nbsp; 6439 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | &nbsp;&nbsp;&nbsp;&nbsp; 17528 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp; 4560 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830 | &nbsp;&nbsp;&nbsp;&nbsp; 22527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193495 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp; 27540 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 9998 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 33735 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 13645 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 18598 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 12788 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 16657 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 21855 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp; 15417 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170233 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 | &nbsp;&nbsp;&nbsp;&nbsp; 18413 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp;&nbsp;&nbsp; 26472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44885 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 14467 |
| &nbsp;&nbsp;&nbsp;Helen of Troy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 19791 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34258 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;&nbsp;&nbsp; 34320 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp; 29553 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc.,† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp; 6211 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 5970 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp; 35690 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp; 26713 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp; 7951 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; 19119 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 10069 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp; 4392 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179988 |
| **Internet — 11.1%** | **Internet — 11.1%** | **Internet — 11.1%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7254 | &nbsp;&nbsp;&nbsp;&nbsp; 866563 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359 | &nbsp;&nbsp;&nbsp;&nbsp; 829343 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888 | &nbsp;&nbsp;&nbsp;&nbsp; 25868 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8882 | &nbsp;&nbsp;&nbsp;&nbsp; 1623363 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp;$24326 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp; 1301230 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp; 7368 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;13867 | &nbsp;&nbsp;&nbsp;&nbsp; 1322704 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp; 3838 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp; 5664 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 39807 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6050074 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 2003 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp; 27895 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 3323 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2322 | &nbsp;&nbsp;&nbsp;&nbsp; 26703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59924 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 5827 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 10327 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | &nbsp;&nbsp;&nbsp;&nbsp; 58019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74173 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp; 22620 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp; 21155 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4366 | &nbsp;&nbsp;&nbsp;&nbsp; 27593 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71368 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | &nbsp;&nbsp;&nbsp;&nbsp; 25401 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp; 6429 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp; 23990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30419 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 52054 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp; 3712 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 6169 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp; 27964 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | &nbsp;&nbsp;&nbsp;&nbsp; 38715 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | &nbsp;&nbsp;&nbsp;&nbsp; 17545 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp; 52204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198363 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp; 2177 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3284 | &nbsp;&nbsp;&nbsp;&nbsp; 20394 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 8345 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp; 9236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41115 |
| **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 | &nbsp;&nbsp;&nbsp;&nbsp; 79871 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 4336 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 3152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87359 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp; 4268 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp; 8244 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2525 | &nbsp;&nbsp;$14039 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp; 15153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41704 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 3188 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp; 477 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665 |
| **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;695 | &nbsp;&nbsp;&nbsp;&nbsp; 25437 |
| **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 4221 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp; 11948 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp; 10483 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 5510 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 3330 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 27989 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp; 2116 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp; 16823 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp; 28917 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp; 25475 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp; 14670 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 21956 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp;&nbsp;&nbsp; 16769 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp; 6128 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849 | &nbsp;&nbsp;&nbsp;&nbsp; 25609 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178 | &nbsp;&nbsp;&nbsp;&nbsp; 35281 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp; 18334 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp; 10282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285841 |
| **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** | **Oil & Gas Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 11152 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2433 | &nbsp;&nbsp;&nbsp;&nbsp; 41556 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 1193 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842 | &nbsp;&nbsp;&nbsp;&nbsp; 44989 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp; 19476 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897 | &nbsp;&nbsp;&nbsp;&nbsp; 6593 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp; 15036 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139995 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp; 5059 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp; 7811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12870 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp; 45336 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp; 6009 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 4170 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp; 18018 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 36550 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp; 38923 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp; 4995 |
| &nbsp;&nbsp;&nbsp;Neurogene, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 4333 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp; 35265 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp; 58177 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp; 31303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283079 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp; 4180 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Real Estate (continued)** | **Real Estate (continued)** | **Real Estate (continued)** |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;$9580 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 5902 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576 | &nbsp;&nbsp;&nbsp;&nbsp; 10459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30121 |
| **REITS — 2.4%** | **REITS — 2.4%** | **REITS — 2.4%** |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp; 6407 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp; 15093 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 8157 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp; 3151 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673 | &nbsp;&nbsp;&nbsp;&nbsp; 581645 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1178 | &nbsp;&nbsp;&nbsp;&nbsp; 15208 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp; 1247 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp; 12037 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 | &nbsp;&nbsp;&nbsp;&nbsp; 25338 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp; 32267 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084 | &nbsp;&nbsp;&nbsp;&nbsp; 14859 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 1972 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp; 3160 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943 | &nbsp;&nbsp;&nbsp;&nbsp; 52986 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp; 14224 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042 | &nbsp;&nbsp;&nbsp;&nbsp; 15764 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279 | &nbsp;&nbsp;&nbsp;&nbsp; 10002 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp; 31857 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp; 6961 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp; 21676 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 19678 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 3228 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807 | &nbsp;&nbsp;&nbsp;&nbsp; 18052 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp; 1966 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948 | &nbsp;&nbsp;&nbsp;&nbsp; 45047 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308 | &nbsp;&nbsp;&nbsp;&nbsp; 19964 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp; 4176 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp; 75169 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851 | &nbsp;&nbsp;&nbsp;&nbsp; 13642 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp; 12486 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 | &nbsp;&nbsp;&nbsp;&nbsp; 66191 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp; 9121 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp; 54315 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1865 | &nbsp;&nbsp;&nbsp;&nbsp; 32581 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp; 15925 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp; 6773 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 3889 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp; 4264 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp; 18381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1298859 |
| **Retail — 1.7%** | **Retail — 1.7%** | **Retail — 1.7%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp; 11150 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp; 28597 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 9296 |
| &nbsp;&nbsp;&nbsp;Arko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp; 4179 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 13692 |
| &nbsp;&nbsp;&nbsp;Beacon Roofing Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 33399 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp; 13642 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp; 9627 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp; 5923 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp; 22775 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 15650 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp; 16018 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 7061 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp; 9280 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7201 | &nbsp;&nbsp;&nbsp;&nbsp; 579465 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Foot Locker, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199 | &nbsp;&nbsp;$16906 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp; 16424 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp; 15770 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp; 39137 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267 | &nbsp;&nbsp;&nbsp;&nbsp; 15065 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp; 22748 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 6553 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp; 12474 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 10405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935236 |
| **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** | **Savings & Loans — 0.2%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 23550 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp; 21257 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 3859 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp; 2262 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp; 27148 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp; 4474 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 4344 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp; 5654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94698 |
| **Semiconductors — 1.3%** | **Semiconductors — 1.3%** | **Semiconductors — 1.3%** |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp; 17668 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp; 547995 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 3080 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp; 20397 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 3312 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp; 13271 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 | &nbsp;&nbsp;&nbsp;&nbsp; 66427 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp; 7265 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 9082 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp; 21025 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709522 |
| **Software — 11.1%** | **Software — 11.1%** | **Software — 11.1%** |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 | &nbsp;&nbsp;&nbsp;&nbsp; 31252 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 12114 |
| &nbsp;&nbsp;&nbsp;Appian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp; 13714 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp; 15833 |
| &nbsp;&nbsp;&nbsp;Box, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp; 39809 |
| &nbsp;&nbsp;&nbsp;Braze, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 12845 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | &nbsp;&nbsp;&nbsp;&nbsp; 44032 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19387 | &nbsp;&nbsp;&nbsp;&nbsp; 2184721 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp; 25557 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 21464 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp; 32835 |
| &nbsp;&nbsp;&nbsp;Domo, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp; 19538 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc. Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 17701 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203 | &nbsp;&nbsp;&nbsp;&nbsp; 31084 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 11942 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913 | &nbsp;&nbsp;&nbsp;&nbsp; 13196 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2225 | &nbsp;&nbsp;&nbsp;&nbsp; 54179 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 15449 |
| &nbsp;&nbsp;&nbsp;Logility Supply Chain Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 | &nbsp;&nbsp;&nbsp;&nbsp; 28734 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4226 | &nbsp;&nbsp;&nbsp;&nbsp; 1218229 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 6849 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443 | &nbsp;&nbsp;&nbsp;&nbsp; 23104 |
| &nbsp;&nbsp;&nbsp;Onestream, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp; 2924 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp; 2532 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp; 7414 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A† | &nbsp;&nbsp; 1720 | &nbsp;&nbsp;$15721 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp; 18383 | &nbsp;&nbsp;&nbsp;&nbsp; 1071545 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; 13680 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A† | &nbsp;&nbsp; 7115 | &nbsp;&nbsp;&nbsp;&nbsp; 1039928 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.† | &nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 8760 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp., Class A† | &nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp;&nbsp; 10672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6047784 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp;&nbsp; 4346 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.† | &nbsp;&nbsp; 1615 | &nbsp;&nbsp;&nbsp;&nbsp; 14083 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.† | &nbsp;&nbsp; 324 | &nbsp;&nbsp;&nbsp;&nbsp; 7368 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.† | &nbsp;&nbsp; 955 | &nbsp;&nbsp;&nbsp;&nbsp; 28383 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp; 1576 | &nbsp;&nbsp;&nbsp;&nbsp; 8368 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp;&nbsp; 11285 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A† | &nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp; 6421 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp; 8441 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.† | &nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp; 3901 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.† | &nbsp;&nbsp; 759 | &nbsp;&nbsp;&nbsp;&nbsp; 6543 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp; 51894 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 4071 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp; 2218 | &nbsp;&nbsp;&nbsp;&nbsp; 8694 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp; 9050 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.† | &nbsp;&nbsp; 1326 | &nbsp;&nbsp;&nbsp;&nbsp; 17357 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | &nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp; 6971 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | &nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 5888 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.† | &nbsp;&nbsp; 1644 | &nbsp;&nbsp;&nbsp;&nbsp; 17130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220194 |
| **Transportation — 1.3%** | **Transportation — 1.3%** | **Transportation — 1.3%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; 11575 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.† | &nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp;&nbsp; 6353 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp; 494 | &nbsp;&nbsp;&nbsp;&nbsp; 16401 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp; 29094 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp; 1091 | &nbsp;&nbsp;&nbsp;&nbsp; 6710 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp; 927 | &nbsp;&nbsp;&nbsp;&nbsp; 3421 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 1240 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp;&nbsp; 9658 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A | &nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp; 27172 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp; 2370 | &nbsp;&nbsp;&nbsp;&nbsp; 559889 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp; 526 | &nbsp;&nbsp;&nbsp;&nbsp; 14917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686430 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | &nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 1639 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 8969 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co., Ltd. | &nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp;&nbsp; 23780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32749 |
| **Total Common Stocks<br> (cost $26,265,768)** |  | &nbsp;&nbsp;&nbsp;&nbsp;30980636 |
| **CORPORATE BONDS & NOTES — 11.0%** | **CORPORATE BONDS & NOTES — 11.0%** | **CORPORATE BONDS & NOTES — 11.0%** |
| **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 | $5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 01/15/2029 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38501 |
| **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** | **Aerospace/Defense — 0.1%** |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/01/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4694 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Aerospace/Defense (continued)** | **Aerospace/Defense (continued)** | **Aerospace/Defense (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | $10000 | &nbsp;&nbsp;$10656 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 06/01/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/2054 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6756 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/16/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46649 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83%, 02/20/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20795 |
| &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; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10278 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/01/2027 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2030 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/13/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2033 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/07/2033 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20728 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117656 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/11/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/11/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9881 |
| &nbsp;&nbsp;&nbsp;William Carter Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/15/2027\* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 89375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109251 |
| **Banks — 1.7%** | **Banks — 1.7%** | **Banks — 1.7%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 07/23/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%, 10/24/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/21/2036 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 10/20/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%, 04/29/2031 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 40418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 04/22/2032 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 39607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/24/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/12/2036 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 09/15/2027 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20390 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98%, 03/14/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06%, 07/22/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 03/14/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15100 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 02/13/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5065 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 07/23/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 04/25/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5320 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81%, 04/23/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02%, 10/31/2038 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 10/23/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 10/23/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 04/25/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15474 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58%, 04/22/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51%, 01/23/2029 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 05/06/2030 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33679 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01%, 04/23/2029 | $35000 | &nbsp;&nbsp;$34401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/22/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/22/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 01/24/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 07/22/2035 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/24/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 01/23/2035 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/24/2036 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 04/22/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25786 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41%, 10/30/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16159 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%, 02/13/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%, 07/21/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 01/21/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/22/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21%, 04/20/2028 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 04/20/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/20/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66%, 04/18/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10310 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/04/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25303 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/30/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/23/2026 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/02/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/25/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 01/24/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%, 07/25/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 10/23/2034 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918348 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/23/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5050 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15217 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18181 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%, 09/02/2025 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43243 |
| **Building Materials — 0.2%** | **Building Materials — 0.2%** | **Building Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2030\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 52567 |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 46138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98705 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| &nbsp;&nbsp;&nbsp;NOVA Chemicals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10426 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2047 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14676 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2031 | $10000 | &nbsp;&nbsp;$8792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2032\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50504 |
| &nbsp;&nbsp;&nbsp;Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2030 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 57927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/01/2029 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4914 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142588 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14240 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24511 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2032\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89142 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/30/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25316 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18%, 01/30/2036 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 10/30/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 44549 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 11/02/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86283 |
| **Electric — 1.5%** | **Electric — 1.5%** | **Electric — 1.5%** |
| &nbsp;&nbsp;&nbsp;Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/01/2049 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 21249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/15/2044 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/02/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4999 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10094 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 12/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10200 |
| &nbsp;&nbsp;&nbsp;Cleco Corporate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/15/2029 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12070 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 12/01/2051 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 9871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2055 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14564 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20098 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 04/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/15/2041 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/15/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5051 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 06/15/2031 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 30565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/2052 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4892 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 06/15/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12986 |
| &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/01/2050 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 15247 |
| &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9685 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 10/15/2046 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/30/2044 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12868 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2035 | $10000 | &nbsp;&nbsp;$9952 |
| &nbsp;&nbsp;&nbsp;Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 11/15/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20792 |
| &nbsp;&nbsp;&nbsp;Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/01/2032 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 9857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10046 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 06/01/2029\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7655 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/15/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 05/15/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10067 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 01/15/2035\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4943 |
| &nbsp;&nbsp;&nbsp;National Grid PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/12/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5128 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/07/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15197 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 01/15/2027 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 06/01/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17695 |
| &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 01/17/2034\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/01/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10170 |
| &nbsp;&nbsp;&nbsp;Ohio Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5064 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2035\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15167 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 07/01/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/15/2033 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36580 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14817 |
| &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4907 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/15/2033 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10542 |
| &nbsp;&nbsp;&nbsp;Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22%, 03/15/2032 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 16759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 03/15/2035\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24959 |
| &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15107 |
| &nbsp;&nbsp;&nbsp;Sempra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/01/2029 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6718 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2047 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2053 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/01/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5134 |
| &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 07/01/2026 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4839 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/15/2050 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2033 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/15/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9926 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;5.35%, 01/15/2054 | $5000 | &nbsp;&nbsp;$4702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/15/2055 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4912 |
| &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/2034 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3038 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 03/15/2027 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 52075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/01/2032 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8676 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831086 |
| **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** | **Engineering & Construction — 0.2%** |
| &nbsp;&nbsp;&nbsp;GTP Acquisition Partners I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 06/15/2050\* | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 134525 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 35241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 9597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 36450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 03/15/2062 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 21717 |
| &nbsp;&nbsp;&nbsp;WMG Acquisition Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 07/15/2030\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 60032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163037 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2027\* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 78868 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 02/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 11/15/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10107 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/18/2026 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5061 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137913 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15166 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10022 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/15/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20454 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80797 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Boston Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76%, 03/16/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4547 |
| &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99%, 03/06/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5123 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49%, 05/15/2027 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10032 |
| &nbsp;&nbsp;&nbsp;Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2054 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50885 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 04/15/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10259 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** | **Healthcare-Products — 0.2%** |
| &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 07/15/2028\* | $50000 | &nbsp;&nbsp;$48189 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/01/2028\* | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 43079 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%, 10/14/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12952 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/01/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/13/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5094 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134817 |
| **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 07/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 08/01/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/15/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 71856 |
| &nbsp;&nbsp;&nbsp;CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 10/01/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4712 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/30/2026 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 11/01/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15037 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/01/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14829 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/15/2040 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/15/2039 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2062 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/15/2054 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/15/2064 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 02/15/2063 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225039 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/01/2030\* | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028\* | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 41900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60159 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 10/04/2031\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 42868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72%, 01/07/2029\* | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 17568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%, 10/08/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29598 |
| &nbsp;&nbsp;&nbsp;CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/10/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15036 |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%, 03/08/2028\* | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 30489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/27/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10043 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/15/2039 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155097 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2027\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30369 |
| &nbsp;&nbsp;&nbsp;Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/01/2027\* | &nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 76346 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121647 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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 — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| &nbsp;&nbsp;&nbsp;Bain Capital Specialty Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 10/13/2026 | $75000 | &nbsp;&nbsp;$71842 |
| &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/29/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24786 |
| &nbsp;&nbsp;&nbsp;Sixth Street Lending Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/15/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106693 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 08/15/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10027 |
| **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;4.70%, 11/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25256 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/21/2027 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10123 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/15/2030 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27152 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37275 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2030\* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 63722 |
| &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; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 04/01/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 03/15/2028 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/30/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9954 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/01/2051 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 10368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99%, 11/01/2063 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 1706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 07/15/2036 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/2039 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 17860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05%, 03/15/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5652 |
| &nbsp;&nbsp;&nbsp;Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 06/15/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/01/2034\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/01/2054\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9272 |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8996 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2044 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12065 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 07/01/2030\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 35530 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2042 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 15235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/15/2040 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266594 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 04/04/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26504 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Alcan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93070 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94%, 06/04/2051 | $3000 | &nbsp;&nbsp;$1893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 02/13/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 09/11/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99%, 04/10/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 11/17/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5026 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%, 03/15/2062 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2063 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24330 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4921 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/18/2054 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 04/18/2064 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9407 |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 22493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/01/2032 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/2036 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38973 |
| &nbsp;&nbsp;&nbsp;Energean Israel Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27525 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 12/01/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9884 |
| &nbsp;&nbsp;&nbsp;Equinor ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/06/2040 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 16746 |
| &nbsp;&nbsp;&nbsp;Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 03/15/2033 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 24886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 08/15/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16976 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15%, 10/01/2033 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10537 |
| &nbsp;&nbsp;&nbsp;Shell Finance US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 04/06/2050 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 8973 |
| &nbsp;&nbsp;&nbsp;Shell International Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 11/26/2041 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/26/2051 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 1948 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 09/10/2064 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 21659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%, 04/05/2064 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24412 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/01/2027\* | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 32694 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419202 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| &nbsp;&nbsp;&nbsp;Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2029 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80948 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/15/2027\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124996 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5080 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/22/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9855 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25204 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20099 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/28/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/15/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8334 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/15/2029 | $5000 | &nbsp;&nbsp;$4669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2040 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/25/2048 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8533 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 08/14/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/12/2055 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113272 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 10/01/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68%, 01/15/2034\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 08/15/2028\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20686 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 11/15/2033\* | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7227 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/15/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/05/2034 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15238 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 12/01/2026 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 12/01/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10657 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/15/2053 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6678 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2030\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20398 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2034 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9963 |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4900 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/01/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/01/2064 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15715 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5219 |
| &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; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9227 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14935 |
| &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/30/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/30/2034\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5054 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238992 |
| **REITS — 0.2%** | **REITS — 0.2%** | **REITS — 0.2%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 09/15/2026 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 04/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4420 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/11/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20075 |
| &nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 01/15/2029 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13019 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14855 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Regency Centers LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2034 | $20000 | &nbsp;&nbsp;$20022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86735 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/01/2032 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/15/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 11/01/2033 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5441 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/01/2030\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 43633 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 06/15/2032 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116607 |
| **Semiconductors — 0.3%** | **Semiconductors — 0.3%** | **Semiconductors — 0.3%** |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 02/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10139 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 08/12/2051 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 5880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 6971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/25/2050 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 02/10/2063 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6560 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 04/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14054 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 02/15/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14977 |
| &nbsp;&nbsp;&nbsp;NXP BV/NXP Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/01/2026 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 12/01/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10242 |
| &nbsp;&nbsp;&nbsp;NXP BV/NXP Funding LLC/NXP USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 05/01/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4857 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155821 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/15/2028\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 57050 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 11/01/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18056 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/2029\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 59128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 12/01/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10350 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/25/2028 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 21604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2040 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2060 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 8246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/06/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/03/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/27/2064 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4533 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/30/2027\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263045 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 09/15/2059 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 12/01/2057 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 17550 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;4.50%, 05/15/2035 | $5000 | &nbsp;&nbsp;$4700 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/24/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 02/26/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/26/2064 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7778 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2039 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20546 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 02/15/2028 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 21482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 03/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138292 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/24/2026\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/01/2028\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25414 |
| **Total Corporate Bonds & Notes<br> (cost $6,183,300)** |  | &nbsp;&nbsp;&nbsp;&nbsp;6036644 |
| **ASSET BACKED SECURITIES — 1.2%** | **ASSET BACKED SECURITIES — 1.2%** | **ASSET BACKED SECURITIES — 1.2%** |
| **Auto Loan Receivables — 0.1%** | **Auto Loan Receivables — 0.1%** | **Auto Loan Receivables — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class B<br> 5.43%, 08/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15110 |
| &nbsp;&nbsp;&nbsp;Citizens Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A4<br> 5.03%, 10/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15162 |
| &nbsp;&nbsp;&nbsp;Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class B<br> 5.05%, 01/18/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-3, Class B<br> 5.64%, 07/16/2029\* | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19188 |
| &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; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74866 |
| **Other Asset Backed Securities — 1.1%** | **Other Asset Backed Securities — 1.1%** | **Other Asset Backed Securities — 1.1%** |
| &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; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A2<br> 6.35%, 10/15/2047\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60277 |
| &nbsp;&nbsp;&nbsp;DLLAA LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A3<br> 5.64%, 02/22/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15218 |
| &nbsp;&nbsp;&nbsp;Neuberger Berman Loan Advisers NBLA CLO 52, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-52A, Class AR<br> 5.65%, (TSFR3M+1.35%), 10/24/2038\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250125 |
| &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; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30186 |
| &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; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40461 |
| &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; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24497 |

---

---

| | | |
|:---|:---|:---|
| **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;VB-S1 Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class C2<br> 5.59%, 05/15/2054\* | $30000 | &nbsp;&nbsp;$30184 |
| &nbsp;&nbsp;&nbsp;Venture 42 CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-42A, Class A1A<br> 5.69%, (TSFR3M+1.39%), 04/15/2034\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591343 |
| **Total Asset Backed Securities<br> (cost $662,525)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666209 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.2%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 3.2%** |
| **Commercial and Residential — 1.9%** | **Commercial and Residential — 1.9%** | **Commercial and Residential — 1.9%** |
| &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; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 107800 |
| &nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN17, Class A4<br> 3.71%, 04/15/2052 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 87515 |
| &nbsp;&nbsp;&nbsp;Benchmark Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B15, Class A5<br> 2.93%, 12/15/2072 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 59244 |
| &nbsp;&nbsp;&nbsp;BPR Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PMDW, Class B<br> 5.85%, 11/05/2041\*(2) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10123 |
| &nbsp;&nbsp;&nbsp;BX Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PAT, Class B<br> 7.36%, (TSFR1M+3.04%), 03/15/2041\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9987 |
| &nbsp;&nbsp;&nbsp;Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-CR25, Class A4<br> 3.76%, 08/10/2048 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74620 |
| &nbsp;&nbsp;&nbsp;Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CBM, Class B<br> 6.51%, 12/10/2041\*(2) | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17415 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02, Class 1M2<br> 6.14%, (SOFR30A+1.80%), 02/25/2044\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B1<br> 7.44%, (SOFR30A+3.10%), 10/25/2041\* | &nbsp;&nbsp; 51800 | &nbsp;&nbsp;&nbsp;&nbsp; 52658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1B1<br> 7.49%, (SOFR30A+3.15%), 12/25/2041\* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55225 |
| &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; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 111959 |
| &nbsp;&nbsp;&nbsp;DC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HLTN, Class A<br> 5.73%, 04/13/2040\*(2) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10132 |
| &nbsp;&nbsp;&nbsp;GS Mtg. Securities Corp. II VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70P, Class B<br> 5.32%, 03/10/2041\*(2) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100645 |
| &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 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 77324 |
| &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\*(1) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17335 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C26, Class A5<br> 3.53%, 10/15/2048 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14888 |
| &nbsp;&nbsp;&nbsp;NJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-WBRK, Class A<br> 5.87%, 03/05/2035\* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 82094 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;NJ VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-WBRK, Class B<br> 6.28%, 03/05/2035\*(2) | $80000 | &nbsp;&nbsp;$81569 |
| &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; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 81175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1061722 |
| **U.S. Government Agency — 1.3%** | **U.S. Government Agency — 1.3%** | **U.S. Government Agency — 1.3%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3964, Class MD<br> 2.00%, 01/15/2041 | &nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5170, Class DP<br> 2.00%, 07/25/2050 | &nbsp;&nbsp; 39308 | &nbsp;&nbsp;&nbsp;&nbsp; 34249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4961, Class JB<br> 2.50%, 12/15/2042 | &nbsp;&nbsp; 19169 | &nbsp;&nbsp;&nbsp;&nbsp; 17450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3883, Class PB<br> 3.00%, 05/15/2041 | &nbsp;&nbsp; 5643 | &nbsp;&nbsp;&nbsp;&nbsp; 5388 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1B<br> 7.24%, (SOFR30A+2.90%), 04/25/2042\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA3, Class B1<br> 7.69%, (SOFR30A+3.35%), 09/25/2041\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M1B<br> 7.69%, (SOFR30A+3.35%), 05/25/2042\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA2, Class M1B<br> 7.69%, (SOFR30A+3.35%), 06/25/2043\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class B1<br> 7.74%, (SOFR30A+3.40%), 10/25/2041\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA1, Class M1B<br> 7.84%, (SOFR30A+3.50%), 05/25/2043\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1B<br> 7.89%, (SOFR30A+3.55%), 08/25/2042\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class B1<br> 7.99%, (SOFR30A+3.65%), 11/25/2041\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA6, Class M1B<br> 8.04%, (SOFR30A+3.70%), 09/25/2042\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA2, Class M1B<br> 8.34%, (SOFR30A+4.00%), 07/25/2042\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1B<br> 8.84%, (SOFR30A+4.50%), 06/25/2042\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37166 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 415, Class A3 STRIPS<br> 3.00%, 11/25/2042 | &nbsp;&nbsp; 10829 | &nbsp;&nbsp;&nbsp;&nbsp; 9948 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-77, Class BP<br> 1.70%, 06/25/2043 | &nbsp;&nbsp; 1048 | &nbsp;&nbsp;&nbsp;&nbsp; 1041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-21, Class PQ<br> 2.00%, 09/25/2041 | &nbsp;&nbsp; 3181 | &nbsp;&nbsp;&nbsp;&nbsp; 2994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-18, Class GA<br> 2.00%, 12/25/2041 | &nbsp;&nbsp; 5997 | &nbsp;&nbsp;&nbsp;&nbsp; 5591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-11, Class GA<br> 2.50%, 03/25/2046 | &nbsp;&nbsp; 8747 | &nbsp;&nbsp;&nbsp;&nbsp; 8089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-54, Class KC<br> 2.50%, 09/25/2049 | &nbsp;&nbsp; 31838 | &nbsp;&nbsp;&nbsp;&nbsp; 29445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-48, Class QB<br> 3.00%, 02/25/2043 | &nbsp;&nbsp; 5375 | &nbsp;&nbsp;&nbsp;&nbsp; 5255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-38, Class NA<br> 3.00%, 01/25/2046 | &nbsp;&nbsp; 5203 | &nbsp;&nbsp;&nbsp;&nbsp; 4819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-16, Class PB<br> 3.00%, 03/25/2047 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 26341 |

---

---

| | | |
|:---|:---|:---|
| **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 2017-34, Class JK<br> 3.00%, 05/25/2047 | $2876 | &nbsp;&nbsp;$2806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-45, Class PT<br> 3.00%, 08/25/2049 | &nbsp;&nbsp; 13639 | &nbsp;&nbsp;&nbsp;&nbsp; 12324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-52, Class PA<br> 3.50%, 05/25/2042 | &nbsp;&nbsp; 5147 | &nbsp;&nbsp;&nbsp;&nbsp; 4939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-26, Class CG<br> 3.50%, 07/25/2044 | &nbsp;&nbsp; 3495 | &nbsp;&nbsp;&nbsp;&nbsp; 3460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-23, Class LA<br> 3.50%, 04/25/2048 | &nbsp;&nbsp; 13381 | &nbsp;&nbsp;&nbsp;&nbsp; 12632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-14, Class CA<br> 3.50%, 04/25/2049 | &nbsp;&nbsp; 13571 | &nbsp;&nbsp;&nbsp;&nbsp; 13001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-35, Class AH<br> 3.50%, 04/25/2053 | &nbsp;&nbsp; 3899 | &nbsp;&nbsp;&nbsp;&nbsp; 3866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-84, Class KA<br> 3.50%, 04/25/2053 | &nbsp;&nbsp; 5510 | &nbsp;&nbsp;&nbsp;&nbsp; 5441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-70, Class HA<br> 3.50%, 10/25/2056 | &nbsp;&nbsp; 9063 | &nbsp;&nbsp;&nbsp;&nbsp; 8851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-12, Class HA<br> 3.50%, 11/25/2057 | &nbsp;&nbsp; 14160 | &nbsp;&nbsp;&nbsp;&nbsp; 13584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-49, Class JA<br> 4.00%, 07/25/2053 | &nbsp;&nbsp; 4703 | &nbsp;&nbsp;&nbsp;&nbsp; 4671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-90, Class AY<br> 4.50%, 12/25/2041 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 67298 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-37, Class LG<br> 2.00%, 01/20/2042 | &nbsp;&nbsp; 4469 | &nbsp;&nbsp;&nbsp;&nbsp; 4339 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-74, Class HB<br> 7.50%, 09/16/2035 | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-74, Class HC<br> 7.50%, 09/16/2035 | &nbsp;&nbsp; 823 | &nbsp;&nbsp;&nbsp;&nbsp; 835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688541 |
| **Total Collateralized Mortgage Obligations<br> (cost $1,810,413)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1750263 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 23.6%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 23.6%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 23.6%** |
| **U.S. Government — 17.2%** | **U.S. Government — 17.2%** | **U.S. Government — 17.2%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/15/2050 | &nbsp;&nbsp; 591000 | &nbsp;&nbsp;&nbsp;&nbsp; 293445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/15/2050 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 96818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2052 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 100938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 08/15/2045 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 283382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 253181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/15/2044 | &nbsp;&nbsp; 317000 | &nbsp;&nbsp;&nbsp;&nbsp; 255680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2044(3)(4) | &nbsp;&nbsp; 737000 | &nbsp;&nbsp;&nbsp;&nbsp; 619973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2043 to 05/15/2053 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 397943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2044 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 196744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/15/2054 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 217098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2054 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 187209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2045 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 310576 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(5) | &nbsp;&nbsp; 154420 | &nbsp;&nbsp;&nbsp;&nbsp; 94214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(5) | &nbsp;&nbsp; 6907 | &nbsp;&nbsp;&nbsp;&nbsp; 5310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 to 02/15/2045(5) | &nbsp;&nbsp; 428622 | &nbsp;&nbsp;&nbsp;&nbsp; 336725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046(5) | &nbsp;&nbsp; 46915 | &nbsp;&nbsp;&nbsp;&nbsp; 36992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(5) | &nbsp;&nbsp; 143090 | &nbsp;&nbsp;&nbsp;&nbsp; 124533 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 08/31/2027 | &nbsp;&nbsp;1311000 | &nbsp;&nbsp;&nbsp;&nbsp; 1287750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 06/30/2030 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 459841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/30/2029 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 508446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 118369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 195579 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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 (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2033 | $115000 | &nbsp;&nbsp;$117749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 02/15/2035 | &nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp; 2737781 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(5) | &nbsp;&nbsp; 160151 | &nbsp;&nbsp;&nbsp;&nbsp; 159874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9396150 |
| **U.S. Government Agency — 6.4%** | **U.S. Government Agency — 6.4%** | **U.S. Government Agency — 6.4%** |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, April 30 TBA | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 243547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, April 30 TBA | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 137239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, March 30 TBA | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 122943 |
| &nbsp;&nbsp;&nbsp;Uniform Mtg. Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, April 15 TBA | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, April 15 TBA | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 158134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, April 30 TBA | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 139757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, April 30 TBA | &nbsp;&nbsp;1185000 | &nbsp;&nbsp;&nbsp;&nbsp; 1183425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, April 30 TBA | &nbsp;&nbsp;1448000 | &nbsp;&nbsp;&nbsp;&nbsp; 1470649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3477626 |
| **Total U.S. Government & Agency Obligations<br> (cost $13,717,344)** |  | &nbsp;&nbsp;&nbsp;&nbsp;12873776 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 0.3%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.3%** | **FOREIGN GOVERNMENT OBLIGATIONS — 0.3%** |
| **Sovereign — 0.3%** | **Sovereign — 0.3%** | **Sovereign — 0.3%** |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/24/2035\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/30/2029\* | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/10/2037\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6101 |
| &nbsp;&nbsp;&nbsp;Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 01/26/2036 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18166 |
| &nbsp;&nbsp;&nbsp;Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/08/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/08/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9671 |
| &nbsp;&nbsp;&nbsp;Republic of Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 01/23/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14734 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/08/2044 | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 71208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 01/11/2040 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5643 |
| **Total Foreign Government Obligations<br> (cost $164,198)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159590 |
| **MUNICIPAL SECURITIES — 0.1%** | **MUNICIPAL SECURITIES — 0.1%** | **MUNICIPAL SECURITIES — 0.1%** |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2045 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30094 |
| &nbsp;&nbsp;&nbsp;Municipal Electric Authority of Georgia<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64%, 04/01/2057 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10947 |
| **Total Municipal Securities<br> (cost $40,197)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41041 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lehman Brothers Holdings, Inc.<br> Escrow Notes<br> 5.50%, 04/04/2016†<br> (cost $0) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| **PURCHASED OPTIONS† — 0.1%** | **PURCHASED OPTIONS† — 0.1%** | **PURCHASED OPTIONS† — 0.1%** |
| **Purchased Options - Calls — 0.1%** | **Purchased Options - Calls — 0.1%** | **Purchased Options - Calls — 0.1%** |
| &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.) | &nbsp;&nbsp;5841245 | &nbsp;&nbsp;&nbsp;&nbsp; 17646 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Purchased Options - Calls (continued)** | **Purchased Options - Calls (continued)** |  |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 07/31/2025; Strike Price: USD 7.77; Counterparty: JPMorgan Chase Bank, N.A.) | &nbsp;&nbsp;2695226 | &nbsp;&nbsp;$1291 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 09/01/2025; Strike Price: USD 7.66; Counterparty: JPMorgan Chase Bank, N.A.) | &nbsp;&nbsp;2985012 | &nbsp;&nbsp;&nbsp;&nbsp; 4164 |
| &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) | &nbsp;&nbsp;5775080 | &nbsp;&nbsp;&nbsp;&nbsp; 8651 |
| &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) | &nbsp;&nbsp;6317192 | &nbsp;&nbsp;&nbsp;&nbsp; 6450 |
| **Total Purchased Options<br> (cost $103,310)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38202 |
| **Total Long-Term Investment Securities<br> (cost $48,947,055)** |  | &nbsp;&nbsp;&nbsp;&nbsp;52546371 |
| **REPURCHASE AGREEMENTS — 6.7%** | **REPURCHASE AGREEMENTS — 6.7%** |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(6) | $800000 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(6) | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 655000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(6) | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 655000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(6) | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 785000 |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(6) | &nbsp;&nbsp; 785000 | &nbsp;&nbsp;&nbsp;&nbsp; 785000 |
| **Total Repurchase Agreements<br> (cost $3,680,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;3680000 |
| **TOTAL INVESTMENTS<br> (cost $52,627,055)(7)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.8% | &nbsp;&nbsp;&nbsp;&nbsp;56226371 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.8) | &nbsp;&nbsp;&nbsp;&nbsp;(1547221) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$54679150 |

---

---

| | |
|:---|:---|
| † | &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 Moderate Growth Portfolio has no right to demand registration of these securities. At March 31, 2025, the aggregate value of these securities was $4,599,214 representing 8.4% of net assets. |
| (1) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (2) | &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. |
| (3) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open swap contracts. |
| (4) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| (5) | &nbsp;&nbsp;Principal amount of security is adjusted for inflation. |
| (6) | &nbsp;&nbsp;See Note 2 for details of Joint Repurchase Agreements. |
| (7) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

---

| |
|:---|
| CLO—Collateralized Loan Obligation |
| FRS—Floating Rate Security |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| STRIPS—Separate Trading of Registered Interest and Principal |
| 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 |

---

CNY—Chinese Yuan

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The rates shown on FRS and/or VRS are the current interest rates at March 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 120000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.970% | 12-Month SOFR | Annual | Annual | Mar 2053 | $68 | $17455 | $17523 |
| Centrally Cleared | 210000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.590 | 12-Month SOFR | Annual | Annual | Sep 2053 | &nbsp;&nbsp;&nbsp; 892 | &nbsp;&nbsp;&nbsp; 7410 | &nbsp;&nbsp;&nbsp; 8302 |
| Centrally Cleared | 460000 | &nbsp;&nbsp;&nbsp;USD | Fixed 4.160 | 12-Month SOFR | Annual | Annual | Mar 2045 | &nbsp;&nbsp;&nbsp;(893) | &nbsp;&nbsp;&nbsp;(15569) | &nbsp;&nbsp;&nbsp;(16462) |
|  |  |  |  |  |  |  |  | $67 | $9296 | $9363 |

---

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** |
| 13 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Australian 10 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$910272 | &nbsp;&nbsp;&nbsp;&nbsp;$915140 | &nbsp;&nbsp;&nbsp;&nbsp;$4868 |
| 6 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3828 |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$9530 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$103062 | &nbsp;&nbsp;&nbsp;&nbsp;$101355 | &nbsp;&nbsp;&nbsp;&nbsp;$(1707) |
| 8 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Canada 10 Year Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5337) |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BUND | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3863) |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-OAT | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (381) |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4894) |
| 6 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7359) |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (219) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(23760) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(14230) |

---

\* 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;246000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;269414 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;$3387 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;266267 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;246000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (240) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(240) |
| Goldman Sachs International | &nbsp;&nbsp;BRL | &nbsp;&nbsp;490000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;82401 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(3427) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;84445 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;490000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1383 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2169 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp;(3433) |
| HSBC Bank PLC | &nbsp;&nbsp;EUR | &nbsp;&nbsp;173000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;187249 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;188054 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;173000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (970) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(970) |
| State Street Bank & Trust Co. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;76846 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;77112 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;04/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (331) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$5002 | &nbsp;&nbsp;$(4974) |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA Multi-Managed Moderate Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

BRL—Brazilian Real <br> EUR—Euro Currency <br> USD—United States Dollar

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;Apparel | &nbsp;&nbsp;$25332 | &nbsp;&nbsp;$658660 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$683992 |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;1992457 | &nbsp;&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;1992457 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1594094 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;26710093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26710093 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6036644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6036644 |
| 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;666209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666209 |
| Collateralized Mortgage Obligations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Commercial and Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1044387 | &nbsp;&nbsp;&nbsp;&nbsp;17335 | &nbsp;&nbsp;&nbsp;&nbsp;1061722 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688541 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12873776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12873776 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159590 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41041 |
| 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;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38202 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3680000 |
| **Total Investments at Value** | &nbsp;&nbsp;$29365134 | &nbsp;&nbsp;$26843902 | &nbsp;&nbsp;$17335 | &nbsp;&nbsp;$56226371 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$24865 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$24865 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9530 |
| 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;5002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5002 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$9530 | &nbsp;&nbsp;$29867 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$39397 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15569 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$15569 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23760 |
| 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;4974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$23760 | &nbsp;&nbsp;$20543 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$44303 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** |
| **Advertising — 0.4%** | **Advertising — 0.4%** | **Advertising — 0.4%** |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;69845 | &nbsp;&nbsp;$422562 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4228 | &nbsp;&nbsp;&nbsp;&nbsp; 62617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485179 |
| **Aerospace/Defense — 1.7%** | **Aerospace/Defense — 1.7%** | **Aerospace/Defense — 1.7%** |
| &nbsp;&nbsp;&nbsp;AAR Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;&nbsp;&nbsp; 63773 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp; 107748 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972 | &nbsp;&nbsp;&nbsp;&nbsp; 35351 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13848 | &nbsp;&nbsp;&nbsp;&nbsp; 758316 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934 | &nbsp;&nbsp;&nbsp;&nbsp; 146490 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp; 70581 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4136 | &nbsp;&nbsp;&nbsp;&nbsp; 716976 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 14505 |
| &nbsp;&nbsp;&nbsp;Rocket Lab USA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337 | &nbsp;&nbsp;&nbsp;&nbsp; 59666 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 | &nbsp;&nbsp;&nbsp;&nbsp; 50829 |
| &nbsp;&nbsp;&nbsp;Triumph Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499 | &nbsp;&nbsp;&nbsp;&nbsp; 63325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087560 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274 | &nbsp;&nbsp;&nbsp;&nbsp; 97623 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13561 | &nbsp;&nbsp;&nbsp;&nbsp; 423645 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;11784 | &nbsp;&nbsp;&nbsp;&nbsp; 170279 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354 | &nbsp;&nbsp;&nbsp;&nbsp; 72574 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp; 44672 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp; 57375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866168 |
| **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;469 | &nbsp;&nbsp;&nbsp;&nbsp; 24224 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp;&nbsp;&nbsp; 47236 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 141539 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028 | &nbsp;&nbsp;&nbsp;&nbsp; 37305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250304 |
| **Apparel — 0.9%** | **Apparel — 0.9%** | **Apparel — 0.9%** |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1163 | &nbsp;&nbsp;&nbsp;&nbsp; 47567 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp; 26338 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11398 | &nbsp;&nbsp;&nbsp;&nbsp; 65767 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 | &nbsp;&nbsp;&nbsp;&nbsp; 102736 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720 | &nbsp;&nbsp;&nbsp;&nbsp; 335592 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5788 | &nbsp;&nbsp;&nbsp;&nbsp; 374136 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp; 62071 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8206 | &nbsp;&nbsp;&nbsp;&nbsp; 114146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128353 |
| **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436 | &nbsp;&nbsp;&nbsp;&nbsp; 46483 |
| **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** | **Auto Parts & Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7918 | &nbsp;&nbsp;&nbsp;&nbsp; 101826 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3796 | &nbsp;&nbsp;&nbsp;&nbsp; 15450 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17849 | &nbsp;&nbsp;&nbsp;&nbsp; 120035 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7059 | &nbsp;&nbsp;&nbsp;&nbsp; 202240 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9602 | &nbsp;&nbsp;&nbsp;&nbsp; 127995 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 | &nbsp;&nbsp;&nbsp;&nbsp; 184667 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp; 31416 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 26740 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6693 | &nbsp;&nbsp;&nbsp;&nbsp; 61843 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3408 | &nbsp;&nbsp;&nbsp;&nbsp; 144601 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp;&nbsp;&nbsp; 16603 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6865 | &nbsp;&nbsp;&nbsp;&nbsp; 57597 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp; 21506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112519 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks — 8.6%** | **Banks — 8.6%** | **Banks — 8.6%** |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;$22655 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 8153 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4916 | &nbsp;&nbsp;&nbsp;&nbsp; 283014 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp; 19443 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4757 | &nbsp;&nbsp;&nbsp;&nbsp; 148133 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp; 70646 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759 | &nbsp;&nbsp;&nbsp;&nbsp; 145786 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 | &nbsp;&nbsp;&nbsp;&nbsp; 88489 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5672 | &nbsp;&nbsp;&nbsp;&nbsp; 220754 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512 | &nbsp;&nbsp;&nbsp;&nbsp; 120953 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp; 107197 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp; 4380 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 51792 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp; 52189 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;&nbsp; 29722 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp; 9278 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298 | &nbsp;&nbsp;&nbsp;&nbsp; 98883 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1556 | &nbsp;&nbsp;&nbsp;&nbsp; 42074 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 55798 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp; 29682 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 | &nbsp;&nbsp;&nbsp;&nbsp; 123045 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552 | &nbsp;&nbsp;&nbsp;&nbsp; 110659 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3729 | &nbsp;&nbsp;&nbsp;&nbsp; 187196 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239 | &nbsp;&nbsp;&nbsp;&nbsp; 78252 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828 | &nbsp;&nbsp;&nbsp;&nbsp; 50965 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp; 20475 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9323 | &nbsp;&nbsp;&nbsp;&nbsp; 152897 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674 | &nbsp;&nbsp;&nbsp;&nbsp; 143701 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137 | &nbsp;&nbsp;&nbsp;&nbsp; 84198 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 76494 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp; 65196 |
| &nbsp;&nbsp;&nbsp;First Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 53587 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;32213 | &nbsp;&nbsp;&nbsp;&nbsp; 617523 |
| &nbsp;&nbsp;&nbsp;First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp; 64307 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 50894 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083 | &nbsp;&nbsp;&nbsp;&nbsp; 77013 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 41143 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4081 | &nbsp;&nbsp;&nbsp;&nbsp; 99740 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 12004 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15809 | &nbsp;&nbsp;&nbsp;&nbsp; 639316 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp; 43171 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5878 | &nbsp;&nbsp;&nbsp;&nbsp; 106333 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284 | &nbsp;&nbsp;&nbsp;&nbsp; 67346 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4299 | &nbsp;&nbsp;&nbsp;&nbsp; 97415 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 4392 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9227 | &nbsp;&nbsp;&nbsp;&nbsp; 87841 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097 | &nbsp;&nbsp;&nbsp;&nbsp; 26690 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413 | &nbsp;&nbsp;&nbsp;&nbsp; 103926 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp; 17754 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6786 | &nbsp;&nbsp;&nbsp;&nbsp; 71049 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2004 | &nbsp;&nbsp;&nbsp;&nbsp; 125551 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;&nbsp; 48919 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp; 7298 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2101 | &nbsp;&nbsp;&nbsp;&nbsp; 77737 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 50111 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 4431 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269 | &nbsp;&nbsp;&nbsp;&nbsp; 7965 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228 | &nbsp;&nbsp;&nbsp;&nbsp; 46996 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | &nbsp;&nbsp;&nbsp;&nbsp; 65337 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3814 | &nbsp;&nbsp;&nbsp;&nbsp; 152636 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8575 | &nbsp;&nbsp;&nbsp;&nbsp; 181704 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5125 | &nbsp;&nbsp;&nbsp;&nbsp; 85280 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp;$35988 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 71007 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748 | &nbsp;&nbsp;&nbsp;&nbsp; 273417 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp; 16074 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp; 16436 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;&nbsp; 86672 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6857 | &nbsp;&nbsp;&nbsp;&nbsp; 489041 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2976 | &nbsp;&nbsp;&nbsp;&nbsp; 100976 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1235 | &nbsp;&nbsp;&nbsp;&nbsp; 45757 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;25095 | &nbsp;&nbsp;&nbsp;&nbsp; 645694 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp;&nbsp;&nbsp; 133895 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056 | &nbsp;&nbsp;&nbsp;&nbsp; 83270 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 9075 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp; 67002 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp; 54532 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5810 | &nbsp;&nbsp;&nbsp;&nbsp; 539284 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp; 42458 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;&nbsp;&nbsp; 55427 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 25507 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1702 | &nbsp;&nbsp;&nbsp;&nbsp; 58191 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;11029 | &nbsp;&nbsp;&nbsp;&nbsp; 440829 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp; 40980 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp; 18715 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2325 | &nbsp;&nbsp;&nbsp;&nbsp; 80189 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp; 95337 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp; 26072 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19597 | &nbsp;&nbsp;&nbsp;&nbsp; 551264 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 24908 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp; 12875 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18236 | &nbsp;&nbsp;&nbsp;&nbsp; 455353 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 | &nbsp;&nbsp;&nbsp;&nbsp; 88433 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 37214 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp; 43643 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp; 77822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10684595 |
| **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;454 | &nbsp;&nbsp;&nbsp;&nbsp; 13338 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 31363 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp; 17887 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952 | &nbsp;&nbsp;&nbsp;&nbsp; 59829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122417 |
| **Biotechnology — 3.7%** | **Biotechnology — 3.7%** | **Biotechnology — 3.7%** |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7927 | &nbsp;&nbsp;&nbsp;&nbsp; 131667 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7631 | &nbsp;&nbsp;&nbsp;&nbsp; 151399 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3827 | &nbsp;&nbsp;&nbsp;&nbsp; 154917 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;30675 | &nbsp;&nbsp;&nbsp;&nbsp; 44785 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12112 | &nbsp;&nbsp;&nbsp;&nbsp; 98834 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 64674 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25268 | &nbsp;&nbsp;&nbsp;&nbsp; 48767 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 | &nbsp;&nbsp;&nbsp;&nbsp; 17050 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8856 | &nbsp;&nbsp;&nbsp;&nbsp; 138508 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5344 | &nbsp;&nbsp;&nbsp;&nbsp; 68083 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306 | &nbsp;&nbsp;&nbsp;&nbsp; 15865 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4214 | &nbsp;&nbsp;&nbsp;&nbsp; 82299 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817 | &nbsp;&nbsp;&nbsp;&nbsp; 43681 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;&nbsp;&nbsp; 60010 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp; 24579 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495 | &nbsp;&nbsp;&nbsp;&nbsp; 46064 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp; 21145 |
| &nbsp;&nbsp;&nbsp;Certara, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534 | &nbsp;&nbsp;&nbsp;&nbsp; 34987 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296 | &nbsp;&nbsp;$110548 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368 | &nbsp;&nbsp;&nbsp;&nbsp; 13506 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7238 | &nbsp;&nbsp;&nbsp;&nbsp; 93877 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;47377 | &nbsp;&nbsp;&nbsp;&nbsp; 569945 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;55235 | &nbsp;&nbsp;&nbsp;&nbsp; 43641 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966 | &nbsp;&nbsp;&nbsp;&nbsp; 253070 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10810 | &nbsp;&nbsp;&nbsp;&nbsp; 72751 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778 | &nbsp;&nbsp;&nbsp;&nbsp; 32235 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203 | &nbsp;&nbsp;&nbsp;&nbsp; 168067 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1291 | &nbsp;&nbsp;&nbsp;&nbsp; 9179 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9910 | &nbsp;&nbsp;&nbsp;&nbsp; 59163 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919 | &nbsp;&nbsp;&nbsp;&nbsp; 51813 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp; 147305 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5291 | &nbsp;&nbsp;&nbsp;&nbsp; 34921 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 64135 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939 | &nbsp;&nbsp;&nbsp;&nbsp; 26069 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;48850 | &nbsp;&nbsp;&nbsp;&nbsp; 463586 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21453 | &nbsp;&nbsp;&nbsp;&nbsp; 39474 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp; 8956 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. (Earnout Shares 12.50)†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc. (Earnout Shares 15.00)†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;Ovid Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21422 | &nbsp;&nbsp;&nbsp;&nbsp; 6682 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 | &nbsp;&nbsp;&nbsp;&nbsp; 16867 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 63190 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7974 | &nbsp;&nbsp;&nbsp;&nbsp; 42182 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10880 | &nbsp;&nbsp;&nbsp;&nbsp; 28506 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3256 | &nbsp;&nbsp;&nbsp;&nbsp; 31746 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4437 | &nbsp;&nbsp;&nbsp;&nbsp; 156892 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7066 | &nbsp;&nbsp;&nbsp;&nbsp; 136303 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817 | &nbsp;&nbsp;&nbsp;&nbsp; 46892 |
| &nbsp;&nbsp;&nbsp;Taysha Gene Therapies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16418 | &nbsp;&nbsp;&nbsp;&nbsp; 22821 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4309 | &nbsp;&nbsp;&nbsp;&nbsp; 169904 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4609 | &nbsp;&nbsp;&nbsp;&nbsp; 82593 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331 | &nbsp;&nbsp;&nbsp;&nbsp; 12378 |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12680 | &nbsp;&nbsp;&nbsp;&nbsp; 14582 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp; 71080 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4204 | &nbsp;&nbsp;&nbsp;&nbsp; 101527 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2979 | &nbsp;&nbsp;&nbsp;&nbsp; 19304 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 23431 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3304 | &nbsp;&nbsp;&nbsp;&nbsp; 35155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591590 |
| **Building Materials — 2.3%** | **Building Materials — 2.3%** | **Building Materials — 2.3%** |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp; 28591 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311 | &nbsp;&nbsp;&nbsp;&nbsp; 60739 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1407 | &nbsp;&nbsp;&nbsp;&nbsp; 198218 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157 | &nbsp;&nbsp;&nbsp;&nbsp; 211580 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp; 87110 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4576 | &nbsp;&nbsp;&nbsp;&nbsp; 327184 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;45151 | &nbsp;&nbsp;&nbsp;&nbsp; 628502 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp; 29769 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103 | &nbsp;&nbsp;&nbsp;&nbsp; 53585 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp; 183509 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4056 | &nbsp;&nbsp;&nbsp;&nbsp; 637117 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp; 192655 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp; 213331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2851890 |
| **Chemicals — 2.8%** | **Chemicals — 2.8%** | **Chemicals — 2.8%** |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp; 19547 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943 | &nbsp;&nbsp;&nbsp;&nbsp; 72202 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7015 | &nbsp;&nbsp;&nbsp;&nbsp; 1164490 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 | &nbsp;&nbsp;&nbsp;&nbsp; 115897 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529 | &nbsp;&nbsp;$200341 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4823 | &nbsp;&nbsp;&nbsp;&nbsp; 65255 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp; 5220 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29042 | &nbsp;&nbsp;&nbsp;&nbsp; 656640 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030 | &nbsp;&nbsp;&nbsp;&nbsp; 170026 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105 | &nbsp;&nbsp;&nbsp;&nbsp; 174253 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp; 116618 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 | &nbsp;&nbsp;&nbsp;&nbsp; 46439 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp; 158896 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp; 18312 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp; 65413 |
| &nbsp;&nbsp;&nbsp;Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 | &nbsp;&nbsp;&nbsp;&nbsp; 58056 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7445 | &nbsp;&nbsp;&nbsp;&nbsp; 74971 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 54636 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp; 37006 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 | &nbsp;&nbsp;&nbsp;&nbsp; 101746 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp; 37592 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2179 | &nbsp;&nbsp;&nbsp;&nbsp; 15340 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428896 |
| **Coal — 0.4%** | **Coal — 0.4%** | **Coal — 0.4%** |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp; 64128 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397 | &nbsp;&nbsp;&nbsp;&nbsp; 184809 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7050 | &nbsp;&nbsp;&nbsp;&nbsp; 95527 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3890 | &nbsp;&nbsp;&nbsp;&nbsp; 35788 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964 | &nbsp;&nbsp;&nbsp;&nbsp; 141442 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521694 |
| **Commercial Services — 5.1%** | **Commercial Services — 5.1%** | **Commercial Services — 5.1%** |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7966 | &nbsp;&nbsp;&nbsp;&nbsp; 377270 |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;12733 | &nbsp;&nbsp;&nbsp;&nbsp; 40746 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp; 178636 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp; 88817 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp; 30061 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6135 | &nbsp;&nbsp;&nbsp;&nbsp; 219388 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16871 | &nbsp;&nbsp;&nbsp;&nbsp; 166517 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410 | &nbsp;&nbsp;&nbsp;&nbsp; 99172 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp; 83403 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp; 100590 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546 | &nbsp;&nbsp;&nbsp;&nbsp; 71948 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13352 | &nbsp;&nbsp;&nbsp;&nbsp; 88924 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429 | &nbsp;&nbsp;&nbsp;&nbsp; 22592 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4758 | &nbsp;&nbsp;&nbsp;&nbsp; 174952 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6221 | &nbsp;&nbsp;&nbsp;&nbsp; 181715 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017 | &nbsp;&nbsp;&nbsp;&nbsp; 58937 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2372 | &nbsp;&nbsp;&nbsp;&nbsp; 23910 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp; 50711 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1026 | &nbsp;&nbsp;&nbsp;&nbsp; 137761 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp; 15602 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp; 86464 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128 | &nbsp;&nbsp;&nbsp;&nbsp; 139384 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;&nbsp;&nbsp; 80473 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7468 | &nbsp;&nbsp;&nbsp;&nbsp; 86554 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225 | &nbsp;&nbsp;&nbsp;&nbsp; 218752 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7846 | &nbsp;&nbsp;&nbsp;&nbsp; 160451 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834 | &nbsp;&nbsp;&nbsp;&nbsp; 41621 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;34265 | &nbsp;&nbsp;&nbsp;&nbsp; 895687 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;64164 | &nbsp;&nbsp;&nbsp;&nbsp; 264356 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 22240 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8706 | &nbsp;&nbsp;&nbsp;&nbsp; 68690 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;&nbsp; 13992 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288 | &nbsp;&nbsp;&nbsp;&nbsp; 60585 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994 | &nbsp;&nbsp;$50209 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341 | &nbsp;&nbsp;&nbsp;&nbsp; 35671 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417 | &nbsp;&nbsp;&nbsp;&nbsp; 188036 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp; 176851 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 65909 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381 | &nbsp;&nbsp;&nbsp;&nbsp; 174696 |
| &nbsp;&nbsp;&nbsp;UL Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8657 | &nbsp;&nbsp;&nbsp;&nbsp; 488255 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp; 39510 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;25732 | &nbsp;&nbsp;&nbsp;&nbsp; 579227 |
| &nbsp;&nbsp;&nbsp;Vestis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 36630 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5964 | &nbsp;&nbsp;&nbsp;&nbsp; 165799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6351694 |
| **Computers — 3.4%** | **Computers — 3.4%** | **Computers — 3.4%** |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4633 | &nbsp;&nbsp;&nbsp;&nbsp; 84321 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10120 | &nbsp;&nbsp;&nbsp;&nbsp; 637762 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15601 | &nbsp;&nbsp;&nbsp;&nbsp; 42123 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453 | &nbsp;&nbsp;&nbsp;&nbsp; 12874 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5844 | &nbsp;&nbsp;&nbsp;&nbsp; 99640 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573 | &nbsp;&nbsp;&nbsp;&nbsp; 74261 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991 | &nbsp;&nbsp;&nbsp;&nbsp; 31159 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp; 181488 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 82187 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8465 | &nbsp;&nbsp;&nbsp;&nbsp; 527708 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2340 | &nbsp;&nbsp;&nbsp;&nbsp; 61729 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4712 | &nbsp;&nbsp;&nbsp;&nbsp; 45942 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 | &nbsp;&nbsp;&nbsp;&nbsp; 48659 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 105781 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3720 | &nbsp;&nbsp;&nbsp;&nbsp; 177109 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3698 | &nbsp;&nbsp;&nbsp;&nbsp; 415175 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2949 | &nbsp;&nbsp;&nbsp;&nbsp; 103156 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379 | &nbsp;&nbsp;&nbsp;&nbsp; 29280 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11208 | &nbsp;&nbsp;&nbsp;&nbsp; 549752 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;14643 | &nbsp;&nbsp;&nbsp;&nbsp; 900398 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210504 |
| **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** | **Cosmetics/Personal Care — 0.3%** |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2795 | &nbsp;&nbsp;&nbsp;&nbsp; 87232 |
| &nbsp;&nbsp;&nbsp;Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 65931 |
| &nbsp;&nbsp;&nbsp;Oddity Tech, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp; 43649 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 | &nbsp;&nbsp;&nbsp;&nbsp; 137466 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334278 |
| **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** | **Distribution/Wholesale — 0.6%** |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639 | &nbsp;&nbsp;&nbsp;&nbsp; 72177 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;&nbsp;&nbsp; 2881 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5189 | &nbsp;&nbsp;&nbsp;&nbsp; 59570 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3449 | &nbsp;&nbsp;&nbsp;&nbsp; 66497 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7018 | &nbsp;&nbsp;&nbsp;&nbsp; 124218 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5356 | &nbsp;&nbsp;&nbsp;&nbsp; 286064 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343 | &nbsp;&nbsp;&nbsp;&nbsp; 79685 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 91472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782564 |
| **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** | **Diversified Financial Services — 4.1%** |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090 | &nbsp;&nbsp;&nbsp;&nbsp; 79907 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp; 161549 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 | &nbsp;&nbsp;&nbsp;&nbsp; 88444 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;22467 | &nbsp;&nbsp;&nbsp;&nbsp; 206022 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 120192 |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7762 | &nbsp;&nbsp;&nbsp;&nbsp; 102536 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp; 107054 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5385 | &nbsp;&nbsp;&nbsp;&nbsp; 187129 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7170 | &nbsp;&nbsp;&nbsp;&nbsp; 245788 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547 | &nbsp;&nbsp;$245938 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678 | &nbsp;&nbsp;&nbsp;&nbsp; 24700 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp; 131682 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960 | &nbsp;&nbsp;&nbsp;&nbsp; 639540 |
| &nbsp;&nbsp;&nbsp;Moelis & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 | &nbsp;&nbsp;&nbsp;&nbsp; 133002 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4478 | &nbsp;&nbsp;&nbsp;&nbsp; 535569 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5172 | &nbsp;&nbsp;&nbsp;&nbsp; 65322 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 66073 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;34147 | &nbsp;&nbsp;&nbsp;&nbsp; 628305 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp; 162960 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 105478 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 | &nbsp;&nbsp;&nbsp;&nbsp; 26249 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7766 | &nbsp;&nbsp;&nbsp;&nbsp; 256822 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130 | &nbsp;&nbsp;&nbsp;&nbsp; 111250 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355 | &nbsp;&nbsp;&nbsp;&nbsp; 256255 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876 | &nbsp;&nbsp;&nbsp;&nbsp; 86352 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 18518 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608 | &nbsp;&nbsp;&nbsp;&nbsp; 99417 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806 | &nbsp;&nbsp;&nbsp;&nbsp; 138922 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694 | &nbsp;&nbsp;&nbsp;&nbsp; 32951 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp; 13161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5077087 |
| **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923 | &nbsp;&nbsp;&nbsp;&nbsp; 122386 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp; 29840 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp; 53818 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685 | &nbsp;&nbsp;&nbsp;&nbsp; 141815 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp; 129934 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp; 108670 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350 | &nbsp;&nbsp;&nbsp;&nbsp; 108499 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3740 | &nbsp;&nbsp;&nbsp;&nbsp; 166804 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp; 30270 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3259 | &nbsp;&nbsp;&nbsp;&nbsp; 188012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080048 |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 | &nbsp;&nbsp;&nbsp;&nbsp; 63460 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp; 222540 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp; 16490 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp; 51780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354270 |
| **Electronics — 2.7%** | **Electronics — 2.7%** | **Electronics — 2.7%** |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216 | &nbsp;&nbsp;&nbsp;&nbsp; 115897 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618 | &nbsp;&nbsp;&nbsp;&nbsp; 97064 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;&nbsp;&nbsp; 180547 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 | &nbsp;&nbsp;&nbsp;&nbsp; 83878 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp; 44191 |
| &nbsp;&nbsp;&nbsp;Brady Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428 | &nbsp;&nbsp;&nbsp;&nbsp; 100874 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | &nbsp;&nbsp;&nbsp;&nbsp; 40387 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5802 | &nbsp;&nbsp;&nbsp;&nbsp; 923214 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 | &nbsp;&nbsp;&nbsp;&nbsp; 152531 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8287 | &nbsp;&nbsp;&nbsp;&nbsp; 125962 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 20765 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;31104 | &nbsp;&nbsp;&nbsp;&nbsp; 451008 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp; 31858 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 | &nbsp;&nbsp;&nbsp;&nbsp; 63995 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp; 97947 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2198 | &nbsp;&nbsp;&nbsp;&nbsp; 281630 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5692 | &nbsp;&nbsp;&nbsp;&nbsp; 433617 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292 | &nbsp;&nbsp;&nbsp;&nbsp; 67519 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| &nbsp;&nbsp;&nbsp;Vicor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;$34804 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3627 | &nbsp;&nbsp;&nbsp;&nbsp; 57669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405357 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178 | &nbsp;&nbsp;&nbsp;&nbsp; 10563 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp; 18748 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871 | &nbsp;&nbsp;&nbsp;&nbsp; 30273 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10585 | &nbsp;&nbsp;&nbsp;&nbsp; 62028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121612 |
| **Engineering & Construction — 1.6%** | **Engineering & Construction — 1.6%** | **Engineering & Construction — 1.6%** |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3430 | &nbsp;&nbsp;&nbsp;&nbsp; 264521 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp; 86963 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1918 | &nbsp;&nbsp;&nbsp;&nbsp; 292188 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;&nbsp;&nbsp; 61050 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151 | &nbsp;&nbsp;&nbsp;&nbsp; 148689 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp; 94052 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp; 152610 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp; 64723 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144 | &nbsp;&nbsp;&nbsp;&nbsp; 242465 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp; 32374 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7161 | &nbsp;&nbsp;&nbsp;&nbsp; 411113 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp; 127927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978675 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7027 | &nbsp;&nbsp;&nbsp;&nbsp; 69708 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552 | &nbsp;&nbsp;&nbsp;&nbsp; 113299 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 17523 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp; 19921 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4231 | &nbsp;&nbsp;&nbsp;&nbsp; 68796 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp; 27214 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp; 105343 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159 | &nbsp;&nbsp;&nbsp;&nbsp; 167862 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4830 | &nbsp;&nbsp;&nbsp;&nbsp; 78777 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp; 24313 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3010 | &nbsp;&nbsp;&nbsp;&nbsp; 107367 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058 | &nbsp;&nbsp;&nbsp;&nbsp; 93557 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893680 |
| **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;2587 | &nbsp;&nbsp;&nbsp;&nbsp; 17203 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999 | &nbsp;&nbsp;&nbsp;&nbsp; 116971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134174 |
| **Food — 1.6%** | **Food — 1.6%** | **Food — 1.6%** |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555 | &nbsp;&nbsp;&nbsp;&nbsp; 17553 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339 | &nbsp;&nbsp;&nbsp;&nbsp; 212615 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14212 | &nbsp;&nbsp;&nbsp;&nbsp; 773986 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136 | &nbsp;&nbsp;&nbsp;&nbsp; 43841 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp; 66255 |
| &nbsp;&nbsp;&nbsp;John B. Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 20691 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;&nbsp; 117775 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6321 | &nbsp;&nbsp;&nbsp;&nbsp; 218011 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | &nbsp;&nbsp;&nbsp;&nbsp; 22084 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp; 181336 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp; 17228 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp; 39497 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934 | &nbsp;&nbsp;&nbsp;&nbsp; 52972 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3031 | &nbsp;&nbsp;&nbsp;&nbsp; 42677 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;$72119 |
| &nbsp;&nbsp;&nbsp;WK Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp; 42650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941290 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp;&nbsp;&nbsp; 73844 |
| **Gas — 1.3%** | **Gas — 1.3%** | **Gas — 1.3%** |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776 | &nbsp;&nbsp;&nbsp;&nbsp; 741812 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6582 | &nbsp;&nbsp;&nbsp;&nbsp; 111302 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229 | &nbsp;&nbsp;&nbsp;&nbsp; 95223 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8576 | &nbsp;&nbsp;&nbsp;&nbsp; 648260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656597 |
| **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756 | &nbsp;&nbsp;&nbsp;&nbsp; 78774 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268 | &nbsp;&nbsp;&nbsp;&nbsp; 119040 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891 | &nbsp;&nbsp;&nbsp;&nbsp; 104178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301992 |
| **Healthcare-Products — 5.5%** | **Healthcare-Products — 5.5%** | **Healthcare-Products — 5.5%** |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;14147 | &nbsp;&nbsp;&nbsp;&nbsp; 105112 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 | &nbsp;&nbsp;&nbsp;&nbsp; 29938 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 | &nbsp;&nbsp;&nbsp;&nbsp; 104781 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp; 21266 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132 | &nbsp;&nbsp;&nbsp;&nbsp; 76442 |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14652 | &nbsp;&nbsp;&nbsp;&nbsp; 507545 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp; 26677 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13915 | &nbsp;&nbsp;&nbsp;&nbsp; 278578 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp; 60209 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877 | &nbsp;&nbsp;&nbsp;&nbsp; 23932 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835 | &nbsp;&nbsp;&nbsp;&nbsp; 70115 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277 | &nbsp;&nbsp;&nbsp;&nbsp; 322522 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9601 | &nbsp;&nbsp;&nbsp;&nbsp; 610144 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7673 | &nbsp;&nbsp;&nbsp;&nbsp; 1065473 |
| &nbsp;&nbsp;&nbsp;Inmode, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp; 31329 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6771 | &nbsp;&nbsp;&nbsp;&nbsp; 48277 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 | &nbsp;&nbsp;&nbsp;&nbsp; 152590 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1083 | &nbsp;&nbsp;&nbsp;&nbsp; 127805 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6055 | &nbsp;&nbsp;&nbsp;&nbsp; 133149 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6308 | &nbsp;&nbsp;&nbsp;&nbsp; 660321 |
| &nbsp;&nbsp;&nbsp;Kestra Medical Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8199 | &nbsp;&nbsp;&nbsp;&nbsp; 204319 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp; 120731 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 55374 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 | &nbsp;&nbsp;&nbsp;&nbsp; 198841 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp; 227105 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6373 | &nbsp;&nbsp;&nbsp;&nbsp; 55254 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663 | &nbsp;&nbsp;&nbsp;&nbsp; 6391 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp; 52265 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;24688 | &nbsp;&nbsp;&nbsp;&nbsp; 83199 |
| &nbsp;&nbsp;&nbsp;Patterson Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536 | &nbsp;&nbsp;&nbsp;&nbsp; 79225 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581 | &nbsp;&nbsp;&nbsp;&nbsp; 150369 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9709 | &nbsp;&nbsp;&nbsp;&nbsp; 65342 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp; 74416 |
| &nbsp;&nbsp;&nbsp;Sera Prognostics, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;13075 | &nbsp;&nbsp;&nbsp;&nbsp; 48116 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2102 | &nbsp;&nbsp;&nbsp;&nbsp; 29491 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp; 28032 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp; 40619 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1499 | &nbsp;&nbsp;&nbsp;&nbsp; 207147 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2914 | &nbsp;&nbsp;&nbsp;&nbsp; 196054 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27941 | &nbsp;&nbsp;&nbsp;&nbsp; 234425 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp; 13780 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;$47402 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9542 | &nbsp;&nbsp;&nbsp;&nbsp; 110687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6784789 |
| **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;810 | &nbsp;&nbsp;&nbsp;&nbsp; 80101 |
| &nbsp;&nbsp;&nbsp;agilon health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13265 | &nbsp;&nbsp;&nbsp;&nbsp; 57438 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342 | &nbsp;&nbsp;&nbsp;&nbsp; 41616 |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315 | &nbsp;&nbsp;&nbsp;&nbsp; 11780 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10755 | &nbsp;&nbsp;&nbsp;&nbsp; 67326 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7095 | &nbsp;&nbsp;&nbsp;&nbsp; 153962 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp; 163252 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9879 | &nbsp;&nbsp;&nbsp;&nbsp; 86836 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 | &nbsp;&nbsp;&nbsp;&nbsp; 164726 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2896 | &nbsp;&nbsp;&nbsp;&nbsp; 21865 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;&nbsp;&nbsp; 71363 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15967 | &nbsp;&nbsp;&nbsp;&nbsp; 26505 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp; 72131 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2728 | &nbsp;&nbsp;&nbsp;&nbsp; 39529 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;&nbsp; 104561 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3373 | &nbsp;&nbsp;&nbsp;&nbsp; 56329 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 18739 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11644 | &nbsp;&nbsp;&nbsp;&nbsp; 92686 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9137 | &nbsp;&nbsp;&nbsp;&nbsp; 661153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991898 |
| **Home Builders — 2.1%** | **Home Builders — 2.1%** | **Home Builders — 2.1%** |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 | &nbsp;&nbsp;&nbsp;&nbsp; 1039780 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp; 100180 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3166 | &nbsp;&nbsp;&nbsp;&nbsp; 300010 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp; 19943 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp; 113996 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 128595 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1318 | &nbsp;&nbsp;&nbsp;&nbsp; 76602 |
| &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp; 71867 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp; 44402 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp; 152887 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3304 | &nbsp;&nbsp;&nbsp;&nbsp; 234188 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1498 | &nbsp;&nbsp;&nbsp;&nbsp; 89940 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5009 | &nbsp;&nbsp;&nbsp;&nbsp; 159887 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp; 31600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563877 |
| **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;731 | &nbsp;&nbsp;&nbsp;&nbsp; 20249 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4338 | &nbsp;&nbsp;&nbsp;&nbsp; 34314 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153 | &nbsp;&nbsp;&nbsp;&nbsp; 117768 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;40473 | &nbsp;&nbsp;&nbsp;&nbsp; 431847 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14116 | &nbsp;&nbsp;&nbsp;&nbsp; 108975 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713153 |
| **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp; 10925 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452 | &nbsp;&nbsp;&nbsp;&nbsp; 112984 |
| &nbsp;&nbsp;&nbsp;Helen of Troy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp; 120887 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524 | &nbsp;&nbsp;&nbsp;&nbsp; 28331 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp; 106628 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379755 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13429 | &nbsp;&nbsp;&nbsp;&nbsp; 83260 |
| **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 32318 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;Assured Guaranty, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | &nbsp;&nbsp;$136026 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5870 | &nbsp;&nbsp;&nbsp;&nbsp; 588409 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12478 | &nbsp;&nbsp;&nbsp;&nbsp; 507231 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393 | &nbsp;&nbsp;&nbsp;&nbsp; 141318 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp; 40411 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109 | &nbsp;&nbsp;&nbsp;&nbsp; 121731 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc.,† | &nbsp;&nbsp;&nbsp;&nbsp;17389 | &nbsp;&nbsp;&nbsp;&nbsp; 123288 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp; 92913 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp; 24606 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp; 40889 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 | &nbsp;&nbsp;&nbsp;&nbsp; 56233 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4155 | &nbsp;&nbsp;&nbsp;&nbsp; 348106 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15828 | &nbsp;&nbsp;&nbsp;&nbsp; 1058102 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5499 | &nbsp;&nbsp;&nbsp;&nbsp; 197469 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp; 47962 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5581 | &nbsp;&nbsp;&nbsp;&nbsp; 201195 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp; 149828 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651 | &nbsp;&nbsp;&nbsp;&nbsp; 38551 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;&nbsp; 647013 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;&nbsp; 78804 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp; 37783 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 41468 |
| &nbsp;&nbsp;&nbsp;SiriusPoint, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978 | &nbsp;&nbsp;&nbsp;&nbsp; 51490 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 18099 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp; 63930 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp; 40252 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp; 20239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4945664 |
| **Internet — 1.4%** | **Internet — 1.4%** | **Internet — 1.4%** |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6496 | &nbsp;&nbsp;&nbsp;&nbsp; 189228 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp; 21672 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 | &nbsp;&nbsp;&nbsp;&nbsp; 83566 |
| &nbsp;&nbsp;&nbsp;Criteo SA ADR† | &nbsp;&nbsp;&nbsp;&nbsp;13974 | &nbsp;&nbsp;&nbsp;&nbsp; 494819 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 51876 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3631 | &nbsp;&nbsp;&nbsp;&nbsp; 171311 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp; 24972 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2286 | &nbsp;&nbsp;&nbsp;&nbsp; 105019 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp; 22668 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8777 | &nbsp;&nbsp;&nbsp;&nbsp; 100146 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp; 62886 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626 | &nbsp;&nbsp;&nbsp;&nbsp; 30292 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3610 | &nbsp;&nbsp;&nbsp;&nbsp; 30144 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3554 | &nbsp;&nbsp;&nbsp;&nbsp; 50360 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 | &nbsp;&nbsp;&nbsp;&nbsp; 23307 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6549 | &nbsp;&nbsp;&nbsp;&nbsp; 242509 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 51860 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1756635 |
| **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10202 | &nbsp;&nbsp;&nbsp;&nbsp; 68557 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;33590 | &nbsp;&nbsp;&nbsp;&nbsp; 627125 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7857 | &nbsp;&nbsp;&nbsp;&nbsp; 229739 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176 | &nbsp;&nbsp;&nbsp;&nbsp; 13665 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20513 | &nbsp;&nbsp;&nbsp;&nbsp; 235900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174986 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp; 24038 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 44027 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5190 | &nbsp;&nbsp;&nbsp;&nbsp; 238792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306857 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Leisure Time — 0.5%** | **Leisure Time — 0.5%** | **Leisure Time — 0.5%** |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;$60627 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082 | &nbsp;&nbsp;&nbsp;&nbsp; 93077 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8518 | &nbsp;&nbsp;&nbsp;&nbsp; 261332 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186 | &nbsp;&nbsp;&nbsp;&nbsp; 87073 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;17973 | &nbsp;&nbsp;&nbsp;&nbsp; 113589 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;12456 | &nbsp;&nbsp;&nbsp;&nbsp; 35001 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4569 | &nbsp;&nbsp;&nbsp;&nbsp; 30110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680809 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2798 | &nbsp;&nbsp;&nbsp;&nbsp; 104673 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 25355 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp; 26462 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp;&nbsp;&nbsp; 98795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150612 |
| **Machinery-Diversified — 2.5%** | **Machinery-Diversified — 2.5%** | **Machinery-Diversified — 2.5%** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 59700 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8547 | &nbsp;&nbsp;&nbsp;&nbsp; 590085 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 214073 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9502 | &nbsp;&nbsp;&nbsp;&nbsp; 435477 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp; 158004 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp; 59063 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7338 | &nbsp;&nbsp;&nbsp;&nbsp; 135092 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp; 24713 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp; 243586 |
| &nbsp;&nbsp;&nbsp;Kornit Digital, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;16906 | &nbsp;&nbsp;&nbsp;&nbsp; 322566 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp; 44408 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11326 | &nbsp;&nbsp;&nbsp;&nbsp; 287907 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp; 48568 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589 | &nbsp;&nbsp;&nbsp;&nbsp; 72104 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp; 215135 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611 | &nbsp;&nbsp;&nbsp;&nbsp; 152071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3062552 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp; 3963 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 39600 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 | &nbsp;&nbsp;&nbsp;&nbsp; 8964 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;13519 | &nbsp;&nbsp;&nbsp;&nbsp; 83953 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2622 | &nbsp;&nbsp;&nbsp;&nbsp; 49503 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201 | &nbsp;&nbsp;&nbsp;&nbsp; 94762 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4271 | &nbsp;&nbsp;&nbsp;&nbsp; 54712 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335457 |
| **Metal Fabricate/Hardware — 1.0%** | **Metal Fabricate/Hardware — 1.0%** | **Metal Fabricate/Hardware — 1.0%** |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 80684 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6336 | &nbsp;&nbsp;&nbsp;&nbsp; 203322 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;51913 | &nbsp;&nbsp;&nbsp;&nbsp; 373774 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp; 16125 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4320 | &nbsp;&nbsp;&nbsp;&nbsp; 328925 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 17800 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp; 12986 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 27717 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp; 61974 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp; 50190 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp; 28623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202120 |
| **Mining — 0.3%** | **Mining — 0.3%** | **Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678 | &nbsp;&nbsp;&nbsp;&nbsp; 31144 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 | &nbsp;&nbsp;&nbsp;&nbsp; 17565 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (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;&nbsp;&nbsp;&nbsp;&nbsp;3364 | &nbsp;&nbsp;$33943 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;10395 | &nbsp;&nbsp;&nbsp;&nbsp; 57796 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 31219 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3899 | &nbsp;&nbsp;&nbsp;&nbsp; 95174 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;13051 | &nbsp;&nbsp;&nbsp;&nbsp; 62384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329225 |
| **Miscellaneous Manufacturing — 1.4%** | **Miscellaneous Manufacturing — 1.4%** | **Miscellaneous Manufacturing — 1.4%** |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303 | &nbsp;&nbsp;&nbsp;&nbsp; 696183 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 | &nbsp;&nbsp;&nbsp;&nbsp; 145114 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273 | &nbsp;&nbsp;&nbsp;&nbsp; 54870 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp; 182078 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153 | &nbsp;&nbsp;&nbsp;&nbsp; 502085 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp; 13087 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp; 1963 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp; 21295 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2652 | &nbsp;&nbsp;&nbsp;&nbsp; 74415 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691090 |
| **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;2860 | &nbsp;&nbsp;&nbsp;&nbsp; 104676 |
| **Office Furnishings — 0.3%** | **Office Furnishings — 0.3%** | **Office Furnishings — 0.3%** |
| &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543 | &nbsp;&nbsp;&nbsp;&nbsp; 68432 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14011 | &nbsp;&nbsp;&nbsp;&nbsp; 277978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346410 |
| **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;5103 | &nbsp;&nbsp;&nbsp;&nbsp; 46182 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3736 | &nbsp;&nbsp;&nbsp;&nbsp; 18045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64227 |
| **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** | **Oil & Gas — 2.4%** |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696 | &nbsp;&nbsp;&nbsp;&nbsp; 118543 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 49033 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1372 | &nbsp;&nbsp;&nbsp;&nbsp; 43191 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp; 59494 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5904 | &nbsp;&nbsp;&nbsp;&nbsp; 66361 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2274 | &nbsp;&nbsp;&nbsp;&nbsp; 44116 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 13714 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp; 114903 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3541 | &nbsp;&nbsp;&nbsp;&nbsp; 92491 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8909 | &nbsp;&nbsp;&nbsp;&nbsp; 225041 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;10453 | &nbsp;&nbsp;&nbsp;&nbsp; 534044 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3692 | &nbsp;&nbsp;&nbsp;&nbsp; 104853 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2548 | &nbsp;&nbsp;&nbsp;&nbsp; 60388 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3206 | &nbsp;&nbsp;&nbsp;&nbsp; 96917 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113 | &nbsp;&nbsp;&nbsp;&nbsp; 90436 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806 | &nbsp;&nbsp;&nbsp;&nbsp; 25754 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19747 | &nbsp;&nbsp;&nbsp;&nbsp; 162320 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | &nbsp;&nbsp;&nbsp;&nbsp; 25256 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;41353 | &nbsp;&nbsp;&nbsp;&nbsp; 572739 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8544 | &nbsp;&nbsp;&nbsp;&nbsp; 255893 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4008 | &nbsp;&nbsp;&nbsp;&nbsp; 38958 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp; 75497 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 18461 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 42305 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930708 |
| **Oil & Gas Services — 1.3%** | **Oil & Gas Services — 1.3%** | **Oil & Gas Services — 1.3%** |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7402 | &nbsp;&nbsp;&nbsp;&nbsp; 194228 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp; 41371 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 25106 |

---

---

| | | |
|:---|:---|:---|
| **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;Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;$22665 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13427 | &nbsp;&nbsp;&nbsp;&nbsp; 229333 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 4930 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;15569 | &nbsp;&nbsp;&nbsp;&nbsp; 399345 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4615 | &nbsp;&nbsp;&nbsp;&nbsp; 38351 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 22450 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16928 | &nbsp;&nbsp;&nbsp;&nbsp; 267970 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6940 | &nbsp;&nbsp;&nbsp;&nbsp; 151361 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6252 | &nbsp;&nbsp;&nbsp;&nbsp; 45952 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666 | &nbsp;&nbsp;&nbsp;&nbsp; 14663 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5893 | &nbsp;&nbsp;&nbsp;&nbsp; 61877 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554 | &nbsp;&nbsp;&nbsp;&nbsp; 65688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585290 |
| **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;18463 | &nbsp;&nbsp;&nbsp;&nbsp; 479299 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp; 20841 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7776 | &nbsp;&nbsp;&nbsp;&nbsp; 89191 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4703 | &nbsp;&nbsp;&nbsp;&nbsp; 135917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725248 |
| **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp;&nbsp;&nbsp; 37170 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;11035 | &nbsp;&nbsp;&nbsp;&nbsp; 364376 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp;&nbsp;&nbsp; 35107 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp; 24746 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp; 17275 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6676 | &nbsp;&nbsp;&nbsp;&nbsp; 161893 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp; 31074 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356 | &nbsp;&nbsp;&nbsp;&nbsp; 497542 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp;&nbsp;&nbsp; 40923 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558 | &nbsp;&nbsp;&nbsp;&nbsp; 160288 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp; 20569 |
| &nbsp;&nbsp;&nbsp;Neurogene, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp; 17296 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4153 | &nbsp;&nbsp;&nbsp;&nbsp; 145147 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8313 | &nbsp;&nbsp;&nbsp;&nbsp; 123781 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2386 | &nbsp;&nbsp;&nbsp;&nbsp; 21546 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp; 37027 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp; 14034 |
| &nbsp;&nbsp;&nbsp;Premier, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947 | &nbsp;&nbsp;&nbsp;&nbsp; 56818 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6878 | &nbsp;&nbsp;&nbsp;&nbsp; 332620 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782 | &nbsp;&nbsp;&nbsp;&nbsp; 58360 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 9628 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411 | &nbsp;&nbsp;&nbsp;&nbsp; 128799 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336019 |
| **Private Equity — 0.2%** | **Private Equity — 0.2%** | **Private Equity — 0.2%** |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;27099 | &nbsp;&nbsp;&nbsp;&nbsp; 318413 |
| **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;9092 | &nbsp;&nbsp;&nbsp;&nbsp; 92920 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2726 | &nbsp;&nbsp;&nbsp;&nbsp; 26660 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815 | &nbsp;&nbsp;&nbsp;&nbsp; 33114 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp; 26768 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369 | &nbsp;&nbsp;&nbsp;&nbsp; 709507 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1995 | &nbsp;&nbsp;&nbsp;&nbsp; 24279 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10604 | &nbsp;&nbsp;&nbsp;&nbsp; 43052 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 57514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013814 |
| **REITS — 6.2%** | **REITS — 6.2%** | **REITS — 6.2%** |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3863 | &nbsp;&nbsp;&nbsp;&nbsp; 80930 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp; 26476 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 | &nbsp;&nbsp;&nbsp;&nbsp; 102518 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;$64287 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428 | &nbsp;&nbsp;&nbsp;&nbsp; 12968 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124 | &nbsp;&nbsp;&nbsp;&nbsp; 39467 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12053 | &nbsp;&nbsp;&nbsp;&nbsp; 155604 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6088 | &nbsp;&nbsp;&nbsp;&nbsp; 71534 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257 | &nbsp;&nbsp;&nbsp;&nbsp; 24460 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2467 | &nbsp;&nbsp;&nbsp;&nbsp; 42186 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5539 | &nbsp;&nbsp;&nbsp;&nbsp; 110780 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5574 | &nbsp;&nbsp;&nbsp;&nbsp; 24860 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8914 | &nbsp;&nbsp;&nbsp;&nbsp; 49562 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6115 | &nbsp;&nbsp;&nbsp;&nbsp; 104200 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10707 | &nbsp;&nbsp;&nbsp;&nbsp; 306006 |
| &nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 34641 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8578 | &nbsp;&nbsp;&nbsp;&nbsp; 61161 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp; 8117 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 13003 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7998 | &nbsp;&nbsp;&nbsp;&nbsp; 218105 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5472 | &nbsp;&nbsp;&nbsp;&nbsp; 132368 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;15108 | &nbsp;&nbsp;&nbsp;&nbsp; 116634 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38720 | &nbsp;&nbsp;&nbsp;&nbsp; 619520 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205 | &nbsp;&nbsp;&nbsp;&nbsp; 33973 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927 | &nbsp;&nbsp;&nbsp;&nbsp; 38812 |
| &nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2842 | &nbsp;&nbsp;&nbsp;&nbsp; 49451 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5266 | &nbsp;&nbsp;&nbsp;&nbsp; 41180 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10079 | &nbsp;&nbsp;&nbsp;&nbsp; 328979 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 28599 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3227 | &nbsp;&nbsp;&nbsp;&nbsp; 92615 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681 | &nbsp;&nbsp;&nbsp;&nbsp; 34156 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp; 50948 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6393 | &nbsp;&nbsp;&nbsp;&nbsp; 51400 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474 | &nbsp;&nbsp;&nbsp;&nbsp; 102969 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4202 | &nbsp;&nbsp;&nbsp;&nbsp; 89208 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp; 49492 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2760 | &nbsp;&nbsp;&nbsp;&nbsp; 81061 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727 | &nbsp;&nbsp;&nbsp;&nbsp; 43932 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp; 13317 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3323 | &nbsp;&nbsp;&nbsp;&nbsp; 74335 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613 | &nbsp;&nbsp;&nbsp;&nbsp; 28220 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16252 | &nbsp;&nbsp;&nbsp;&nbsp; 185435 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461 | &nbsp;&nbsp;&nbsp;&nbsp; 51792 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;19046 | &nbsp;&nbsp;&nbsp;&nbsp; 164748 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8023 | &nbsp;&nbsp;&nbsp;&nbsp; 137755 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19381 | &nbsp;&nbsp;&nbsp;&nbsp; 116867 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;&nbsp;&nbsp; 17206 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882 | &nbsp;&nbsp;&nbsp;&nbsp; 102912 |
| &nbsp;&nbsp;&nbsp;New York Mtg. Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2924 | &nbsp;&nbsp;&nbsp;&nbsp; 18977 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp; 28185 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4447 | &nbsp;&nbsp;&nbsp;&nbsp; 71775 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864 | &nbsp;&nbsp;&nbsp;&nbsp; 39142 |
| &nbsp;&nbsp;&nbsp;PennyMac Mtg. Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804 | &nbsp;&nbsp;&nbsp;&nbsp; 41079 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12521 | &nbsp;&nbsp;&nbsp;&nbsp; 456891 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618 | &nbsp;&nbsp;&nbsp;&nbsp; 56145 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3152 | &nbsp;&nbsp;&nbsp;&nbsp; 51378 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6040 | &nbsp;&nbsp;&nbsp;&nbsp; 272525 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5440 | &nbsp;&nbsp;&nbsp;&nbsp; 27690 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278 | &nbsp;&nbsp;&nbsp;&nbsp; 25967 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4759 | &nbsp;&nbsp;&nbsp;&nbsp; 37549 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377 | &nbsp;&nbsp;&nbsp;&nbsp; 400233 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7676 | &nbsp;&nbsp;&nbsp;&nbsp; 134100 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476 | &nbsp;&nbsp;&nbsp;&nbsp; 27631 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 14067 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | &nbsp;&nbsp;&nbsp;&nbsp; 19555 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398 | &nbsp;&nbsp;$196065 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 18935 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6485 | &nbsp;&nbsp;&nbsp;&nbsp; 61024 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3573 | &nbsp;&nbsp;&nbsp;&nbsp; 120732 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12264 | &nbsp;&nbsp;&nbsp;&nbsp; 775330 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp; 27873 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;&nbsp; 44716 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp; 16007 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7880 | &nbsp;&nbsp;&nbsp;&nbsp; 39715 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 16835 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp;&nbsp;&nbsp; 76950 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3644 | &nbsp;&nbsp;&nbsp;&nbsp; 61656 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 | &nbsp;&nbsp;&nbsp;&nbsp; 20966 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9722 | &nbsp;&nbsp;&nbsp;&nbsp; 114331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7742773 |
| **Retail — 3.6%** | **Retail — 3.6%** | **Retail — 3.6%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp; 45898 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4822 | &nbsp;&nbsp;&nbsp;&nbsp; 219931 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1916 | &nbsp;&nbsp;&nbsp;&nbsp; 75126 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8935 | &nbsp;&nbsp;&nbsp;&nbsp; 103825 |
| &nbsp;&nbsp;&nbsp;Arko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355 | &nbsp;&nbsp;&nbsp;&nbsp; 17202 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 199860 |
| &nbsp;&nbsp;&nbsp;Beacon Roofing Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 137307 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 57167 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1895 | &nbsp;&nbsp;&nbsp;&nbsp; 64923 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2437 | &nbsp;&nbsp;&nbsp;&nbsp; 17473 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp; 24443 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861 | &nbsp;&nbsp;&nbsp;&nbsp; 199927 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 | &nbsp;&nbsp;&nbsp;&nbsp; 278127 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2689 | &nbsp;&nbsp;&nbsp;&nbsp; 103042 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 18712 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1516 | &nbsp;&nbsp;&nbsp;&nbsp; 73769 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp; 29108 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp; 27912 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp; 17465 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710 | &nbsp;&nbsp;&nbsp;&nbsp; 38213 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7599 | &nbsp;&nbsp;&nbsp;&nbsp; 107146 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567 | &nbsp;&nbsp;&nbsp;&nbsp; 130327 |
| &nbsp;&nbsp;&nbsp;GMS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1253 | &nbsp;&nbsp;&nbsp;&nbsp; 91682 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 | &nbsp;&nbsp;&nbsp;&nbsp; 705080 |
| &nbsp;&nbsp;&nbsp;Guess?, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 9742 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp; 16559 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3593 | &nbsp;&nbsp;&nbsp;&nbsp; 29391 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269 | &nbsp;&nbsp;&nbsp;&nbsp; 64973 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp; 52342 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 13867 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp;&nbsp;&nbsp; 32487 |
| &nbsp;&nbsp;&nbsp;ODP Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | &nbsp;&nbsp;&nbsp;&nbsp; 13929 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp; 43298 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6065 | &nbsp;&nbsp;&nbsp;&nbsp; 512856 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978 | &nbsp;&nbsp;&nbsp;&nbsp; 185887 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5214 | &nbsp;&nbsp;&nbsp;&nbsp; 61994 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp; 70368 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3291 | &nbsp;&nbsp;&nbsp;&nbsp; 29718 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354 | &nbsp;&nbsp;&nbsp;&nbsp; 207552 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp; 39472 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp; 81516 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;&nbsp; 78263 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817 | &nbsp;&nbsp;&nbsp;&nbsp; 95211 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4843 | &nbsp;&nbsp;&nbsp;&nbsp; 89983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4513073 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Savings & Loans — 1.1%** | **Savings & Loans — 1.1%** | **Savings & Loans — 1.1%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3255 | &nbsp;&nbsp;$210013 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10615 | &nbsp;&nbsp;&nbsp;&nbsp; 150627 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp; 38404 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4335 | &nbsp;&nbsp;&nbsp;&nbsp; 47252 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5522 | &nbsp;&nbsp;&nbsp;&nbsp; 30923 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp; 9324 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4116 | &nbsp;&nbsp;&nbsp;&nbsp; 49474 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6571 | &nbsp;&nbsp;&nbsp;&nbsp; 111773 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20046 | &nbsp;&nbsp;&nbsp;&nbsp; 427381 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4212 | &nbsp;&nbsp;&nbsp;&nbsp; 72320 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 18415 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3257 | &nbsp;&nbsp;&nbsp;&nbsp; 93085 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341 | &nbsp;&nbsp;&nbsp;&nbsp; 121428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380419 |
| **Semiconductors — 2.0%** | **Semiconductors — 2.0%** | **Semiconductors — 2.0%** |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116 | &nbsp;&nbsp;&nbsp;&nbsp; 72728 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp; 19366 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp; 64720 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 | &nbsp;&nbsp;&nbsp;&nbsp; 19540 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp; 22139 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp; 64582 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5468 | &nbsp;&nbsp;&nbsp;&nbsp; 154690 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp; 67662 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1723 | &nbsp;&nbsp;&nbsp;&nbsp; 56825 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5093 | &nbsp;&nbsp;&nbsp;&nbsp; 511235 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3743 | &nbsp;&nbsp;&nbsp;&nbsp; 40649 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4864 | &nbsp;&nbsp;&nbsp;&nbsp; 84488 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044 | &nbsp;&nbsp;&nbsp;&nbsp; 42433 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015 | &nbsp;&nbsp;&nbsp;&nbsp; 218316 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5283 | &nbsp;&nbsp;&nbsp;&nbsp; 273527 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676 | &nbsp;&nbsp;&nbsp;&nbsp; 29864 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;12310 | &nbsp;&nbsp;&nbsp;&nbsp; 423464 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp; 94321 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5498 | &nbsp;&nbsp;&nbsp;&nbsp; 117712 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870 | &nbsp;&nbsp;&nbsp;&nbsp; 37550 |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 | &nbsp;&nbsp;&nbsp;&nbsp; 15367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431178 |
| **Software — 4.2%** | **Software — 4.2%** | **Software — 4.2%** |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386 | &nbsp;&nbsp;&nbsp;&nbsp; 185248 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9139 | &nbsp;&nbsp;&nbsp;&nbsp; 128769 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3527 | &nbsp;&nbsp;&nbsp;&nbsp; 46627 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412 | &nbsp;&nbsp;&nbsp;&nbsp; 102426 |
| &nbsp;&nbsp;&nbsp;Appian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1958 | &nbsp;&nbsp;&nbsp;&nbsp; 56410 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020 | &nbsp;&nbsp;&nbsp;&nbsp; 146228 |
| &nbsp;&nbsp;&nbsp;Box, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;36778 | &nbsp;&nbsp;&nbsp;&nbsp; 1134969 |
| &nbsp;&nbsp;&nbsp;Braze, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464 | &nbsp;&nbsp;&nbsp;&nbsp; 52821 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035 | &nbsp;&nbsp;&nbsp;&nbsp; 78637 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765 | &nbsp;&nbsp;&nbsp;&nbsp; 181302 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 457504 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3827 | &nbsp;&nbsp;&nbsp;&nbsp; 88327 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124 | &nbsp;&nbsp;&nbsp;&nbsp; 188908 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp; 33146 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055 | &nbsp;&nbsp;&nbsp;&nbsp; 68616 |
| &nbsp;&nbsp;&nbsp;Domo, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 1730 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2696 | &nbsp;&nbsp;&nbsp;&nbsp; 117842 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4532 | &nbsp;&nbsp;&nbsp;&nbsp; 60593 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc. Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp; 75772 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9068 | &nbsp;&nbsp;&nbsp;&nbsp; 127949 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546 | &nbsp;&nbsp;&nbsp;&nbsp; 50353 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11990 | &nbsp;&nbsp;&nbsp;&nbsp; 54315 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9149 | &nbsp;&nbsp;$222778 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2885 | &nbsp;&nbsp;&nbsp;&nbsp; 63672 |
| &nbsp;&nbsp;&nbsp;Logility Supply Chain Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8295 | &nbsp;&nbsp;&nbsp;&nbsp; 118287 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6255 | &nbsp;&nbsp;&nbsp;&nbsp; 44348 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18279 | &nbsp;&nbsp;&nbsp;&nbsp; 95051 |
| &nbsp;&nbsp;&nbsp;Onestream, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562 | &nbsp;&nbsp;&nbsp;&nbsp; 11993 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp; 19129 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18387 | &nbsp;&nbsp;&nbsp;&nbsp; 469972 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084 | &nbsp;&nbsp;&nbsp;&nbsp; 10424 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185 | &nbsp;&nbsp;&nbsp;&nbsp; 30509 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331 | &nbsp;&nbsp;&nbsp;&nbsp; 74781 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 72114 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7076 | &nbsp;&nbsp;&nbsp;&nbsp; 64675 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078 | &nbsp;&nbsp;&nbsp;&nbsp; 56293 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789 | &nbsp;&nbsp;&nbsp;&nbsp; 35315 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 12873 |
| &nbsp;&nbsp;&nbsp;SolarWinds Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1773 | &nbsp;&nbsp;&nbsp;&nbsp; 32676 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp;&nbsp;&nbsp; 198697 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089 | &nbsp;&nbsp;&nbsp;&nbsp; 69441 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238 | &nbsp;&nbsp;&nbsp;&nbsp; 43907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5185427 |
| **Telecommunications — 2.9%** | **Telecommunications — 2.9%** | **Telecommunications — 2.9%** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp; 56781 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6659 | &nbsp;&nbsp;&nbsp;&nbsp; 58066 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;&nbsp;&nbsp; 30381 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905 | &nbsp;&nbsp;&nbsp;&nbsp; 67513 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5317 | &nbsp;&nbsp;&nbsp;&nbsp; 321306 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3929 | &nbsp;&nbsp;&nbsp;&nbsp; 116770 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6496 | &nbsp;&nbsp;&nbsp;&nbsp; 34494 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp;&nbsp;&nbsp; 46586 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 | &nbsp;&nbsp;&nbsp;&nbsp; 26450 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6911 | &nbsp;&nbsp;&nbsp;&nbsp; 91433 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp; 16104 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5032 | &nbsp;&nbsp;&nbsp;&nbsp; 43376 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779 | &nbsp;&nbsp;&nbsp;&nbsp; 36241 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp; 385382 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;24561 | &nbsp;&nbsp;&nbsp;&nbsp; 671007 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41887 | &nbsp;&nbsp;&nbsp;&nbsp; 164197 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp; 37326 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5458 | &nbsp;&nbsp;&nbsp;&nbsp; 71445 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp; 18616 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744 | &nbsp;&nbsp;&nbsp;&nbsp; 28671 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3772 | &nbsp;&nbsp;&nbsp;&nbsp; 146127 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 | &nbsp;&nbsp;&nbsp;&nbsp; 99198 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;94954 | &nbsp;&nbsp;&nbsp;&nbsp; 1062535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630005 |
| **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;484 | &nbsp;&nbsp;&nbsp;&nbsp; 84216 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp; 100577 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4302 | &nbsp;&nbsp;&nbsp;&nbsp; 26156 |
| &nbsp;&nbsp;&nbsp;Dorian LPG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp; 26227 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 12958 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 | &nbsp;&nbsp;&nbsp;&nbsp; 12853 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp; 72890 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336 | &nbsp;&nbsp;&nbsp;&nbsp; 110755 |
| &nbsp;&nbsp;&nbsp;Marten Transport, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp; 25615 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007 | &nbsp;&nbsp;&nbsp;&nbsp; 257237 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4491 | &nbsp;&nbsp;&nbsp;&nbsp; 27620 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564 | &nbsp;&nbsp;&nbsp;&nbsp; 87172 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815 | &nbsp;&nbsp;&nbsp;&nbsp; 14077 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 | &nbsp;&nbsp;$34664 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 5261 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050 | &nbsp;&nbsp;&nbsp;&nbsp; 39749 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp; 111940 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp; 58512 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4039 | &nbsp;&nbsp;&nbsp;&nbsp; 114546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138809 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | &nbsp;&nbsp;&nbsp;&nbsp; 58493 |
| **Water — 0.7%** | **Water — 0.7%** | **Water — 0.7%** |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688 | &nbsp;&nbsp;&nbsp;&nbsp; 132812 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp; 93043 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089 | &nbsp;&nbsp;&nbsp;&nbsp; 100140 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp; 36921 |
| &nbsp;&nbsp;&nbsp;SJW Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8585 | &nbsp;&nbsp;&nbsp;&nbsp; 469514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832430 |
| **Total Common Stocks<br> (cost $114,591,751)** |  | &nbsp;&nbsp;&nbsp;&nbsp;121554354 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.2%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.2%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.2%** |
| &nbsp;&nbsp;&nbsp;iShares Core S&P Small-Cap ETF<br> (cost $292,750) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 261425 |
| **WARRANTS — 0.0%** | **WARRANTS — 0.0%** | **WARRANTS — 0.0%** |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Ltd.<br> Expires 06/11/2026†<br> (cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 450 |
| **Total Long-Term Investment Securities<br> (cost $114,884,501)** |  | &nbsp;&nbsp;&nbsp;&nbsp;121816229 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** |  |
| **Unaffiliated Investment Companies — 1.2%** | **Unaffiliated Investment Companies — 1.2%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional Liquid Reserves Fund, Premier Class<br> 4.28%(2) | &nbsp;&nbsp;1460712 | &nbsp;&nbsp;$1460712 |
| **U.S. Government — 0.0%** | **U.S. Government — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16%, 06/12/2025(3) | $45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27%, 04/03/2025(3) | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14996 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59619 |
| **Total Short-Term Investments<br> (cost $1,520,333)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520331 |
| **TOTAL INVESTMENTS<br> (cost $116,404,834)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.4% | &nbsp;&nbsp;&nbsp;&nbsp;123336560 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774587 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$124111147 |

---

† Non-income producing security

(1) Securities classified as Level 3 (see Note 2).

(2) The rate shown is the 7-day yield as of March 31, 2025.

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

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

ADR—American Depositary Receipt <br> ETF—Exchange Traded Fund

#### 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)** |
| 6 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$626742 | &nbsp;&nbsp;&nbsp;&nbsp;$608130 | &nbsp;&nbsp;&nbsp;&nbsp;$(18612) |

---

\* 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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;$4591590 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$4591590 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;116962764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;116962764 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261425 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;59619 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59619 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460712 |
| **Total Investments at Value** | &nbsp;&nbsp;$123276941 | &nbsp;&nbsp;$59619 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$123336560 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$18612 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$18612 |

---

---

| | |
|:---|:---|
| \* | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 96.6%** | **COMMON STOCKS — 96.6%** | **COMMON STOCKS — 96.6%** |
| **Aerospace/Defense — 0.8%** | **Aerospace/Defense — 0.8%** | **Aerospace/Defense — 0.8%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8873 | &nbsp;&nbsp;$1513290 |
| **Applications Software — 0.2%** | **Applications Software — 0.2%** | **Applications Software — 0.2%** |
| &nbsp;&nbsp;&nbsp;Stripe, Inc., Class B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;10760 | &nbsp;&nbsp;&nbsp;&nbsp; 381980 |
| **Auto Manufacturers — 1.8%** | **Auto Manufacturers — 1.8%** | **Auto Manufacturers — 1.8%** |
| &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3053 | &nbsp;&nbsp;&nbsp;&nbsp; 1306317 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7274 | &nbsp;&nbsp;&nbsp;&nbsp; 1885130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3191447 |
| **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2691 | &nbsp;&nbsp;&nbsp;&nbsp; 1592709 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847 | &nbsp;&nbsp;&nbsp;&nbsp; 1325677 |
| **Computer Graphics — 0.2%** | **Computer Graphics — 0.2%** | **Computer Graphics — 0.2%** |
| &nbsp;&nbsp;&nbsp;Canva, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp; 406950 |
| **Computers — 12.0%** | **Computers — 12.0%** | **Computers — 12.0%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96940 | &nbsp;&nbsp;&nbsp;&nbsp; 21533282 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 317322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21850604 |
| **Diversified Financial Services — 6.4%** | **Diversified Financial Services — 6.4%** | **Diversified Financial Services — 6.4%** |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19839 | &nbsp;&nbsp;&nbsp;&nbsp; 1552997 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7909 | &nbsp;&nbsp;&nbsp;&nbsp; 4335081 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;16192 | &nbsp;&nbsp;&nbsp;&nbsp; 5674648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11562726 |
| **Electronics — 1.4%** | **Electronics — 1.4%** | **Electronics — 1.4%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;20882 | &nbsp;&nbsp;&nbsp;&nbsp; 1369651 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778 | &nbsp;&nbsp;&nbsp;&nbsp; 565831 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719 | &nbsp;&nbsp;&nbsp;&nbsp; 628906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564388 |
| **Entertainment Software — 0.6%** | **Entertainment Software — 0.6%** | **Entertainment Software — 0.6%** |
| &nbsp;&nbsp;&nbsp;Epic Games, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1787 | &nbsp;&nbsp;&nbsp;&nbsp; 1037130 |
| **Healthcare-Products — 4.4%** | **Healthcare-Products — 4.4%** | **Healthcare-Products — 4.4%** |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9924 | &nbsp;&nbsp;&nbsp;&nbsp; 2034420 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp; 252390 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5819 | &nbsp;&nbsp;&nbsp;&nbsp; 2881976 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5450 | &nbsp;&nbsp;&nbsp;&nbsp; 770684 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660 | &nbsp;&nbsp;&nbsp;&nbsp; 990185 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1956 | &nbsp;&nbsp;&nbsp;&nbsp; 973306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7902961 |
| **Healthcare-Services — 1.9%** | **Healthcare-Services — 1.9%** | **Healthcare-Services — 1.9%** |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583 | &nbsp;&nbsp;&nbsp;&nbsp; 1507807 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3836 | &nbsp;&nbsp;&nbsp;&nbsp; 2009105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3516912 |
| **Internet — 24.7%** | **Internet — 24.7%** | **Internet — 24.7%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;65930 | &nbsp;&nbsp;&nbsp;&nbsp; 10195415 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;79129 | &nbsp;&nbsp;&nbsp;&nbsp; 15055084 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 1119479 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;48547 | &nbsp;&nbsp;&nbsp;&nbsp; 1064636 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp; 795955 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;15349 | &nbsp;&nbsp;&nbsp;&nbsp; 8846550 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659 | &nbsp;&nbsp;&nbsp;&nbsp; 4344657 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19823 | &nbsp;&nbsp;&nbsp;&nbsp; 614513 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;16595 | &nbsp;&nbsp;&nbsp;&nbsp; 1582914 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2344 | &nbsp;&nbsp;&nbsp;&nbsp; 1289270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44908473 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155 | &nbsp;&nbsp;$815189 |
| **Miscellaneous Manufacturing — 1.0%** | **Miscellaneous Manufacturing — 1.0%** | **Miscellaneous Manufacturing — 1.0%** |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505 | &nbsp;&nbsp;&nbsp;&nbsp; 1744474 |
| **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7141 | &nbsp;&nbsp;&nbsp;&nbsp; 5897823 |
| **Retail — 2.9%** | **Retail — 2.9%** | **Retail — 2.9%** |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp;&nbsp;&nbsp; 227688 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;39859 | &nbsp;&nbsp;&nbsp;&nbsp; 2001320 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5306 | &nbsp;&nbsp;&nbsp;&nbsp; 426974 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5228 | &nbsp;&nbsp;&nbsp;&nbsp; 1479838 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11477 | &nbsp;&nbsp;&nbsp;&nbsp; 1125779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5261599 |
| **Semiconductors — 12.4%** | **Semiconductors — 12.4%** | **Semiconductors — 12.4%** |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 | &nbsp;&nbsp;&nbsp;&nbsp; 982018 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16670 | &nbsp;&nbsp;&nbsp;&nbsp; 2791058 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;160113 | &nbsp;&nbsp;&nbsp;&nbsp; 17353047 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8254 | &nbsp;&nbsp;&nbsp;&nbsp; 1370164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22496287 |
| **Software — 20.7%** | **Software — 20.7%** | **Software — 20.7%** |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5348 | &nbsp;&nbsp;&nbsp;&nbsp; 1417060 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812 | &nbsp;&nbsp;&nbsp;&nbsp; 808944 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc. Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1701 | &nbsp;&nbsp;&nbsp;&nbsp; 528228 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13271 | &nbsp;&nbsp;&nbsp;&nbsp; 625728 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8632 | &nbsp;&nbsp;&nbsp;&nbsp; 1906205 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531 | &nbsp;&nbsp;&nbsp;&nbsp; 1445935 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088 | &nbsp;&nbsp;&nbsp;&nbsp; 2509991 |
| &nbsp;&nbsp;&nbsp;Magic Leap, Inc., Class A†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2188 | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52952 | &nbsp;&nbsp;&nbsp;&nbsp; 19877651 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534 | &nbsp;&nbsp;&nbsp;&nbsp; 2083576 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp; 310473 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858 | &nbsp;&nbsp;&nbsp;&nbsp; 3071508 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10455 | &nbsp;&nbsp;&nbsp;&nbsp; 1528103 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;&nbsp; 1409201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;37523653 |
| **Total Common Stocks<br> (cost $135,050,057)** |  | &nbsp;&nbsp;&nbsp;&nbsp;175494272 |
| **CONVERTIBLE PREFERRED STOCKS — 1.4%** | **CONVERTIBLE PREFERRED STOCKS — 1.4%** | **CONVERTIBLE PREFERRED STOCKS — 1.4%** |
| **Automotive - Cars & Lt. Trucks — 0.3%** | **Automotive - Cars & Lt. Trucks — 0.3%** | **Automotive - Cars & Lt. Trucks — 0.3%** |
| &nbsp;&nbsp;&nbsp;GM Cruise Holdings LLC<br> Class F †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp; 33800 |
| &nbsp;&nbsp;&nbsp;GM Cruise Holdings LLC<br> Series G†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;17766 | &nbsp;&nbsp;&nbsp;&nbsp; 17766 |
| &nbsp;&nbsp;&nbsp;Waymo LLC<br> Series A-2†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4915 | &nbsp;&nbsp;&nbsp;&nbsp; 420110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471676 |
| **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;25 | &nbsp;&nbsp;&nbsp;&nbsp; 47320 |
| &nbsp;&nbsp;&nbsp;Canva, Inc.<br> Series A-3†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 9464 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56784 |
| **Computer Software — 0.1%** | **Computer Software — 0.1%** | **Computer Software — 0.1%** |
| &nbsp;&nbsp;&nbsp;Formagrid, Inc.<br> Series F†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2702 | &nbsp;&nbsp;&nbsp;&nbsp; 157635 |
| **E-Commerce/Services — 0.2%** | **E-Commerce/Services — 0.2%** | **E-Commerce/Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Rappi, Inc., Series E†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9191 | &nbsp;&nbsp;&nbsp;&nbsp; 315758 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE PREFERRED STOCKS (continued)** | **CONVERTIBLE PREFERRED STOCKS (continued)** |  |
| **Electrical Components & Equipment — 0.1%** | **Electrical Components & Equipment — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Sila Nanotechnologies, Inc.<br> Series F†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8833 | &nbsp;&nbsp;$172719 |
| **Industrial Automation/Robotics — 0.4%** | **Industrial Automation/Robotics — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;Nuro, Inc., Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;47284 | &nbsp;&nbsp;&nbsp;&nbsp; 610436 |
| &nbsp;&nbsp;&nbsp;Nuro, Inc., Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;10245 | &nbsp;&nbsp;&nbsp;&nbsp; 134312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744748 |
| **Recycling — 0.3%** | **Recycling — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Redwood Materials, Inc.<br> Series C†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9878 | &nbsp;&nbsp;&nbsp;&nbsp; 585469 |
| **Software — 0.0%** | **Software — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Celonis<br> Series D†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp; 37753 |
| **Total Convertible Preferred Stocks<br> (cost $4,346,119)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542542 |
| **Total Long-Term Investment Securities<br> (cost $139,396,176)** |  | &nbsp;&nbsp;&nbsp;&nbsp;178036814 |
| **SHORT-TERM INVESTMENTS — 1.5%** | **SHORT-TERM INVESTMENTS — 1.5%** |  |
| **Unaffiliated Investment Companies — 1.5%** | **Unaffiliated Investment Companies — 1.5%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> (3) | &nbsp;&nbsp;&nbsp;&nbsp;518041 | &nbsp;&nbsp;&nbsp;&nbsp; 518041 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund<br> 4.39%(3) | 2089952 | &nbsp;&nbsp;&nbsp;&nbsp; 2089952 |
| **Total Short-Term Investments<br> (cost $2,607,993)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607993 |
| **TOTAL INVESTMENTS<br> (cost $142,004,169)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.5% | &nbsp;&nbsp;&nbsp;&nbsp;180644807 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973701 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$181618508 |

---

† 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 March 31, 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. |  |  |  |  |  |  |
|  | 12/17/2021 | &nbsp;&nbsp;&nbsp;&nbsp;125 | $213021 |  |  |  |
|  | 12/22/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;153375 |  |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;366396 | $406950 | $1892.79 | 0.2% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** | **<u>Common Stocks (continued)</u>** |
| Epic Games, Inc. |  |  |  |  |  |  |
|  | 06/18/2020 | &nbsp;&nbsp;1331 | $766240 |  |  |  |
|  | 03/29/2021 | &nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;403874 |  |  |  |
|  |  | &nbsp;&nbsp;1787 | 1170114 | $1037130 | $580.38 | 0.6% |
| Magic Leap, Inc., Class A |  |  |  |  |  |  |
|  | 01/20/2016 | &nbsp;&nbsp;1263 | &nbsp;&nbsp;&nbsp;614197 |  |  |  |
|  | 10/12/2017 | &nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;450306 |  |  |  |
|  |  | &nbsp;&nbsp;2188 | 1064503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | 0.0 |
| Stripe, Inc., Class B | 12/17/2019 | 10760 | &nbsp;&nbsp;&nbsp;168824 | &nbsp;&nbsp;&nbsp;&nbsp;381980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.50 | 0.2 |
| **<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 | 12/17/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;42604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47320 | &nbsp;&nbsp;1892.79 | 0.0 |
| Canva, Inc.<br> Series A-3 | 12/17/2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9464 | &nbsp;&nbsp;1892.79 | 0.0 |
| Celonis<br> Series D | 10/04/2022 | &nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;69150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37753 | &nbsp;&nbsp;&nbsp;&nbsp;201.89 | 0.0 |
| Formagrid, Inc.<br> Series F | 12/08/2021 | &nbsp;&nbsp;2702 | &nbsp;&nbsp;&nbsp;506043 | &nbsp;&nbsp;&nbsp;&nbsp;157635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.34 | 0.1 |
| GM Cruise Holdings LLC<br> Class F | 05/07/2019 | 33800 | &nbsp;&nbsp;&nbsp;616850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.0 |
| GM Cruise Holdings LLC<br> Series G | 01/21/2021 | 17766 | &nbsp;&nbsp;&nbsp;468134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | 0.0 |
| Nuro, Inc., Series C |  |  |  |  |  |  |
|  | 10/30/2020 | 31464 | &nbsp;&nbsp;&nbsp;410750 |  |  |  |
|  | 03/02/2021 | 15820 | &nbsp;&nbsp;&nbsp;206524 |  |  |  |
|  |  | 47284 | &nbsp;&nbsp;&nbsp;617274 | &nbsp;&nbsp;&nbsp;&nbsp;610436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.91 | 0.3 |
| Nuro, Inc., Series D | 10/29/2021 | 10245 | &nbsp;&nbsp;&nbsp;213564 | &nbsp;&nbsp;&nbsp;&nbsp;134312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | 0.1 |
| Rappi, Inc., Series E |  |  |  |  |  |  |
|  | 09/08/2020 | &nbsp;&nbsp;3782 | &nbsp;&nbsp;&nbsp;225961 |  |  |  |
|  | 09/24/2020 | &nbsp;&nbsp;5409 | &nbsp;&nbsp;&nbsp;323167 |  |  |  |
|  |  | &nbsp;&nbsp;9191 | &nbsp;&nbsp;&nbsp;549128 | &nbsp;&nbsp;&nbsp;&nbsp;315758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.36 | 0.2 |
| Redwood Materials, Inc.<br> Series C | 05/28/2021 | &nbsp;&nbsp;9878 | &nbsp;&nbsp;&nbsp;468252 | &nbsp;&nbsp;&nbsp;&nbsp;585469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.27 | 0.3 |
| Sila Nanotechnologies, Inc.<br> Series F | 01/07/2021 | &nbsp;&nbsp;8833 | &nbsp;&nbsp;&nbsp;364563 | &nbsp;&nbsp;&nbsp;&nbsp;172719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.55 | 0.1 |
| Waymo LLC<br> Series A-2 | 05/08/2020 | &nbsp;&nbsp;4915 | &nbsp;&nbsp;&nbsp;422037 | &nbsp;&nbsp;&nbsp;&nbsp;420110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.48 | 0.3 |
|  |  |  |  | $4369652 |  | 2.4%\*\* |

---

\*\* 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 March 31, 2025.

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

ADR—American Depositary Receipt

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 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;Applications Software | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$381980 | &nbsp;&nbsp;$381980 |
| &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;406950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406950 |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935482 | &nbsp;&nbsp;&nbsp;&nbsp;628906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564388 |
| &nbsp;&nbsp;&nbsp;Entertainment Software | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1037130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037130 |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;37522603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;37523653 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;133580171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;133580171 |
| 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;2542542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542542 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607993 |
| **Total Investments at Value** | &nbsp;&nbsp;$175646249 | &nbsp;&nbsp;$628906 | &nbsp;&nbsp;$4369652 | &nbsp;&nbsp;$180644807 |

---

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

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;**Convertible<br> Preferred Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Escrows and Litigation Trusts** |
| Balance as of March 31, 2024 | &nbsp;&nbsp;$1590452 | &nbsp;&nbsp;&nbsp;&nbsp;$2101921 | &nbsp;&nbsp;&nbsp;&nbsp;$509871 |
| Accrued Discounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accrued Premiums | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Realized Gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Realized Loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized appreciation(1) | &nbsp;&nbsp;&nbsp;&nbsp; 279838 | &nbsp;&nbsp;&nbsp;&nbsp; 807966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized depreciation(1) | &nbsp;&nbsp;&nbsp;&nbsp; (43180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (367345) | &nbsp;&nbsp;&nbsp;&nbsp; (4348) |
| Net purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&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 sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(505523) |
| Transfers into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfers out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Balance as of March 31, 2025 | &nbsp;&nbsp;$1827110 | &nbsp;&nbsp;&nbsp;&nbsp;$2542542 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at March 31, 2025 includes:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;&nbsp;**Convertible<br> Preferred Securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Escrows and Litigation Trusts** |
| &nbsp;&nbsp;$236658 | &nbsp;&nbsp;&nbsp;&nbsp;$440621 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at March 31, 2025.

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio

#### PORTFOLIO OF INVESTMENTS — March 31, 2025 — (continued)

------

The following is quantitative information about Level 3 fair value measurements:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;**Fair Value at<br> March 31, 2025** | &nbsp;&nbsp;&nbsp;**Valuation<br> Technique(s)** | &nbsp;&nbsp;&nbsp;**Unobservable<br> Input (1)** | &nbsp;&nbsp;**Range<br> (weighted<br> average) #** |
| Common Stocks | &nbsp;&nbsp; $381980 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Transaction Price\* | &nbsp;&nbsp;$35.50 |
|  | &nbsp;&nbsp; $406950 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Projected Gross Profit Multiple\* | &nbsp;&nbsp;21.30x |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected Revenue Multiple\* | &nbsp;&nbsp;17.00x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.00% |
|  | &nbsp;&nbsp;$1037130 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;CFY Revenue Multiple\* | &nbsp;&nbsp;4.25x |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected Gross Profit Multiple\* | &nbsp;&nbsp;7.80x |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected Revenue Multiple\* | &nbsp;&nbsp;5.60x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.00% |
|  | &nbsp;&nbsp; $1050 | &nbsp;&nbsp;&nbsp;Market Approach & | &nbsp;&nbsp;&nbsp;Transaction Price\* | &nbsp;&nbsp;$19.20 |
|  |  | &nbsp;&nbsp;&nbsp;Cost Approach | &nbsp;&nbsp;&nbsp;Tangible Book Value\* | &nbsp;&nbsp;$0.00 |
| Convertible Preferred Securities | &nbsp;&nbsp; $51566 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Pending Transaction Price\* | &nbsp;&nbsp;$1.00 |
|  | &nbsp;&nbsp; $172719 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Series G Capital Raise Price\* | &nbsp;&nbsp;$16.41684 |
|  |  |  | &nbsp;&nbsp;&nbsp;Series F Anti-Dilution Rights\* | &nbsp;&nbsp;1.1911 to 1 |
|  | &nbsp;&nbsp; $744748 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Series E Offer Price\* | &nbsp;&nbsp;$12.91 |
|  |  |  | &nbsp;&nbsp;&nbsp;Series C Anti-Dilution Rights\* | &nbsp;&nbsp;1.00048 to 1 |
|  |  |  | &nbsp;&nbsp;&nbsp;Series D Anti-Dilution Rights\* | &nbsp;&nbsp;1.01612 to 1 |
|  | &nbsp;&nbsp; $56784 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Projected Gross Profit Multiple\* | &nbsp;&nbsp;21.30x |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected Revenue Multiple\* | &nbsp;&nbsp;17.00x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.00% |
|  | &nbsp;&nbsp; $420110 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;C-2 Capital Raise Price\* | &nbsp;&nbsp;$78.2013 |
|  |  |  | &nbsp;&nbsp;&nbsp;Series A-2 Anti-Dilution Rights\* | &nbsp;&nbsp;1.0268 to 1 |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected Revenue Multiple\* | &nbsp;&nbsp;2.03x |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected EBITDA Multiple\* | &nbsp;&nbsp;10.40x |
|  |  |  | &nbsp;&nbsp;&nbsp;Volatility\* | &nbsp;&nbsp;65.00% |
|  |  |  | &nbsp;&nbsp;&nbsp;Term (years) | &nbsp;&nbsp;4.00 |
|  | &nbsp;&nbsp; $585469 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Secondary Market Transactions\* | &nbsp;&nbsp;$50.00-$63.16 ($57.02) |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected Revenue Multiple\* | &nbsp;&nbsp;0.60x |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected EBITDA Multiple\* | &nbsp;&nbsp;7.50x |
|  | &nbsp;&nbsp; $37753 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Secondary Market Transaction\* | &nbsp;&nbsp;$221.00 |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected Revenue Multiple\* | &nbsp;&nbsp;10.90x |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected Gross Profit Multiple\* | &nbsp;&nbsp;13.45x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.0% |
|  | &nbsp;&nbsp; $157635 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;Projected Sales Multiple\* | &nbsp;&nbsp;8.23x |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected Gross Profit Multiple\* | &nbsp;&nbsp;9.23x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.0% |
|  | &nbsp;&nbsp; $315758 | &nbsp;&nbsp;&nbsp;Market Approach | &nbsp;&nbsp;&nbsp;CFY Gross Profit Multiple\* | &nbsp;&nbsp;9.25x |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected EBITDA Multiple\* | &nbsp;&nbsp;16.05x |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected Gross Merchandise Volume Multiple\* | &nbsp;&nbsp;0.75x |
|  |  |  | &nbsp;&nbsp;&nbsp;Projected Gross Profit Multiple\* | &nbsp;&nbsp;7.30x |
|  |  |  | &nbsp;&nbsp;&nbsp;Discount for Lack of Marketability | &nbsp;&nbsp;10.0% |

---

(1) The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with \*, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have an inverse relationship.

# The average is a dollar value weighted average of proposed secondary market transactions.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA<br> Allocation<br> Aggressive<br> Portfolio(1)** | &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(2)** | &nbsp;&nbsp;**SA<br> American<br> Century<br> Inflation<br> Managed<br> Portfolio(3)** |
| **ASSETS:** |  |  |  |  |  |
| Investments at value (unaffiliated)\*<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | $542179589 |
| Investments at value (affiliated)\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;458321163 | &nbsp;&nbsp;&nbsp;&nbsp;229207188 | &nbsp;&nbsp;&nbsp;&nbsp;261581081 | &nbsp;&nbsp;&nbsp;&nbsp;465122413 | &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;— |
| 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;2 |
| 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;2 |
| 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;— |
| 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;— |
| 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;2499260 |
| Receivable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190417 |
| &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;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2239521 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 |
| &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;— |
| Prepaid expenses and other assets<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;— |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27500 |
| 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;459200673 | &nbsp;&nbsp;&nbsp;&nbsp;229639936 | &nbsp;&nbsp;&nbsp;&nbsp;261751254 | &nbsp;&nbsp;&nbsp;&nbsp;465474177 | &nbsp;&nbsp;&nbsp;&nbsp;547137380 |
| **LIABILITIES:** |  |  |  |  |  |
| Payable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347753 | &nbsp;&nbsp;&nbsp;13730080 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385117 |
| &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;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273305 |
| &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;Service fees—Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74175 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8093 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164093 |
| &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;— |
| 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;2259625 |
| 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;— |
| 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;— |
| 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;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578829 | &nbsp;&nbsp;&nbsp;&nbsp;16894890 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$458096914 | &nbsp;&nbsp;$229067992 | &nbsp;&nbsp;$261429780 | &nbsp;&nbsp;$464895348 | $530242490 |
| <br>\* Cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | $579988454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;$451554892 | &nbsp;&nbsp;$235304104 | &nbsp;&nbsp;$264120039 | &nbsp;&nbsp;$461232925 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | $2 |
| 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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2025 — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA<br> Allocation<br> Aggressive<br> Portfolio(1)** | &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(2)** | &nbsp;&nbsp;**SA<br> American<br> Century<br> Inflation<br> Managed<br> Portfolio(3)** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |
| Paid in capital<br>| &nbsp;&nbsp;$434328112 | &nbsp;&nbsp;$234166425 | &nbsp;&nbsp;$257044065 | &nbsp;&nbsp;$442583059 | $608771848 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;23768802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5098433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385715 | &nbsp;&nbsp;&nbsp;&nbsp;22312289 | &nbsp;&nbsp;(78529358) |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$458096914 | &nbsp;&nbsp;$229067992 | &nbsp;&nbsp;$261429780 | &nbsp;&nbsp;$464895348 | $530242490 |
| **Class 1 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$1088208 | &nbsp;&nbsp;$40448 | &nbsp;&nbsp;$151640 | &nbsp;&nbsp;$296880 | $191106093 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29134 | &nbsp;&nbsp;&nbsp;21637128 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$15.05 | &nbsp;&nbsp;$9.46 | &nbsp;&nbsp;$10.05 | &nbsp;&nbsp;$10.19 | $8.83 |
| **Class 2 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | $— |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | $— |
| **Class 3 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$457008706 | &nbsp;&nbsp;$229027544 | &nbsp;&nbsp;$261278140 | &nbsp;&nbsp;$464598468 | $339136397 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;30605139 | &nbsp;&nbsp;&nbsp;&nbsp;24192195 | &nbsp;&nbsp;&nbsp;&nbsp;26092850 | &nbsp;&nbsp;&nbsp;&nbsp;45771423 | &nbsp;&nbsp;&nbsp;38858838 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$14.93 | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$10.01 | &nbsp;&nbsp;$10.15 | $8.73 |

---

(1) Prior to April 28, 2025, the Portfolio was known as SA Allocation Growth Portfolio.

(2) Prior to April 28, 2025, the Portfolio was known as SA Allocation Moderate Growth Portfolio.

(3) Prior to April 28, 2025, the Portfolio was known as SA American Century Inflation Protection Portfolio.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2025 — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Columbia<br> Focused<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Franklin<br> Allocation<br> Moderately<br> Aggressive<br> Portfolio(4)** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Diversified<br> Fixed<br> Income<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Growth<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Income<br> Portfolio** |
| **ASSETS:** |  |  |  |  |  |
| Investments at value (unaffiliated)\*<br>| &nbsp;&nbsp;$254958113 | &nbsp;&nbsp;$194864319 | &nbsp;&nbsp;$753710213 | &nbsp;&nbsp;$34540544 | &nbsp;&nbsp;$25287428 |
| 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;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4254625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6675000 | &nbsp;&nbsp;&nbsp;&nbsp;1430000 | &nbsp;&nbsp;&nbsp;&nbsp;2840000 |
| Cash<br>| &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;1855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192630 |
| 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;104443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109372 |
| 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;26000 | &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;15017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153203 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461935 | &nbsp;&nbsp;&nbsp;&nbsp;17412247 | &nbsp;&nbsp;&nbsp;&nbsp;2084526 | &nbsp;&nbsp;&nbsp;&nbsp;5482601 |
| &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;104225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6465 |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &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;72392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68509 |
| 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;51338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5968 |
| 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;6768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;260525090 | &nbsp;&nbsp;&nbsp;&nbsp;199990439 | &nbsp;&nbsp;&nbsp;&nbsp;785023115 | &nbsp;&nbsp;&nbsp;&nbsp;39151595 | &nbsp;&nbsp;&nbsp;&nbsp;34146176 |
| **LIABILITIES:** |  |  |  |  |  |
| Payable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 |
| &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;115228 | &nbsp;&nbsp;&nbsp;&nbsp;142372195 | &nbsp;&nbsp;&nbsp;&nbsp;3250404 | &nbsp;&nbsp;&nbsp;&nbsp;7437531 |
| &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;294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5235 |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17580 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187189 |
| &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;44653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;4776 |
| 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;104639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6895 |
| 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;— |
| 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;32985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5272 |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642371 | &nbsp;&nbsp;&nbsp;&nbsp;143480267 | &nbsp;&nbsp;&nbsp;&nbsp;3496513 | &nbsp;&nbsp;&nbsp;&nbsp;7670593 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$260057398 | &nbsp;&nbsp;$199348068 | &nbsp;&nbsp;$641542848 | &nbsp;&nbsp;$35655082 | &nbsp;&nbsp;$26475583 |
| <br>\* Cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;$207540526 | &nbsp;&nbsp;$164699111 | &nbsp;&nbsp;$792895735 | &nbsp;&nbsp;$31400324 | &nbsp;&nbsp;$25510060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$104458 | &nbsp;&nbsp;$830727 | &nbsp;&nbsp;$4852 | &nbsp;&nbsp;$109217 |
| 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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2025 — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Columbia<br> Focused<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Franklin<br> Allocation<br> Moderately<br> Aggressive<br> Portfolio(4)** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Diversified<br> Fixed<br> Income<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Growth<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Income<br> Portfolio** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |
| Paid in capital<br>| &nbsp;&nbsp;$161357738 | &nbsp;&nbsp;$141766181 | &nbsp;&nbsp;$745984185 | &nbsp;&nbsp;$36524143 | &nbsp;&nbsp;$30885026 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;98699660 | &nbsp;&nbsp;&nbsp;&nbsp;57581887 | &nbsp;&nbsp;&nbsp;&nbsp;(104441337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(869061) | &nbsp;&nbsp;&nbsp;&nbsp;(4409443) |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$260057398 | &nbsp;&nbsp;$199348068 | &nbsp;&nbsp;$641542848 | &nbsp;&nbsp;$35655082 | &nbsp;&nbsp;$26475583 |
| **Class 1 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$241749658 | &nbsp;&nbsp;$10601705 | &nbsp;&nbsp;$623623733 | &nbsp;&nbsp;$8271088 | &nbsp;&nbsp;$3228212 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;12567543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61597112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353228 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$19.24 | &nbsp;&nbsp;$13.94 | &nbsp;&nbsp;$10.12 | &nbsp;&nbsp;$11.64 | &nbsp;&nbsp;$9.14 |
| **Class 2 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$11237244 | &nbsp;&nbsp;$33584000 | &nbsp;&nbsp;$12085357 | &nbsp;&nbsp;$13819439 | &nbsp;&nbsp;$13957384 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193362 | &nbsp;&nbsp;&nbsp;&nbsp;1198177 | &nbsp;&nbsp;&nbsp;&nbsp;1527818 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$19.32 | &nbsp;&nbsp;$13.96 | &nbsp;&nbsp;$10.13 | &nbsp;&nbsp;$11.53 | &nbsp;&nbsp;$9.14 |
| **Class 3 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$7070496 | &nbsp;&nbsp;$155162363 | &nbsp;&nbsp;$5833758 | &nbsp;&nbsp;$13564555 | &nbsp;&nbsp;$9289987 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365629 | &nbsp;&nbsp;&nbsp;&nbsp;11197357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578617 | &nbsp;&nbsp;&nbsp;&nbsp;1187364 | &nbsp;&nbsp;&nbsp;&nbsp;1016497 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$19.34 | &nbsp;&nbsp;$13.86 | &nbsp;&nbsp;$10.08 | &nbsp;&nbsp;$11.42 | &nbsp;&nbsp;$9.14 |

---

 <br> (4) Prior to April 28, 2025, the Portfolio was known as SA Putnam Asset Allocation Diversified Growth Portfolio.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2025 — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Income/<br> Equity<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** | &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** |
| **ASSETS:** |  |  |  |  |  |
| Investments at value (unaffiliated)\*<br>| &nbsp;&nbsp;$32955423 | &nbsp;&nbsp;$244035976 | &nbsp;&nbsp;$242990570 | &nbsp;&nbsp;$298651062 | &nbsp;&nbsp;$147185596 |
| 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;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3535000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073945 |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| 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;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536 |
| 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;— |
| Receivable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200991 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35291 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;6565422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125977 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;6646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12642 | &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;&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;43801048 | &nbsp;&nbsp;&nbsp;&nbsp;248548245 | &nbsp;&nbsp;&nbsp;&nbsp;245495700 | &nbsp;&nbsp;&nbsp;&nbsp;303910865 | &nbsp;&nbsp;&nbsp;&nbsp;148623911 |
| **LIABILITIES:** |  |  |  |  |  |
| Payable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22283 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;7672493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107857 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;25483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110134 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122285 |
| &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;20819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;13623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;6331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;5829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;7951327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370088 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$35849721 | &nbsp;&nbsp;$246935082 | &nbsp;&nbsp;$244909577 | &nbsp;&nbsp;$301998442 | &nbsp;&nbsp;$148253823 |
| <br>\* Cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;$31658207 | &nbsp;&nbsp;$191889860 | &nbsp;&nbsp;$185384218 | &nbsp;&nbsp;$279297975 | &nbsp;&nbsp;$128211282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$3146 | &nbsp;&nbsp;$406306 | &nbsp;&nbsp;$15207 | &nbsp;&nbsp;$15184 | &nbsp;&nbsp;$1 |
| 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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2025 — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Income/<br> Equity<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** | &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** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |
| Paid in capital<br>| &nbsp;&nbsp;$40725498 | &nbsp;&nbsp;$179049051 | &nbsp;&nbsp;$97780951 | &nbsp;&nbsp;$232237640 | &nbsp;&nbsp;$111001264 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(4875777) | &nbsp;&nbsp;&nbsp;&nbsp;67886031 | &nbsp;&nbsp;&nbsp;&nbsp;147128626 | &nbsp;&nbsp;&nbsp;&nbsp;69760802 | &nbsp;&nbsp;&nbsp;&nbsp;37252559 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$35849721 | &nbsp;&nbsp;$246935082 | &nbsp;&nbsp;$244909577 | &nbsp;&nbsp;$301998442 | &nbsp;&nbsp;$148253823 |
| **Class 1 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$4526017 | &nbsp;&nbsp;$225647078 | &nbsp;&nbsp;$201676856 | &nbsp;&nbsp;$273354967 | &nbsp;&nbsp;$117916627 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513922 | &nbsp;&nbsp;&nbsp;&nbsp;25044306 | &nbsp;&nbsp;&nbsp;&nbsp;15720020 | &nbsp;&nbsp;&nbsp;&nbsp;22466960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8480310 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$8.81 | &nbsp;&nbsp;$9.01 | &nbsp;&nbsp;$12.83 | &nbsp;&nbsp;$12.17 | &nbsp;&nbsp;$13.90 |
| **Class 2 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$18596490 | &nbsp;&nbsp;$12433782 | &nbsp;&nbsp;$27739098 | &nbsp;&nbsp;$19723276 | &nbsp;&nbsp;$19349041 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;2112782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602720 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$8.80 | &nbsp;&nbsp;$9.05 | &nbsp;&nbsp;$12.04 | &nbsp;&nbsp;$12.15 | &nbsp;&nbsp;$12.07 |
| **Class 3 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$12727214 | &nbsp;&nbsp;$8854222 | &nbsp;&nbsp;$15493623 | &nbsp;&nbsp;$8920199 | &nbsp;&nbsp;$10988155 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;1444725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995114 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$8.81 | &nbsp;&nbsp;$9.01 | &nbsp;&nbsp;$11.64 | &nbsp;&nbsp;$12.16 | &nbsp;&nbsp;$11.04 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2025 — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Mid Cap<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Moderate<br> Growth<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Small Cap<br> Portfolio** | &nbsp;&nbsp;**SA T. Rowe<br> Price Growth<br> Stock<br> Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments at value (unaffiliated)\*<br>| &nbsp;&nbsp;$178093714 | &nbsp;&nbsp;$52546371 | &nbsp;&nbsp;$123336560 | &nbsp;&nbsp;$180644807 |
| 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;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178221 | &nbsp;&nbsp;&nbsp;&nbsp;3680000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;72482 | &nbsp;&nbsp;&nbsp;&nbsp;1055164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;42000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139000 | &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;519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;— |
| Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174058 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29910 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479877 | &nbsp;&nbsp;&nbsp;&nbsp;5134579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468791 |
| &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;6054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;512 | &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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7982 |
| 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;5002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;179298855 | &nbsp;&nbsp;&nbsp;&nbsp;62851304 | &nbsp;&nbsp;&nbsp;&nbsp;124474793 | &nbsp;&nbsp;&nbsp;&nbsp;182325548 |
| **LIABILITIES:** |  |  |  |  |
| Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38896 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219435 | &nbsp;&nbsp;&nbsp;&nbsp;7872187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364745 |
| &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;4883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;130515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135689 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155563 |
| &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;— |
| 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;3076 | &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;6277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;— |
| 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;4974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;534094 | &nbsp;&nbsp;&nbsp;&nbsp;8172154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707040 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$178764761 | &nbsp;&nbsp;$54679150 | &nbsp;&nbsp;$124111147 | &nbsp;&nbsp;$181618508 |
| <br>\* Cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;$153930507 | &nbsp;&nbsp;$48947055 | &nbsp;&nbsp;$116404834 | &nbsp;&nbsp;$142004169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$57842 | &nbsp;&nbsp;$112194 | &nbsp;&nbsp;$— | &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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — March 31, 2025 — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Mid Cap<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Moderate<br> Growth<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Small Cap<br> Portfolio** | &nbsp;&nbsp;**SA T. Rowe<br> Price Growth<br> Stock<br> Portfolio** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |
| Paid in capital<br>| &nbsp;&nbsp;$126983305 | &nbsp;&nbsp;$58336657 | &nbsp;&nbsp;$103254166 | &nbsp;&nbsp;$77632020 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;51781456 | &nbsp;&nbsp;&nbsp;&nbsp;(3657507) | &nbsp;&nbsp;&nbsp;&nbsp;20856981 | &nbsp;&nbsp;&nbsp;&nbsp;103986488 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$178764761 | &nbsp;&nbsp;$54679150 | &nbsp;&nbsp;$124111147 | &nbsp;&nbsp;$181618508 |
| **Class 1 (unlimited shares authorized):<br>**  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$151180616 | &nbsp;&nbsp;$5473546 | &nbsp;&nbsp;$105660533 | &nbsp;&nbsp;$132666760 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9239740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552458 | &nbsp;&nbsp;&nbsp;&nbsp;10097524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7096627 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$16.36 | &nbsp;&nbsp;$9.91 | &nbsp;&nbsp;$10.46 | &nbsp;&nbsp;$18.69 |
| **Class 2 (unlimited shares authorized):<br>**  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$17883941 | &nbsp;&nbsp;$26907697 | &nbsp;&nbsp;$11086820 | &nbsp;&nbsp;$26791856 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097780 | &nbsp;&nbsp;&nbsp;&nbsp;2728154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588920 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$16.29 | &nbsp;&nbsp;$9.86 | &nbsp;&nbsp;$9.95 | &nbsp;&nbsp;$16.86 |
| **Class 3 (unlimited shares authorized):<br>**  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$9700204 | &nbsp;&nbsp;$22297907 | &nbsp;&nbsp;$7363794 | &nbsp;&nbsp;$22159892 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596752 | &nbsp;&nbsp;&nbsp;&nbsp;2268630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406909 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$16.26 | &nbsp;&nbsp;$9.83 | &nbsp;&nbsp;$9.62 | &nbsp;&nbsp;$15.75 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF OPERATIONS — For the Year Ended March 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA<br> Allocation<br> Aggressive<br> Portfolio(1)** | &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(2)** | &nbsp;&nbsp;**SA<br> American<br> Century<br> Inflation<br> Managed<br> Portfolio(3)** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1527019 |
| Dividends (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7902269 | &nbsp;&nbsp;&nbsp;&nbsp;6367663 | &nbsp;&nbsp;&nbsp;&nbsp;6171152 | &nbsp;&nbsp;&nbsp;&nbsp;9882065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 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;21975753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;7902269 | &nbsp;&nbsp;&nbsp;&nbsp;6367663 | &nbsp;&nbsp;&nbsp;&nbsp;6171152 | &nbsp;&nbsp;&nbsp;&nbsp;9882065 | &nbsp;&nbsp;&nbsp;&nbsp;23502772 |
| **EXPENSES:** |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3267247 |
| 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;1168406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694832 | &nbsp;&nbsp;&nbsp;&nbsp;1214062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894886 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2409 |
| Custodian and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74367 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40747 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64164 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24513 |
| Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16583 |
| 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;&nbsp;&nbsp;17037 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51676 |
| &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;1778509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959373 | &nbsp;&nbsp;&nbsp;&nbsp;1092397 | &nbsp;&nbsp;&nbsp;&nbsp;1844042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455240 |
| &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;(46849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(329154) |
| &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;1731660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935272 | &nbsp;&nbsp;&nbsp;&nbsp;1064588 | &nbsp;&nbsp;&nbsp;&nbsp;1795450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126086 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6170609 | &nbsp;&nbsp;&nbsp;&nbsp;5432391 | &nbsp;&nbsp;&nbsp;&nbsp;5106564 | &nbsp;&nbsp;&nbsp;&nbsp;8086615 | &nbsp;&nbsp;&nbsp;&nbsp;19376686 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11214271) |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1570929) | &nbsp;&nbsp;&nbsp;&nbsp;(3475499) | &nbsp;&nbsp;&nbsp;&nbsp;(1367053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(259470) | &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;(297131) |
| &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;622398 |
| &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;(465408) |
| &nbsp;&nbsp;&nbsp;Written option 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;— |
| 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;&nbsp;&nbsp;(9514) |
| Net realized gain from capital gain distributions received from underlying funds (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;18965162 | &nbsp;&nbsp;&nbsp;&nbsp;5311241 | &nbsp;&nbsp;&nbsp;&nbsp;8403224 | &nbsp;&nbsp;&nbsp;&nbsp;16331529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on disposal of investments in violation of investments restrictions (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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase from reimbursement of investment violation (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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;17394233 | &nbsp;&nbsp;&nbsp;&nbsp;1835742 | &nbsp;&nbsp;&nbsp;&nbsp;7036171 | &nbsp;&nbsp;&nbsp;&nbsp;16072059 | &nbsp;&nbsp;&nbsp;&nbsp;(11363926) |
| 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;19624335 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1215916) | &nbsp;&nbsp;&nbsp;&nbsp;4068396 | &nbsp;&nbsp;&nbsp;&nbsp;1358570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173528) | &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;&nbsp;&nbsp;&nbsp;&nbsp;9413 |
| &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;(128157) |
| &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;3228149 |
| &nbsp;&nbsp;&nbsp;Written option 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;— |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 |
| 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;(1215916) | &nbsp;&nbsp;&nbsp;&nbsp;4068396 | &nbsp;&nbsp;&nbsp;&nbsp;1358570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173528) | &nbsp;&nbsp;&nbsp;&nbsp;22734075 |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;16178317 | &nbsp;&nbsp;&nbsp;&nbsp;5904138 | &nbsp;&nbsp;&nbsp;&nbsp;8394741 | &nbsp;&nbsp;&nbsp;&nbsp;15898531 | &nbsp;&nbsp;&nbsp;&nbsp;11370149 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$22348926 | &nbsp;&nbsp;$11336529 | &nbsp;&nbsp;$13501305 | &nbsp;&nbsp;$23985146 | &nbsp;&nbsp;$30746835 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$— | &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;$— |

---

(1) Prior to April 28, 2025, the Portfolio was known as SA Allocation Growth Portfolio.

(2) Prior to April 28, 2025, the Portfolio was known as SA Allocation Moderate Growth Portfolio.

(3) Prior to April 28, 2025, the Portfolio was known as SA American Century Inflation Protection Portfolio.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF OPERATIONS — For the Year Ended March 31, 2025 — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Columbia<br> Focused<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Franklin<br> Allocation<br> Moderately<br> Aggressive<br> Portfolio(4)** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Diversified<br> Fixed<br> Income<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Growth<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Income<br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$7022478 | &nbsp;&nbsp;$2712088 | &nbsp;&nbsp;$107817 | &nbsp;&nbsp;$144842 | $12608 |
| Dividends (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;— |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332290 | &nbsp;&nbsp;&nbsp;&nbsp;27342779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443480 | 1016850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7108282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5044378 | &nbsp;&nbsp;&nbsp;&nbsp;27450596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588322 | &nbsp;&nbsp;&nbsp;&nbsp;1029458 |
| **EXPENSES:** |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774669 | &nbsp;&nbsp;&nbsp;&nbsp;4293641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337955 | &nbsp;&nbsp;&nbsp;&nbsp;210738 |
| Service Fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22201 | &nbsp;&nbsp;&nbsp;&nbsp;21823 |
| &nbsp;&nbsp;&nbsp;Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36474 | &nbsp;&nbsp;&nbsp;&nbsp;23918 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 |
| Custodian and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112140 | &nbsp;&nbsp;&nbsp;&nbsp;81653 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12922 | &nbsp;&nbsp;&nbsp;&nbsp;10340 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84137 | &nbsp;&nbsp;&nbsp;&nbsp;81738 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82321 | &nbsp;&nbsp;&nbsp;&nbsp;81627 |
| Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 |
| 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;1797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1574 |
| 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;&nbsp;&nbsp;51241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35215 | &nbsp;&nbsp;&nbsp;&nbsp;34941 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66224 | &nbsp;&nbsp;&nbsp;&nbsp;57567 |
| &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;3145990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2693313 | &nbsp;&nbsp;&nbsp;&nbsp;4827468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607386 |
| &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;(953908) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(339404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326441) | &nbsp;&nbsp;&nbsp;&nbsp;(250803) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1124) | &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;2168727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353890 | &nbsp;&nbsp;&nbsp;&nbsp;4827468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356583 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690488 | &nbsp;&nbsp;&nbsp;&nbsp;22623128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672875 |
| **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;47934112 | &nbsp;&nbsp;&nbsp;&nbsp;28330444 | &nbsp;&nbsp;&nbsp;&nbsp;(9625693) | &nbsp;&nbsp;&nbsp;&nbsp;5390201 | &nbsp;&nbsp;&nbsp;&nbsp;457402 |
| &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;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277163) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53982) | &nbsp;&nbsp;&nbsp;&nbsp;(93103) |
| &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;(168189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp;30079 |
| &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;6974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7692) |
| &nbsp;&nbsp;&nbsp;Written option 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;92441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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;(10401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4882 |
| 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;— |
| Net realized gain (loss) on disposal of investments in violation of investments restrictions (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;&nbsp;— |
| Net increase from reimbursement of investment violation (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;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;47934112 | &nbsp;&nbsp;&nbsp;&nbsp;27974106 | &nbsp;&nbsp;&nbsp;&nbsp;(9523951) | &nbsp;&nbsp;&nbsp;&nbsp;5348773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391568 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(34099151) | &nbsp;&nbsp;&nbsp;&nbsp;(16126870) | &nbsp;&nbsp;&nbsp;&nbsp;17958276 | &nbsp;&nbsp;&nbsp;&nbsp;(2411405) | &nbsp;&nbsp;&nbsp;&nbsp;581449 |
| &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;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;(36231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(569117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607 |
| &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;69599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7937) |
| &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;7035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3067) |
| &nbsp;&nbsp;&nbsp;Written option contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) |
| 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;10129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(34099151) | &nbsp;&nbsp;&nbsp;&nbsp;(16143600) | &nbsp;&nbsp;&nbsp;&nbsp;17246018 | &nbsp;&nbsp;&nbsp;&nbsp;(2431202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571966 |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;13834961 | &nbsp;&nbsp;&nbsp;&nbsp;11830506 | &nbsp;&nbsp;&nbsp;&nbsp;7722067 | &nbsp;&nbsp;&nbsp;&nbsp;2917571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963534 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$18774516 | &nbsp;&nbsp;$14520994 | &nbsp;&nbsp;$30345195 | &nbsp;&nbsp;$3039501 | $1636409 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$49128 | &nbsp;&nbsp;$124772 | &nbsp;&nbsp;$4606 | &nbsp;&nbsp;$1008 | $175 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$43308 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | $— |

---

 <br> (4) Prior to April 28, 2025, the Portfolio was known as SA Putnam Asset Allocation Diversified Growth Portfolio.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF OPERATIONS — For the Year Ended March 31, 2025 — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Income/<br> Equity<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** | &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** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$33414 | &nbsp;&nbsp;$7538053 | &nbsp;&nbsp;$1585299 | &nbsp;&nbsp;$9210894 | &nbsp;&nbsp;$793632 |
| Dividends (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;5447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1143823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;1177237 | &nbsp;&nbsp;&nbsp;&nbsp;7573181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9319908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823874 |
| **EXPENSES:** |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304984 | &nbsp;&nbsp;&nbsp;&nbsp;2594857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3133587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384803 |
| Service Fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31224 |
| &nbsp;&nbsp;&nbsp;Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30435 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 |
| Custodian and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43279 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12546 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51457 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11262 |
| Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4928 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29751 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62733 |
| &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;721281 | &nbsp;&nbsp;&nbsp;&nbsp;3009899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(231133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(228424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490148 | &nbsp;&nbsp;&nbsp;&nbsp;2900104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2576597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3453537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664032 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687089 | &nbsp;&nbsp;&nbsp;&nbsp;4673077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(930166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5866371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(840158) |
| **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;2162764 | &nbsp;&nbsp;&nbsp;&nbsp;17132863 | &nbsp;&nbsp;&nbsp;&nbsp;95062159 | &nbsp;&nbsp;&nbsp;&nbsp;50850244 | &nbsp;&nbsp;&nbsp;&nbsp;21538928 |
| &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;69395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;(138135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9780) |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26037 | &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;6686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Written option 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;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(621) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on disposal of investments in violation of investments restrictions (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;(127518) | &nbsp;&nbsp;&nbsp;&nbsp;&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 increase from reimbursement of investment violation (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;128182 | &nbsp;&nbsp;&nbsp;&nbsp;&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;2055059 | &nbsp;&nbsp;&nbsp;&nbsp;17175940 | &nbsp;&nbsp;&nbsp;&nbsp;95056950 | &nbsp;&nbsp;&nbsp;&nbsp;50939947 | &nbsp;&nbsp;&nbsp;&nbsp;21529148 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244734 | &nbsp;&nbsp;&nbsp;&nbsp;(9249274) | &nbsp;&nbsp;&nbsp;&nbsp;(52270359) | &nbsp;&nbsp;&nbsp;&nbsp;(35391911) | &nbsp;&nbsp;&nbsp;&nbsp;(15419647) |
| &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;(56557) | &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;(5262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16167) |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29967) | &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;(16993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Written option 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;— |
| 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;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 | &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;(12547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;215609 | &nbsp;&nbsp;&nbsp;&nbsp;(9292505) | &nbsp;&nbsp;&nbsp;&nbsp;(52286369) | &nbsp;&nbsp;&nbsp;&nbsp;(35500183) | &nbsp;&nbsp;&nbsp;&nbsp;(15435814) |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;2270668 | &nbsp;&nbsp;&nbsp;&nbsp;7883435 | &nbsp;&nbsp;&nbsp;&nbsp;42770581 | &nbsp;&nbsp;&nbsp;&nbsp;15439764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6093334 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$2957757 | &nbsp;&nbsp;$12556512 | &nbsp;&nbsp;$41840415 | &nbsp;&nbsp;$21306135 | &nbsp;&nbsp;$5253176 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$466 | &nbsp;&nbsp;$864464 | &nbsp;&nbsp;$5428 | &nbsp;&nbsp;$127233 | &nbsp;&nbsp;$713 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$3967 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF OPERATIONS — For the Year Ended March 31, 2025 — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Mid Cap<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Moderate<br> Growth<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Small Cap<br> Portfolio** | &nbsp;&nbsp;**SA T. Rowe<br> Price Growth<br> Stock<br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$3797576 | &nbsp;&nbsp;$180119 | &nbsp;&nbsp;$1850883 | &nbsp;&nbsp;$1012430 |
| Dividends (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;— |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83666 | &nbsp;&nbsp;&nbsp;&nbsp;1091573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3881242 | &nbsp;&nbsp;&nbsp;&nbsp;1271692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1875835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024309 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1691854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1305821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927479 |
| Service Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43075 |
| &nbsp;&nbsp;&nbsp;Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58400 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3463 |
| Custodian and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39512 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12992 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65195 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77133 |
| Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7032 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &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;29751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;&nbsp;&nbsp;61725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50956 |
| &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;1998103 | &nbsp;&nbsp;&nbsp;&nbsp;1013332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285237 |
| &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;(297623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113444) |
| &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;(1480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6884) | &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;1998103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171793 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314926 | &nbsp;&nbsp;&nbsp;&nbsp;(1147484) |
| **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;28007443 | &nbsp;&nbsp;&nbsp;&nbsp;6353122 | &nbsp;&nbsp;&nbsp;&nbsp;15863379 | &nbsp;&nbsp;&nbsp;&nbsp;66313287 |
| &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;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;28133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;6113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Written option 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;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6378 | &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;&nbsp;&nbsp;335 |
| 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;— |
| Net realized gain (loss) on disposal of investments in violation of investments restrictions (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;— |
| Net increase from reimbursement of investment violation (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;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;27995974 | &nbsp;&nbsp;&nbsp;&nbsp;6272092 | &nbsp;&nbsp;&nbsp;&nbsp;15780510 | &nbsp;&nbsp;&nbsp;&nbsp;66313622 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(26266190) | &nbsp;&nbsp;&nbsp;&nbsp;(2844403) | &nbsp;&nbsp;&nbsp;&nbsp;(21328526) | &nbsp;&nbsp;&nbsp;&nbsp;(52420353) |
| &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;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &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;(7654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(13521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Written option 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;— |
| 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;657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| 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;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(26281700) | &nbsp;&nbsp;&nbsp;&nbsp;(2880564) | &nbsp;&nbsp;&nbsp;&nbsp;(21369511) | &nbsp;&nbsp;&nbsp;&nbsp;(52420244) |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714274 | &nbsp;&nbsp;&nbsp;&nbsp;3391528 | &nbsp;&nbsp;&nbsp;&nbsp;(5589001) | &nbsp;&nbsp;&nbsp;&nbsp;13893378 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$3597413 | &nbsp;&nbsp;$3948991 | &nbsp;&nbsp;$(5274075) | &nbsp;&nbsp;$12745894 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$12619 | &nbsp;&nbsp;$1236 | &nbsp;&nbsp;$7182 | &nbsp;&nbsp;$11161 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Allocation Aggressive(1)** | &nbsp;&nbsp;**SA Allocation Aggressive(1)** | &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> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$6170609 | &nbsp;&nbsp;$5391115 | &nbsp;&nbsp;$5432391 | &nbsp;&nbsp;$4316361 | &nbsp;&nbsp;$5106564 | &nbsp;&nbsp;$4414171 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;17394233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6884457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2163931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889311 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1215916) | &nbsp;&nbsp;&nbsp;&nbsp;60300307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4068396 | &nbsp;&nbsp;&nbsp;&nbsp;21251581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358570 | &nbsp;&nbsp;&nbsp;&nbsp;28916264 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;22348926 | &nbsp;&nbsp;&nbsp;&nbsp;72575879 | &nbsp;&nbsp;&nbsp;&nbsp;11336529 | &nbsp;&nbsp;&nbsp;&nbsp;23404011 | &nbsp;&nbsp;&nbsp;&nbsp;13501305 | &nbsp;&nbsp;&nbsp;&nbsp;35219746 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18690) |
| 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;(14378063) | &nbsp;&nbsp;&nbsp;&nbsp;(44701684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4355371) | &nbsp;&nbsp;&nbsp;&nbsp;(17458225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6996441) | &nbsp;&nbsp;&nbsp;&nbsp;(24968815) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(14415021) | &nbsp;&nbsp;&nbsp;&nbsp;(44818379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4356197) | &nbsp;&nbsp;&nbsp;&nbsp;(17461008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7000686) | &nbsp;&nbsp;&nbsp;&nbsp;(24987505) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7010104) | &nbsp;&nbsp;&nbsp;&nbsp;33448002 | &nbsp;&nbsp;&nbsp;&nbsp;(20358962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1376902) | &nbsp;&nbsp;&nbsp;&nbsp;(27087361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1483253) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923801 | &nbsp;&nbsp;&nbsp;&nbsp;61205502 | &nbsp;&nbsp;&nbsp;&nbsp;(13378630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4566101 | &nbsp;&nbsp;&nbsp;&nbsp;(20586742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8748988 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;457173113 | &nbsp;&nbsp;&nbsp;&nbsp;395967611 | &nbsp;&nbsp;&nbsp;&nbsp;242446622 | &nbsp;&nbsp;&nbsp;&nbsp;237880521 | &nbsp;&nbsp;&nbsp;&nbsp;282016522 | &nbsp;&nbsp;&nbsp;&nbsp;273267534 |
| End of period<br>| &nbsp;&nbsp;$458096914 | &nbsp;&nbsp;$457173113 | &nbsp;&nbsp;$229067992 | &nbsp;&nbsp;$242446622 | &nbsp;&nbsp;$261429780 | &nbsp;&nbsp;$282016522 |

---

 <br> (1) Prior to April 28, 2025, the Portfolio was known as SA Allocation Growth Portfolio.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Allocation<br> Moderately Aggressive (2)** | &nbsp;&nbsp;**SA Allocation<br> Moderately Aggressive (2)** | &nbsp;&nbsp;**SA American Century<br> Inflation Managed(3)** | &nbsp;&nbsp;**SA American Century<br> Inflation Managed(3)** | &nbsp;&nbsp;**SA Columbia<br> Focused Value** | &nbsp;&nbsp;**SA Columbia<br> Focused Value** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$8086615 | &nbsp;&nbsp;$6968536 | &nbsp;&nbsp;$19376686 | &nbsp;&nbsp;$19338998 | &nbsp;&nbsp;$4939555 | &nbsp;&nbsp;$5623376 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;16072059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7497485 | &nbsp;&nbsp;&nbsp;&nbsp;(11363926) | &nbsp;&nbsp;&nbsp;&nbsp;(20663087) | &nbsp;&nbsp;&nbsp;&nbsp;47934112 | &nbsp;&nbsp;&nbsp;&nbsp;29766300 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173528) | &nbsp;&nbsp;&nbsp;&nbsp;54143836 | &nbsp;&nbsp;&nbsp;&nbsp;22734075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1435382) | &nbsp;&nbsp;&nbsp;&nbsp;(34099151) | &nbsp;&nbsp;&nbsp;&nbsp;10184654 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;23985146 | &nbsp;&nbsp;&nbsp;&nbsp;68609857 | &nbsp;&nbsp;&nbsp;&nbsp;30746835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2759471) | &nbsp;&nbsp;&nbsp;&nbsp;18774516 | &nbsp;&nbsp;&nbsp;&nbsp;45574330 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6873011) | &nbsp;&nbsp;&nbsp;&nbsp;(10747134) | &nbsp;&nbsp;&nbsp;&nbsp;(33224742) | &nbsp;&nbsp;&nbsp;&nbsp;(21894659) |
| 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;(1527426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(868335) |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;(15200677) | &nbsp;&nbsp;&nbsp;&nbsp;(46795717) | &nbsp;&nbsp;&nbsp;&nbsp;(12310286) | &nbsp;&nbsp;&nbsp;&nbsp;(17474878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(925450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(507235) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(15210836) | &nbsp;&nbsp;&nbsp;&nbsp;(46829741) | &nbsp;&nbsp;&nbsp;&nbsp;(19183297) | &nbsp;&nbsp;&nbsp;&nbsp;(28222012) | &nbsp;&nbsp;&nbsp;&nbsp;(35677618) | &nbsp;&nbsp;&nbsp;&nbsp;(23270229) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(36598752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5013240 | &nbsp;&nbsp;&nbsp;&nbsp;(48406866) | &nbsp;&nbsp;&nbsp;&nbsp;(39883904) | &nbsp;&nbsp;&nbsp;&nbsp;(54799548) | &nbsp;&nbsp;&nbsp;&nbsp;(25704867) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(27824442) | &nbsp;&nbsp;&nbsp;&nbsp;26793356 | &nbsp;&nbsp;&nbsp;&nbsp;(36843328) | &nbsp;&nbsp;&nbsp;&nbsp;(70865387) | &nbsp;&nbsp;&nbsp;&nbsp;(71702650) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3400766) |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;492719790 | &nbsp;&nbsp;&nbsp;&nbsp;465926434 | &nbsp;&nbsp;&nbsp;&nbsp;567085818 | &nbsp;&nbsp;&nbsp;&nbsp;637951205 | &nbsp;&nbsp;&nbsp;&nbsp;331760048 | &nbsp;&nbsp;&nbsp;&nbsp;335160814 |
| End of period<br>| &nbsp;&nbsp;$464895348 | &nbsp;&nbsp;$492719790 | &nbsp;&nbsp;$530242490 | &nbsp;&nbsp;$567085818 | &nbsp;&nbsp;$260057398 | &nbsp;&nbsp;$331760048 |

---

 <br> (2) Prior to April 28, 2025, the Portfolio was known as SA Allocation Moderate Growth Portfolio. <br> (3) Prior to April 28, 2025, the Portfolio was known as SA American Century Inflation Protection Portfolio.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Franklin<br> Allocation<br> Moderately Aggressive(4)** | &nbsp;&nbsp;**SA Franklin<br> Allocation<br> Moderately Aggressive(4)** | &nbsp;&nbsp;**SA Multi-Managed<br> Diversified Fixed Income** | &nbsp;&nbsp;**SA Multi-Managed<br> Diversified Fixed Income** | &nbsp;&nbsp;**SA Multi-Managed Growth** | &nbsp;&nbsp;**SA Multi-Managed Growth** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$2690488 | &nbsp;&nbsp;$2471425 | &nbsp;&nbsp;$22623128 | &nbsp;&nbsp;$24089373 | &nbsp;&nbsp;$121930 | &nbsp;&nbsp;$91115 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;27974106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4488222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9523951) | &nbsp;&nbsp;&nbsp;&nbsp;(22455748) | &nbsp;&nbsp;&nbsp;&nbsp;5348773 | &nbsp;&nbsp;&nbsp;&nbsp;(1237652) |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(16143600) | &nbsp;&nbsp;&nbsp;&nbsp;34331346 | &nbsp;&nbsp;&nbsp;&nbsp;17246018 | &nbsp;&nbsp;&nbsp;&nbsp;13621913 | &nbsp;&nbsp;&nbsp;&nbsp;(2431202) | &nbsp;&nbsp;&nbsp;&nbsp;8210335 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;14520994 | &nbsp;&nbsp;&nbsp;&nbsp;41290993 | &nbsp;&nbsp;&nbsp;&nbsp;30345195 | &nbsp;&nbsp;&nbsp;&nbsp;15255538 | &nbsp;&nbsp;&nbsp;&nbsp;3039501 | &nbsp;&nbsp;&nbsp;&nbsp;7063798 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186360) | &nbsp;&nbsp;&nbsp;&nbsp;(23502925) | &nbsp;&nbsp;&nbsp;&nbsp;(16691002) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19614) | &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;(479448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540796) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(434729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297004) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12890) | &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;(2123334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2138360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1107) | &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;(2765474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2865516) | &nbsp;&nbsp;&nbsp;&nbsp;(24138896) | &nbsp;&nbsp;&nbsp;&nbsp;(17133952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(19394268) | &nbsp;&nbsp;&nbsp;&nbsp;(13368278) | &nbsp;&nbsp;&nbsp;&nbsp;(46991316) | &nbsp;&nbsp;&nbsp;&nbsp;(90828079) | &nbsp;&nbsp;&nbsp;&nbsp;(6071564) | &nbsp;&nbsp;&nbsp;&nbsp;(3027158) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7638748) | &nbsp;&nbsp;&nbsp;&nbsp;25057199 | &nbsp;&nbsp;&nbsp;&nbsp;(40785017) | &nbsp;&nbsp;&nbsp;&nbsp;(92706493) | &nbsp;&nbsp;&nbsp;&nbsp;(3065674) | &nbsp;&nbsp;&nbsp;&nbsp;4036640 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;206986816 | &nbsp;&nbsp;&nbsp;&nbsp;181929617 | &nbsp;&nbsp;&nbsp;&nbsp;682327865 | &nbsp;&nbsp;&nbsp;&nbsp;775034358 | &nbsp;&nbsp;&nbsp;&nbsp;38720756 | &nbsp;&nbsp;&nbsp;&nbsp;34684116 |
| End of period<br>| &nbsp;&nbsp;$199348068 | &nbsp;&nbsp;$206986816 | &nbsp;&nbsp;$641542848 | &nbsp;&nbsp;$682327865 | &nbsp;&nbsp;$35655082 | &nbsp;&nbsp;$38720756 |

---

 <br> (4) Prior to April 28, 2025, the Portfolio was known as SA Putnam Asset Allocation Diversified Growth Portfolio.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-Managed<br> Income** | &nbsp;&nbsp;**SA Multi-Managed<br> Income** | &nbsp;&nbsp;**SA Multi-Managed<br> Income/Equity** | &nbsp;&nbsp;**SA Multi-Managed<br> Income/Equity** | &nbsp;&nbsp;**SA Multi-Managed<br> International Equity** | &nbsp;&nbsp;**SA Multi-Managed<br> International Equity** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$672875 | &nbsp;&nbsp;$686592 | &nbsp;&nbsp;$687089 | &nbsp;&nbsp;$651771 | &nbsp;&nbsp;$4673077 | &nbsp;&nbsp;$5229999 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(631401) | &nbsp;&nbsp;&nbsp;&nbsp;2055059 | &nbsp;&nbsp;&nbsp;&nbsp;(1049055) | &nbsp;&nbsp;&nbsp;&nbsp;17175940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7824103 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571966 | &nbsp;&nbsp;&nbsp;&nbsp;1876910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215609 | &nbsp;&nbsp;&nbsp;&nbsp;4393126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9292505) | &nbsp;&nbsp;&nbsp;&nbsp;23356818 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;1636409 | &nbsp;&nbsp;&nbsp;&nbsp;1932101 | &nbsp;&nbsp;&nbsp;&nbsp;2957757 | &nbsp;&nbsp;&nbsp;&nbsp;3995842 | &nbsp;&nbsp;&nbsp;&nbsp;12556512 | &nbsp;&nbsp;&nbsp;&nbsp;36410920 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59351) | &nbsp;&nbsp;&nbsp;&nbsp;(11590848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6968624) |
| Distributable earnings — Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(230143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584049) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317544) |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213457) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(686986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(435914) | &nbsp;&nbsp;&nbsp;&nbsp;(12595517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7499625) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(3104633) | &nbsp;&nbsp;&nbsp;&nbsp;(1242295) | &nbsp;&nbsp;&nbsp;&nbsp;(5093875) | &nbsp;&nbsp;&nbsp;&nbsp;(1286074) | &nbsp;&nbsp;&nbsp;&nbsp;(54961404) | &nbsp;&nbsp;&nbsp;&nbsp;(38963024) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(2155210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167775 | &nbsp;&nbsp;&nbsp;&nbsp;(2771306) | &nbsp;&nbsp;&nbsp;&nbsp;2273854 | &nbsp;&nbsp;&nbsp;&nbsp;(55000409) | &nbsp;&nbsp;&nbsp;&nbsp;(10051729) |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;28630793 | &nbsp;&nbsp;&nbsp;&nbsp;28463018 | &nbsp;&nbsp;&nbsp;&nbsp;38621027 | &nbsp;&nbsp;&nbsp;&nbsp;36347173 | &nbsp;&nbsp;&nbsp;&nbsp;301935491 | &nbsp;&nbsp;&nbsp;&nbsp;311987220 |
| End of period<br>| &nbsp;&nbsp;$26475583 | &nbsp;&nbsp;$28630793 | &nbsp;&nbsp;$35849721 | &nbsp;&nbsp;$38621027 | &nbsp;&nbsp;$246935082 | &nbsp;&nbsp;$301935491 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &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> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$(930166) | &nbsp;&nbsp;$(392655) | &nbsp;&nbsp;$5866371 | &nbsp;&nbsp;$8028802 | &nbsp;&nbsp;$(840158) | &nbsp;&nbsp;$(588211) |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95056950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36619538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50939947 | &nbsp;&nbsp;&nbsp;&nbsp;49505237 | &nbsp;&nbsp;&nbsp;&nbsp;21529148 | &nbsp;&nbsp;&nbsp;&nbsp;10774887 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(52286369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66301586 | &nbsp;&nbsp;&nbsp;&nbsp;(35500183) | &nbsp;&nbsp;&nbsp;&nbsp;30542203 | &nbsp;&nbsp;&nbsp;&nbsp;(15435814) | &nbsp;&nbsp;&nbsp;&nbsp;23371544 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41840415 | &nbsp;&nbsp;&nbsp;&nbsp;102528469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21306135 | &nbsp;&nbsp;&nbsp;&nbsp;88076242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253176 | &nbsp;&nbsp;&nbsp;&nbsp;33558220 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;(31105966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(923460) | &nbsp;&nbsp;&nbsp;&nbsp;(52219165) | &nbsp;&nbsp;&nbsp;&nbsp;(73617149) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(3728324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3279735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3020130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(2194574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1484995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1390248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(37028864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1058935) | &nbsp;&nbsp;&nbsp;&nbsp;(56983895) | &nbsp;&nbsp;&nbsp;&nbsp;(78027527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(115604671) | &nbsp;&nbsp;&nbsp;&nbsp;(113254088) | &nbsp;&nbsp;&nbsp;&nbsp;(182413213) | &nbsp;&nbsp;&nbsp;&nbsp;(45661753) | &nbsp;&nbsp;&nbsp;&nbsp;(24999701) | &nbsp;&nbsp;&nbsp;&nbsp;(25147544) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(110793120) | &nbsp;&nbsp;&nbsp;&nbsp;(11784554) | &nbsp;&nbsp;&nbsp;&nbsp;(218090973) | &nbsp;&nbsp;&nbsp;&nbsp;(35613038) | &nbsp;&nbsp;&nbsp;&nbsp;(19746525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8410676 |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;355702697 | &nbsp;&nbsp;&nbsp;&nbsp;367487251 | &nbsp;&nbsp;&nbsp;&nbsp;520089415 | &nbsp;&nbsp;&nbsp;&nbsp;555702453 | &nbsp;&nbsp;&nbsp;&nbsp;168000348 | &nbsp;&nbsp;&nbsp;&nbsp;159589672 |
| End of period<br>| &nbsp;&nbsp;$244909577 | &nbsp;&nbsp;$355702697 | &nbsp;&nbsp;$301998442 | &nbsp;&nbsp;$520089415 | &nbsp;&nbsp;$148253823 | &nbsp;&nbsp;$168000348 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-Managed<br> Mid Cap Value** | &nbsp;&nbsp;**SA Multi-Managed<br> Mid Cap Value** | &nbsp;&nbsp;**SA Multi-Managed<br> Moderate Growth** | &nbsp;&nbsp;**SA Multi-Managed<br> Moderate Growth** | &nbsp;&nbsp;**SA Multi-Managed<br> Small Cap** | &nbsp;&nbsp;**SA Multi-Managed<br> Small Cap** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$1883139 | &nbsp;&nbsp;$1963240 | &nbsp;&nbsp;$557463 | &nbsp;&nbsp;$518670 | &nbsp;&nbsp;$314926 | &nbsp;&nbsp;$458258 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;27995974 | &nbsp;&nbsp;&nbsp;&nbsp;13530212 | &nbsp;&nbsp;&nbsp;&nbsp;6272092 | &nbsp;&nbsp;&nbsp;&nbsp;(1481670) | &nbsp;&nbsp;&nbsp;&nbsp;15780510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339603 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(26281700) | &nbsp;&nbsp;&nbsp;&nbsp;25648958 | &nbsp;&nbsp;&nbsp;&nbsp;(2880564) | &nbsp;&nbsp;&nbsp;&nbsp;10351740 | &nbsp;&nbsp;&nbsp;&nbsp;(21369511) | &nbsp;&nbsp;&nbsp;&nbsp;19798320 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597413 | &nbsp;&nbsp;&nbsp;&nbsp;41142410 | &nbsp;&nbsp;&nbsp;&nbsp;3948991 | &nbsp;&nbsp;&nbsp;&nbsp;9388740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5274075) | &nbsp;&nbsp;&nbsp;&nbsp;23596181 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;(13071400) | &nbsp;&nbsp;&nbsp;&nbsp;(14395630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2995545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4969595) |
| Distributable earnings — Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1485316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1566511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235061) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433013) |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(844671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(159656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293350) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(15363628) | &nbsp;&nbsp;&nbsp;&nbsp;(16806812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3471040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5695958) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(21349258) | &nbsp;&nbsp;&nbsp;&nbsp;(11878909) | &nbsp;&nbsp;&nbsp;&nbsp;(9957696) | &nbsp;&nbsp;&nbsp;&nbsp;(6177142) | &nbsp;&nbsp;&nbsp;&nbsp;(34949668) | &nbsp;&nbsp;&nbsp;&nbsp;(28472505) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(33115473) | &nbsp;&nbsp;&nbsp;&nbsp;12456689 | &nbsp;&nbsp;&nbsp;&nbsp;(6456118) | &nbsp;&nbsp;&nbsp;&nbsp;3009677 | &nbsp;&nbsp;&nbsp;&nbsp;(43694783) | &nbsp;&nbsp;&nbsp;&nbsp;(10572282) |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;211880234 | &nbsp;&nbsp;&nbsp;&nbsp;199423545 | &nbsp;&nbsp;&nbsp;&nbsp;61135268 | &nbsp;&nbsp;&nbsp;&nbsp;58125591 | &nbsp;&nbsp;&nbsp;&nbsp;167805930 | &nbsp;&nbsp;&nbsp;&nbsp;178378212 |
| End of period<br>| &nbsp;&nbsp;$178764761 | &nbsp;&nbsp;$211880234 | &nbsp;&nbsp;$54679150 | &nbsp;&nbsp;$61135268 | &nbsp;&nbsp;$124111147 | &nbsp;&nbsp;$167805930 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**SA T. Rowe Price<br> Growth Stock** | &nbsp;&nbsp;**SA T. Rowe Price<br> Growth Stock** |
|  | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2024** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |
| **OPERATIONS:** |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$(1147484) | &nbsp;&nbsp;$(1153272) |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;66313622 | &nbsp;&nbsp;&nbsp;&nbsp;43634800 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;(52420244) | &nbsp;&nbsp;&nbsp;&nbsp;46358698 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;12745894 | &nbsp;&nbsp;&nbsp;&nbsp;88840226 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;(30175339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8094504) |
| Distributable earnings — Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6129752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1214220) |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5256812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1013724) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;(41561903) | &nbsp;&nbsp;&nbsp;&nbsp;(10322448) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(53117522) | &nbsp;&nbsp;&nbsp;&nbsp;(87606837) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(81933531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9089059) |
| **NET ASSETS:** |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;263552039 | &nbsp;&nbsp;&nbsp;&nbsp;272641098 |
| End of period<br>| &nbsp;&nbsp;$181618508 | &nbsp;&nbsp;$263552039 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS

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#### 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 19 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. Prior to January 13, 2025, for purposes of the Investment Advisers Act and the 1940 Act, American International Group, Inc.'s ("AIG") share ownership of Corebridge, and the rights granted to AIG by Corebridge as part of a separation agreement between AIG and Corebridge, provided AIG with control over Corebridge's corporate and business activities. Since January 13, 2025, for purposes of the Investment Advisers Act and the 1940 Act, AIG no longer has control over Corebridge's corporate and business activities.

&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. Six of the Portfolios, called the "Seasons Strategies Portfolios," are available only through the selection of one of four "strategies" described in the Seasons Variable Contract prospectus. The Seasons Strategies Portfolios 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 Portfolios 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. See Note 12 for a list of the Portfolios that reorganized into other series of the Trust or SAST effective April 28, 2025.

&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 and SA T. Rowe Price Growth Stock Portfolio, which are non-diversified as defined by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;Effective April 28, 2025, the following Portfolios had name changes:

---

| | |
|:---|:---|
| **Former Name** | &nbsp;&nbsp;**New Name** |
| SA Allocation Growth Portfolio | &nbsp;&nbsp;SA Allocation Aggressive Portfolio |
| SA Allocation Moderate Growth Portfolio | &nbsp;&nbsp;SA Allocation Moderately Aggressive Portfolio |
| SA American Century Inflation Protection Portfolio | &nbsp;&nbsp;SA American Century Inflation Managed Portfolio |
| SA Putnam Asset Allocation Diversified Growth Portfolio | &nbsp;&nbsp;SA Franklin Allocation Moderately Aggressive Portfolio |

---

&nbsp;&nbsp;&nbsp;&nbsp;The investment goal for each Portfolio is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**Seasons Strategies Portfolios**

&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;The **SA Multi-Managed Growth Portfolio** seeks long-term growth of capital by allocating its assets among three distinct, actively-managed investment components, each with a different investment strategy, which include a small-cap growth component, a fixed income component and a growth component.

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Multi-Managed Income Portfolio** seeks capital preservation by allocating its assets among two distinct, actively managed investment components, each with a different investment strategy which include a fixed income component and a growth component.

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Multi-Managed Income/Equity Portfolio** seeks conservation of principal while maintaining some potential for long-term growth of capital by allocating its assets among two distinct, actively-managed investment components, each with a different investment strategy, which include a fixed income component and a growth component.

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Multi-Managed Moderate Growth Portfolio** seeks long-term growth of capital, with capital preservation as a secondary objective by allocating its assets among three distinct, actively-managed investment components, each with a different investment strategy, which include a small-cap growth component, a fixed income component and a growth component.

&nbsp;&nbsp;&nbsp;&nbsp;The **SA T. Rowe Price Growth Stock Portfolio** seeks long-term capital appreciation with a secondary objective of increasing dividend income by investing, under normal circumstances, at least 80% of its net assets in common stocks of a diversified group of growth companies.

&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.

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[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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&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.

&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 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;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;**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:

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#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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&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.

&nbsp;&nbsp;&nbsp;&nbsp;The summary of the Portfolios' assets and liabilities classified in the fair value hierarchy as of March 31, 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. Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by an independent pricing service, and are generally categorized as Level 2. Swap contracts traded in the over-the-counter ("OTC") market are valued at a mid valuation provided by an independent pricing service, 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. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

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#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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&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 fund 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.

&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 March 31, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with Bank of America Securities LLC:

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| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Percentage<br> Ownership** | &nbsp;&nbsp;**Principal<br> Amount** |
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp;8.54% | &nbsp;&nbsp;$1435000 |
| SA Multi-Managed Growth Portfolio | &nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;310000 |
| SA Multi-Managed Income Portfolio | &nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;620000 |
| SA Multi-Managed Income/Equity Portfolio | &nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;765000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;260000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;200000 |
| SA Multi-Managed Moderate Growth Portfolio | &nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;800000 |

---

&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 March 31, 2025, bearing interest at a rate of 4.36% per annum, with a principal amount of $16,806,000, a repurchase price of $16,808,035, and a maturity date of April 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;3.63% | &nbsp;&nbsp;08/31/2029 | &nbsp;&nbsp;$17316000 | &nbsp;&nbsp;$17136546 |

---

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[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;As of March 31, 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;8.50% | &nbsp;&nbsp;$1190000 |
| SA Multi-Managed Growth Portfolio | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;255000 |
| SA Multi-Managed Income Portfolio | &nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;505000 |
| SA Multi-Managed Income/Equity Portfolio | &nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;630000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;210000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;155000 |
| SA Multi-Managed Moderate Growth Portfolio | &nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;655000 |

---

&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 March 31, 2025, bearing interest at a rate of 4.36% per annum, with a principal amount of $14,000,000, a repurchase price of $14,001,696, and a maturity date of April 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;3.63% | &nbsp;&nbsp;03/31/2030 | &nbsp;&nbsp;$14519000 | &nbsp;&nbsp;$14276564 |

---

&nbsp;&nbsp;&nbsp;&nbsp;As of March 31, 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;8.50% | &nbsp;&nbsp;$1190000 |
| SA Multi-Managed Growth Portfolio | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;255000 |
| SA Multi-Managed Income Portfolio | &nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;505000 |
| SA Multi-Managed Income/Equity Portfolio | &nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;&nbsp;630000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;210000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;155000 |
| SA Multi-Managed Moderate Growth Portfolio | &nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;655000 |

---

&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 March 31, 2025, bearing interest at a rate of 4.37% per annum, with a principal amount of $14,000,000, a repurchase price of $14,001,699, and a maturity date of April 1, 2025. The repurchase agreement is collateralized by the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **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;2.88% | &nbsp;&nbsp;05/15/2043 | &nbsp;&nbsp;$18000800 | &nbsp;&nbsp;$14273046 |

---

&nbsp;&nbsp;&nbsp;&nbsp;As of March 31, 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;8.51% | &nbsp;&nbsp;$1430000 |
| SA Multi-Managed Growth Portfolio | &nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;305000 |
| SA Multi-Managed Income Portfolio | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;605000 |
| SA Multi-Managed Income/Equity Portfolio | &nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;755000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;255000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;185000 |
| SA Multi-Managed Moderate Growth Portfolio | &nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;785000 |

---

&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 March 31, 2025, bearing interest at a rate of 4.36% per annum, with a principal amount of $16,805,000, a repurchase price of $16,807,035, and a maturity date of April 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;1.25% | &nbsp;&nbsp;06/30/2028 | &nbsp;&nbsp;$18648000 | &nbsp;&nbsp;$17197275 |

---

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#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;As of March 31, 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;8.51% | &nbsp;&nbsp;$1430000 |
| SA Multi-Managed Growth Portfolio | &nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;305000 |
| SA Multi-Managed Income Portfolio | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;605000 |
| SA Multi-Managed Income/Equity Portfolio | &nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;755000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;255000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;185000 |
| SA Multi-Managed Moderate Growth Portfolio | &nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;785000 |

---

&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 March 31, 2025, bearing interest at a rate of 4.34% per annum, with a principal amount of $16,804,000, a repurchase price of $16,806,026, and a maturity date of April 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;4.13% | &nbsp;&nbsp;11/30/2031 | &nbsp;&nbsp;$16895000 | &nbsp;&nbsp;$17144422 |

---

&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.

&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

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#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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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.

#### Recent Accounting and Regulatory Developments
&nbsp;&nbsp;&nbsp;&nbsp;In June 2022, FASB issued Accounting Standards Update ("ASU") No. 2022-03, "Fair Value Measurement", which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with ASU 2022-03. The Rule became effective for fiscal years beginning after December 15, 2023. Adoption of the Rule had no material impact on the Portfolios' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;In December 2023, the FASB issued 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.

&nbsp;&nbsp;&nbsp;&nbsp;In this reporting period, the Portfolios adopted FASB ASU 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures". Adoption of the new standard impacted financial statement disclosures only and did not affect the Portfolios' financial position or the results of its operations. 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.

#### 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

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#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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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.

&nbsp;&nbsp;&nbsp;&nbsp;**Swap Contracts:** Certain Portfolios may enter into 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;***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

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#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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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 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.

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#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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&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.

&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.

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;The following tables represent the value of derivatives held as of March 31, 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 year ended March 31, 2025. For a detailed presentation of derivatives held as of March 31, 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;$2352893 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$51005 | &nbsp;&nbsp;$— | &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;127881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;53820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6093 | &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;164606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1055497 | &nbsp;&nbsp;&nbsp;202657 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6574 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16489 | &nbsp;&nbsp;&nbsp;&nbsp;14669 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17474 | &nbsp;&nbsp;&nbsp;&nbsp;16616 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22053 | &nbsp;&nbsp;&nbsp;&nbsp;15569 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed 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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50158 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3905 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5755 | &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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Moderate 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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707 | &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;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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 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;51338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;32985 |
| 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;50237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;34800 |
| SA Multi-Managed 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;32887 | &nbsp;&nbsp;&nbsp;&nbsp;1445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1647 |
| SA Multi-Managed 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;7297 | &nbsp;&nbsp;&nbsp;&nbsp;5968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5272 |
| SA Multi-Managed Income/Equity<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;19368 | &nbsp;&nbsp;&nbsp;&nbsp;6646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5829 |
| 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;160015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;12642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
| SA Multi-Managed Moderate 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;38202 | &nbsp;&nbsp;&nbsp;&nbsp;5002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4974 |

---

(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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &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;$— | &nbsp;&nbsp;$(465408) | &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;(297131) | &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;(91875) | &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;(347378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68058 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;(50495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;(93103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4468) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;(138135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10204 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &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;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;$(137031) | &nbsp;&nbsp;$9436 | &nbsp;&nbsp;$— | &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;(185288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6974 | &nbsp;&nbsp;&nbsp;92441 | &nbsp;&nbsp;&nbsp;(513760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;56467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(6826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(5108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(9780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(9780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Moderate Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(82868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** | &nbsp;&nbsp;**Credit Contracts** |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(29442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Moderate Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &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;622398 |
| 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;&nbsp;(168189) |
| 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;397712 |
| SA Multi-Managed 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;&nbsp;&nbsp;&nbsp;(78040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 |
| SA Multi-Managed 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;(18937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30079 |
| SA Multi-Managed Income/Equity<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;(48164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23345 |
| 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;&nbsp;&nbsp;(458922) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26037 |
| SA Multi-Managed Moderate 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;&nbsp;&nbsp;&nbsp;(95624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28133 |

---

(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;$3228149 | &nbsp;&nbsp;$— | &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;&nbsp;9413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;41047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(569117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6950) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13521) | &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;(77278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7035 | &nbsp;&nbsp;&nbsp;(68496) | &nbsp;&nbsp;&nbsp;422188 | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(53153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(16116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(22222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(16167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (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 Mid Cap Value<br>| &nbsp;&nbsp;$(16167) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;(8411) | &nbsp;&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;(40985) | &nbsp;&nbsp;&nbsp;— | &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;(128157) |
| 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;69599 |
| 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;(114655) |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(16503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1307) |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(2809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7937) |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(8642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6929) |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(43920) | &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;(29967) |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(16502) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7654) |

---

(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 year ended March 31, 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** | **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)** | **Credit<br> Default<br> Swap<br> Contracts(1)** | **Equity<br> Swaps(2)** | **Written<br> Put Option<br> Contracts(2)** |
| SA American Century Inflation Managed<br>| $52491171 | $23549255 | $— | $236633333 | $— | $— | $— | $— |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;11732880 | &nbsp;&nbsp;&nbsp;10344494 | &nbsp;&nbsp;&nbsp;&nbsp;23292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;156150 | &nbsp;&nbsp;&nbsp;6080 |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;120264349 | &nbsp;&nbsp;&nbsp;&nbsp;9005540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9156667 | &nbsp;&nbsp;&nbsp;1207844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126517 | &nbsp;&nbsp;&nbsp;&nbsp;35474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6751843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;626250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6457406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665156 | &nbsp;&nbsp;&nbsp;&nbsp;20762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;681250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46250 | &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;2273878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;350878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;183224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;467074 | &nbsp;&nbsp;&nbsp;11487238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;309337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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;309337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&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 Moderate Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6385735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641568 | &nbsp;&nbsp;&nbsp;&nbsp;41924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;644583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43750 | &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;1411348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

(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 year ended March 31, 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** |  |  |
| **Portfolio** | &nbsp;&nbsp;**Futures<br> Contracts** | &nbsp;&nbsp;**Forward<br> Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Options<br> Contracts** | &nbsp;&nbsp;**Inflation<br> Swap<br> Contracts** | &nbsp;&nbsp;**Interest<br> Rate Swap<br> Contracts** | &nbsp;&nbsp;**Credit<br> Default Swap<br> Contracts** | &nbsp;&nbsp;**Equity<br> Swap<br> Contracts** |
| 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; 5 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| 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;5, 6 | &nbsp;&nbsp;— |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;1, 4 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;5, 6 | &nbsp;&nbsp;— |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;5, 6 | &nbsp;&nbsp;— |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;5, 6 | &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;— |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &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;**Options<br> Contracts** | &nbsp;&nbsp;**Inflation<br> Swap<br> Contracts** | &nbsp;&nbsp;**Interest<br> Rate Swap<br> Contracts** | &nbsp;&nbsp;**Credit<br> Default Swap<br> Contracts** | &nbsp;&nbsp;**Equity<br> Swap<br> Contracts** |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &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;— |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;1, 4 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;5, 6 | &nbsp;&nbsp;— |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

---

------

(1) To manage interest rate risk and the duration of the portfolio.

(2) To manage foreign currency exchange rate risk.

(3) To manage inflation rate 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 credit risk.

(7) 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 March 31, 2025. The repurchase agreements held by the Portfolios as of March 31, 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 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>| $7691 | $6768 | $— | $14459 | $390 | $— | $— | $390 | $14069 | $— | $14069 |
| Barclays Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;1776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1776 | &nbsp;&nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5575 | &nbsp;&nbsp;&nbsp;&nbsp;(3799) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3799) |
| Citibank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(710) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(710) |
| Goldman Sachs International<br>| &nbsp;&nbsp;&nbsp;&nbsp;3171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;3073 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3073 |
| HSBC Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1620 |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;10727 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;10727 | &nbsp;&nbsp;(10162) | &nbsp;&nbsp;— | &nbsp;&nbsp;(10162) |
| Morgan Stanley & Co. International PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;6405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6405 | &nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp;5249 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5249 |
| State Street Bank & Trust Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;9526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9526 | &nbsp;&nbsp;13769 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;13769 | &nbsp;&nbsp;&nbsp;&nbsp;(4243) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(4243) |
| Toronto Dominion Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1752 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1752 |
| UBS AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;9284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp;8843 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8843 |
| Westpac Banking Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;9429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9429 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9429 |
| **Total<br>**  | $51338 | $6768 | $— | $58106 | $32985 | $— | $— | $32985 | $25121 | $— | $25121 |

---

(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)** |
| Citibank, N.A.<br>| $— | $— | $— | $— | $2196 | $— | $— | $2196 | $(2196) | $— | $(2196) |
| Deutsche Bank AG<br>| &nbsp;&nbsp;50237 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;50237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;50237 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;50237 |
| Goldman Sachs International<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;32359 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;32359 | &nbsp;&nbsp;(32359) | &nbsp;&nbsp;— | &nbsp;&nbsp;(32359) |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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)** |
| Societe Generale<br>| $— | $— | $— | $— | $218 | $— | $— | $218 | $(218) | $— | $(218) |
| State Street Bank & Trust Co.<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;27 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |
| **Total<br>**  | $50237 | $— | $— | $50237 | $34800 | $— | $— | $34800 | $15437 | $— | $15437 |

---

(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 Growth Portfolio** | **SA Multi-Managed Growth Portfolio** | **SA Multi-Managed Growth Portfolio** | **SA Multi-Managed Growth Portfolio** | **SA Multi-Managed Growth Portfolio** | **SA Multi-Managed Growth Portfolio** | **SA Multi-Managed Growth Portfolio** | **SA Multi-Managed 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)** |
| Deutsche Bank AG<br>| $895 | $— | $— | $895 | $64 | $— | $— | $64 | $831 | $— | $831 |
| Goldman Sachs International<br>| &nbsp;&nbsp;&nbsp;&nbsp;490 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5469 | &nbsp;&nbsp;&nbsp;&nbsp;5959 | &nbsp;&nbsp;1230 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;4729 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4729 |
| HSBC Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp;(293) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(293) |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;20118 | &nbsp;&nbsp;20118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;20118 | &nbsp;&nbsp;— | &nbsp;&nbsp;20118 |
| Standard Chartered Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7300 |
| **Total<br>**  | $1445 | $— | $32887 | $34332 | $1647 | $— | $— | $1647 | $32685 | $— | $32685 |

---

(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 Income Portfolio** | **SA Multi-Managed Income Portfolio** | **SA Multi-Managed Income Portfolio** | **SA Multi-Managed Income Portfolio** | **SA Multi-Managed Income Portfolio** | **SA Multi-Managed Income Portfolio** | **SA Multi-Managed Income Portfolio** | **SA Multi-Managed 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>| $4019 | $— | $— | $4019 | $285 | $— | $— | $285 | $3734 | $— | $3734 |
| Goldman Sachs International<br>| &nbsp;&nbsp;1474 | &nbsp;&nbsp;— | &nbsp;&nbsp;1254 | &nbsp;&nbsp;&nbsp;&nbsp;2728 | &nbsp;&nbsp;3709 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;3709 | &nbsp;&nbsp;&nbsp;&nbsp;(981) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(981) |
| HSBC Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp;(774) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(774) |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;— | &nbsp;&nbsp;4363 | &nbsp;&nbsp;&nbsp;&nbsp;4615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;4599 | &nbsp;&nbsp;— | &nbsp;&nbsp;4599 |
| Standard Chartered Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1680 | &nbsp;&nbsp;— | &nbsp;&nbsp;1680 |
| State Street Bank & Trust Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;(265) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(265) |
| **Total<br>**  | $5968 | $— | $7297 | $13265 | $5272 | $— | $— | $5272 | $7993 | $— | $7993 |

---

(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 Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/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)** |
| Deutsche Bank AG<br>| $4889 | $— | $— | $4889 | $346 | $— | $— | $346 | $4543 | $— | $4543 |
| Goldman Sachs International<br>| &nbsp;&nbsp;1428 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3290 | &nbsp;&nbsp;&nbsp;&nbsp;4718 | &nbsp;&nbsp;3579 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;3579 | &nbsp;&nbsp;&nbsp;&nbsp;1139 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1139 |
| HSBC Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;&nbsp;(820) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(820) |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;11673 | &nbsp;&nbsp;11673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;11673 | &nbsp;&nbsp;— | &nbsp;&nbsp;11673 |
| Societe Generale<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;(489) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(489) |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/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)** |
| Standard Chartered Bank<br>| $— | $— | $4405 | $4405 | $— | $— | $— | $— | $4405 | $— | $4405 |
| State Street Bank & Trust Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;(266) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(266) |
| **Total<br>**  | $6646 | $— | $19368 | $26014 | $5829 | $— | $— | $5829 | $20185 | $— | $20185 |

---

(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>| $— | $— | $27289 | $27289 | $— | $— | $— | $— | $27289 | $(27289) | $— |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;96320 | &nbsp;&nbsp;&nbsp;&nbsp;96320 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;96320 | &nbsp;&nbsp;&nbsp;&nbsp;(96320) | &nbsp;&nbsp;— |
| Standard Chartered Bank<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36406 | &nbsp;&nbsp;&nbsp;&nbsp;36406 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;36406 | &nbsp;&nbsp;&nbsp;&nbsp;(36406) | &nbsp;&nbsp;— |
| **Total<br>**  | $— | $— | $160015 | $160015 | $— | $— | $— | $— | $160015 | $(160015) | $— |

---

(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>| $2854 | $— | $— | $2854 | $64 | $— | $— | $64 | $2790 | $— | $2790 |
| Citibank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;2162 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2162 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2162 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2162 |
| Goldman Sachs International<br>| &nbsp;&nbsp;&nbsp;&nbsp;3645 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3645 | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;3634 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3634 |
| Morgan Stanley & Co. International PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1446 |
| UBS AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;141 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;2394 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2394 |
| **Total<br>**  | $12642 | $— | $— | $12642 | $216 | $— | $— | $216 | $12426 | $— | $12426 |

---

(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 Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate 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)** |
| Deutsche Bank AG<br>| $3387 | $— | $— | $3387 | $240 | $— | $— | $240 | $3147 | $— | $3147 |
| Goldman Sachs International<br>| &nbsp;&nbsp;1385 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp;7835 | &nbsp;&nbsp;3433 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;3433 | &nbsp;&nbsp;&nbsp;&nbsp;4402 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4402 |
| HSBC Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp;(806) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(806) |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;23101 | &nbsp;&nbsp;23101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;23101 | &nbsp;&nbsp;— | &nbsp;&nbsp;23101 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate 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)** |
| Standard Chartered Bank<br>| $— | $— | $8651 | $8651 | $— | $— | $— | $— | $8651 | $— | $8651 |
| State Street Bank & Trust Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;(265) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(265) |
| **Total<br>**  | $5002 | $— | $38202 | $43204 | $4974 | $— | $— | $4974 | $38230 | $— | $38230 |

---

(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 Growth\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;1394269 | &nbsp;&nbsp;&nbsp;&nbsp;(4937768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673672 | &nbsp;&nbsp;&nbsp;&nbsp;(4433970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(639193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687641 | &nbsp;&nbsp;&nbsp;&nbsp;(6281041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635188 | &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 Moderate Growth\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;2029735 | &nbsp;&nbsp;&nbsp;&nbsp;(8611113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 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 |
| SA T. Rowe Price Growth Stock<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;65729454 | &nbsp;&nbsp;&nbsp;&nbsp;38257035 | &nbsp;&nbsp;&nbsp;&nbsp;1912946 | &nbsp;&nbsp;&nbsp;39648957 |

---

\* Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

\*\* The Portfolio's Long-term Gains/Capital Loss Carryover includes both Long-term Capital Capital Gains and Capital Loss Carryforward due to ownership change limitations.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Tax Distributions** | &nbsp;&nbsp;**Tax Distributions** |
|  | &nbsp;&nbsp;**For the year ended<br> March 31, 2024** | &nbsp;&nbsp;**For the year ended<br> March 31, 2024** |
| **Portfolio** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gains** |
| SA Allocation Aggressive<br>| &nbsp;&nbsp;$8807433 | &nbsp;&nbsp;$36010946 |
| SA Allocation Balanced<br>| &nbsp;&nbsp;&nbsp;&nbsp;5200365 | &nbsp;&nbsp;&nbsp;12260643 |
| SA Allocation Moderate<br>| &nbsp;&nbsp;&nbsp;&nbsp;6204722 | &nbsp;&nbsp;&nbsp;18782783 |
| SA Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;10750235 | &nbsp;&nbsp;&nbsp;36079506 |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;28222012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Columbia Focused Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;4936234 | &nbsp;&nbsp;&nbsp;18333995 |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;2865516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;17133952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Tax Distributions** | &nbsp;&nbsp;**Tax Distributions** |
|  | &nbsp;&nbsp;**For the year ended<br> March 31, 2024** | &nbsp;&nbsp;**For the year ended<br> March 31, 2024** |
| **Portfolio** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital Gains** |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;$6632404 | &nbsp;&nbsp;$867221 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1058935 |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;10747977 | &nbsp;&nbsp;&nbsp;67279550 |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;2300321 | &nbsp;&nbsp;&nbsp;14506491 |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668973 | &nbsp;&nbsp;&nbsp;&nbsp;5026985 |
| SA T. Rowe Price Growth Stock<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;10322448 |

---

&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 |
| SA Multi-Managed Growth\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;2627492 | &nbsp;&nbsp;&nbsp;&nbsp;4435332 |
| SA Multi-Managed Income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;2112426 | &nbsp;&nbsp;&nbsp;&nbsp;2321544 |
| SA Multi-Managed Income/Equity\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;2002066 | &nbsp;&nbsp;&nbsp;&nbsp;4278975 |
| SA Multi-Managed Moderate Growth\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;3243083 | &nbsp;&nbsp;&nbsp;&nbsp;7395682 |

---

\* The Portfolios had a change in ownership as defined in the Internal Revenue Code section 382 during the fiscal year ended March 31, 2025. The capital loss carryforwards amounts may be subject to limitations pursuant to applicable federal income tax regulations.

&nbsp;&nbsp;&nbsp;&nbsp;The Portfolios indicated below, utilized capital loss carryforwards, which offset net realized taxable gains in the year ended March 31, 2025.

---

| | |
|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Capital Loss<br> Carryforward<br> Utilized** |
| SA Allocation Balanced<br>| &nbsp;&nbsp;$1293402 |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;1166876 |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541257 |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;&nbsp;1980409 |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158557 |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875395 |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;&nbsp;1225211 |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;&nbsp;2746489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended March 31, 2025, the reclassifications between total accumulated earnings (loss) and paid-in capital resulting from book/tax differences were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Accumulated<br> Earnings(Loss)** | &nbsp;&nbsp;**Paid-In<br> Capital** |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;$(17) | &nbsp;&nbsp;$17 |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720 |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639 |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| SA T. Rowe Price Growth Stock<br>| &nbsp;&nbsp;&nbsp;1147149 | &nbsp;&nbsp;&nbsp;(1147149) |

---

&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;$19453178 | &nbsp;&nbsp;$(20357589) | &nbsp;&nbsp;$(904411) | &nbsp;&nbsp;$459225574 |
| SA Allocation Balanced<br>| &nbsp;&nbsp;&nbsp;&nbsp;5824444 | &nbsp;&nbsp;&nbsp;(18756476) | &nbsp;&nbsp;&nbsp;(12932032) | &nbsp;&nbsp;&nbsp;242139220 |
| SA Allocation Moderate<br>| &nbsp;&nbsp;&nbsp;&nbsp;8543029 | &nbsp;&nbsp;&nbsp;(17334510) | &nbsp;&nbsp;&nbsp;&nbsp;(8791481) | &nbsp;&nbsp;&nbsp;270372562 |
| SA Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;21907249 | &nbsp;&nbsp;&nbsp;(25165017) | &nbsp;&nbsp;&nbsp;&nbsp;(3257768) | &nbsp;&nbsp;&nbsp;468380181 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 American Century Inflation Managed<br>| &nbsp;&nbsp;$5855827 | &nbsp;&nbsp;$(41596998) | &nbsp;&nbsp;$(35741171) | &nbsp;&nbsp;$580230929 |
| SA Columbia Focused Value<br>| &nbsp;&nbsp;&nbsp;57229548 | &nbsp;&nbsp;&nbsp;(11154157) | &nbsp;&nbsp;&nbsp;&nbsp;46075391 | &nbsp;&nbsp;&nbsp;213137347 |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;35745258 | &nbsp;&nbsp;&nbsp;&nbsp;(6788499) | &nbsp;&nbsp;&nbsp;&nbsp;28956759 | &nbsp;&nbsp;&nbsp;168913085 |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;4832451 | &nbsp;&nbsp;&nbsp;(54144456) | &nbsp;&nbsp;&nbsp;(49312005) | &nbsp;&nbsp;&nbsp;810245963 |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;5144372 | &nbsp;&nbsp;&nbsp;&nbsp;(2461479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2682893 | &nbsp;&nbsp;&nbsp;&nbsp;33332504 |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;1077777 | &nbsp;&nbsp;&nbsp;&nbsp;(1716827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(639050) | &nbsp;&nbsp;&nbsp;&nbsp;28791598 |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;2606594 | &nbsp;&nbsp;&nbsp;&nbsp;(1871538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735056 | &nbsp;&nbsp;&nbsp;&nbsp;35773735 |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;65230379 | &nbsp;&nbsp;&nbsp;(16976155) | &nbsp;&nbsp;&nbsp;&nbsp;48254224 | &nbsp;&nbsp;&nbsp;196074984 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;61935085 | &nbsp;&nbsp;&nbsp;&nbsp;(7138721) | &nbsp;&nbsp;&nbsp;&nbsp;54796364 | &nbsp;&nbsp;&nbsp;188344752 |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;36573848 | &nbsp;&nbsp;&nbsp;(22591674) | &nbsp;&nbsp;&nbsp;&nbsp;13982174 | &nbsp;&nbsp;&nbsp;286000882 |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;&nbsp;30364989 | &nbsp;&nbsp;&nbsp;(12826366) | &nbsp;&nbsp;&nbsp;&nbsp;17538623 | &nbsp;&nbsp;&nbsp;130720918 |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;36062155 | &nbsp;&nbsp;&nbsp;(13763215) | &nbsp;&nbsp;&nbsp;&nbsp;22298940 | &nbsp;&nbsp;&nbsp;155972995 |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;6495985 | &nbsp;&nbsp;&nbsp;&nbsp;(3557097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938888 | &nbsp;&nbsp;&nbsp;&nbsp;53302602 |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;21108611 | &nbsp;&nbsp;&nbsp;(16699102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409509 | &nbsp;&nbsp;&nbsp;118927051 |
| SA T. Rowe Price Growth Stock<br>| &nbsp;&nbsp;&nbsp;45691860 | &nbsp;&nbsp;&nbsp;&nbsp;(7434823) | &nbsp;&nbsp;&nbsp;&nbsp;38257037 | &nbsp;&nbsp;&nbsp;142387770 |

---

#### 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(1) | &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(2) |
| 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 |
| SA Multi-Managed Growth | &nbsp;&nbsp;J.P. Morgan Investment Management, Inc.<br> Morgan Stanley Investment Management Inc.<br> Wellington Management Company LLP | &nbsp;&nbsp;0.89% on the first $250 million<br> 0.84% on the next $250 million<br> 0.79% over $500 million | &nbsp;&nbsp;0.62% on the first $250 million<br> 0.57% on the next $250 million<br> 0.52% over $500 million |
| SA Multi-Managed Income | &nbsp;&nbsp;Morgan Stanley Investment Management Inc.<br> Wellington Management Company LLP | &nbsp;&nbsp;0.77% on the first $250 million<br> 0.72% on the next $250 million<br> 0.67% over $500 million | &nbsp;&nbsp;0.64% on the first $250 million<br> 0.59% on the next $250 million<br> 0.54% over $500 million |
| SA Multi-Managed Income/Equity | &nbsp;&nbsp;Morgan Stanley Investment Management Inc.<br> Wellington Management Company LLP | &nbsp;&nbsp;0.81% on the first $250 million<br> 0.76% on the next $250 million<br> 0.71% over $500 million | &nbsp;&nbsp;0.75% on the first $250 million<br> 0.70% on the next $250 million<br> 0.65% over $500 million |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Subadviser** | &nbsp;&nbsp;**Advisory Fee** | &nbsp;&nbsp;**Advisory Fee after Waiver** |
| SA Multi-Managed International Equity(3) | &nbsp;&nbsp;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(3) | &nbsp;&nbsp;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(3) | &nbsp;&nbsp;American Century Invesment Management, Inc.<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(3) | &nbsp;&nbsp;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(3) | &nbsp;&nbsp;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 Moderate Growth | &nbsp;&nbsp;J.P. Morgan Investment Management, Inc.<br> Morgan Stanley Investment Management 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;0.75% on the first $250 million<br> 0.70% on the next $250 million<br> 0.65% over $500 million |
| SA Multi-Managed Small Cap (3) | &nbsp;&nbsp;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 |
| SA T. Rowe Price Growth Stock | &nbsp;&nbsp;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;0.80% on the first $250 million<br> 0.75% on the next $250 million<br> 0.70% over $500 million |

---

(1) On April 30, 2025, Franklin Advisers, Inc. was appointed as subadviser replacing Putnam Investment Management, LLC.

(2) The information presented represents the advisory fees after waivers that became effective on November 1, 2024. Prior to that date, the SA Franklin Allocation Moderately Aggressive Portfolio contractually waived fees so that its advisory fee payable was equal to 0.70% of the Portfolio's average daily net assets on the first $250 million, 0.65% of the Portfolio's average daily net assets on the next $250 million, and 0.60% over $500 million.

(3) Effective April 30, 2025, BlackRock Investment Management, LLC was appointed as subadviser to a portion of the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended March 31, 2025, advisory fees waived were as follows:

---

| | |
|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Amount** |
| SA Allocation Aggressive<br>| &nbsp;&nbsp;$46849 |
| SA Allocation Balanced<br>| &nbsp;&nbsp;&nbsp;&nbsp;24101 |
| SA Allocation Moderate<br>| &nbsp;&nbsp;&nbsp;&nbsp;27809 |
| SA Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;48592 |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;329154 |
| SA Columbia Focused Value<br>| &nbsp;&nbsp;&nbsp;953908 |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;339404 |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;&nbsp;102526 |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;35579 |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;22591 |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;109795 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;228424 |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;58790 |
| SA T. Rowe Price Growth Stock<br>| &nbsp;&nbsp;&nbsp;113444 |

---

&nbsp;&nbsp;&nbsp;&nbsp;The Adviser has contractually agreed to waive its fees and/or reimburse expenses, if necessary, to keep annual operating expenses at or below certain percentages of the following Portfolios' average net assets. This agreement may be modified or discontinued prior to July 31, 2026, only with the approval of the Board, including a majority of the trustees who are not "interested persons" of the Trust as defined in the 1940 Act. For purposes of the waived fees and reimbursed expense calculations, annual Portfolio operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

incurred in the ordinary course of the Portfolio's business. During the period ended March 31, 2025, the Adviser waived its fees and/or reimbursed expenses, if necessary, to keep annual operating expenses at or below the following percentages:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Class 1** | &nbsp;&nbsp;**Class 2** | &nbsp;&nbsp;**Class 3** |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;1.07% | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;1.32% |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;1.13% | &nbsp;&nbsp;1.28% | &nbsp;&nbsp;1.38% |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;1.13% | &nbsp;&nbsp;1.28% | &nbsp;&nbsp;1.38% |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;1.04% | &nbsp;&nbsp;1.19% | &nbsp;&nbsp;1.29% |

---

&nbsp;&nbsp;&nbsp;&nbsp;The Adviser may also voluntarily waive additional fees and/or reimburse additional expenses. The Adviser may terminate all such voluntary waivers and/or reimbursements at any time.

&nbsp;&nbsp;&nbsp;&nbsp;For the year ended March 31, 2025, expenses reimbursed were as follows:

---

| | |
|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Amount** |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;$223915 |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;215224 |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;208542 |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;&nbsp;238833 |

---

&nbsp;&nbsp;&nbsp;&nbsp;Waivers or reimbursements made by the Adviser with respect to a Portfolio, with the exception of advisory fee waivers, are subject to recoupment from that Portfolio within the following two years, provided that the Portfolio is able to effect such payment to the Adviser without exceeding the applicable expense limitations in effect at the time such waivers and/or reimbursements occurred or the current expense limitation of that share class.

&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2025, expenses previously reimbursed by the Adviser that are subject to recoupment and expire during the time period indicated below are as follows. Prior to the reorganization on April 28, 2025 (See Note 12), such amounts were not recouped.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Balance Subject to<br> Recoupment** | &nbsp;&nbsp;**Balance Subject to<br> Recoupment** |
| **Portfolio** | &nbsp;&nbsp;**March 31, 2026** | &nbsp;&nbsp;**March 31, 2027** |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;$150317 | &nbsp;&nbsp;$223915 |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;136470 | &nbsp;&nbsp;&nbsp;215224 |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;131775 | &nbsp;&nbsp;&nbsp;208542 |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;&nbsp;166653 | &nbsp;&nbsp;&nbsp;238833 |

---

&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, statements of account 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 year ended March 31, 2025, transfer agent fees were paid (see Statement of Operations) based on the aforementioned 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 year ended March 31, 2025, service fees were paid (see Statement of Operations) based on the aforementioned rates.

&nbsp;&nbsp;&nbsp;&nbsp;During the year ended March 31, 2025, the SA Multi-Managed Large Cap Growth Portfolio had a trade error due to incorrect weightings for the S&P 500 Growth Index. The error was corrected resulting in a loss of $128,176 which was reimbursed by the Adviser. Additionally, the Portfolio purchased securities in violation of Rule 17a-7 of the 1940 Act. The Portfolio realized a gain of $664 on the securities purchased and a loss of $6 on the related commissions. The loss was reimbursed by the subadviser.

#### 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 year ended March 31, 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;$71056780 | &nbsp;&nbsp;$94203554 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| SA Allocation Balanced<br>| &nbsp;&nbsp;&nbsp;&nbsp;31804564 | &nbsp;&nbsp;&nbsp;&nbsp;57453738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;42170965 | &nbsp;&nbsp;&nbsp;&nbsp;77324738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;59262176 | &nbsp;&nbsp;&nbsp;112868216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (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 American Century Inflation Managed<br>| &nbsp;&nbsp;$119073369 | &nbsp;&nbsp;$137326335 | &nbsp;&nbsp;$142054950 | &nbsp;&nbsp;$173656149 |
| SA Columbia Focused Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;79192820 | &nbsp;&nbsp;&nbsp;164381700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;126462352 | &nbsp;&nbsp;&nbsp;155316189 | &nbsp;&nbsp;&nbsp;&nbsp;10202105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875285 |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;161754826 | &nbsp;&nbsp;&nbsp;229348706 | &nbsp;&nbsp;&nbsp;147912344 | &nbsp;&nbsp;&nbsp;134008723 |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;22069676 | &nbsp;&nbsp;&nbsp;&nbsp;29393296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403800 |
| SA Multi-Managed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6611510 | &nbsp;&nbsp;&nbsp;&nbsp;14528600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7510112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6137050 |
| SA Multi-Managed Income/Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;12330586 | &nbsp;&nbsp;&nbsp;&nbsp;22498620 | &nbsp;&nbsp;&nbsp;&nbsp;10015307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8856823 |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;43372146 | &nbsp;&nbsp;&nbsp;107847175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;145810233 | &nbsp;&nbsp;&nbsp;297734634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;163894097 | &nbsp;&nbsp;&nbsp;394243274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;134729522 | &nbsp;&nbsp;&nbsp;158842179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;68222969 | &nbsp;&nbsp;&nbsp;102144207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Moderate Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;29734459 | &nbsp;&nbsp;&nbsp;&nbsp;43425392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8679902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7604113 |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;&nbsp;86458419 | &nbsp;&nbsp;&nbsp;121026106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 T. Rowe Price Growth Stock<br>| &nbsp;&nbsp;&nbsp;&nbsp;89790667 | &nbsp;&nbsp;&nbsp;188059545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** |
|  | **Year Ended 3/31/25** | **Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** |
|  | **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;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;$2155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130742 | &nbsp;&nbsp;$1783266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;$322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;$840 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5337212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34818) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2945) | &nbsp;&nbsp;$(44064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234296) | &nbsp;&nbsp;$(3437251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;$636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3504) | &nbsp;&nbsp;$(31195) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;1453622 | &nbsp;&nbsp;$21993320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563431 | &nbsp;&nbsp;$22033342 | &nbsp;&nbsp;&nbsp;&nbsp;1462048 | &nbsp;&nbsp;$13842810 | &nbsp;&nbsp;&nbsp;&nbsp;1307233 | &nbsp;&nbsp;$11790940 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14378063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44701684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355371 | &nbsp;&nbsp;&nbsp;&nbsp;2027668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17458225 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(2857198) | &nbsp;&nbsp;&nbsp;&nbsp;(43337423) | &nbsp;&nbsp;&nbsp;&nbsp;(2115142) | &nbsp;&nbsp;&nbsp;&nbsp;(29849773) | &nbsp;&nbsp;&nbsp;(4079840) | &nbsp;&nbsp;&nbsp;&nbsp;(38557779) | &nbsp;&nbsp;&nbsp;(3400352) | &nbsp;&nbsp;&nbsp;&nbsp;(30594872) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(488941) | &nbsp;&nbsp;$(6966040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845074 | &nbsp;&nbsp;$36885253 | &nbsp;&nbsp;&nbsp;(2168785) | &nbsp;&nbsp;$(20359598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65451) | &nbsp;&nbsp;$(1345707) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(491886) | &nbsp;&nbsp;$(7010104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2610778 | &nbsp;&nbsp;$33448002 | &nbsp;&nbsp;&nbsp;(2168720) | &nbsp;&nbsp;$(20358962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68955) | &nbsp;&nbsp;$(1376902) |
|  | **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** |
|  | **Year Ended 3/31/25** | **Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** |
|  | **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;$2107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;$1313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;$2269 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &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;2065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18691 | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34024 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74925) | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81234) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;$1961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5378) | &nbsp;&nbsp;$(54127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;$2194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4217) | &nbsp;&nbsp;$(44941) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;1023876 | &nbsp;&nbsp;$10140532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982867 | &nbsp;&nbsp;$9404531 | &nbsp;&nbsp;&nbsp;&nbsp;1355920 | &nbsp;&nbsp;$13980391 | &nbsp;&nbsp;&nbsp;&nbsp;1181543 | &nbsp;&nbsp;$11399083 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6996441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24968814 | &nbsp;&nbsp;&nbsp;&nbsp;1438096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15200677 | &nbsp;&nbsp;&nbsp;&nbsp;5148044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46795717 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(4382089) | &nbsp;&nbsp;&nbsp;&nbsp;(44226295) | &nbsp;&nbsp;&nbsp;&nbsp;(3757898) | &nbsp;&nbsp;&nbsp;&nbsp;(35802471) | &nbsp;&nbsp;&nbsp;(6402790) | &nbsp;&nbsp;&nbsp;&nbsp;(65782014) | &nbsp;&nbsp;&nbsp;(5484087) | &nbsp;&nbsp;&nbsp;&nbsp;(53136619) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;(2684831) | &nbsp;&nbsp;$(27089322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6870) | &nbsp;&nbsp;$(1429126) | &nbsp;&nbsp;&nbsp;(3608774) | &nbsp;&nbsp;$(36600946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845500 | &nbsp;&nbsp;$5058181 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(2684650) | &nbsp;&nbsp;$(27087361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12248) | &nbsp;&nbsp;$(1483253) | &nbsp;&nbsp;&nbsp;(3608588) | &nbsp;&nbsp;$(36598752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841283 | &nbsp;&nbsp;$5013240 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (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** |
|  | **Year Ended 3/31/25** | **Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** |
|  | **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;3230038 | &nbsp;&nbsp;$27426949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359406 | &nbsp;&nbsp;$3264327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53982 | &nbsp;&nbsp;$1101191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478990 | &nbsp;&nbsp;$9260162 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6873011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10747134 | &nbsp;&nbsp;&nbsp;&nbsp;1684825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33224742 | &nbsp;&nbsp;&nbsp;&nbsp;1208314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21894659 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(4155196) | &nbsp;&nbsp;&nbsp;&nbsp;(36427685) | &nbsp;&nbsp;&nbsp;&nbsp;(6726759) | &nbsp;&nbsp;&nbsp;&nbsp;(59149019) | &nbsp;&nbsp;&nbsp;(4265254) | &nbsp;&nbsp;&nbsp;&nbsp;(89059310) | &nbsp;&nbsp;&nbsp;(2841100) | &nbsp;&nbsp;&nbsp;&nbsp;(55668627) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(130590) | &nbsp;&nbsp;$(2127725) | &nbsp;&nbsp;&nbsp;&nbsp;(5104470) | &nbsp;&nbsp;$(45137558) | &nbsp;&nbsp;&nbsp;(2526447) | &nbsp;&nbsp;$(54733377) | &nbsp;&nbsp;&nbsp;(1153796) | &nbsp;&nbsp;$(24513806) |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15610 | &nbsp;&nbsp;$318006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33437 | &nbsp;&nbsp;$673370 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868335 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2185567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2131835) |
| &nbsp;&nbsp;&nbsp;Total<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14256) | &nbsp;&nbsp;$(340135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27749) | &nbsp;&nbsp;$(590130) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;2060617 | &nbsp;&nbsp;$17735931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5835172 | &nbsp;&nbsp;$50650226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10925 | &nbsp;&nbsp;$211528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23465 | &nbsp;&nbsp;$453450 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;1438118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12310286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17474878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507235 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(8808802) | &nbsp;&nbsp;&nbsp;&nbsp;(76325358) | &nbsp;&nbsp;&nbsp;&nbsp;(7218818) | &nbsp;&nbsp;&nbsp;&nbsp;(62871450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80020) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1561616) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;(5310067) | &nbsp;&nbsp;$(46279141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691755 | &nbsp;&nbsp;$5253654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14941 | &nbsp;&nbsp;$273964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28716) | &nbsp;&nbsp;$(600931) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(5440657) | &nbsp;&nbsp;$(48406866) | &nbsp;&nbsp;&nbsp;&nbsp;(4412715) | &nbsp;&nbsp;$(39883904) | &nbsp;&nbsp;&nbsp;(2525762) | &nbsp;&nbsp;$(54799548) | &nbsp;&nbsp;&nbsp;(1210261) | &nbsp;&nbsp;$(25704867) |
|  | **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** |
|  | **Year Ended 3/31/25** | **Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** |
|  | **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;42207 | &nbsp;&nbsp;$614930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53148 | &nbsp;&nbsp;$613564 | &nbsp;&nbsp;&nbsp;&nbsp;6470922 | &nbsp;&nbsp;$65478350 | &nbsp;&nbsp;&nbsp;&nbsp;3398094 | &nbsp;&nbsp;$33937270 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186360 | &nbsp;&nbsp;&nbsp;&nbsp;2336275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23502925 | &nbsp;&nbsp;&nbsp;&nbsp;1696240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16691002 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(174386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2370729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1642496) | &nbsp;&nbsp;(13192933) | &nbsp;&nbsp;&nbsp;(133983991) | &nbsp;&nbsp;(14134695) | &nbsp;&nbsp;&nbsp;(140006789) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(121127) | &nbsp;&nbsp;$(1593107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69615) | &nbsp;&nbsp;$(842572) | &nbsp;&nbsp;&nbsp;(4385736) | &nbsp;&nbsp;$(45002716) | &nbsp;&nbsp;&nbsp;(9040361) | &nbsp;&nbsp;$(89378517) |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137109 | &nbsp;&nbsp;$1982651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96169 | &nbsp;&nbsp;$1120923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57997 | &nbsp;&nbsp;$590041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249330 | &nbsp;&nbsp;$2455111 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297004 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(559070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7761400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7704263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2195686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(364037) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3591761) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(389434) | &nbsp;&nbsp;$(5299301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(517284) | &nbsp;&nbsp;$(6042544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113957) | &nbsp;&nbsp;$(1170916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84524) | &nbsp;&nbsp;$(839646) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852542 | &nbsp;&nbsp;$11875264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839320 | &nbsp;&nbsp;$9874085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16648 | &nbsp;&nbsp;$165430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56618 | &nbsp;&nbsp;$561885 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145946 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(1895089) | &nbsp;&nbsp;&nbsp;&nbsp;(26500458) | &nbsp;&nbsp;&nbsp;&nbsp;(1585606) | &nbsp;&nbsp;&nbsp;&nbsp;(18495607) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1184356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1317747) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(897511) | &nbsp;&nbsp;$(12501860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(561147) | &nbsp;&nbsp;$(6483162) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81007) | &nbsp;&nbsp;$(817684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61983) | &nbsp;&nbsp;$(609916) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(1408072) | &nbsp;&nbsp;$(19394268) | &nbsp;&nbsp;&nbsp;&nbsp;(1148046) | &nbsp;&nbsp;$(13368278) | &nbsp;&nbsp;&nbsp;(4580700) | &nbsp;&nbsp;$(46991316) | &nbsp;&nbsp;&nbsp;(9186868) | &nbsp;&nbsp;$(90828079) |
|  | **SA Multi-Managed Growth Portfolio** | **SA Multi-Managed Growth Portfolio** | **SA Multi-Managed Growth Portfolio** | **SA Multi-Managed Growth Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Income Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Income Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Income Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Income Portfolio** |
|  | **Year Ended 3/31/25** | **Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** |
|  | **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;41094 | &nbsp;&nbsp;$423831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60189 | &nbsp;&nbsp;$584808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14539 | &nbsp;&nbsp;$130356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31807 | &nbsp;&nbsp;$271093 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62901 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(143825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1631860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(840436) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(347932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235791) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(101205) | &nbsp;&nbsp;$(1188415) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25128) | &nbsp;&nbsp;$(255628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14732) | &nbsp;&nbsp;$(129480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11278 | &nbsp;&nbsp;$98203 |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75679 | &nbsp;&nbsp;$773097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105444 | &nbsp;&nbsp;$1010919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70055 | &nbsp;&nbsp;$628468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169577 | &nbsp;&nbsp;$1442772 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286705 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(302513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3430824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2467854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3011401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(367689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3105540) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(225822) | &nbsp;&nbsp;$(2644837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(152979) | &nbsp;&nbsp;$(1456935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229183) | &nbsp;&nbsp;$(2017956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(164142) | &nbsp;&nbsp;$(1376063) |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Growth Portfolio** | **SA Multi-Managed Growth Portfolio** | **SA Multi-Managed Growth Portfolio** | **SA Multi-Managed Growth Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Income Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Income Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Income Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Income Portfolio** |
|  | **Year Ended 3/31/25** | **Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** |
|  | **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;110261 | &nbsp;&nbsp;$1163397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131119 | &nbsp;&nbsp;$1244795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87708 | &nbsp;&nbsp;$784938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129777 | &nbsp;&nbsp;$1103495 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172425 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(294781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3402816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2559390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(221668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1976048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1240355) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(184432) | &nbsp;&nbsp;$(2238312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141365) | &nbsp;&nbsp;$(1314595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108781) | &nbsp;&nbsp;$(957197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 | &nbsp;&nbsp;$35565 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(511459) | &nbsp;&nbsp;$(6071564) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(319472) | &nbsp;&nbsp;$(3027158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352696) | &nbsp;&nbsp;$(3104633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149409) | &nbsp;&nbsp;$(1242295) |
|  | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | **SA Multi-Managed Income/Equity Portfolio** | &nbsp;&nbsp;**SA Multi-Managed International Equity Portfolio** | &nbsp;&nbsp;**SA Multi-Managed International Equity Portfolio** | &nbsp;&nbsp;**SA Multi-Managed International Equity Portfolio** | &nbsp;&nbsp;**SA Multi-Managed International Equity Portfolio** |
|  | **Year Ended 3/31/25** | **Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** |
|  | **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;20805 | &nbsp;&nbsp;$171971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53011 | &nbsp;&nbsp;$415454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213759 | &nbsp;&nbsp;$1953772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434808 | &nbsp;&nbsp;$3528272 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59351 | &nbsp;&nbsp;&nbsp;&nbsp;1317142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11590849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6968623 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(604543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(779711) | &nbsp;&nbsp;&nbsp;(7233623) | &nbsp;&nbsp;&nbsp;&nbsp;(66348889) | &nbsp;&nbsp;&nbsp;(5500553) | &nbsp;&nbsp;&nbsp;&nbsp;(46683966) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39100) | &nbsp;&nbsp;$(344986) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39853) | &nbsp;&nbsp;$(304906) | &nbsp;&nbsp;&nbsp;(5702722) | &nbsp;&nbsp;$(52804268) | &nbsp;&nbsp;&nbsp;(4219011) | &nbsp;&nbsp;$(36187071) |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97519 | &nbsp;&nbsp;$805563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238918 | &nbsp;&nbsp;$1868145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66857 | &nbsp;&nbsp;$583205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43791 | &nbsp;&nbsp;$379466 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317544 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(454335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3868107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(416000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3198131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2651722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2612241) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(320799) | &nbsp;&nbsp;$(2734067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147539) | &nbsp;&nbsp;$(1099843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153666) | &nbsp;&nbsp;$(1484469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227073) | &nbsp;&nbsp;$(1915231) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56027 | &nbsp;&nbsp;$454390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185540 | &nbsp;&nbsp;$1447273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61564 | &nbsp;&nbsp;$524454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34195 | &nbsp;&nbsp;$291486 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213458 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(314771) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2688337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1475018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1617741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1365666) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(234743) | &nbsp;&nbsp;$(2014822) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13572 | &nbsp;&nbsp;$118675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70295) | &nbsp;&nbsp;$(672667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101494) | &nbsp;&nbsp;$(860722) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;&nbsp;(594642) | &nbsp;&nbsp;$(5093875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173820) | &nbsp;&nbsp;$(1286074) | &nbsp;&nbsp;&nbsp;(5926683) | &nbsp;&nbsp;$(54961404) | &nbsp;&nbsp;&nbsp;(4547578) | &nbsp;&nbsp;$(38963024) |
|  | **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** | &nbsp;&nbsp;**SA Multi-Managed Large Cap Value Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Large Cap Value Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Large Cap Value Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Large Cap Value Portfolio** |
|  | **Year Ended 3/31/25** | **Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** |
|  | **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;85854 | &nbsp;&nbsp;$1132427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136323 | &nbsp;&nbsp;$1471470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119112 | &nbsp;&nbsp;$1563924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159260 | &nbsp;&nbsp;$2184270 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;2152662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31105965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923460 | &nbsp;&nbsp;&nbsp;&nbsp;4137810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52219164 | &nbsp;&nbsp;&nbsp;&nbsp;5965733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73617149 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (10729986) | &nbsp;&nbsp;&nbsp;(147060613) | &nbsp;&nbsp;&nbsp;&nbsp;(9899527) | &nbsp;&nbsp;&nbsp;(109151273) | &nbsp;&nbsp;(17452687) | &nbsp;&nbsp;&nbsp;(237681000) | &nbsp;&nbsp;&nbsp;(8739317) | &nbsp;&nbsp;&nbsp;(122029286) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;(8491470) | &nbsp;&nbsp;$(114822221) | &nbsp;&nbsp;&nbsp;&nbsp;(9680531) | &nbsp;&nbsp;$(106756343) | &nbsp;&nbsp;(13195765) | &nbsp;&nbsp;$(183897912) | &nbsp;&nbsp;&nbsp;(2614324) | &nbsp;&nbsp;$(46227867) |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16688 | &nbsp;&nbsp;$207409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31159 | &nbsp;&nbsp;$336679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10198 | &nbsp;&nbsp;$124252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp;$403275 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3020129 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(358541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4602897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4618516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2369087) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3021115) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66903) | &nbsp;&nbsp;$(667164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401073) | &nbsp;&nbsp;$(4195783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95756 | &nbsp;&nbsp;$1034900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56055 | &nbsp;&nbsp;$402289 |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25589 | &nbsp;&nbsp;$316119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808 | &nbsp;&nbsp;$45404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24643 | &nbsp;&nbsp;$312648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19206 | &nbsp;&nbsp;$254608 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390249 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(210205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2625980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(234365) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2396787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1347844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1481032) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17347) | &nbsp;&nbsp;$(115286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(224749) | &nbsp;&nbsp;$(2301962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41132 | &nbsp;&nbsp;$449799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23066 | &nbsp;&nbsp;$163825 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(8575720) | &nbsp;&nbsp;$(115604671) | &nbsp;&nbsp;&nbsp;&nbsp;(10306353) | &nbsp;&nbsp;$(113254088) | &nbsp;&nbsp;(13058877) | &nbsp;&nbsp;$(182413213) | &nbsp;&nbsp;&nbsp;(2535203) | &nbsp;&nbsp;$(45661753) |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | &nbsp;&nbsp;**SA Multi-Managed Mid Cap Value Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Mid Cap Value Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Mid Cap Value Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Mid Cap Value Portfolio** |
|  | **Year Ended 3/31/25** | **Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** |
|  | **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;323250 | &nbsp;&nbsp;$4639947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68470 | &nbsp;&nbsp;$829050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36513 | &nbsp;&nbsp;$624998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128535 | &nbsp;&nbsp;$2037476 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13071400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14395630 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(1789314) | &nbsp;&nbsp;&nbsp;&nbsp;(25522614) | &nbsp;&nbsp;&nbsp;&nbsp;(1930146) | &nbsp;&nbsp;&nbsp;&nbsp;(22424624) | &nbsp;&nbsp;&nbsp;(1911098) | &nbsp;&nbsp;&nbsp;&nbsp;(33894722) | &nbsp;&nbsp;&nbsp;(1631649) | &nbsp;&nbsp;&nbsp;&nbsp;(26304224) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;(1466064) | &nbsp;&nbsp;$(20882667) | &nbsp;&nbsp;&nbsp;&nbsp;(1861676) | &nbsp;&nbsp;$(21595574) | &nbsp;&nbsp;&nbsp;(1143522) | &nbsp;&nbsp;$(20198324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(544045) | &nbsp;&nbsp;$(9871118) |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20058 | &nbsp;&nbsp;$231399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83734 | &nbsp;&nbsp;$839563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12838 | &nbsp;&nbsp;$217462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26808 | &nbsp;&nbsp;$425943 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1566511 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(209889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2589765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2695918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2522982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2983652) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(189831) | &nbsp;&nbsp;$(2358366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183462) | &nbsp;&nbsp;$(1856355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48260) | &nbsp;&nbsp;$(820204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54941) | &nbsp;&nbsp;$(991198) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11639 | &nbsp;&nbsp;$129950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10117 | &nbsp;&nbsp;$89312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15755 | &nbsp;&nbsp;$267857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9877 | &nbsp;&nbsp;$156380 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844671 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(160934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1888618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1784927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1405499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2017644) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(149295) | &nbsp;&nbsp;$(1758668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182947) | &nbsp;&nbsp;$(1695615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20066) | &nbsp;&nbsp;$(330730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60340) | &nbsp;&nbsp;$(1016593) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(1805190) | &nbsp;&nbsp;$(24999701) | &nbsp;&nbsp;&nbsp;&nbsp;(2228085) | &nbsp;&nbsp;$(25147544) | &nbsp;&nbsp;&nbsp;(1211848) | &nbsp;&nbsp;$(21349258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659326) | &nbsp;&nbsp;$(11878909) |
|  | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth Portfolio** | **SA Multi-Managed Moderate Growth 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** |
|  | **Year Ended 3/31/25** | **Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** |
|  | **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;26200 | &nbsp;&nbsp;$235594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61249 | &nbsp;&nbsp;$527139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51246 | &nbsp;&nbsp;$567220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260887 | &nbsp;&nbsp;$2705053 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4969595 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(252169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2312938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(907646) | &nbsp;&nbsp;&nbsp;(3204436) | &nbsp;&nbsp;&nbsp;&nbsp;(37265640) | &nbsp;&nbsp;&nbsp;(3415335) | &nbsp;&nbsp;&nbsp;&nbsp;(34777834) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(221049) | &nbsp;&nbsp;$(2024648) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39345) | &nbsp;&nbsp;$(343653) | &nbsp;&nbsp;&nbsp;(2909253) | &nbsp;&nbsp;$(33702875) | &nbsp;&nbsp;&nbsp;(2651452) | &nbsp;&nbsp;$(27103186) |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156423 | &nbsp;&nbsp;$1396418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241491 | &nbsp;&nbsp;$2057587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44644 | &nbsp;&nbsp;$479326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26897 | &nbsp;&nbsp;$266468 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433013 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(680677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6762027) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(650095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5397865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1526730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1503738) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(502224) | &nbsp;&nbsp;$(5130548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396208) | &nbsp;&nbsp;$(3235283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73014) | &nbsp;&nbsp;$(763491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80625) | &nbsp;&nbsp;$(804257) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127970 | &nbsp;&nbsp;$1184426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224480 | &nbsp;&nbsp;$1904339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37268 | &nbsp;&nbsp;$376928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21912 | &nbsp;&nbsp;$212958 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293350 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(427451) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4146582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(545135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4562617) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1051812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1071370) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(284462) | &nbsp;&nbsp;$(2802500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313546) | &nbsp;&nbsp;$(2598206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46388) | &nbsp;&nbsp;$(483302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59441) | &nbsp;&nbsp;$(565062) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(1007735) | &nbsp;&nbsp;$(9957696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749099) | &nbsp;&nbsp;$(6177142) | &nbsp;&nbsp;&nbsp;(3028655) | &nbsp;&nbsp;$(34949668) | &nbsp;&nbsp;&nbsp;(2791518) | &nbsp;&nbsp;$(28472505) |
|  | **SA T. Rowe Price Growth Stock Portfolio** | **SA T. Rowe Price Growth Stock Portfolio** | **SA T. Rowe Price Growth Stock Portfolio** | **SA T. Rowe Price Growth Stock Portfolio** |  |  |  |  |
|  | **Year Ended 3/31/25** | **Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** |  |  |  |  |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |  |  |  |  |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65076 | &nbsp;&nbsp;$1356792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266058 | &nbsp;&nbsp;$5731422 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;1411382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30175339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8094504 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;(3949288) | &nbsp;&nbsp;&nbsp;&nbsp;(89655774) | &nbsp;&nbsp;&nbsp;&nbsp;(4700460) | &nbsp;&nbsp;&nbsp;&nbsp;(87843279) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;(2472830) | &nbsp;&nbsp;$(58123643) | &nbsp;&nbsp;&nbsp;&nbsp;(4008151) | &nbsp;&nbsp;$(74017353) |  |  |  |  |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152379 | &nbsp;&nbsp;$2832967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21592 | &nbsp;&nbsp;$384182 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6129752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214220 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(331716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6814422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(543405) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9664056) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138431 | &nbsp;&nbsp;$2148297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452429) | &nbsp;&nbsp;$(8065654) |  |  |  |  |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SA T. Rowe Price Growth Stock Portfolio** | **SA T. Rowe Price Growth Stock Portfolio** | **SA T. Rowe Price Growth Stock Portfolio** | **SA T. Rowe Price Growth Stock Portfolio** |
|  | **Year Ended 3/31/25** | **Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/24** | &nbsp;&nbsp;**Year Ended 3/31/24** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154707 | &nbsp;&nbsp;$2728029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42936 | &nbsp;&nbsp;$715152 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5256812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013724 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(264996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5127017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7252706) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181270 | &nbsp;&nbsp;$2857824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326415) | &nbsp;&nbsp;$(5523830) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;(2153129) | &nbsp;&nbsp;$(53117522) | &nbsp;&nbsp;&nbsp;&nbsp;(4786995) | &nbsp;&nbsp;$(87606837) |

---

#### Note 8 — Transactions with Affiliates
&nbsp;&nbsp;&nbsp;&nbsp;Transactions in shares of Underlying Portfolios and affiliated companies for the year ended March 31, 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> 2024** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> March 31,<br> 2025** |
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $157963 | $— | $3979056 | $547726 | $359656 | $(39879) | $123607 | $4250854 |
| SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;194860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970400 | &nbsp;&nbsp;&nbsp;&nbsp;10872244 | &nbsp;&nbsp;&nbsp;&nbsp;1491279 | &nbsp;&nbsp;&nbsp;&nbsp;2877492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43345 | &nbsp;&nbsp;&nbsp;&nbsp;(650228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8879148 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;670413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17323364 | &nbsp;&nbsp;&nbsp;&nbsp;2412949 | &nbsp;&nbsp;&nbsp;&nbsp;1653717 | &nbsp;&nbsp;&nbsp;&nbsp;(350993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470451 | &nbsp;&nbsp;&nbsp;&nbsp;18202054 |
| SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;590316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648665 | &nbsp;&nbsp;&nbsp;&nbsp;25993986 | &nbsp;&nbsp;&nbsp;&nbsp;2071754 | &nbsp;&nbsp;&nbsp;&nbsp;2921708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120723 | &nbsp;&nbsp;&nbsp;&nbsp;(173590) | &nbsp;&nbsp;&nbsp;&nbsp;25091165 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1458199 | &nbsp;&nbsp;&nbsp;&nbsp;14389501 | &nbsp;&nbsp;&nbsp;&nbsp;1811175 | &nbsp;&nbsp;&nbsp;&nbsp;5188155 | &nbsp;&nbsp;&nbsp;(1777628) | &nbsp;&nbsp;&nbsp;&nbsp;1932752 | &nbsp;&nbsp;&nbsp;&nbsp;11167645 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;229781 | &nbsp;&nbsp;&nbsp;&nbsp;1361667 | &nbsp;&nbsp;&nbsp;&nbsp;21030000 | &nbsp;&nbsp;&nbsp;&nbsp;2182276 | &nbsp;&nbsp;&nbsp;12286177 | &nbsp;&nbsp;&nbsp;(2062214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9732720 |
| 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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873605 | &nbsp;&nbsp;&nbsp;&nbsp;2213362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800259 | &nbsp;&nbsp;&nbsp;&nbsp;(432571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288255 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7825062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563653 | &nbsp;&nbsp;&nbsp;&nbsp;3922151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350333 | &nbsp;&nbsp;&nbsp;&nbsp;(475426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341471 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5073612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20585) | &nbsp;&nbsp;&nbsp;&nbsp;(340932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4577423 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1245386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6672363 | &nbsp;&nbsp;&nbsp;&nbsp;1443995 | &nbsp;&nbsp;&nbsp;&nbsp;1311090 | &nbsp;&nbsp;&nbsp;&nbsp;(567069) | &nbsp;&nbsp;&nbsp;&nbsp;(373753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864446 |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1951259 | &nbsp;&nbsp;&nbsp;&nbsp;20322234 | &nbsp;&nbsp;&nbsp;&nbsp;2547086 | &nbsp;&nbsp;&nbsp;&nbsp;3133271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526020 | &nbsp;&nbsp;&nbsp;(2228599) | &nbsp;&nbsp;&nbsp;&nbsp;18033470 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3836342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238721 | &nbsp;&nbsp;&nbsp;&nbsp;1914158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999 | &nbsp;&nbsp;&nbsp;&nbsp;(190496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974408 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3987195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4079498 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;336254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9065973 | &nbsp;&nbsp;&nbsp;&nbsp;1667270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851817 | &nbsp;&nbsp;&nbsp;&nbsp;(151725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287196 | &nbsp;&nbsp;&nbsp;&nbsp;10016897 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226918 | &nbsp;&nbsp;&nbsp;&nbsp;17225395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832808 | &nbsp;&nbsp;&nbsp;&nbsp;2490915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592488 | &nbsp;&nbsp;&nbsp;&nbsp;(556395) | &nbsp;&nbsp;&nbsp;&nbsp;15603381 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;160174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4914786 | &nbsp;&nbsp;&nbsp;&nbsp;2447987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7102490 |
| SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;273001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9630632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954177 | &nbsp;&nbsp;&nbsp;&nbsp;(170718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9453404 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21042) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103927 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;330286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160285 | &nbsp;&nbsp;&nbsp;&nbsp;16375516 | &nbsp;&nbsp;&nbsp;&nbsp;2278409 | &nbsp;&nbsp;&nbsp;&nbsp;2360059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489309 | &nbsp;&nbsp;&nbsp;&nbsp;17200547 |
| SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186049 | &nbsp;&nbsp;&nbsp;&nbsp;1728418 | &nbsp;&nbsp;&nbsp;&nbsp;(317482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451032 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4781011 | &nbsp;&nbsp;&nbsp;&nbsp;3133117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7709893 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;164933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017327 | &nbsp;&nbsp;&nbsp;13172291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580670 | &nbsp;&nbsp;&nbsp;&nbsp;13961664 |
| SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;424933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7785263 | &nbsp;&nbsp;&nbsp;11577318 | &nbsp;&nbsp;&nbsp;&nbsp;1012657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104943 | &nbsp;&nbsp;&nbsp;&nbsp;18717412 |
| 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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5176652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554247 | &nbsp;&nbsp;&nbsp;&nbsp;(369802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444272 |
| SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6856130 | &nbsp;&nbsp;&nbsp;&nbsp;1208425 | &nbsp;&nbsp;&nbsp;&nbsp;1409125 | &nbsp;&nbsp;&nbsp;&nbsp;(263412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593077 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;159201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5180399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430615 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;377674 | &nbsp;&nbsp;&nbsp;&nbsp;1085679 | &nbsp;&nbsp;&nbsp;&nbsp;16579062 | &nbsp;&nbsp;&nbsp;&nbsp;1942446 | &nbsp;&nbsp;&nbsp;&nbsp;5327549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75525 | &nbsp;&nbsp;&nbsp;&nbsp;(299901) | &nbsp;&nbsp;&nbsp;&nbsp;12969583 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51072 | &nbsp;&nbsp;&nbsp;&nbsp;1435195 | &nbsp;&nbsp;&nbsp;&nbsp;14012346 | &nbsp;&nbsp;&nbsp;&nbsp;1883964 | &nbsp;&nbsp;&nbsp;&nbsp;2920754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230314 | &nbsp;&nbsp;&nbsp;&nbsp;(918332) | &nbsp;&nbsp;&nbsp;&nbsp;12287538 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;790053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19359896 | &nbsp;&nbsp;&nbsp;&nbsp;3635652 | &nbsp;&nbsp;&nbsp;&nbsp;1927284 | &nbsp;&nbsp;&nbsp;&nbsp;(295265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625952 | &nbsp;&nbsp;&nbsp;&nbsp;21398951 |
| 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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9601095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250161 | &nbsp;&nbsp;&nbsp;&nbsp;4535499 | &nbsp;&nbsp;&nbsp;(1739686) | &nbsp;&nbsp;&nbsp;&nbsp;1422092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998163 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937026 |
| SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;127716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762482 | &nbsp;&nbsp;&nbsp;&nbsp;21766235 | &nbsp;&nbsp;&nbsp;&nbsp;1611074 | &nbsp;&nbsp;&nbsp;&nbsp;2455069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534408 | &nbsp;&nbsp;&nbsp;&nbsp;22312983 |
| SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;445185 | &nbsp;&nbsp;&nbsp;&nbsp;1777745 | &nbsp;&nbsp;&nbsp;&nbsp;27330136 | &nbsp;&nbsp;&nbsp;10887402 | &nbsp;&nbsp;&nbsp;&nbsp;3303542 | &nbsp;&nbsp;&nbsp;&nbsp;1468447 | &nbsp;&nbsp;&nbsp;(1350670) | &nbsp;&nbsp;&nbsp;&nbsp;35031773 |
| SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;217271 | &nbsp;&nbsp;&nbsp;&nbsp;1612572 | &nbsp;&nbsp;&nbsp;&nbsp;18326832 | &nbsp;&nbsp;&nbsp;&nbsp;4670048 | &nbsp;&nbsp;&nbsp;&nbsp;1615363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281531 | &nbsp;&nbsp;&nbsp;(1369198) | &nbsp;&nbsp;&nbsp;&nbsp;20293850 |
| SA MFS Blue Chip Growth, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13994 | &nbsp;&nbsp;&nbsp;&nbsp;1901853 | &nbsp;&nbsp;&nbsp;&nbsp;17994063 | &nbsp;&nbsp;&nbsp;&nbsp;2414423 | &nbsp;&nbsp;&nbsp;&nbsp;3985225 | &nbsp;&nbsp;&nbsp;&nbsp;(140299) | &nbsp;&nbsp;&nbsp;&nbsp;(697304) | &nbsp;&nbsp;&nbsp;&nbsp;15585658 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900001 | &nbsp;&nbsp;&nbsp;&nbsp;1131483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42331) | &nbsp;&nbsp;&nbsp;&nbsp;(586144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5929777 |
| SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554448 | &nbsp;&nbsp;&nbsp;&nbsp;2333780 | &nbsp;&nbsp;&nbsp;&nbsp;2212345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725755 | &nbsp;&nbsp;&nbsp;&nbsp;(938503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463135 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;261594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14678283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726908 | &nbsp;&nbsp;&nbsp;&nbsp;1684097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630947 | &nbsp;&nbsp;&nbsp;&nbsp;14345230 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2127132 | &nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169167 |
| SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;211341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6467615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386292 | &nbsp;&nbsp;&nbsp;&nbsp;1600135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(85713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5448936 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;345546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5023530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043383 |
| SA Putnam International Growth and Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;332910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326873 | &nbsp;&nbsp;&nbsp;&nbsp;13279082 | &nbsp;&nbsp;&nbsp;&nbsp;1018600 | &nbsp;&nbsp;&nbsp;&nbsp;5132178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981241 | &nbsp;&nbsp;&nbsp;&nbsp;(329909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9816836 |
| SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3278961 | &nbsp;&nbsp;&nbsp;&nbsp;2025016 | &nbsp;&nbsp;&nbsp;&nbsp;1726792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43034 | &nbsp;&nbsp;&nbsp;&nbsp;(514276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105943 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 2024** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> March 31,<br> 2025** |
| SA Wellington Capital Appreciation Portfolio, Class 1 | $— | $— | $6102998 | $3568169 | $730835 | $223783 | $(41481) | $9122634 |
| SA Wellington Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;461652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11871422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854087 | &nbsp;&nbsp;&nbsp;&nbsp;1010122 | &nbsp;&nbsp;&nbsp;&nbsp;(221335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295377 | &nbsp;&nbsp;&nbsp;&nbsp;11789429 |
|  | $7902269 | $18965162 | $457387351 | $97924211 | $94203554 | $(1570929) | $(1215916) | $458321163 |

---

 <br> <sup>†</sup> Includes reinvestment of distributions paid.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 2024** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> March 31,<br> 2025** |
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $253016 | $— | $6703760 | $1160403 | $1051213 | $(127099) | $269440 | $6955291 |
| SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51635 | &nbsp;&nbsp;&nbsp;&nbsp;257142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2952240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19020 | &nbsp;&nbsp;&nbsp;&nbsp;(157584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265835 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;1133982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;31060192 | &nbsp;&nbsp;&nbsp;&nbsp;3656928 | &nbsp;&nbsp;&nbsp;&nbsp;4861314 | &nbsp;&nbsp;&nbsp;&nbsp;(738477) | &nbsp;&nbsp;&nbsp;&nbsp;973682 | &nbsp;&nbsp;&nbsp;&nbsp;30091011 |
| SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;137309 | &nbsp;&nbsp;&nbsp;&nbsp;150881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640499 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;378805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4837903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504694 | &nbsp;&nbsp;&nbsp;&nbsp;3078848 | &nbsp;&nbsp;&nbsp;(1098193) | &nbsp;&nbsp;&nbsp;1164048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329604 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64011 | &nbsp;&nbsp;&nbsp;&nbsp;379327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5031071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571677 | &nbsp;&nbsp;&nbsp;&nbsp;2705939 | &nbsp;&nbsp;&nbsp;&nbsp;(527494) | &nbsp;&nbsp;&nbsp;&nbsp;193378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562693 |
| 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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360221 | &nbsp;&nbsp;&nbsp;&nbsp;(161694) | &nbsp;&nbsp;&nbsp;&nbsp;185452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018098 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56054 | &nbsp;&nbsp;&nbsp;&nbsp;(108780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126283 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234463 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;289340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352938 | &nbsp;&nbsp;&nbsp;&nbsp;1017492 | &nbsp;&nbsp;&nbsp;&nbsp;(317285) | &nbsp;&nbsp;&nbsp;&nbsp;107306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219783 |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;612211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6068240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858193 | &nbsp;&nbsp;&nbsp;&nbsp;2557992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270718 | &nbsp;&nbsp;&nbsp;&nbsp;(614253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024906 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27399 | &nbsp;&nbsp;&nbsp;&nbsp;(124437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903970 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494187 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;503562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14599544 | &nbsp;&nbsp;&nbsp;&nbsp;3013733 | &nbsp;&nbsp;&nbsp;&nbsp;2428665 | &nbsp;&nbsp;&nbsp;&nbsp;(478720) | &nbsp;&nbsp;&nbsp;&nbsp;689810 | &nbsp;&nbsp;&nbsp;&nbsp;15395702 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3948963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243355 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78275) | &nbsp;&nbsp;&nbsp;&nbsp;163043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193287 |
| SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;429682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15178788 | &nbsp;&nbsp;&nbsp;&nbsp;1403693 | &nbsp;&nbsp;&nbsp;&nbsp;2504604 | &nbsp;&nbsp;&nbsp;&nbsp;(123104) | &nbsp;&nbsp;&nbsp;&nbsp;315186 | &nbsp;&nbsp;&nbsp;&nbsp;14269959 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;170968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6595793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454515 | &nbsp;&nbsp;&nbsp;&nbsp;1215275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87133) | &nbsp;&nbsp;&nbsp;&nbsp;236363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5984263 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5236998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319734 | &nbsp;&nbsp;&nbsp;&nbsp;1529919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270325 |
| SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835580 | &nbsp;&nbsp;&nbsp;&nbsp;(184146) | &nbsp;&nbsp;&nbsp;&nbsp;129663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533653 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1806812 | &nbsp;&nbsp;&nbsp;&nbsp;1194431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824433 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017327 | &nbsp;&nbsp;&nbsp;&nbsp;2370284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28109 | &nbsp;&nbsp;&nbsp;&nbsp;129315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138755 |
| SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;100165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820626 | &nbsp;&nbsp;&nbsp;&nbsp;2367552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3849329 |
| 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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494103 | &nbsp;&nbsp;&nbsp;&nbsp;(384584) | &nbsp;&nbsp;&nbsp;&nbsp;313672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888532 |
| SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648675 | &nbsp;&nbsp;&nbsp;&nbsp;(154779) | &nbsp;&nbsp;&nbsp;&nbsp;115927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930772 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805794 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;104373 | &nbsp;&nbsp;&nbsp;&nbsp;300036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5291369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590376 | &nbsp;&nbsp;&nbsp;&nbsp;1812163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26491 | &nbsp;&nbsp;&nbsp;&nbsp;(117509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978564 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11915 | &nbsp;&nbsp;&nbsp;&nbsp;334829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107275 | &nbsp;&nbsp;&nbsp;&nbsp;(282509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961669 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;1270219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33255112 | &nbsp;&nbsp;&nbsp;&nbsp;5730142 | &nbsp;&nbsp;&nbsp;&nbsp;5429816 | &nbsp;&nbsp;&nbsp;&nbsp;(601335) | &nbsp;&nbsp;&nbsp;1130675 | &nbsp;&nbsp;&nbsp;&nbsp;34084778 |
| 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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86291 | &nbsp;&nbsp;&nbsp;&nbsp;1049973 | &nbsp;&nbsp;&nbsp;&nbsp;(402261) | &nbsp;&nbsp;&nbsp;&nbsp;289661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598481 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2723816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159043 | &nbsp;&nbsp;&nbsp;&nbsp;1185609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740439 |
| SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37177 | &nbsp;&nbsp;&nbsp;&nbsp;221953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534719 | &nbsp;&nbsp;&nbsp;&nbsp;1757467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296876 | &nbsp;&nbsp;&nbsp;&nbsp;183448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5693444 |
| SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;124287 | &nbsp;&nbsp;&nbsp;&nbsp;496310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6405590 | &nbsp;&nbsp;&nbsp;&nbsp;4506879 | &nbsp;&nbsp;&nbsp;&nbsp;1688334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682536 | &nbsp;&nbsp;&nbsp;&nbsp;(620939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9285732 |
| SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70480 | &nbsp;&nbsp;&nbsp;&nbsp;523099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6457590 | &nbsp;&nbsp;&nbsp;&nbsp;1449040 | &nbsp;&nbsp;&nbsp;&nbsp;1309391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288976 | &nbsp;&nbsp;&nbsp;&nbsp;(657373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6228842 |
| SA MFS Blue Chip Growth, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp;486731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4574906 | &nbsp;&nbsp;&nbsp;&nbsp;1266899 | &nbsp;&nbsp;&nbsp;&nbsp;1672024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43774) | &nbsp;&nbsp;&nbsp;&nbsp;(179383) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946624 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22880 | &nbsp;&nbsp;&nbsp;&nbsp;332051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3244479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459122 | &nbsp;&nbsp;&nbsp;&nbsp;1355784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99694) | &nbsp;&nbsp;&nbsp;&nbsp;(114701) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133422 |
| SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186940 | &nbsp;&nbsp;&nbsp;&nbsp;(265310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425638 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19401) | &nbsp;&nbsp;&nbsp;&nbsp;153851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083259 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;1114785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637104 |
| SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776898 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;531897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7871674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881682 | &nbsp;&nbsp;&nbsp;&nbsp;1196208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7467636 |
| SA Putnam International Growth and Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3011514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645247 |
| SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14016 | &nbsp;&nbsp;&nbsp;&nbsp;(135705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677887 |
| 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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664512 | &nbsp;&nbsp;&nbsp;&nbsp;1107303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324619 |
| SA Wellington Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;751702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19589383 | &nbsp;&nbsp;&nbsp;&nbsp;1628772 | &nbsp;&nbsp;&nbsp;&nbsp;2994504 | &nbsp;&nbsp;&nbsp;&nbsp;(647055) | &nbsp;&nbsp;&nbsp;&nbsp;745527 | &nbsp;&nbsp;&nbsp;&nbsp;18322123 |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (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> 2024** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> March 31,<br> 2025** |
|  | $6367663 | $5311241 | $242584561 | $43483468 | $57453738 | $(3475499) | $4068396 | $229207188 |

---

 <br> <sup>†</sup> Includes reinvestment of distributions paid.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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> 2024** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> March 31,<br> 2025** |
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $216783 | $— | $5425445 | $1039725 | $946324 | $(122415) | $243252 | $5639683 |
| SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84236 | &nbsp;&nbsp;&nbsp;&nbsp;419493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12508 | &nbsp;&nbsp;&nbsp;&nbsp;(270310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703556 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;980827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27415427 | &nbsp;&nbsp;&nbsp;&nbsp;2467086 | &nbsp;&nbsp;&nbsp;&nbsp;4307875 | &nbsp;&nbsp;&nbsp;&nbsp;(585892) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805322 | &nbsp;&nbsp;&nbsp;&nbsp;25794068 |
| SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;198407 | &nbsp;&nbsp;&nbsp;&nbsp;218018 | &nbsp;&nbsp;&nbsp;&nbsp;10191643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678135 | &nbsp;&nbsp;&nbsp;&nbsp;2686271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8157724 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;641656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7696522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805080 | &nbsp;&nbsp;&nbsp;&nbsp;4236288 | &nbsp;&nbsp;&nbsp;(1188606) | &nbsp;&nbsp;&nbsp;&nbsp;1274320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351028 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;100229 | &nbsp;&nbsp;&nbsp;&nbsp;593952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9560329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880377 | &nbsp;&nbsp;&nbsp;&nbsp;5866229 | &nbsp;&nbsp;&nbsp;&nbsp;(590584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032351 |
| 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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616379 | &nbsp;&nbsp;&nbsp;&nbsp;(304389) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420416 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20891 | &nbsp;&nbsp;&nbsp;&nbsp;132726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75306 | &nbsp;&nbsp;&nbsp;&nbsp;(174082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789523 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465625 | &nbsp;&nbsp;&nbsp;&nbsp;(126947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006150 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;459350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965625 | &nbsp;&nbsp;&nbsp;&nbsp;(302499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096601 |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;859582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9279847 | &nbsp;&nbsp;&nbsp;&nbsp;1087550 | &nbsp;&nbsp;&nbsp;&nbsp;2547427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433617 | &nbsp;&nbsp;&nbsp;(1107308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7146279 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30593 | &nbsp;&nbsp;&nbsp;&nbsp;(165208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282833 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;959869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836951 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;427132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12639658 | &nbsp;&nbsp;&nbsp;&nbsp;2870180 | &nbsp;&nbsp;&nbsp;&nbsp;2150737 | &nbsp;&nbsp;&nbsp;&nbsp;(383338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592606 | &nbsp;&nbsp;&nbsp;&nbsp;13568369 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6429809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272753 | &nbsp;&nbsp;&nbsp;&nbsp;1735795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287593 | &nbsp;&nbsp;&nbsp;&nbsp;(245665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008695 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316146 | &nbsp;&nbsp;&nbsp;&nbsp;1040126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034846 |
| SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;373696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13540180 | &nbsp;&nbsp;&nbsp;&nbsp;1055853 | &nbsp;&nbsp;&nbsp;&nbsp;2352720 | &nbsp;&nbsp;&nbsp;&nbsp;(127229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309340 | &nbsp;&nbsp;&nbsp;&nbsp;12425424 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;127395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5107210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275158 | &nbsp;&nbsp;&nbsp;&nbsp;1025848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474689 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;150589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7651793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424340 | &nbsp;&nbsp;&nbsp;&nbsp;1503447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014726 |
| SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72257 | &nbsp;&nbsp;&nbsp;&nbsp;1256418 | &nbsp;&nbsp;&nbsp;&nbsp;(258129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746845 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343762 | &nbsp;&nbsp;&nbsp;&nbsp;1571661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603391 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017327 | &nbsp;&nbsp;&nbsp;&nbsp;4931417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526380 |
| SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;137365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2867172 | &nbsp;&nbsp;&nbsp;&nbsp;6274468 | &nbsp;&nbsp;&nbsp;&nbsp;2391080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317675 | &nbsp;&nbsp;&nbsp;&nbsp;(359627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6708608 |
| 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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638924 | &nbsp;&nbsp;&nbsp;&nbsp;(454493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609079 |
| SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;147490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3498952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866643 | &nbsp;&nbsp;&nbsp;&nbsp;1346578 | &nbsp;&nbsp;&nbsp;&nbsp;(360766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992055 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549366 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;178343 | &nbsp;&nbsp;&nbsp;&nbsp;512673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8163258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894477 | &nbsp;&nbsp;&nbsp;&nbsp;2587195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199795 | &nbsp;&nbsp;&nbsp;&nbsp;(313313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357022 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21120 | &nbsp;&nbsp;&nbsp;&nbsp;593512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6093565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759843 | &nbsp;&nbsp;&nbsp;&nbsp;1289201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187810 | &nbsp;&nbsp;&nbsp;&nbsp;(486807) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5265210 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;1019946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27441872 | &nbsp;&nbsp;&nbsp;&nbsp;5161283 | &nbsp;&nbsp;&nbsp;&nbsp;4819148 | &nbsp;&nbsp;&nbsp;&nbsp;(484678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989617 | &nbsp;&nbsp;&nbsp;&nbsp;28288946 |
| 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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4249896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101878 | &nbsp;&nbsp;&nbsp;&nbsp;1845096 | &nbsp;&nbsp;&nbsp;&nbsp;(697825) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343309 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589984 |
| SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66236 | &nbsp;&nbsp;&nbsp;&nbsp;395437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9887157 | &nbsp;&nbsp;&nbsp;&nbsp;2486807 | &nbsp;&nbsp;&nbsp;&nbsp;4745516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8545389 |
| SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;175723 | &nbsp;&nbsp;&nbsp;&nbsp;701709 | &nbsp;&nbsp;&nbsp;&nbsp;10829382 | &nbsp;&nbsp;&nbsp;&nbsp;4674875 | &nbsp;&nbsp;&nbsp;&nbsp;2388458 | &nbsp;&nbsp;&nbsp;&nbsp;1093787 | &nbsp;&nbsp;&nbsp;&nbsp;(957052) | &nbsp;&nbsp;&nbsp;&nbsp;13252534 |
| SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;111555 | &nbsp;&nbsp;&nbsp;&nbsp;827953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9367052 | &nbsp;&nbsp;&nbsp;&nbsp;2925336 | &nbsp;&nbsp;&nbsp;&nbsp;3040442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497922 | &nbsp;&nbsp;&nbsp;(1025450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8724418 |
| SA MFS Blue Chip Growth, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6228 | &nbsp;&nbsp;&nbsp;&nbsp;846356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7357929 | &nbsp;&nbsp;&nbsp;&nbsp;1041681 | &nbsp;&nbsp;&nbsp;&nbsp;2145497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91655) | &nbsp;&nbsp;&nbsp;&nbsp;(156409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006049 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35694 | &nbsp;&nbsp;&nbsp;&nbsp;518017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3783428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80726) | &nbsp;&nbsp;&nbsp;&nbsp;(259342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204004 |
| SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804854 | &nbsp;&nbsp;&nbsp;&nbsp;1041658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295666 | &nbsp;&nbsp;&nbsp;&nbsp;(393874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088499 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5414831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534598 | &nbsp;&nbsp;&nbsp;&nbsp;1334446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845089 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;1317255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743517 |
| SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677319 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;451646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6853805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648171 | &nbsp;&nbsp;&nbsp;&nbsp;1075368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357020 |
| SA Putnam International Growth and Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;113247 | &nbsp;&nbsp;&nbsp;&nbsp;111193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4931058 | &nbsp;&nbsp;&nbsp;&nbsp;1347433 | &nbsp;&nbsp;&nbsp;&nbsp;2002703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458887 | &nbsp;&nbsp;&nbsp;&nbsp;(239117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495558 |
| SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797787 | &nbsp;&nbsp;&nbsp;&nbsp;1009420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141894 | &nbsp;&nbsp;&nbsp;&nbsp;(330212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105643 |
| 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;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800457 | &nbsp;&nbsp;&nbsp;&nbsp;1587149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884852 |
| SA Wellington Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;630766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16728711 | &nbsp;&nbsp;&nbsp;&nbsp;1114377 | &nbsp;&nbsp;&nbsp;&nbsp;2651807 | &nbsp;&nbsp;&nbsp;&nbsp;(549507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645309 | &nbsp;&nbsp;&nbsp;&nbsp;15287083 |
|  | $6171152 | $8403224 | $282168961 | $56745341 | $77324738 | $(1367053) | $1358570 | $261581081 |

---

 <br> <sup>†</sup> Includes reinvestment of distributions paid.

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (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> 2024** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> March 31,<br> 2025** |
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $292209 | $— | $7790115 | $799176 | $1018270 | $(131043) | $285288 | $7725266 |
| SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;165752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825442 | &nbsp;&nbsp;&nbsp;&nbsp;10073633 | &nbsp;&nbsp;&nbsp;&nbsp;1099089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81227 | &nbsp;&nbsp;&nbsp;&nbsp;(588469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431378 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;1261963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35098342 | &nbsp;&nbsp;&nbsp;&nbsp;2949898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4650100 | &nbsp;&nbsp;&nbsp;&nbsp;(699328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954717 | &nbsp;&nbsp;&nbsp;&nbsp;33653529 |
| SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;466293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512383 | &nbsp;&nbsp;&nbsp;&nbsp;21827588 | &nbsp;&nbsp;&nbsp;&nbsp;1253707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3577529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277526 | &nbsp;&nbsp;&nbsp;&nbsp;(300354) | &nbsp;&nbsp;&nbsp;&nbsp;19480938 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1274882 | &nbsp;&nbsp;&nbsp;&nbsp;14237266 | &nbsp;&nbsp;&nbsp;&nbsp;1387444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8320531 | &nbsp;&nbsp;&nbsp;(2340689) | &nbsp;&nbsp;&nbsp;&nbsp;2727461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7690951 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;215890 | &nbsp;&nbsp;&nbsp;&nbsp;1279346 | &nbsp;&nbsp;&nbsp;&nbsp;18406084 | &nbsp;&nbsp;&nbsp;&nbsp;1612096 | &nbsp;&nbsp;&nbsp;&nbsp;10090774 | &nbsp;&nbsp;&nbsp;(1213679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8833149 |
| 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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819513 | &nbsp;&nbsp;&nbsp;&nbsp;1436296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059980 | &nbsp;&nbsp;&nbsp;&nbsp;(459296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221133 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5912643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269801 | &nbsp;&nbsp;&nbsp;&nbsp;(429222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649500 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3760640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55656) | &nbsp;&nbsp;&nbsp;&nbsp;(195082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192923 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5767441 | &nbsp;&nbsp;&nbsp;&nbsp;1000508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1748981 | &nbsp;&nbsp;&nbsp;&nbsp;(654724) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342247 |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1733974 | &nbsp;&nbsp;&nbsp;&nbsp;17765596 | &nbsp;&nbsp;&nbsp;&nbsp;1951053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3566488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620987 | &nbsp;&nbsp;&nbsp;(1989502) | &nbsp;&nbsp;&nbsp;&nbsp;14781646 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4055856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48272 | &nbsp;&nbsp;&nbsp;&nbsp;(272521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276341 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784344 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;595941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17183873 | &nbsp;&nbsp;&nbsp;&nbsp;3238189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2306081 | &nbsp;&nbsp;&nbsp;&nbsp;(311722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574479 | &nbsp;&nbsp;&nbsp;&nbsp;18378738 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174284 | &nbsp;&nbsp;&nbsp;&nbsp;14834998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2939386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560835 | &nbsp;&nbsp;&nbsp;&nbsp;(498438) | &nbsp;&nbsp;&nbsp;&nbsp;12366258 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;144061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794407 | &nbsp;&nbsp;&nbsp;&nbsp;1914144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6243709 |
| SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;508921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17997994 | &nbsp;&nbsp;&nbsp;&nbsp;1530431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561092 | &nbsp;&nbsp;&nbsp;&nbsp;(133579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359036 | &nbsp;&nbsp;&nbsp;&nbsp;17192790 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;171553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7261240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1573158 | &nbsp;&nbsp;&nbsp;&nbsp;(110491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111528 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;291097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141268 | &nbsp;&nbsp;&nbsp;&nbsp;15184182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691715 | &nbsp;&nbsp;&nbsp;&nbsp;13760984 |
| SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3776773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483074 | &nbsp;&nbsp;&nbsp;&nbsp;(130779) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264271 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5242697 | &nbsp;&nbsp;&nbsp;&nbsp;1797851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6641150 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;141348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017327 | &nbsp;&nbsp;&nbsp;10544750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493456 | &nbsp;&nbsp;&nbsp;&nbsp;11076419 |
| SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;357993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6438156 | &nbsp;&nbsp;&nbsp;&nbsp;9366909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1244649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29760) | &nbsp;&nbsp;&nbsp;&nbsp;14837947 |
| 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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192619 | &nbsp;&nbsp;&nbsp;&nbsp;(769429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233967 |
| SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6909181 | &nbsp;&nbsp;&nbsp;&nbsp;1345402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634581 | &nbsp;&nbsp;&nbsp;&nbsp;(354924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5544626 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;125725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4252637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195863 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;318753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916302 | &nbsp;&nbsp;&nbsp;&nbsp;14997985 | &nbsp;&nbsp;&nbsp;&nbsp;1401165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71602 | &nbsp;&nbsp;&nbsp;&nbsp;(307846) | &nbsp;&nbsp;&nbsp;&nbsp;12911635 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40873 | &nbsp;&nbsp;&nbsp;&nbsp;1148605 | &nbsp;&nbsp;&nbsp;&nbsp;13135349 | &nbsp;&nbsp;&nbsp;&nbsp;1329434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292485 | &nbsp;&nbsp;&nbsp;&nbsp;(846044) | &nbsp;&nbsp;&nbsp;&nbsp;10178934 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;1432408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;37749874 | &nbsp;&nbsp;&nbsp;&nbsp;8786517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5245391 | &nbsp;&nbsp;&nbsp;&nbsp;(448091) | &nbsp;&nbsp;&nbsp;&nbsp;1195653 | &nbsp;&nbsp;&nbsp;&nbsp;42038562 |
| 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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8505482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3934292 | &nbsp;&nbsp;&nbsp;(1008708) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367437 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3530022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1355092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355912 |
| SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;110618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660409 | &nbsp;&nbsp;&nbsp;&nbsp;19566218 | &nbsp;&nbsp;&nbsp;&nbsp;1022716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995929 | &nbsp;&nbsp;&nbsp;&nbsp;1113768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180162 | &nbsp;&nbsp;&nbsp;&nbsp;18886935 |
| SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;366741 | &nbsp;&nbsp;&nbsp;&nbsp;1464499 | &nbsp;&nbsp;&nbsp;&nbsp;23156796 | &nbsp;&nbsp;&nbsp;&nbsp;8778044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4263442 | &nbsp;&nbsp;&nbsp;&nbsp;1970132 | &nbsp;&nbsp;&nbsp;(1775316) | &nbsp;&nbsp;&nbsp;&nbsp;27866214 |
| SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;191106 | &nbsp;&nbsp;&nbsp;&nbsp;1418378 | &nbsp;&nbsp;&nbsp;&nbsp;17702828 | &nbsp;&nbsp;&nbsp;&nbsp;2531530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521589 | &nbsp;&nbsp;&nbsp;(1467932) | &nbsp;&nbsp;&nbsp;&nbsp;17150642 |
| SA MFS Blue Chip Growth, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11612 | &nbsp;&nbsp;&nbsp;&nbsp;1578027 | &nbsp;&nbsp;&nbsp;&nbsp;14153264 | &nbsp;&nbsp;&nbsp;&nbsp;2609080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4113003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94586) | &nbsp;&nbsp;&nbsp;&nbsp;(494706) | &nbsp;&nbsp;&nbsp;&nbsp;12060049 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;889468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6158835 | &nbsp;&nbsp;&nbsp;&nbsp;1029408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68910) | &nbsp;&nbsp;&nbsp;&nbsp;(549532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5821073 |
| SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959258 | &nbsp;&nbsp;&nbsp;&nbsp;1933110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671274 | &nbsp;&nbsp;&nbsp;&nbsp;(851251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704793 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;215356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12141208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502599 | &nbsp;&nbsp;&nbsp;&nbsp;11259812 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;2329602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275579 |
| SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;206199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5572564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1551) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218300 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;609103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9226029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47895 | &nbsp;&nbsp;&nbsp;&nbsp;(148394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8689315 |
| SA Putnam International Growth and Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;318488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312712 | &nbsp;&nbsp;&nbsp;&nbsp;12520786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4389992 | &nbsp;&nbsp;&nbsp;&nbsp;1237271 | &nbsp;&nbsp;&nbsp;&nbsp;(620092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500696 |
| SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833067 | &nbsp;&nbsp;&nbsp;&nbsp;1651127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291238 | &nbsp;&nbsp;&nbsp;&nbsp;(678670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375691 |
| 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;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551939 | &nbsp;&nbsp;&nbsp;&nbsp;2908559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723385 |
| SA Wellington Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;841038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22416151 | &nbsp;&nbsp;&nbsp;&nbsp;1140212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853156 | &nbsp;&nbsp;&nbsp;&nbsp;(596308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718955 | &nbsp;&nbsp;&nbsp;&nbsp;20825854 |
|  | $9882065 | $16331529 | $492947857 | $85475770 | $112868216 | $(259470) | $(173528) | $465122413 |

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 <br> <sup>†</sup> Includes reinvestment of distributions paid.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **SA Multi-Managed Large Cap Value Portfolio** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> March 31,<br> 2024** | **Cost of<br> Purchases** | **Proceeds<br> of Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> March 31,<br> 2025** |
| American International Group, Inc.- Common Stock | $5447 | $— | $482700 | $— | $275754 | $69395 | $(56557) | <sup>\*\*</sup> |

---

 <br> <sup>\*\*</sup> See Note 1 related to AIG's change in control over Corebridge.

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[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;The following Portfolios incurred brokerage commissions with affiliated brokers for the year ended March 31, 2025:

---

| | |
|:---|:---|
| **Portfolio** | **Goldman<br> Sachs & Co.** |
| SA Multi-Managed Large Cap Growth | $271 |

---

&nbsp;&nbsp;&nbsp;&nbsp;At March 31, 2025, the following affiliates owned outstanding shares of the following Portfolios:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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;92.29% | &nbsp;&nbsp;7.71% | &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;91.17 | &nbsp;&nbsp;8.83 | &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;91.78 | &nbsp;&nbsp;8.22 | &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;92.03 | &nbsp;&nbsp;7.97 | &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;60.24 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;22.00 |
| SA Columbia Focused Value<br>| &nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;1.42 | &nbsp;&nbsp;2.86 | &nbsp;&nbsp;38.02 | &nbsp;&nbsp;46.40 |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;93.99 | &nbsp;&nbsp;6.01 | &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;2.97 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;4.69 | &nbsp;&nbsp;4.02 | &nbsp;&nbsp;5.25 | &nbsp;&nbsp;20.62 | &nbsp;&nbsp;59.58 |
| SA Multi-Managed Growth<br>| &nbsp;&nbsp;98.82 | &nbsp;&nbsp;1.18 | &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 Income<br>| &nbsp;&nbsp;99.08 | &nbsp;&nbsp;0.92 | &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 Income/Equity<br>| &nbsp;&nbsp;99.55 | &nbsp;&nbsp;0.45 | &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;8.68 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;10.16 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;3.30 | &nbsp;&nbsp;7.89 | &nbsp;&nbsp;23.59 | &nbsp;&nbsp;43.90 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;20.53 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;4.50 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;3.10 | &nbsp;&nbsp;27.73 | &nbsp;&nbsp;41.35 |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;10.44 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;2.92 | &nbsp;&nbsp;37.15 | &nbsp;&nbsp;44.02 |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;24.40 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;32.34 | &nbsp;&nbsp;36.38 |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;16.62 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;2.04 | &nbsp;&nbsp;22.60 | &nbsp;&nbsp;54.54 |
| SA Multi-Managed Moderate Growth<br>| &nbsp;&nbsp;99.39 | &nbsp;&nbsp;0.61 | &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;16.40 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;0.99 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;2.55 | &nbsp;&nbsp;42.06 | &nbsp;&nbsp;32.51 |
| SA T. Rowe Price Growth Stock<br>| &nbsp;&nbsp;33.92 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;1.11 | &nbsp;&nbsp;2.30 | &nbsp;&nbsp;12.21 | &nbsp;&nbsp;46.42 |

---

&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 year ended March 31, 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 Mid Cap Growth<br>| &nbsp;&nbsp;$177880 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;17843 | &nbsp;&nbsp;&nbsp;64267 | &nbsp;&nbsp;&nbsp;28552 |

---

#### 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.

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS — (continued)

------

&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 Growth, SA Multi-Managed Moderate Growth, SA Multi-Managed Income/Equity, SA Multi-Managed Income, and SA Multi- Managed Diversified Fixed Income Portfolios' concentration in such investments, these funds 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 (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 year ended March 31, 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 03/31/25** |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;19 | &nbsp;&nbsp;$1010 | &nbsp;&nbsp;$334211 | &nbsp;&nbsp;5.84% | &nbsp;&nbsp;$— |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487500 | &nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;1887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293243 | &nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;6721 | &nbsp;&nbsp;&nbsp;1114286 | &nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;5407 | &nbsp;&nbsp;&nbsp;1057142 | &nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197222 | &nbsp;&nbsp;6.04 | &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 year ended March 31, 2025, none of the Portfolios participated in this program.

#### Note 12 — Portfolio Mergers
&nbsp;&nbsp;&nbsp;&nbsp;The Board of the Trust and of SAST, 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 or SAST, as shown in the table below. The reorganization was effective April 28, 2025. Following the reorganization, 14 Portfolios are offered by the Trust.

---

| | |
|:---|:---|
| **Target Funds** | &nbsp;&nbsp;**Acquiring Funds** |
| SA Multi-Managed Growth Portfolio, a series of SST | &nbsp;&nbsp;SA Allocation Aggressive Portfolio, a series of SST |
| SA Multi-Managed Income Portfolio, a series of SST | &nbsp;&nbsp;SA Allocation Balanced Portfolio, a series of SST |
| SA Multi-Managed Income/Equity Portfolio, a series of SST | &nbsp;&nbsp;SA Allocation Moderate Portfolio, a series of SST |
| SA Multi-Managed Moderate Growth Portfolio, a series of SST | &nbsp;&nbsp;SA Allocation Moderately Aggressive Portfolio, a series of SST |
| SA T. Rowe Growth Stock Portfolio, a series of SST | &nbsp;&nbsp;SA MFS Blue Chip Growth Portfolio, a series of SAST |

---

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_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),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Aggressive Portfolio — Class 1(3),(4)** |
| 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% | 1.57% | 29% |
| 03/31/22 | 16.63 | 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 | 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 | 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 | 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 |
| **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Aggressive Portfolio — Class 3(3),(4)** |
| 03/31/21 | 11.84 | 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 | 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 | 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 | 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 | 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 |
| **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 | 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 | 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 | 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 | 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 | 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 |
| **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 | 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 | 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 | 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 | 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 | 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 |

---

(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) Prior to April 28, 2025, the Portfolio was known as SA Allocation Growth Portfolio.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_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% | 1.72% | 24% |
| 03/31/22 | 11.93 | 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 | 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 | 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 | 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 |
| **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 | 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 | 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 | 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 | 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 | 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 |
| **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3),(4)** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;9.08 | 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 | 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 | 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 | 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 | 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 |
| **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3),(4)** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;9.08 | 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 | 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 | 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 | 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 | 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 |

---

(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) Prior to April 28, 2025, the Portfolio was known as SA Allocation Moderate Growth Portfolio.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_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(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** | **SA American Century Inflation Managed Portfolio — Class 1(3)** |
| 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 |
| **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(3)** | **SA American Century Inflation Managed Portfolio — Class 3(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 |
| **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 |
| **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 |
| **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 |

---

(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) Prior to April 28, 2025, the Portfolio was known as SA American Century Inflation Protection Portfolio.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_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(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1(3)** |
| 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(4) |
| **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2(3)** |
| 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(4) |
| **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3(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(4) |
| **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(4) |
| **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(4) |
| **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(4) |

---

(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) Prior to April 28, 2025, the Portfolio was known as SA Putnam Asset Allocation Diversified Growth Portfolio.

(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** |
| 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% |
| 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 |

---

(5) Includes interest expense of 0.01% relating to derivative or other investment activity.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_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 Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** | **SA Multi-Managed Growth Portfolio — Class 1** |
| 03/31/21 | $13.95 | $(0.06) | $9.41 | $9.35 | $— | $(2.86) | $(2.86) | $20.44 | &nbsp;&nbsp;66.89% | $11451 | 1.34% | 1.27% | (0.30)% | 74% |
| 03/31/22 | 20.44 | (0.07) | (2.11) | (2.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.06) | (5.06) | 13.20 | (15.34) | &nbsp;&nbsp;&nbsp;9640 | 1.34 | 1.27 | (0.38) | 68 |
| 03/31/23 | 13.20 | &nbsp;&nbsp;0.01 | (2.44) | (2.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.86) | (1.86) | &nbsp;&nbsp;&nbsp;8.91 | (17.37) | &nbsp;&nbsp;&nbsp;7458 | 1.54 | 1.25 | 0.12 | 61 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.85 | 21.77 | &nbsp;&nbsp;&nbsp;8804 | 1.78 | 1.08 | 0.41 | 54 |
| 03/31/25 | 10.85 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;0.82 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | 11.64 | &nbsp;&nbsp;7.50 | &nbsp;&nbsp;&nbsp;8271 | &nbsp;&nbsp;1.94(3) | &nbsp;&nbsp;1.08(3) | 0.47 | &nbsp;&nbsp;67(4) |
| **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** | **SA Multi-Managed Growth Portfolio — Class 2** |
| 03/31/21 | 13.94 | (0.09) | &nbsp;&nbsp;9.41 | &nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.86) | (2.86) | 20.40 | 66.72 | 20070 | 1.49 | 1.42 | (0.45) | 74 |
| 03/31/22 | 20.40 | (0.10) | (2.10) | (2.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.06) | (5.06) | 13.14 | (15.47) | 17429 | 1.49 | 1.42 | (0.53) | 68 |
| 03/31/23 | 13.14 | (0.00) | (2.43) | (2.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.86) | (1.86) | &nbsp;&nbsp;&nbsp;8.85 | (17.44) | 13950 | 1.69 | 1.40 | (0.03) | 61 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;8.85 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.75 | 21.47 | 15307 | 1.93 | 1.23 | 0.26 | 54 |
| 03/31/25 | 10.75 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.79 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) | 11.53 | &nbsp;&nbsp;7.34 | 13819 | &nbsp;&nbsp;2.09(3) | &nbsp;&nbsp;1.23(3) | 0.32 | &nbsp;&nbsp;67(4) |
| **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** | **SA Multi-Managed Growth Portfolio — Class 3** |
| 03/31/21 | 13.91 | (0.11) | &nbsp;&nbsp;9.38 | &nbsp;&nbsp;9.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.86) | (2.86) | 20.32 | 66.50 | 23715 | 1.59 | 1.52 | (0.55) | 74 |
| 03/31/22 | 20.32 | (0.12) | (2.08) | (2.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.06) | (5.06) | 13.06 | (15.56) | 17232 | 1.59 | 1.52 | (0.63) | 68 |
| 03/31/23 | 13.06 | (0.01) | (2.42) | (2.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.86) | (1.86) | &nbsp;&nbsp;&nbsp;8.77 | (17.56) | 13276 | 1.79 | 1.50 | (0.13) | 61 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.86 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.65 | 21.44 | 14610 | 2.03 | 1.33 | 0.16 | 54 |
| 03/31/25 | 10.65 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;0.77 | (0.00) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.42 | &nbsp;&nbsp;7.24 | 13565 | &nbsp;&nbsp;2.18(3) | &nbsp;&nbsp;1.33(3) | 0.22 | &nbsp;&nbsp;67(4) |
| **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** | **SA Multi-Managed Income Portfolio — Class 1** |
| 03/31/21 | 11.01 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;1.89 | (0.23) | (0.85) | (1.08) | 11.82 | 16.94 | &nbsp;&nbsp;&nbsp;5027 | 1.27 | 1.24 | 0.90 | 48 |
| 03/31/22 | 11.82 | &nbsp;&nbsp;0.12 | (1.05) | (0.93) | (0.11) | (1.08) | (1.19) | &nbsp;&nbsp;&nbsp;9.70 | (8.97) | &nbsp;&nbsp;&nbsp;3820 | 1.26 | 1.23 | 1.02 | 41 |
| 03/31/23 | &nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;0.17 | (1.02) | (0.85) | (0.15) | (0.32) | (0.47) | &nbsp;&nbsp;&nbsp;8.38 | (8.61) | &nbsp;&nbsp;&nbsp;2987 | 1.44 | 1.25 | 1.96 | 48 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.61 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | &nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;3242 | 1.76 | 1.17 | 2.64 | 43 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.58 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | &nbsp;&nbsp;&nbsp;9.14 | &nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;3228 | &nbsp;&nbsp;2.06(3) | &nbsp;&nbsp;1.14(3) | 2.62 | &nbsp;&nbsp;47(4) |
| **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** | **SA Multi-Managed Income Portfolio — Class 2** |
| 03/31/21 | 11.00 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;1.87 | (0.21) | (0.85) | (1.06) | 11.81 | 16.79 | 25124 | 1.42 | 1.39 | 0.74 | 48 |
| 03/31/22 | 11.81 | &nbsp;&nbsp;0.10 | (1.05) | (0.95) | (0.09) | (1.08) | (1.17) | &nbsp;&nbsp;&nbsp;9.69 | (9.12) | 21200 | 1.41 | 1.38 | 0.87 | 41 |
| 03/31/23 | &nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;0.16 | (1.03) | (0.87) | (0.13) | (0.32) | (0.45) | &nbsp;&nbsp;&nbsp;8.37 | (8.82) | 16079 | 1.59 | 1.40 | 1.81 | 48 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.60 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | &nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;7.29 | 15472 | 1.90 | 1.32 | 2.49 | 43 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.57 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | &nbsp;&nbsp;&nbsp;9.14 | &nbsp;&nbsp;6.38 | 13957 | &nbsp;&nbsp;2.20(3) | &nbsp;&nbsp;1.29(3) | 2.48 | &nbsp;&nbsp;47(4) |
| **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** | **SA Multi-Managed Income Portfolio — Class 3** |
| 03/31/21 | 11.00 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;1.78 | &nbsp;&nbsp;1.86 | (0.20) | (0.85) | (1.05) | 11.81 | 16.66 | 14519 | 1.52 | 1.49 | 0.65 | 48 |
| 03/31/22 | 11.81 | &nbsp;&nbsp;0.09 | (1.05) | (0.96) | (0.08) | (1.08) | (1.16) | &nbsp;&nbsp;&nbsp;9.69 | (9.21) | 12027 | 1.51 | 1.48 | 0.77 | 41 |
| 03/31/23 | &nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;0.15 | (1.02) | (0.87) | (0.12) | (0.32) | (0.44) | &nbsp;&nbsp;&nbsp;8.38 | (8.85) | &nbsp;&nbsp;&nbsp;9397 | 1.69 | 1.50 | 1.71 | 48 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;8.38 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.59 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | &nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;9917 | 2.01 | 1.42 | 2.39 | 43 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.56 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.23) | &nbsp;&nbsp;&nbsp;9.14 | &nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;9290 | &nbsp;&nbsp;2.30(3) | &nbsp;&nbsp;1.39(3) | 2.37 | &nbsp;&nbsp;47(4) |

---

(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) Includes interest expense of 0.01% relating to derivative or other investment activity.

(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** |
| SA Multi-Managed Growth Portfolio<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;121% |
| SA Multi-Managed Income Portfolio<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;231 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_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 Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** | **SA Multi-Managed Income/Equity Portfolio — Class 1** |
| 03/31/21 | $10.77 | $0.07 | $3.10 | $3.17 | $(0.19) | $(1.33) | $(1.52) | $12.42 | &nbsp;&nbsp;28.99% | $7846 | 1.19% | 1.15% | 0.55% | 60% |
| 03/31/22 | 12.42 | 0.08 | (1.31) | (1.23) | (0.09) | (1.86) | (1.95) | &nbsp;&nbsp;&nbsp;9.24 | (12.13) | &nbsp;&nbsp;&nbsp;&nbsp;6075 | 1.19 | 1.15 | 0.64 | 47 |
| 03/31/23 | &nbsp;&nbsp;&nbsp;9.24 | 0.12 | (1.24) | (1.12) | (0.07) | (0.54) | (0.61) | &nbsp;&nbsp;&nbsp;7.51 | (11.79) | &nbsp;&nbsp;&nbsp;&nbsp;4453 | 1.35 | 1.18 | 1.47 | 52 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;7.51 | 0.15 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.88 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) | &nbsp;&nbsp;&nbsp;8.28 | 11.77 | &nbsp;&nbsp;&nbsp;&nbsp;4578 | 1.56 | 1.14 | 1.96 | 46 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;8.28 | 0.17 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.69 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | &nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;8.29 | &nbsp;&nbsp;&nbsp;&nbsp;4526 | 1.75 | 1.13 | 1.99 | &nbsp;&nbsp;57(3) |
| **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** | **SA Multi-Managed Income/Equity Portfolio — Class 2** |
| 03/31/21 | 10.75 | 0.05 | &nbsp;&nbsp;3.10 | &nbsp;&nbsp;3.15 | (0.17) | (1.33) | (1.50) | 12.40 | 28.85 | &nbsp;&nbsp;&nbsp;31277 | 1.34 | 1.30 | 0.40 | 60 |
| 03/31/22 | 12.40 | 0.06 | (1.30) | (1.24) | (0.07) | (1.86) | (1.93) | &nbsp;&nbsp;&nbsp;9.23 | (12.21) | &nbsp;&nbsp;&nbsp;25089 | 1.34 | 1.30 | 0.49 | 47 |
| 03/31/23 | &nbsp;&nbsp;&nbsp;9.23 | 0.10 | (1.23) | (1.13) | (0.05) | (0.54) | (0.59) | &nbsp;&nbsp;&nbsp;7.51 | (11.90) | &nbsp;&nbsp;&nbsp;19375 | 1.50 | 1.33 | 1.32 | 52 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;7.51 | 0.14 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.85 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | &nbsp;&nbsp;&nbsp;8.27 | 11.46 | &nbsp;&nbsp;&nbsp;20134 | 1.71 | 1.29 | 1.81 | 46 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;8.27 | 0.16 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.68 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.15) | &nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;18596 | 1.90 | 1.28 | 1.84 | &nbsp;&nbsp;57(3) |
| **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** | **SA Multi-Managed Income/Equity Portfolio — Class 3** |
| 03/31/21 | 10.76 | 0.04 | &nbsp;&nbsp;3.09 | &nbsp;&nbsp;3.13 | (0.15) | (1.33) | (1.48) | 12.41 | 28.70 | &nbsp;&nbsp;&nbsp;18292 | 1.44 | 1.40 | 0.30 | 60 |
| 03/31/22 | 12.41 | 0.05 | (1.31) | (1.26) | (0.06) | (1.86) | (1.92) | &nbsp;&nbsp;&nbsp;9.23 | (12.36) | &nbsp;&nbsp;&nbsp;15867 | 1.44 | 1.40 | 0.39 | 47 |
| 03/31/23 | &nbsp;&nbsp;&nbsp;9.23 | 0.10 | (1.23) | (1.13) | (0.04) | (0.54) | (0.58) | &nbsp;&nbsp;&nbsp;7.52 | (11.91) | &nbsp;&nbsp;&nbsp;12519 | 1.60 | 1.43 | 1.22 | 52 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;7.52 | 0.13 | &nbsp;&nbsp;0.72 | &nbsp;&nbsp;0.85 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | &nbsp;&nbsp;&nbsp;8.28 | 11.35 | &nbsp;&nbsp;&nbsp;13910 | 1.81 | 1.39 | 1.71 | 46 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;8.28 | 0.15 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.67 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) | &nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;8.05 | &nbsp;&nbsp;&nbsp;12727 | 2.00 | 1.38 | 1.74 | &nbsp;&nbsp;57(3) |
| **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 | &nbsp;&nbsp;&nbsp;6.84 | 0.11 | &nbsp;&nbsp;3.29 | &nbsp;&nbsp;3.40 | (0.16) | (0.14) | (0.30) | &nbsp;&nbsp;&nbsp;9.94 | 49.70 | 354716 | 1.01 | 0.97 | 1.27 | 22 |
| 03/31/22 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;9.06 | 0.16 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.41 | (0.22) | (0.24) | (0.46) | &nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;4.64 | 225647 | 1.08 | 1.04 | 1.72 | 16 |
| **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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;9.09 | 0.14 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.40 | (0.20) | (0.24) | (0.44) | &nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;12434 | 1.23 | 1.19 | 1.57 | 16 |
| **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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;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 | &nbsp;&nbsp;&nbsp;9.06 | 0.13 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.39 | (0.20) | (0.24) | (0.44) | &nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;8854 | 1.33 | 1.29 | 1.44 | 16 |

---

(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** |
| SA Multi-Managed Income/Equity Portfolio<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;189% |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_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 |
| **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 |
| **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 |
| **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 |
| **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 |
| **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 |

---

(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. (See Note 5)

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_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 |
| **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 |
| **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 |
| **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 |
| **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 |
| **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 |

---

(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.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_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 Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** | **SA Multi-Managed Moderate Growth Portfolio — Class 1** |
| 03/31/21 | $11.17 | $0.02 | $5.90 | $5.92 | $(0.11) | $(1.67) | $(1.78) | $15.31 | &nbsp;&nbsp;52.85% | $10509 | 1.15% | 1.10% | &nbsp;&nbsp;0.16% | 70% |
| 03/31/22 | 15.31 | &nbsp;&nbsp;0.02 | (1.48) | (1.46) | (0.03) | (3.08) | (3.11) | 10.74 | (12.79) | &nbsp;&nbsp;&nbsp;&nbsp;8781 | 1.14 | 1.09 | 0.16 | 60 |
| 03/31/23 | 10.74 | &nbsp;&nbsp;0.06 | (1.63) | (1.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.17) | (1.17) | &nbsp;&nbsp;&nbsp;8.00 | (14.01) | &nbsp;&nbsp;&nbsp;&nbsp;6500 | 1.27 | 1.11 | 0.75 | 59 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;1.42 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.05) | &nbsp;&nbsp;&nbsp;9.37 | 17.75 | &nbsp;&nbsp;&nbsp;&nbsp;7248 | 1.44 | 1.04 | 1.08 | 51 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;9.37 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.63 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | &nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;5474 | 1.55 | 1.04 | 1.12 | &nbsp;&nbsp;64(3) |
| **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** | **SA Multi-Managed Moderate Growth Portfolio — Class 2** |
| 03/31/21 | 11.15 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;5.89 | &nbsp;&nbsp;5.89 | (0.09) | (1.67) | (1.76) | 15.28 | 52.66 | &nbsp;&nbsp;&nbsp;46006 | 1.30 | 1.25 | 0.02 | 70 |
| 03/31/22 | 15.28 | &nbsp;&nbsp;0.00 | (1.47) | (1.47) | (0.01) | (3.08) | (3.09) | 10.72 | (12.88) | &nbsp;&nbsp;&nbsp;39047 | 1.29 | 1.24 | 0.01 | 60 |
| 03/31/23 | 10.72 | &nbsp;&nbsp;0.05 | (1.64) | (1.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.17) | (1.17) | &nbsp;&nbsp;&nbsp;7.96 | (14.24) | &nbsp;&nbsp;&nbsp;28876 | 1.42 | 1.26 | 0.60 | 59 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;1.40 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | &nbsp;&nbsp;&nbsp;9.33 | 17.65 | &nbsp;&nbsp;&nbsp;30143 | 1.58 | 1.19 | 0.93 | 51 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;9.33 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.61 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) | &nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;6.44 | &nbsp;&nbsp;&nbsp;26908 | 1.70 | 1.19 | 0.97 | &nbsp;&nbsp;64(3) |
| **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** | **SA Multi-Managed Moderate Growth Portfolio — Class 3** |
| 03/31/21 | 11.14 | (0.01) | &nbsp;&nbsp;5.87 | &nbsp;&nbsp;5.86 | (0.07) | (1.67) | (1.74) | 15.26 | 52.46 | &nbsp;&nbsp;&nbsp;35270 | 1.40 | 1.35 | (0.08) | 70 |
| 03/31/22 | 15.26 | (0.01) | (1.47) | (1.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | (3.08) | (3.08) | 10.70 | (12.94) | &nbsp;&nbsp;&nbsp;29444 | 1.39 | 1.34 | (0.09) | 60 |
| 03/31/23 | 10.70 | &nbsp;&nbsp;0.04 | (1.63) | (1.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.17) | (1.17) | &nbsp;&nbsp;&nbsp;7.94 | (14.26) | &nbsp;&nbsp;&nbsp;22749 | 1.52 | 1.36 | 0.50 | 59 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;7.94 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;1.38 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.02) | &nbsp;&nbsp;&nbsp;9.30 | 17.45 | &nbsp;&nbsp;&nbsp;23744 | 1.68 | 1.29 | 0.82 | 51 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.60 | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | &nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;22298 | 1.80 | 1.29 | 0.87 | &nbsp;&nbsp;64(3) |
| **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** | **SA Multi-Managed Small Cap Portfolio — Class 1** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;8.04 | &nbsp;&nbsp;8.07 | (0.04) | (1.77) | (1.81) | 15.26 | 91.05 | 230594 | 0.95 | 0.95 | 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 | &nbsp;&nbsp;0.33 | 205586 | 0.94 | 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 | 0.96 | 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 | 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 | 0.99 | 0.23 | 57 |
| **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** | **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 | 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 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;15175 | 1.09 | 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 | 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 | 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 | 1.15 | 0.08 | 57 |
| **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** | **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 | 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 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;9747 | 1.19 | 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 | 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 | 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 | 1.25 | (0.02) | 57 |

---

(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** |
| SA Multi-Managed Moderate Growth Portfolio<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;150% |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_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 T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** | **SA T. Rowe Price Growth Stock Portfolio — Class 1** |
| 03/31/21 | $19.91 | $(0.13) | $12.91 | $12.78 | $(0.01) | $(2.96) | $(2.97) | $29.72 | &nbsp;&nbsp;64.68% | $364073 | 0.87% | 0.87% | (0.46)% | 32% |
| 03/31/22 | 29.72 | (0.17) | &nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;— | (6.53) | (6.53) | 23.89 | (1.67) | 348810 | 0.87 | 0.87 | (0.58) | 30 |
| 03/31/23 | 23.89 | (0.07) | &nbsp;&nbsp;(4.61) | &nbsp;&nbsp;(4.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.89) | (2.89) | 16.32 | (18.44) | 221588 | 0.90 | 0.90 | (0.40) | 26 |
| 03/31/24 | 16.32 | (0.08) | &nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.80) | (0.80) | 22.01 | 40.52 | 210593 | 0.92 | 0.90 | (0.40) | 25 |
| 03/31/25 | 22.01 | (0.10) | &nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;— | (4.78) | (4.78) | 18.69 | &nbsp;&nbsp;3.88 | 132667 | 0.96 | 0.91 | (0.46) | 40 |
| **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** | **SA T. Rowe Price Growth Stock Portfolio — Class 2** |
| 03/31/21 | 19.06 | (0.16) | 12.34 | 12.18 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.96) | (2.96) | 28.28 | 64.42 | &nbsp;&nbsp;&nbsp;44393 | 1.02 | 1.02 | (0.61) | 32 |
| 03/31/22 | 28.28 | (0.21) | &nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;— | (6.53) | (6.53) | 22.44 | (1.80) | &nbsp;&nbsp;&nbsp;37603 | 1.02 | 1.02 | (0.73) | 30 |
| 03/31/23 | 22.44 | (0.09) | &nbsp;&nbsp;(4.35) | &nbsp;&nbsp;(4.44) | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.89) | (2.89) | 15.11 | (18.56) | &nbsp;&nbsp;&nbsp;28749 | 1.05 | 1.05 | (0.55) | 26 |
| 03/31/24 | 15.11 | (0.10) | &nbsp;&nbsp;&nbsp;6.06 | &nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.80) | (0.80) | 20.27 | 40.25 | &nbsp;&nbsp;&nbsp;29405 | 1.07 | 1.05 | (0.55) | 25 |
| 03/31/25 | 20.27 | (0.13) | &nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;— | (4.78) | (4.78) | 16.86 | &nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;26792 | 1.12 | 1.07 | (0.62) | 40 |
| **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** | **SA T. Rowe Price Growth Stock Portfolio — Class 3** |
| 03/31/21 | 18.55 | (0.18) | 11.99 | 11.81 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.96) | (2.96) | 27.40 | 64.18 | &nbsp;&nbsp;&nbsp;35574 | 1.12 | 1.12 | (0.71) | 32 |
| 03/31/22 | 27.40 | (0.23) | &nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;— | (6.53) | (6.53) | 21.55 | (1.90) | &nbsp;&nbsp;&nbsp;28813 | 1.12 | 1.12 | (0.83) | 30 |
| 03/31/23 | 21.55 | (0.10) | &nbsp;&nbsp;(4.19) | &nbsp;&nbsp;(4.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.89) | (2.89) | 14.37 | (18.64) | &nbsp;&nbsp;&nbsp;22304 | 1.15 | 1.15 | (0.65) | 26 |
| 03/31/24 | 14.37 | (0.11) | &nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.80) | (0.80) | 19.22 | 40.17 | &nbsp;&nbsp;&nbsp;23555 | 1.17 | 1.15 | (0.65) | 25 |
| 03/31/25 | 19.22 | (0.14) | &nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;— | (4.78) | (4.78) | 15.75 | &nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;22160 | 1.22 | 1.17 | (0.72) | 40 |

---

(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.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

------

To the Board of Trustees of Seasons Series Trust and Shareholders of each of the portfolios listed in the table below

#### Opinions on the Financial Statements
&nbsp;&nbsp;&nbsp;&nbsp;We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the portfolios listed in the table below (constituting Seasons Series Trust, hereafter collectively referred to as the "Portfolios") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Seasons Series Trust

---

| |
|:---|
| SA Allocation Aggressive Portfolio (formerly SA Allocation Growth Portfolio) |
| SA Allocation Balanced Portfolio |
| SA Allocation Moderate Portfolio |
| SA Allocation Moderately Aggressive Portfolio (formerly SA Allocation Moderate Growth Portfolio) |
| SA American Century Inflation Managed Portfolio (formerly SA American Century Inflation Protection Portfolio) |
| SA Columbia Focused Value Portfolio |
| SA Franklin Allocation Moderately Aggressive Portfolio (formerly SA Putnam Asset Allocation Diversified Growth Portfolio) |
| SA Multi-Managed Diversified Fixed Income Portfolio |

---

---

| |
|:---|
| SA Multi-Managed Growth Portfolio |
| SA Multi-Managed Income Portfolio |
| SA Multi-Managed Income/Equity Portfolio |
| 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 |
| SA Multi-Managed Moderate Growth Portfolio |
| SA Multi-Managed Small Cap Portfolio |
| SA T. Rowe Price Growth Stock Portfolio |

---

#### Basis for Opinions
&nbsp;&nbsp;&nbsp;&nbsp;These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

&nbsp;&nbsp;&nbsp;&nbsp;We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

&nbsp;&nbsp;&nbsp;&nbsp;Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent, brokers, selling or agent banks and portfolio companies; when replies were not received from brokers or selling or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

May 28, 2025

We have served as the auditor of one or more investment companies in the SunAmerica annuity family of funds (consisting of SunAmerica Series Trust and Seasons Series Trust) since at least 1986. We have not been able to determine the specific year we began serving as auditor.

------

[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

#### Seasons Series Trust

#### SHAREHOLDERS TAX INFORMATION (unaudited)

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&nbsp;&nbsp;&nbsp;&nbsp;Certain tax information regarding Seasons Series Trust is required to be provided to the shareholders based upon each Portfolio's income and distributions for the taxable year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;During the year ended March 31, 2025, the Portfolio paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Net<br> Long-Term<br> Capital Gains** | &nbsp;&nbsp;**Foreign<br> Taxes Credit** | &nbsp;&nbsp;**Foreign<br> Source Income** | &nbsp;&nbsp;**Qualifying % for the<br> Dividends<br> Received Deduction** |
| SA Allocation Aggressive Portfolio\*<br>| &nbsp;&nbsp;$8889785 | &nbsp;&nbsp;$422582 | &nbsp;&nbsp;$1785398 | &nbsp;&nbsp;&nbsp;42.24% |
| SA Allocation Balanced Portfolio\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;102386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416225 | &nbsp;&nbsp;&nbsp;17.88 |
| SA Allocation Moderate Portfolio\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;2528532 | &nbsp;&nbsp;&nbsp;141877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585796 | &nbsp;&nbsp;&nbsp;26.27 |
| SA Allocation Moderately Aggressive Portfolio\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;8130750 | &nbsp;&nbsp;&nbsp;361379 | &nbsp;&nbsp;&nbsp;1517592 | &nbsp;&nbsp;&nbsp;31.39 |
| SA American Century Inflation Managed Portfolio<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;— |
| SA Columbia Focused Value Portfolio<br>| &nbsp;&nbsp;&nbsp;29318247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 |
| SA Franklin Allocation Moderately Aggressive Portfolio<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;52.88 |
| SA Multi-Managed Diversified Fixed Income Portfolio<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;— |
| SA Multi-Managed Growth Portfolio<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;100.00 |
| SA Multi-Managed Income Portfolio<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;0.37 |
| SA Multi-Managed Income/Equity Portfolio<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;1.02 |
| SA Multi-Managed International Equity Portfolio\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;5231910 | &nbsp;&nbsp;&nbsp;903364 | &nbsp;&nbsp;&nbsp;8243431 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| SA Multi-Managed Large Cap Growth Portfolio<br>| &nbsp;&nbsp;&nbsp;35639571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 |
| SA Multi-Managed Large Cap Value Portfolio<br>| &nbsp;&nbsp;&nbsp;24033811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;31.11 |
| SA Multi-Managed Mid Cap Growth Portfolio<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;— |
| SA Multi-Managed Mid Cap Value Portfolio<br>| &nbsp;&nbsp;&nbsp;12309606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;95.41 |
| SA Multi-Managed Moderate Growth Portfolio<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;21.41 |
| SA Multi-Managed Small Cap Portfolio<br>| &nbsp;&nbsp;&nbsp;&nbsp;2192331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;100.00 |
| SA T. Rowe Price Growth Stock Portfolio<br>| &nbsp;&nbsp;&nbsp;39648957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;54.28 |

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 <br> \* The Portfolios make an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid to shareholders.

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#### Seasons Series Trust

#### CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS (unaudited)

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#### Item 8 (Form N-CSR) – Changes in and Disagreements with Accountants for Open-End Management Investment Companies
&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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#### Seasons Series Trust

#### RESULTS OF SPECIAL SHAREHOLDER MEETING (unaudited)

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#### Item 9 (Form N-CSR) – Proxy Disclosure for Open-End Management Investment Companies
&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

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#### Seasons Series Trust

#### REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS (unaudited)

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#### 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.

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#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited)

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#### Item 11 (Form N-CSR) – Statement Regarding Basis for Approval of Investment Advisory Contract.
&nbsp;&nbsp;&nbsp;&nbsp;At a meeting held on October 9, 2024, 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"). In addition, the Board approved an amended Subadvisory Agreement between SunAmerica and Putnam Investment Management, LLC ("Putnam"), with respect to the SA Putnam Asset Allocation Diversified Growth Portfolio, as well as a second subadvisory agreement between SunAmerica and Putnam with respect to that Portfolio, which will take effect upon an anticipated future change of control of SunAmerica and ensure that management of the Portfolio continues uninterrupted. 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.

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#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) — (continued)

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&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 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 Balanced Portfolio (</u> *<u>advised by SunAmerica</u>* <u>)</u>. The Board considered that both actual management fees and total expenses were slightly 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.

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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-, 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 Growth Portfolio (</u> *<u>advised by SunAmerica</u>* <u>)</u>. The Board considered that the Portfolio's actual management fees were slightly above and total expenses were at 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 above the medians of its Performance Group for the one-, five- and ten-year periods and at the median for the three-year period. The Board took account of management's discussion of the Portfolio's performance.

• <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 above the median of its Performance Group for the one-year period and at the medians for the three-, five- and ten-year periods.

• <u>SA Allocation Moderate Growth Portfolio (</u> *<u>advised by SunAmerica</u>* <u>)</u>. The Board considered that actual management fees were slightly above and total expenses were at 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 at the median of its Performance Group for the one-year period and below the medians for the three-, five- and ten-year periods and at the median for the five-year period. The Board took into consideration management's discussion of the Portfolio's performance.

• <u>SA Columbia Focused Value Portfolio (</u> *<u>subadvised by Columbia</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 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 also 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 noted that the Portfolio performed below the median of its Performance Group for the same 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 Growth Portfolio (</u> *<u>components subadvised by J.P. Morgan, MSIM, 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 considered management's
report that the Portfolio is a multi-fund strategy and its costs reflect the additional expenses of multi-manager asset allocation and administration. The Board noted that there is an expense limitation of
1.07%, 1.22% and 1.32% on Class 1, Class 2 and Class 3 shares, respectively. The Board further noted that SunAmerica had also contractually agreed to a fee waiver that lowers the advisory fee with respect to the Portfolio by 27 basis
points at each applicable breakpoint.

&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 noted that the Portfolio has multiple Subadvisers and that a Subadviser was removed by management in 2019 due to performance. The Board took account of management's discussion of the Portfolio's performance, including its plan to address underperformance.

• <u>SA Multi-Managed Income Portfolio (</u> *<u>components subadvised by MSIM 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 considered management's
report that, as a multi-fund strategy, the Portfolio's costs reflect the additional expenses of multi-manager asset allocation and administration. The Board noted SunAmerica there is an expense limitation
of 1.13%, 1.28% and 1.38% on Class 1, Class 2 and Class 3 shares, respectively. The Board further noted that SunAmerica has contractually agreed to a fee waiver that lowers the advisory fee with respect to the Portfolio by 13 basis
points at each applicable breakpoint.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed above its benchmark index for the one-, five- and ten-year periods and below that index for the three-year period. The Board also noted that performance was above the median of its Performance Group for the ten-year period and below the medians for the one-, three- and five-year periods. The Board noted that the Portfolio has multiple Subadvisers and that a Subadviser was removed by management in 2019 due to performance. The Board took into consideration management's discussion of the Portfolio's performance, including its plan to address underperformance.

• <u>SA Multi-Managed Income/Equity Portfolio (</u> *<u>components subadvised by MSIM 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 considered management's
report that, as a multi-fund strategy, the Portfolio's costs reflect the

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#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) — (continued)

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additional expenses of multi-manager asset allocation and administration. The Board noted that there is an expense limitation of 1.13%, 1.28% and 1.38% on Class 1, Class 2 and Class 3 shares, respectively. The Board further noted that SunAmerica had contractually agreed to a fee waiver that lowers the advisory fee with respect to the Portfolio by 6 basis points at each applicable breakpoint.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed above its benchmark index for the one-, five- and ten-year periods and below that index for the three-year period. The Board further considered that the Portfolio performed below the median of its Performance Universe for the one-, three-, five- and ten-year periods. The Board noted that the Portfolio has multiple Subadvisers and that a Subadviser was removed by management in 2019 due to performance. The Board took into consideration management's discussion of the Portfolio's performance, including its plan to address underperformance.

• <u>SA Multi-Managed International Equity Portfolio (</u> *<u>advised/subadvised by SunAmerica, 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- and ten-year periods but above that index for five-year period. The Board noted that the Portfolio performed below the medians of its Performance Universe 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. The Board took account of management's discussion of the Portfolio's performance and noted that management has subjected the Portfolio to heightened monitoring.

• <u>SA Multi-Managed Large Cap Growth Portfolio (</u> *<u>advised/subadvised by SunAmerica, GSAM and MSIM</u>* <u>)</u>. The Board considered that the Portfolio's actual management fees and total expenses were slightly 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 below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that performance was 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 SunAmerica replaced one of the Subadvisers in May 2019. The Board took into consideration management's discussion of the Portfolio's performance and noted that management has subjected the Portfolio to heightened monitoring.

• <u>SA Multi-Managed Large Cap Value Portfolio (</u> *<u>advised/subadvised by SunAmerica, 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.

&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 performance was below the medians of its Performance Group for the same 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 has subjected the Portfolio to heightened monitoring.

• <u>SA Multi-Managed Mid Cap Growth Portfolio (</u> *<u>advised/subadvised by SunAmerica, 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 one- and ten-year periods and below the medians for the three- and five-year periods. The Board took into consideration management's discussion of the Portfolio's performance and noted that management has subjected the Portfolio to heightened monitoring.

• <u>SA Multi-Managed Mid Cap Value Portfolio (</u> *<u>advised/subadvised by SunAmerica, 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 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 one-, three- and five-year periods and below the median for ten-year period.

• <u>SA Multi-Managed Moderate Growth Portfolio (</u> *<u>components subadvised by J.P. Morgan, MSIM 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 considered management's
report that, as a multi-fund strategy, the Portfolio's costs reflect the additional expenses of multi-manager asset allocation and administration. The Board noted that there is an expense limitation of
1.04%, 1.19% and 1.29% on Class 1, Class 2 and Class 3 shares, respectively. The Board also noted SunAmerica had contractually agreed to a fee waiver that lowers the advisory fee with respect to the Portfolio by 10 basis points at
each applicable breakpoint.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed above its benchmark index for the one-, five- and ten-year periods and below that index for the three-year period. The Board also considered that performance was below the medians of the Portfolio's Performance Group for the one-, three-, five- and ten-year periods. The Board took account of management's discussion of the Portfolio's performance and noted that the Portfolio has multiple Subadvisers and that one Subadviser was removed by management in 2019 due to performance. The Board took into consideration management's discussion of the Portfolio's performance, including its plan to address underperformance.

• <u>SA Multi-Managed Small Cap Portfolio (</u> advised/subadvised by SunAmerica, J.P. Morgan and SIMNA <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 three- and five-year periods and below the index for the one- 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.

• <u>SA American Century Inflation Protection</u> <u>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 Putnam Asset Allocation Diversified Growth Portfolio (</u> *<u>subadvised by Putnam</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 has been waiving 15 basis points of the advisory fee pursuant to a contractual fee waiver agreement and at the Meeting agreed to increase that waiver such that the advisory fee paid to SunAmerica will be 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.

• <u>SA T. Rowe Price Growth Stock Portfolio (</u> *<u>subadvised by 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. The Board noted that SunAmerica has contractually agreed to a fee waiver that lowers the advisory fee with respect to the Portfolio by
5 basis points at each applicable breakpoint.

&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's performed above the median of its Performance Group for the one-year period and below the medians for the three-, five- and ten-year periods. The Board took into consideration management's discussion of the Portfolio's performance, including its plan to address underperformance.

&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 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 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.

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#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) — (continued)

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&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 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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[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

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[**Table of Contents**](#JOB_NEW_F_e70efdcf-105a-4b08-9ba1-728fa66fb806_TOC)

Annuity Service Center

P.O. Box 15570

Amarillo, TX 79105-5570

J1906AR.21 (5/25)

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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) Code of Ethics [(EXHIBIT 99.CODEETH)](EX.99.CODEETH.htm)

(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: June 6, 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: June 6, 2025

By: /s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

Date: June 6, 2025

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## Ex-99.Code

#### EXHIBIT 99.CODEETH

#### SUNAMERICA SERIES TRUST

#### SEASONS SERIES TRUST

#### (collectively, the "Funds")

#### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE

#### AND PRINCIPAL ACCOUNTING OFFICERS
I.Introduction

The Boards of Directors/Trustees of the Funds (the "Boards") have adopted this Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act applicable to the Funds' Principal Executive Officer and Principal Accounting Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of deterring wrongdoing and promoting:

· Honest and ethical conduct, including the ethical handling of conflicts of interest between personal and professional relationships;

· Full, fair, accurate, timely and understandable disclosure;

· Compliance with applicable laws and governmental rules and regulations;

· The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· Accountability for adherence to the Code.

Each Covered Officer must comply with applicable law. Each Covered Officer also has a responsibility to conduct himself or herself in an honest and ethical manner and to adhere to a high standard of business ethics. Each Covered Officer has leadership responsibilities that include promoting a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns. Each Covered Officer should also be sensitive to situations that may give rise to conflicts of interest.

**II.** **Honest and Ethical Conduct** 

a. **Honesty, Diligence and Professional Responsibility** 

Covered Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code. In particular, Covered Officers must perform their duties and responsibilities for the Funds:

· with honesty, diligence, and a commitment to professional and ethical responsibility;

------

· carefully, thoroughly and in a timely manner; and

· in conformity with applicable professional and technical standards.

b. **Ethical Handling of Actual and Apparent Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest improperly interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her immediate family, receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act") and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The compliance programs and procedures of the Funds and the Funds' investment adviser, SunAmerica Asset Management, LLC. ("SAAMCo"), are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between, the Funds and SAAMCo, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for SAAMCo, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and SAAMCo. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and SAAMCo and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Boards that the Covered Officers may also be officers or employees of other investment companies advised by SAAMCo.

In particular, each Covered Officer must:

· Not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

· Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds; and

· Report at least annually to the Funds' Ethics Committee any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest.

There are certain potential conflict of interest situations that should be discussed with the Ethics Committee if material. Examples of these include:

· Service as a director on the board of any company;

· The receipt of any non-nominal gifts;

· The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

· Any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than SAAMCo, the Funds' principal underwriter or any affiliated person thereof;

· A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

c. **Conduct in the Preparation of Financial Statements** 

Covered Officers must not knowingly make any misrepresentations regarding the Funds' financial statements or any facts used in the preparation of the Funds' financial statements. This section is intended to prohibit:

· making, or permitting or directing another to make, materially false or misleading entries in the Funds' financial statements or records;

· failing to correct the Funds' financial statements or records that are materially false or misleading; and

· signing, or permitting or directing another to sign, a document containing materially false or misleading financial information.

d. **Obligations to the Independent Auditor of the Funds** 

In dealing with the Funds' independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Funds' independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Funds' independent auditor in the performance of an audit of the Funds' financial statements for the purpose of rendering such financial statements materially misleading.

------

III.Disclosure and Compliance

· Each Covered Officer will familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

· Each Covered Officer will not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Boards and auditors, or to governmental regulators and self-regulatory organizations;

· Each Covered Officer will, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and SAAMCo with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV.Reporting and Accountability

Each Covered Officer must:

· Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards that he or she has received, read and understands the Code;

· Annually thereafter affirm to the Boards that he or she has complied with the requirements of the Code;

· Not retaliate against any other Covered Officer or affiliated person of the Funds for reports of potential violations of this Code that are made in good faith; and

· Notify the Ethics Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Ethics Committee is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. The Ethics Committee will also consider waivers sought by the Covered Officers.

The Funds will act according to the following procedures in investigating and enforcing this Code:

· The Ethics Committee will take all appropriate action to investigate any potential violations reported to it;

· If, after such investigation, the Ethics Committee believes that no violation has occurred, the Ethics Committee is not required to take any further action;

· If the Ethics Committee determines that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of SAAMCo or its board; or a recommendation to dismiss the Covered Officer;

· The Ethics Committee will be responsible for granting waivers, as appropriate;

· The Ethics Committee will inform the Boards of violations or waivers of this Code; and

· **Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.** 

V.Other Policies and Procedures

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to investment companies thereunder. Insofar as other policies or procedures of the Funds, SAAMCo, the Funds' principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics of the Funds, SAAMCo and the Funds' principal underwriter, under Rule 17j-1 of the Investment Company Act, and SAAMCo's more detailed policies and procedures set forth in the SAAMCo Compliance Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

VI.Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Boards.

VII. **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds, the Ethics Committee, SAAMCo and the Boards and their independent counsel.

VIII.Internal Use

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance or legal conclusion.

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**Exhibit A**

John Genoy, Principal Executive Officer

Gregory R. Kingston, Principal Accounting 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: June 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: June 5, 2025

/s/ Gregory R. Kingston Gregory R. Kingston Principal Financial Officer

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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: June 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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