# EDGAR Filing Document

**Accession Number:** 0001003239
**File Stem:** 0001752724-25-208996
**Filing Date:** 2025-8
**Character Count:** 1709327
**Document Hash:** 61ea3738dda5ffb8f512928a5b69faba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-208996.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-208996

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07725
- **FILM NUMBER:** 251263849

**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 International Equity Portfolio (Series ID: S000008039)

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

## Nport-Ex

#### Seasons Series Trust SA Allocation Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **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 — 59.4%** | **Domestic Equity Investment Companies — 59.4%** | **Domestic Equity Investment Companies — 59.4%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;484663 | &nbsp;&nbsp;$9901663 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;803547 | &nbsp;&nbsp;&nbsp;&nbsp; 12559449 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;838934 | &nbsp;&nbsp;&nbsp;&nbsp; 10469902 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;323671 | &nbsp;&nbsp;&nbsp;&nbsp; 5304962 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;277579 | &nbsp;&nbsp;&nbsp;&nbsp; 4677203 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;380866 | &nbsp;&nbsp;&nbsp;&nbsp; 4193338 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;340655 | &nbsp;&nbsp;&nbsp;&nbsp; 22592212 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;168327 | &nbsp;&nbsp;&nbsp;&nbsp; 2161315 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;577490 | &nbsp;&nbsp;&nbsp;&nbsp; 7287929 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;841455 | &nbsp;&nbsp;&nbsp;&nbsp; 18427861 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;57907 | &nbsp;&nbsp;&nbsp;&nbsp; 961832 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;376192 | &nbsp;&nbsp;&nbsp;&nbsp; 8949602 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | 1123054 | &nbsp;&nbsp;&nbsp;&nbsp; 15228616 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;418500 | &nbsp;&nbsp;&nbsp;&nbsp; 2937868 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;407709 | &nbsp;&nbsp;&nbsp;&nbsp; 9148990 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;405204 | &nbsp;&nbsp;&nbsp;&nbsp; 14064618 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;563598 | &nbsp;&nbsp;&nbsp;&nbsp; 13684162 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;296899 | &nbsp;&nbsp;&nbsp;&nbsp; 6130972 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;884529 | &nbsp;&nbsp;&nbsp;&nbsp; 27844962 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;976070 | &nbsp;&nbsp;&nbsp;&nbsp; 40829004 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1 | 1135331 | &nbsp;&nbsp;&nbsp;&nbsp; 21945956 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Large Cap Growth, Class 1 | 1389522 | &nbsp;&nbsp;&nbsp;&nbsp; 24705698 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;300283 | &nbsp;&nbsp;&nbsp;&nbsp; 6741347 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;319837 | &nbsp;&nbsp;&nbsp;&nbsp; 4931885 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;258480 | &nbsp;&nbsp;&nbsp;&nbsp; 3339567 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;263513 | &nbsp;&nbsp;&nbsp;&nbsp; 12508977 |
| **Total Domestic Equity Investment Companies<br> (cost $274,917,487)** |  | &nbsp;&nbsp;&nbsp;&nbsp;311529890 |
| **International Equity Investment Companies — 23.0%** | **International Equity Investment Companies — 23.0%** | **International Equity Investment Companies — 23.0%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1 | 2959207 | &nbsp;&nbsp;&nbsp;&nbsp; 29562480 |

---

---

| | | |
|:---|:---|:---|
| **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;290572 | &nbsp;&nbsp;$4771199 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;957397 | &nbsp;&nbsp;&nbsp;&nbsp; 20746790 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA International Index Portfolio, Class 1 | 1413369 | &nbsp;&nbsp;&nbsp;&nbsp; 21765879 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;688005 | &nbsp;&nbsp;&nbsp;&nbsp; 6425969 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1 | 1470147 | &nbsp;&nbsp;&nbsp;&nbsp; 16642059 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;464316 | &nbsp;&nbsp;&nbsp;&nbsp; 7354762 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;931632 | &nbsp;&nbsp;&nbsp;&nbsp; 13005586 |
| **Total International Equity Investment Companies<br> (cost $103,542,605)** |  | &nbsp;&nbsp;&nbsp;&nbsp;120274724 |
| **Domestic Fixed Income Investment Companies — 17.4%** | **Domestic Fixed Income Investment Companies — 17.4%** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA American Century Inflation Managed Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;504906 | &nbsp;&nbsp;&nbsp;&nbsp; 4473471 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 1892080 | &nbsp;&nbsp;&nbsp;&nbsp; 19355973 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;899528 | &nbsp;&nbsp;&nbsp;&nbsp; 10704383 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1 | 1046672 | &nbsp;&nbsp;&nbsp;&nbsp; 10121321 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;322721 | &nbsp;&nbsp;&nbsp;&nbsp; 3314347 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1 | 2870326 | &nbsp;&nbsp;&nbsp;&nbsp; 23909812 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;135606 | &nbsp;&nbsp;&nbsp;&nbsp; 1494377 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1 | 1020468 | &nbsp;&nbsp;&nbsp;&nbsp; 5500322 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;938123 | &nbsp;&nbsp;&nbsp;&nbsp; 12467656 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $93,474,434)** |  | &nbsp;&nbsp;&nbsp;&nbsp;91341662 |
| **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; 1190334 |
| **TOTAL INVESTMENTS<br> (cost $473,069,925)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;524336610 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203549) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$524133061 |

---

---

| | |
|:---|:---|
| # | &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 4. |

---

------

#### Seasons Series Trust SA Allocation Aggressive Portfolio<br>

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

------

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$524336610 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$524336610 |

---

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

See Notes to Portfolio of Investments

------

#### Seasons Series Trust SA Allocation Balanced Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **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 Fixed Income Investment Companies — 57.2%** | **Domestic Fixed Income Investment Companies — 57.2%** | **Domestic Fixed Income Investment Companies — 57.2%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA American Century Inflation Managed Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;851988 | &nbsp;&nbsp;$7548609 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 3231296 | &nbsp;&nbsp;&nbsp;&nbsp; 33056154 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1 | 1429665 | &nbsp;&nbsp;&nbsp;&nbsp; 17013012 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1 | 1634958 | &nbsp;&nbsp;&nbsp;&nbsp; 15810048 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;641102 | &nbsp;&nbsp;&nbsp;&nbsp; 6584121 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1 | 4620582 | &nbsp;&nbsp;&nbsp;&nbsp; 38489448 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;227903 | &nbsp;&nbsp;&nbsp;&nbsp; 2511491 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1 | 1562808 | &nbsp;&nbsp;&nbsp;&nbsp; 8423533 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1 | 1511991 | &nbsp;&nbsp;&nbsp;&nbsp; 20094362 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $156,693,586)** |  | &nbsp;&nbsp;&nbsp;&nbsp;149530778 |
| **Domestic Equity Investment Companies — 32.2%** | **Domestic Equity Investment Companies — 32.2%** | **Domestic Equity Investment Companies — 32.2%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;127804 | &nbsp;&nbsp;&nbsp;&nbsp; 2611025 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;208584 | &nbsp;&nbsp;&nbsp;&nbsp; 3260174 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;228149 | &nbsp;&nbsp;&nbsp;&nbsp; 2847300 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;79384 | &nbsp;&nbsp;&nbsp;&nbsp; 1301110 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;74475 | &nbsp;&nbsp;&nbsp;&nbsp; 1254903 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;108933 | &nbsp;&nbsp;&nbsp;&nbsp; 1199357 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;78138 | &nbsp;&nbsp;&nbsp;&nbsp; 5182123 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;78108 | &nbsp;&nbsp;&nbsp;&nbsp; 1002910 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;185268 | &nbsp;&nbsp;&nbsp;&nbsp; 2338082 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;216725 | &nbsp;&nbsp;&nbsp;&nbsp; 4746280 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;20608 | &nbsp;&nbsp;&nbsp;&nbsp; 342299 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;118592 | &nbsp;&nbsp;&nbsp;&nbsp; 2821307 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;262218 | &nbsp;&nbsp;&nbsp;&nbsp; 3555673 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;64920 | &nbsp;&nbsp;&nbsp;&nbsp; 455737 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;120602 | &nbsp;&nbsp;&nbsp;&nbsp; 2706302 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;115457 | &nbsp;&nbsp;&nbsp;&nbsp; 4007494 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;133462 | &nbsp;&nbsp;&nbsp;&nbsp; 3240455 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;96320 | &nbsp;&nbsp;&nbsp;&nbsp; 1989006 |

---

---

| | | |
|:---|:---|:---|
| **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;233896 | &nbsp;&nbsp;$7363033 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;268162 | &nbsp;&nbsp;&nbsp;&nbsp; 11217223 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;359922 | &nbsp;&nbsp;&nbsp;&nbsp; 6957301 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;318020 | &nbsp;&nbsp;&nbsp;&nbsp; 5654396 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;112197 | &nbsp;&nbsp;&nbsp;&nbsp; 2518829 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;104138 | &nbsp;&nbsp;&nbsp;&nbsp; 1605801 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;62653 | &nbsp;&nbsp;&nbsp;&nbsp; 809478 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;67641 | &nbsp;&nbsp;&nbsp;&nbsp; 3210910 |
| **Total Domestic Equity Investment Companies<br> (cost $73,535,366)** |  | &nbsp;&nbsp;&nbsp;&nbsp;84198508 |
| **International Equity Investment Companies — 10.3%** | **International Equity Investment Companies — 10.3%** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;694563 | &nbsp;&nbsp;&nbsp;&nbsp; 6938681 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;38169 | &nbsp;&nbsp;&nbsp;&nbsp; 626737 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;200770 | &nbsp;&nbsp;&nbsp;&nbsp; 4350684 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;300216 | &nbsp;&nbsp;&nbsp;&nbsp; 4623328 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;109017 | &nbsp;&nbsp;&nbsp;&nbsp; 1018219 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;325437 | &nbsp;&nbsp;&nbsp;&nbsp; 3683954 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;151067 | &nbsp;&nbsp;&nbsp;&nbsp; 2392902 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;239171 | &nbsp;&nbsp;&nbsp;&nbsp; 3338825 |
| **Total International Equity Investment Companies<br> (cost $23,268,705)** |  | &nbsp;&nbsp;&nbsp;&nbsp;26973330 |
| **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 $618,704) | &nbsp;&nbsp;&nbsp;&nbsp;67849 | &nbsp;&nbsp;&nbsp;&nbsp; 648639 |
| **TOTAL INVESTMENTS<br> (cost $254,116,361)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;261351255 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(125075) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$261226180 |

---

---

| | |
|:---|:---|
| # | &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 4. |

---

------

#### Seasons Series Trust SA Allocation Balanced Portfolio<br>

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

------

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$261351255 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$261351255 |

---

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

See Notes to Portfolio of Investments

------

#### Seasons Series Trust SA Allocation Moderate Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **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 — 43.4%** | **Domestic Equity Investment Companies — 43.4%** | **Domestic Equity Investment Companies — 43.4%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;214434 | &nbsp;&nbsp;$4380881 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;273200 | &nbsp;&nbsp;&nbsp;&nbsp; 4270117 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;366017 | &nbsp;&nbsp;&nbsp;&nbsp; 4567889 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;112633 | &nbsp;&nbsp;&nbsp;&nbsp; 1846057 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;120628 | &nbsp;&nbsp;&nbsp;&nbsp; 2032587 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;197396 | &nbsp;&nbsp;&nbsp;&nbsp; 2173330 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;148604 | &nbsp;&nbsp;&nbsp;&nbsp; 9855432 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;112962 | &nbsp;&nbsp;&nbsp;&nbsp; 1450428 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;260541 | &nbsp;&nbsp;&nbsp;&nbsp; 3288024 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;361960 | &nbsp;&nbsp;&nbsp;&nbsp; 7926925 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;19946 | &nbsp;&nbsp;&nbsp;&nbsp; 331300 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;185558 | &nbsp;&nbsp;&nbsp;&nbsp; 4414437 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;469539 | &nbsp;&nbsp;&nbsp;&nbsp; 6366943 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;155935 | &nbsp;&nbsp;&nbsp;&nbsp; 1094667 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;202860 | &nbsp;&nbsp;&nbsp;&nbsp; 4552185 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;192129 | &nbsp;&nbsp;&nbsp;&nbsp; 6668803 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;233683 | &nbsp;&nbsp;&nbsp;&nbsp; 5673818 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;143828 | &nbsp;&nbsp;&nbsp;&nbsp; 2970050 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;366381 | &nbsp;&nbsp;&nbsp;&nbsp; 11533667 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;389137 | &nbsp;&nbsp;&nbsp;&nbsp; 16277583 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;488557 | &nbsp;&nbsp;&nbsp;&nbsp; 9443801 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;525065 | &nbsp;&nbsp;&nbsp;&nbsp; 9335657 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;170108 | &nbsp;&nbsp;&nbsp;&nbsp; 3818922 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;154991 | &nbsp;&nbsp;&nbsp;&nbsp; 2389965 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;82049 | &nbsp;&nbsp;&nbsp;&nbsp; 1060080 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;115122 | &nbsp;&nbsp;&nbsp;&nbsp; 5464831 |
| **Total Domestic Equity Investment Companies<br> (cost $115,781,947)** |  | &nbsp;&nbsp;&nbsp;&nbsp;133188379 |
| **Domestic Fixed Income Investment Companies — 42.2%** | **Domestic Fixed Income Investment Companies — 42.2%** | **Domestic Fixed Income Investment Companies — 42.2%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA American Century Inflation Managed Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;705841 | &nbsp;&nbsp;&nbsp;&nbsp; 6253753 |

---

---

| | | |
|:---|:---|:---|
| **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 | 2813832 | &nbsp;&nbsp;$28785501 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1 | 1276363 | &nbsp;&nbsp;&nbsp;&nbsp; 15188720 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1 | 1455085 | &nbsp;&nbsp;&nbsp;&nbsp; 14070674 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;486971 | &nbsp;&nbsp;&nbsp;&nbsp; 5001193 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1 | 3988287 | &nbsp;&nbsp;&nbsp;&nbsp; 33222432 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;251907 | &nbsp;&nbsp;&nbsp;&nbsp; 2776010 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1 | 1354441 | &nbsp;&nbsp;&nbsp;&nbsp; 7300433 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1 | 1284908 | &nbsp;&nbsp;&nbsp;&nbsp; 17076431 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $136,069,761)** |  | &nbsp;&nbsp;&nbsp;&nbsp;129675147 |
| **International Equity Investment Companies — 14.2%** | **International Equity Investment Companies — 14.2%** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1 | 1023302 | &nbsp;&nbsp;&nbsp;&nbsp; 10222782 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;66885 | &nbsp;&nbsp;&nbsp;&nbsp; 1098251 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;320301 | &nbsp;&nbsp;&nbsp;&nbsp; 6940921 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;541082 | &nbsp;&nbsp;&nbsp;&nbsp; 8332669 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;209821 | &nbsp;&nbsp;&nbsp;&nbsp; 1959731 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;519894 | &nbsp;&nbsp;&nbsp;&nbsp; 5885197 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;221139 | &nbsp;&nbsp;&nbsp;&nbsp; 3502842 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;417673 | &nbsp;&nbsp;&nbsp;&nbsp; 5830721 |
| **Total International Equity Investment Companies<br> (cost $38,225,344)** |  | &nbsp;&nbsp;&nbsp;&nbsp;43773114 |
| **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 $722,043) | &nbsp;&nbsp;&nbsp;&nbsp;79182 | &nbsp;&nbsp;&nbsp;&nbsp; 756978 |
| **TOTAL INVESTMENTS<br> (cost $290,799,095)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;307393618 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141086) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$307252532 |

---

---

| | |
|:---|:---|
| # | &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 4. |

---

------

#### Seasons Series Trust SA Allocation Moderate Portfolio<br>

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

------

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$307393618 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$307393618 |

---

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

See Notes to Portfolio of Investments

------

#### Seasons Series Trust SA Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **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 — 49.3%** | **Domestic Equity Investment Companies — 49.3%** | **Domestic Equity Investment Companies — 49.3%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;419409 | &nbsp;&nbsp;$8568523 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;533644 | &nbsp;&nbsp;&nbsp;&nbsp; 8340846 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;784917 | &nbsp;&nbsp;&nbsp;&nbsp; 9795767 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;251191 | &nbsp;&nbsp;&nbsp;&nbsp; 4117016 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;243307 | &nbsp;&nbsp;&nbsp;&nbsp; 4099727 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;293710 | &nbsp;&nbsp;&nbsp;&nbsp; 3233748 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;304546 | &nbsp;&nbsp;&nbsp;&nbsp; 20197463 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;199258 | &nbsp;&nbsp;&nbsp;&nbsp; 2558475 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;526839 | &nbsp;&nbsp;&nbsp;&nbsp; 6648712 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;697331 | &nbsp;&nbsp;&nbsp;&nbsp; 15271556 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;113729 | &nbsp;&nbsp;&nbsp;&nbsp; 1889041 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;335901 | &nbsp;&nbsp;&nbsp;&nbsp; 7991088 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;923886 | &nbsp;&nbsp;&nbsp;&nbsp; 12527895 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;325826 | &nbsp;&nbsp;&nbsp;&nbsp; 2287296 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;349637 | &nbsp;&nbsp;&nbsp;&nbsp; 7845847 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;389603 | &nbsp;&nbsp;&nbsp;&nbsp; 13523123 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;484109 | &nbsp;&nbsp;&nbsp;&nbsp; 11754170 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;264929 | &nbsp;&nbsp;&nbsp;&nbsp; 5470772 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;772519 | &nbsp;&nbsp;&nbsp;&nbsp; 24318900 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;804642 | &nbsp;&nbsp;&nbsp;&nbsp; 33658183 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;993290 | &nbsp;&nbsp;&nbsp;&nbsp; 19200298 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Large Cap Growth, Class 1 | 1092387 | &nbsp;&nbsp;&nbsp;&nbsp; 19422635 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;305555 | &nbsp;&nbsp;&nbsp;&nbsp; 6859717 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;271651 | &nbsp;&nbsp;&nbsp;&nbsp; 4188859 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;219590 | &nbsp;&nbsp;&nbsp;&nbsp; 2837104 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;223711 | &nbsp;&nbsp;&nbsp;&nbsp; 10619561 |
| **Total Domestic Equity Investment Companies<br> (cost $231,188,540)** |  | &nbsp;&nbsp;&nbsp;&nbsp;267226322 |
| **Domestic Fixed Income Investment Companies — 32.3%** | **Domestic Fixed Income Investment Companies — 32.3%** | **Domestic Fixed Income Investment Companies — 32.3%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA American Century Inflation Managed Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;950436 | &nbsp;&nbsp;&nbsp;&nbsp; 8420862 |

---

---

| | | |
|:---|:---|:---|
| **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 | 3723753 | &nbsp;&nbsp;$38093995 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1 | 1702133 | &nbsp;&nbsp;&nbsp;&nbsp; 20255377 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1 | 1975655 | &nbsp;&nbsp;&nbsp;&nbsp; 19104582 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;653802 | &nbsp;&nbsp;&nbsp;&nbsp; 6714551 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1 | 5588416 | &nbsp;&nbsp;&nbsp;&nbsp; 46551505 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;288935 | &nbsp;&nbsp;&nbsp;&nbsp; 3184069 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1 | 1821644 | &nbsp;&nbsp;&nbsp;&nbsp; 9818659 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1 | 1720688 | &nbsp;&nbsp;&nbsp;&nbsp; 22867946 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $184,432,570)** |  | &nbsp;&nbsp;&nbsp;&nbsp;175011546 |
| **International Equity Investment Companies — 18.2%** | **International Equity Investment Companies — 18.2%** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1 | 2388153 | &nbsp;&nbsp;&nbsp;&nbsp; 23857645 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;207693 | &nbsp;&nbsp;&nbsp;&nbsp; 3410316 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;758316 | &nbsp;&nbsp;&nbsp;&nbsp; 16432712 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA International Index Portfolio, Class 1 | 1155841 | &nbsp;&nbsp;&nbsp;&nbsp; 17799951 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;549236 | &nbsp;&nbsp;&nbsp;&nbsp; 5129864 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1 | 1190071 | &nbsp;&nbsp;&nbsp;&nbsp; 13471601 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;431818 | &nbsp;&nbsp;&nbsp;&nbsp; 6839999 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;844758 | &nbsp;&nbsp;&nbsp;&nbsp; 11792822 |
| **Total International Equity Investment Companies<br> (cost $84,095,330)** |  | &nbsp;&nbsp;&nbsp;&nbsp;98734910 |
| **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 $1,238,738) | &nbsp;&nbsp;&nbsp;&nbsp;135844 | &nbsp;&nbsp;&nbsp;&nbsp; 1298673 |
| **TOTAL INVESTMENTS<br> (cost $500,955,178)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;542271451 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215268) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$542056183 |

---

---

| | |
|:---|:---|
| # | &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 4. |

---

------

#### Seasons Series Trust SA Allocation Moderately Aggressive Portfolio<br>

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

------

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$542271451 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$542271451 |

---

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

See Notes to Portfolio of Investments

------

#### Seasons Series Trust SA American Century Inflation Managed Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 9.5%** | **CORPORATE BONDS & NOTES — 9.5%** | **CORPORATE BONDS & NOTES — 9.5%** |
| **Banks — 2.9%** | **Banks — 2.9%** | **Banks — 2.9%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, 01/23/2035 | $495000 | &nbsp;&nbsp;$508532 |
| &nbsp;&nbsp;&nbsp;Citibank, N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/19/2027 | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp;&nbsp;&nbsp; 2313991 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83%, 02/13/2035 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 668339 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 04/23/2028 | &nbsp;&nbsp; 714000 | &nbsp;&nbsp;&nbsp;&nbsp; 719565 |
| &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; 570702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/22/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1527393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/24/2029 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 728966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09%, 10/23/2029 | &nbsp;&nbsp; 1482000 | &nbsp;&nbsp;&nbsp;&nbsp; 1557666 |
| &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; 58691 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99%, 04/12/2029 | &nbsp;&nbsp; 676000 | &nbsp;&nbsp;&nbsp;&nbsp; 685834 |
| &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; 2099015 |
| &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; 1381482 |
| &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; 1623191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, 04/23/2029 | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 173952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 10/23/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 264222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15920884 |
| **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; 1136665 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/12/2030 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1481581 |
| &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; 818716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300297 |
| **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** | **Diversified Financial Services — 1.1%** |
| &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; 1079194 |
| &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; 1071194 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 10/30/2031 | &nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1830350 |
| &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; 1053931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2027(1) | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1091141 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6125810 |
| **Electric — 0.9%** | **Electric — 0.9%** | **Electric — 0.9%** |
| &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; 826800 |
| &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 03/13/2028 | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1334901 |
| &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; 2184953 |
| &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2031\* | &nbsp;&nbsp; 297000 | &nbsp;&nbsp;&nbsp;&nbsp; 302174 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4648828 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035\* | $1815000 | &nbsp;&nbsp;$1836742 |
| **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/2030 | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1343004 |
| &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; 1771735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3114739 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 03/27/2033 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1880812 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86%, 08/27/2026\* | &nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1375835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/09/2027\* | &nbsp;&nbsp; 1056000 | &nbsp;&nbsp;&nbsp;&nbsp; 1072397 |
| &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; 1392250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5721294 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/30/2032 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 538974 |
| **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; 2867478 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 11/21/2026 | &nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1160444 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/21/2033 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 810378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1970822 |
| **REITS — 0.5%** | **REITS — 0.5%** | **REITS — 0.5%** |
| &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; 1384051 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2027\* | &nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1597166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981217 |
| **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; 977669 |
| **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; 803093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/01/2030 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 800957 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604050 |
| **Telecommunications — 0.1%** | **Telecommunications — 0.1%** | **Telecommunications — 0.1%** |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 08/15/2030 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 778296 |
| **Total Corporate Bonds & Notes<br> (cost $52,088,012)** |  | &nbsp;&nbsp;&nbsp;&nbsp;52523765 |
| **ASSET BACKED SECURITIES — 2.6%** | **ASSET BACKED SECURITIES — 2.6%** | **ASSET BACKED SECURITIES — 2.6%** |
| **Home Equity — 0.2%** | **Home Equity — 0.2%** | **Home Equity — 0.2%** |
| &nbsp;&nbsp;&nbsp;RCKT Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES3, Class A1A<br> 6.59%, 05/25/2044\*(2) | &nbsp;&nbsp; 524930 | &nbsp;&nbsp;&nbsp;&nbsp; 531716 |

---

------

#### Seasons Series Trust SA American Century Inflation Managed Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Home Equity (continued)** | **Home Equity (continued)** | **Home Equity (continued)** |
| &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) | $719523 | &nbsp;&nbsp;$726283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257999 |
| **Other Asset Backed Securities — 2.4%** | **Other Asset Backed Securities — 2.4%** | **Other Asset Backed Securities — 2.4%** |
| &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; 1343804 |
| &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; 2104679 |
| &nbsp;&nbsp;&nbsp;Greenwood Park CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A, Class A1<br> 5.55%, (TSFR3M+1.29%), 04/15/2031\* | &nbsp;&nbsp; 426669 | &nbsp;&nbsp;&nbsp;&nbsp; 426907 |
| &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; 775719 |
| &nbsp;&nbsp;&nbsp;Rockford Tower CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A, Class BR<br> 6.02%, (TSFR3M+1.76%), 10/15/2029\* | &nbsp;&nbsp; 3053000 | &nbsp;&nbsp;&nbsp;&nbsp; 3060489 |
| &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; 1181889 |
| &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; 249450 | &nbsp;&nbsp;&nbsp;&nbsp; 244668 |
| &nbsp;&nbsp;&nbsp;Stonepeak |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class AA<br> 2.30%, 02/28/2033\* | &nbsp;&nbsp; 627106 | &nbsp;&nbsp;&nbsp;&nbsp; 600468 |
| &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; 737295 | &nbsp;&nbsp;&nbsp;&nbsp; 755336 |
| &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; 831142 |
| &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; 1773227 | &nbsp;&nbsp;&nbsp;&nbsp; 1801873 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13126974 |
| **Total Asset Backed Securities<br> (cost $14,216,203)** |  | &nbsp;&nbsp;&nbsp;&nbsp;14384973 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 6.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 6.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 6.4%** |
| **Commercial and Residential — 6.4%** | **Commercial and Residential — 6.4%** | **Commercial and Residential — 6.4%** |
| &nbsp;&nbsp;&nbsp;BANK VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN29, Class XA<br> 1.41%, 11/15/2053(2)(3) | &nbsp;&nbsp; 6886108 | &nbsp;&nbsp;&nbsp;&nbsp; 383383 |
| &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; 2111864 |
| &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; 1147554 |
| &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; 558017 |
| &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; 1989326 |

---

---

| | | |
|:---|:---|:---|
| **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;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) | $1531263 | &nbsp;&nbsp;$1535917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-9, Class A6<br> 5.50%, 09/25/2055\*(2) | &nbsp;&nbsp; 640773 | &nbsp;&nbsp;&nbsp;&nbsp; 640634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2, Class A4A<br> 6.00%, 02/25/2055\*(2) | &nbsp;&nbsp; 555464 | &nbsp;&nbsp;&nbsp;&nbsp; 560812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A4<br> 6.00%, 10/25/2055\*(2) | &nbsp;&nbsp; 1361026 | &nbsp;&nbsp;&nbsp;&nbsp; 1374511 |
| &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; 2120934 | &nbsp;&nbsp;&nbsp;&nbsp; 2124140 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R06, Class 1M1<br> 7.06%, (SOFR30A+2.75%), 05/25/2042\* | &nbsp;&nbsp; 404884 | &nbsp;&nbsp;&nbsp;&nbsp; 414341 |
| &nbsp;&nbsp;&nbsp;DBJPM Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C1, Class AM<br> 3.54%, 05/10/2049 | &nbsp;&nbsp; 2961000 | &nbsp;&nbsp;&nbsp;&nbsp; 2887493 |
| &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; 209848 | &nbsp;&nbsp;&nbsp;&nbsp; 209045 |
| &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; 917042 | &nbsp;&nbsp;&nbsp;&nbsp; 920415 |
| &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; 2659831 |
| &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; 1094373 | &nbsp;&nbsp;&nbsp;&nbsp; 1092631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A4<br> 5.50%, 03/25/2055\*(2) | &nbsp;&nbsp; 1332200 | &nbsp;&nbsp;&nbsp;&nbsp; 1335013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A6<br> 5.50%, 03/25/2055\*(2) | &nbsp;&nbsp; 978952 | &nbsp;&nbsp;&nbsp;&nbsp; 977762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-6, Class A6<br> 6.00%, 12/25/2054\*(2) | &nbsp;&nbsp; 703013 | &nbsp;&nbsp;&nbsp;&nbsp; 705630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-11, Class A4<br> 6.00%, 04/25/2055\*(2) | &nbsp;&nbsp; 2062907 | &nbsp;&nbsp;&nbsp;&nbsp; 2082664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-11, Class A6<br> 6.00%, 04/25/2055\*(2) | &nbsp;&nbsp; 848365 | &nbsp;&nbsp;&nbsp;&nbsp; 853552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-INV1, Class A4<br> 6.00%, 04/25/2055\*(2) | &nbsp;&nbsp; 1213473 | &nbsp;&nbsp;&nbsp;&nbsp; 1227037 |
| &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; 870242 | &nbsp;&nbsp;&nbsp;&nbsp; 871602 |
| &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; 2013261 | &nbsp;&nbsp;&nbsp;&nbsp; 2019071 |
| &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; 515581 | &nbsp;&nbsp;&nbsp;&nbsp; 515392 |
| &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; 1119223 | &nbsp;&nbsp;&nbsp;&nbsp; 1121833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A11<br> 5.50%, 11/25/2054\*(2) | &nbsp;&nbsp; 986343 | &nbsp;&nbsp;&nbsp;&nbsp; 985332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A5<br> 5.50%, 11/25/2054\*(2) | &nbsp;&nbsp; 820896 | &nbsp;&nbsp;&nbsp;&nbsp; 822698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-6, Class A11<br> 6.00%, 07/27/2054\*(2) | &nbsp;&nbsp; 474068 | &nbsp;&nbsp;&nbsp;&nbsp; 476243 |

---

------

#### Seasons Series Trust SA American Century Inflation Managed Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;Starwood Mtg. Residential Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3, Class A1<br> 1.49%, 04/25/2065\*(2) | $410595 | &nbsp;&nbsp;$395905 |
| **Total Collateralized Mortgage Obligations<br> (cost $35,193,182)** |  | &nbsp;&nbsp;&nbsp;&nbsp;34999648 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 69.8%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 69.8%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 69.8%** |
| **U.S. Government — 51.1%** | **U.S. Government — 51.1%** | **U.S. Government — 51.1%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 02/15/2052(4) | &nbsp;&nbsp; 6619791 | &nbsp;&nbsp;&nbsp;&nbsp; 3531418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(4) | &nbsp;&nbsp; 7172682 | &nbsp;&nbsp;&nbsp;&nbsp; 4163243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(4) | &nbsp;&nbsp; 9528929 | &nbsp;&nbsp;&nbsp;&nbsp; 7079902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 to 02/15/2045(4) | &nbsp;&nbsp;23491921 | &nbsp;&nbsp;&nbsp;&nbsp; 17545241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 02/15/2047(4) | &nbsp;&nbsp;13361084 | &nbsp;&nbsp;&nbsp;&nbsp; 9676436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046 to 02/15/2049(4) | &nbsp;&nbsp;25583633 | &nbsp;&nbsp;&nbsp;&nbsp; 18991124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(4) | &nbsp;&nbsp; 3440775 | &nbsp;&nbsp;&nbsp;&nbsp; 2888074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2053(4) | &nbsp;&nbsp; 4370274 | &nbsp;&nbsp;&nbsp;&nbsp; 3459475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 02/15/2041(4) | &nbsp;&nbsp;12230496 | &nbsp;&nbsp;&nbsp;&nbsp; 11968986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/15/2029(4) | &nbsp;&nbsp; 3062700 | &nbsp;&nbsp;&nbsp;&nbsp; 3186570 |
| &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; 7829513 | &nbsp;&nbsp;&nbsp;&nbsp; 7739651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 07/15/2030 to 01/15/2032(4) | &nbsp;&nbsp;49933271 | &nbsp;&nbsp;&nbsp;&nbsp; 46193711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 07/15/2029(4)(6) | &nbsp;&nbsp;21819426 | &nbsp;&nbsp;&nbsp;&nbsp; 20952572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 07/15/2032(4) | &nbsp;&nbsp;17001446 | &nbsp;&nbsp;&nbsp;&nbsp; 15857672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 07/15/2028(4) | &nbsp;&nbsp; 4006060 | &nbsp;&nbsp;&nbsp;&nbsp; 3957169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 01/15/2029(4) | &nbsp;&nbsp;30297370 | &nbsp;&nbsp;&nbsp;&nbsp; 29826146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 01/15/2033(4) | &nbsp;&nbsp;13471143 | &nbsp;&nbsp;&nbsp;&nbsp; 12872156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 07/15/2033(4) | &nbsp;&nbsp;29519392 | &nbsp;&nbsp;&nbsp;&nbsp; 28665770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 10/15/2029(4) | &nbsp;&nbsp; 2038820 | &nbsp;&nbsp;&nbsp;&nbsp; 2063843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(4) | &nbsp;&nbsp; 1408725 | &nbsp;&nbsp;&nbsp;&nbsp; 1396392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/15/2034(4) | &nbsp;&nbsp;28080933 | &nbsp;&nbsp;&nbsp;&nbsp; 28102462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 04/15/2029 to 01/15/2035(4) | &nbsp;&nbsp; 1911134 | &nbsp;&nbsp;&nbsp;&nbsp; 1953270 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;282071283 |
| **U.S. Government Agency — 18.7%** | **U.S. Government Agency — 18.7%** | **U.S. Government Agency — 18.7%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2050 | &nbsp;&nbsp; 1794036 | &nbsp;&nbsp;&nbsp;&nbsp; 1507947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2052 | &nbsp;&nbsp; 2646545 | &nbsp;&nbsp;&nbsp;&nbsp; 2387034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2052 | &nbsp;&nbsp; 3228119 | &nbsp;&nbsp;&nbsp;&nbsp; 3023012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2052 to 04/01/2053 | &nbsp;&nbsp; 5097653 | &nbsp;&nbsp;&nbsp;&nbsp; 4885588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2053 | &nbsp;&nbsp; 3233522 | &nbsp;&nbsp;&nbsp;&nbsp; 3176345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2054 | &nbsp;&nbsp; 3976026 | &nbsp;&nbsp;&nbsp;&nbsp; 3979233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2053 | &nbsp;&nbsp; 2327882 | &nbsp;&nbsp;&nbsp;&nbsp; 2374132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/15/2032 | &nbsp;&nbsp; 5730000 | &nbsp;&nbsp;&nbsp;&nbsp; 6496703 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp;10318108 | &nbsp;&nbsp;&nbsp;&nbsp; 8653410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2052 | &nbsp;&nbsp; 7213910 | &nbsp;&nbsp;&nbsp;&nbsp; 6711677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2053 | &nbsp;&nbsp; 4971160 | &nbsp;&nbsp;&nbsp;&nbsp; 4985538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/2053 | &nbsp;&nbsp; 2521037 | &nbsp;&nbsp;&nbsp;&nbsp; 2574486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 11/15/2030 | &nbsp;&nbsp;14960000 | &nbsp;&nbsp;&nbsp;&nbsp; 16926059 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 10/20/2050 | &nbsp;&nbsp; 3143594 | &nbsp;&nbsp;&nbsp;&nbsp; 2560635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/20/2051 | &nbsp;&nbsp; 4417044 | &nbsp;&nbsp;&nbsp;&nbsp; 3911769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/20/2052 | &nbsp;&nbsp; 5342687 | &nbsp;&nbsp;&nbsp;&nbsp; 5002837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, July 30 TBA | &nbsp;&nbsp; 5870000 | &nbsp;&nbsp;&nbsp;&nbsp; 5456871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/20/2053 | &nbsp;&nbsp; 7797142 | &nbsp;&nbsp;&nbsp;&nbsp; 7675854 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/20/2052 to 12/20/2052 | $4426950 | &nbsp;&nbsp;$4472729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/20/2054 | &nbsp;&nbsp; 5010586 | &nbsp;&nbsp;&nbsp;&nbsp; 5087801 |
| &nbsp;&nbsp;&nbsp;Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/15/2035 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1022046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2055 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 390165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;103261871 |
| **Total U.S. Government & Agency Obligations<br> (cost $424,163,878)** |  | &nbsp;&nbsp;&nbsp;&nbsp;385333154 |
| **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 $1,491,296) | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp;&nbsp; 1497860 |
| **Total Long-Term Investment Securities<br> (cost $527,152,571)** |  | &nbsp;&nbsp;&nbsp;&nbsp;488739400 |
| **SHORT-TERM INVESTMENTS — 8.9%** | **SHORT-TERM INVESTMENTS — 8.9%** |  |
| **Unaffiliated Investment Companies — 8.9%** | **Unaffiliated Investment Companies — 8.9%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(7)<br> (cost $49,165,944) | &nbsp;&nbsp;49165944 | &nbsp;&nbsp;&nbsp;&nbsp; 49165944 |
| **TOTAL INVESTMENTS<br> (cost $576,318,515)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.5% | &nbsp;&nbsp;&nbsp;&nbsp;537905344 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;&nbsp;&nbsp;13804670 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$551710014 |

---

\* 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 June 30, 2025, the aggregate value of these securities was $50,726,477 representing 9.2% of net assets.

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

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

(3) Interest Only

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

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

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

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

---

| |
|:---|
| CLO—Collateralized Loan Obligation |
| FRS—Floating Rate Security |
| 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 |
| 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 June 30, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

------

#### Seasons Series Trust SA American Century Inflation Managed Portfolio<br>

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

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | $200 | $28689 | $28889 |
| Centrally Cleared | 50000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.537 | 12-Month USA CPI | Maturity | Maturity | Mar 2027 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 140468 | &nbsp;&nbsp;&nbsp; 140743 |
| Centrally Cleared | 50000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.540 | 12-Month USA CPI | Maturity | Maturity | Mar 2027 | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 133707 | &nbsp;&nbsp;&nbsp; 133982 |
| Centrally Cleared | 10000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.060 | 12-Month USA CPI | Maturity | Maturity | Mar 2032 | &nbsp;&nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp;(102772) | &nbsp;&nbsp;&nbsp;(102363) |
| Centrally Cleared | 20000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.040 | 12-Month USA CPI | Maturity | Maturity | Mar 2032 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;(150446) | &nbsp;&nbsp;&nbsp;(149966) |
| Centrally Cleared | 12500000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.415 | 12-Month USA CPI | Maturity | Maturity | Feb 2028 | &nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp; 227163 | &nbsp;&nbsp;&nbsp; 227462 |
| Centrally Cleared | 10000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.438 | 12-Month USA CPI | Maturity | Maturity | Feb 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp; 146498 | &nbsp;&nbsp;&nbsp; 146879 |
| Centrally Cleared | 3800000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.619 | 12-Month USA CPI | Maturity | Maturity | Mar 2033 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp; (7364) | &nbsp;&nbsp;&nbsp; (6949) |
| Centrally Cleared | 3000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.495 | 12-Month USA CPI | Maturity | Maturity | May 2033 | &nbsp;&nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp; 13273 | &nbsp;&nbsp;&nbsp; 13690 |
| Centrally Cleared | 8000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.662 | 12-Month USA CPI | Maturity | Maturity | Aug 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp; (39613) | &nbsp;&nbsp;&nbsp; (39203) |
| Centrally Cleared | 5800000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.650 | 12-Month USA CPI | Maturity | Maturity | Aug 2033 | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; (59287) | &nbsp;&nbsp;&nbsp; (58832) |
| Centrally Cleared | 18300000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.370 | 12-Month USA CPI | Maturity | Maturity | Feb 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp; 213354 | &nbsp;&nbsp;&nbsp; 213966 |
| Centrally Cleared | 1700000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.485 | 12-Month USA CPI | Maturity | Maturity | Feb 2034 | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 3723 | &nbsp;&nbsp;&nbsp; 4168 |
| Centrally Cleared | 4000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.433 | 12-Month USA CPI | Maturity | Maturity | Feb 2031 | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp; 27629 | &nbsp;&nbsp;&nbsp; 28054 |
| Centrally Cleared | 12000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.389 | 12-Month USA CPI | Maturity | Maturity | Aug 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp; 67595 | &nbsp;&nbsp;&nbsp; 68065 |
| Centrally Cleared | 12000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.446 | 12-Month USA CPI | Maturity | Maturity | Oct 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; 55362 | &nbsp;&nbsp;&nbsp; 55852 |
| Centrally Cleared | 1500000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.523 | 12-Month USA CPI | Maturity | Maturity | Nov 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp; 2226 |
| Centrally Cleared | 1500000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.523 | 12-Month USA CPI | Maturity | Maturity | Nov 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp; 2227 |
| Centrally Cleared | 10700000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.562 | 12-Month USA CPI | Maturity | Maturity | Feb 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp; (18478) | &nbsp;&nbsp;&nbsp; (17958) |
| Centrally Cleared | 3000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.420 | 12-Month USA CPI | Maturity | Maturity | May 2032 | &nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp; 989 |
|  |  |  |  |  |  |  |  | $8375 | $683546 | $691921 |

---

#### 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** |
| 92 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$10325742 | &nbsp;&nbsp;&nbsp;&nbsp;$10512438 | &nbsp;&nbsp;&nbsp;&nbsp;$186696 |

---

\* 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 June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$52523765 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$52523765 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14384973 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14384973 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34999648 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34999648 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;385333154 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;385333154 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497860 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497860 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;49165944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;49165944 |
| **Total Investments at Value** | &nbsp;&nbsp;$49165944 | &nbsp;&nbsp;$488739400 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$537905344 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1061506 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1061506 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186696 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;$186696 | &nbsp;&nbsp;&nbsp;$1061506 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1248202 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$377960 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$377960 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### Seasons Series Trust SA Columbia Focused Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **Aerospace/Defense — 6.5%** | **Aerospace/Defense — 6.5%** | **Aerospace/Defense — 6.5%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;47466 | &nbsp;&nbsp;$9945551 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;62345 | &nbsp;&nbsp;&nbsp;&nbsp; 9103617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19049168 |
| **Agriculture — 2.9%** | **Agriculture — 2.9%** | **Agriculture — 2.9%** |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46901 | &nbsp;&nbsp;&nbsp;&nbsp; 8542079 |
| **Airlines — 1.8%** | **Airlines — 1.8%** | **Airlines — 1.8%** |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;158786 | &nbsp;&nbsp;&nbsp;&nbsp; 5151018 |
| **Banks — 15.1%** | **Banks — 15.1%** | **Banks — 15.1%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;182485 | &nbsp;&nbsp;&nbsp;&nbsp; 8635190 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116728 | &nbsp;&nbsp;&nbsp;&nbsp; 9935887 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;34218 | &nbsp;&nbsp;&nbsp;&nbsp; 9920140 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;61825 | &nbsp;&nbsp;&nbsp;&nbsp; 8708670 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;86283 | &nbsp;&nbsp;&nbsp;&nbsp; 6912994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44112881 |
| **Beverages — 2.2%** | **Beverages — 2.2%** | **Beverages — 2.2%** |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;39873 | &nbsp;&nbsp;&nbsp;&nbsp; 6486540 |
| **Computers — 3.1%** | **Computers — 3.1%** | **Computers — 3.1%** |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;50865 | &nbsp;&nbsp;&nbsp;&nbsp; 8993949 |
| **Electric — 7.1%** | **Electric — 7.1%** | **Electric — 7.1%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;909272 | &nbsp;&nbsp;&nbsp;&nbsp; 9565542 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;67167 | &nbsp;&nbsp;&nbsp;&nbsp; 2704143 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;612005 | &nbsp;&nbsp;&nbsp;&nbsp; 8531350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20801035 |
| **Healthcare-Services — 7.5%** | **Healthcare-Services — 7.5%** | **Healthcare-Services — 7.5%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;122616 | &nbsp;&nbsp;&nbsp;&nbsp; 6655597 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;19199 | &nbsp;&nbsp;&nbsp;&nbsp; 6346805 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;49894 | &nbsp;&nbsp;&nbsp;&nbsp; 8781344 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21783746 |
| **Insurance — 2.9%** | **Insurance — 2.9%** | **Insurance — 2.9%** |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;105536 | &nbsp;&nbsp;&nbsp;&nbsp; 8487205 |
| **Internet — 2.1%** | **Internet — 2.1%** | **Internet — 2.1%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;34829 | &nbsp;&nbsp;&nbsp;&nbsp; 6137915 |
| **Machinery-Construction & Mining — 3.0%** | **Machinery-Construction & Mining — 3.0%** | **Machinery-Construction & Mining — 3.0%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22322 | &nbsp;&nbsp;&nbsp;&nbsp; 8665624 |
| **Mining — 5.3%** | **Mining — 5.3%** | **Mining — 5.3%** |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;283467 | &nbsp;&nbsp;&nbsp;&nbsp; 5901783 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;223806 | &nbsp;&nbsp;&nbsp;&nbsp; 9701990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15603773 |
| **Oil & Gas — 4.8%** | **Oil & Gas — 4.8%** | **Oil & Gas — 4.8%** |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47693 | &nbsp;&nbsp;&nbsp;&nbsp; 6829161 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42760 | &nbsp;&nbsp;&nbsp;&nbsp; 7102863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13932024 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas Services — 3.2%** | **Oil & Gas Services — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp; 273950 | &nbsp;&nbsp;$9434838 |
| **Pharmaceuticals — 5.3%** | **Pharmaceuticals — 5.3%** |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 142453 | &nbsp;&nbsp;&nbsp;&nbsp; 6594149 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp; 129354 | &nbsp;&nbsp;&nbsp;&nbsp; 8922839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15516988 |
| **Pipelines — 2.5%** | **Pipelines — 2.5%** |  |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp; 116050 | &nbsp;&nbsp;&nbsp;&nbsp; 7289100 |
| **REITS — 3.3%** | **REITS — 3.3%** |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp; 43308 | &nbsp;&nbsp;&nbsp;&nbsp; 9571934 |
| **Retail — 3.0%** | **Retail — 3.0%** |  |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp; 39462 | &nbsp;&nbsp;&nbsp;&nbsp; 8755434 |
| **Semiconductors — 6.6%** | **Semiconductors — 6.6%** |  |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp; 61753 | &nbsp;&nbsp;&nbsp;&nbsp; 11305122 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp; 50613 | &nbsp;&nbsp;&nbsp;&nbsp; 8060626 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19365748 |
| **Software — 1.0%** | **Software — 1.0%** |  |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp; 125022 | &nbsp;&nbsp;&nbsp;&nbsp; 2789241 |
| **Telecommunications — 7.6%** | **Telecommunications — 7.6%** |  |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp; 208755 | &nbsp;&nbsp;&nbsp;&nbsp; 10978426 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp; 257705 | &nbsp;&nbsp;&nbsp;&nbsp; 11150895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22129321 |
| **Transportation — 1.8%** | **Transportation — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp; 158428 | &nbsp;&nbsp;&nbsp;&nbsp; 5169506 |
| **Total Long-Term Investment Securities<br> (cost $229,213,549)** |  | &nbsp;&nbsp;&nbsp;&nbsp;287769067 |
| **REPURCHASE AGREEMENTS — 1.4%** | **REPURCHASE AGREEMENTS — 1.4%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.36% dated 06/30/2025, to be repurchased 07/01/2025 in the amount of $4,270,501 and collateralized by $4,684,000 of United States Treasury Floating Rate Notes, bearing interest at 1.25% due 06/30/2028 and having an approximate value of $4,355,762<br> (cost $4,270,339) | $4270339 | &nbsp;&nbsp;&nbsp;&nbsp; 4270339 |
| **TOTAL INVESTMENTS<br> (cost $233,483,888)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;&nbsp;&nbsp;292039406 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111488) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$291927918 |

---

† Non-income producing security

------

#### Seasons Series Trust SA Columbia Focused Value Portfolio<br>

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

------

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$287769067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$287769067 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4270339 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270339 |
| **Total Investments at Value** | &nbsp;&nbsp;$287769067 | &nbsp;&nbsp;$4270339 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$292039406 |

---

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

See Notes to Portfolio of Investments

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 79.2%** | **COMMON STOCKS — 79.2%** | **COMMON STOCKS — 79.2%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525 | &nbsp;&nbsp;$109785 |
| **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 15957 |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp; 395890 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 12789 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp; 158290 |
| &nbsp;&nbsp;&nbsp;Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp; 51026 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp; 255494 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp; 164987 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529 | &nbsp;&nbsp;&nbsp;&nbsp; 1634421 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp; 7782 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp; 189492 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp; 14058 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp; 905324 |
| &nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp; 333198 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4138708 |
| **Agriculture — 1.1%** | **Agriculture — 1.1%** | **Agriculture — 1.1%** |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324 | &nbsp;&nbsp;&nbsp;&nbsp; 32513 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp; 22726 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7998 | &nbsp;&nbsp;&nbsp;&nbsp; 315743 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10829 | &nbsp;&nbsp;&nbsp;&nbsp; 1972286 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp; 40764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384032 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 115573 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;39903 | &nbsp;&nbsp;&nbsp;&nbsp; 282097 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2477 | &nbsp;&nbsp;&nbsp;&nbsp; 70079 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 49632 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp; 11762 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478 | &nbsp;&nbsp;&nbsp;&nbsp; 117693 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646836 |
| **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;260 | &nbsp;&nbsp;&nbsp;&nbsp; 60606 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 117510 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 48443 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp; 6481 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 303857 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 6597 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 47200 |
| &nbsp;&nbsp;&nbsp;PRADA SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp; 48888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639582 |
| **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;488 | &nbsp;&nbsp;&nbsp;&nbsp; 21062 |
| &nbsp;&nbsp;&nbsp;BYD Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 78255 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 116262 |
| &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp; 71814 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178 | &nbsp;&nbsp;&nbsp;&nbsp; 191999 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp; 26460 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 156368 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp; 1778896 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp; 61838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502954 |
| **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;880 | &nbsp;&nbsp;&nbsp;&nbsp; 17125 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13700 | &nbsp;&nbsp;&nbsp;&nbsp; 174769 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp; 104964 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770 | &nbsp;&nbsp;&nbsp;&nbsp; 19462 |

---

---

| | | |
|:---|:---|:---|
| **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;Aurora Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;$3207 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558 | &nbsp;&nbsp;&nbsp;&nbsp; 43870 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 7605 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp; 7242 |
| &nbsp;&nbsp;&nbsp;SES AI Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;12406 | &nbsp;&nbsp;&nbsp;&nbsp; 11020 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp; 47303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436567 |
| **Banks — 6.5%** | **Banks — 6.5%** | **Banks — 6.5%** |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;40306 | &nbsp;&nbsp;&nbsp;&nbsp; 235916 |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;16953 | &nbsp;&nbsp;&nbsp;&nbsp; 139471 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp; 18158 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 7893 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp; 8366 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;15529 | &nbsp;&nbsp;&nbsp;&nbsp; 238838 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;19575 | &nbsp;&nbsp;&nbsp;&nbsp; 62335 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;59158 | &nbsp;&nbsp;&nbsp;&nbsp; 489744 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;260000 | &nbsp;&nbsp;&nbsp;&nbsp; 139308 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;11495 | &nbsp;&nbsp;&nbsp;&nbsp; 220761 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;14533 | &nbsp;&nbsp;&nbsp;&nbsp; 270433 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8369 | &nbsp;&nbsp;&nbsp;&nbsp; 396021 |
| &nbsp;&nbsp;&nbsp;Bank of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 289179 |
| &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; 19660 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp; 118807 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 7698 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;77676 | &nbsp;&nbsp;&nbsp;&nbsp; 359771 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1463 | &nbsp;&nbsp;&nbsp;&nbsp; 131771 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 36975 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 44847 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp; 15192 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21573 | &nbsp;&nbsp;&nbsp;&nbsp; 1836294 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2883 | &nbsp;&nbsp;&nbsp;&nbsp; 129014 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4213 | &nbsp;&nbsp;&nbsp;&nbsp; 79813 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 41236 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 25401 |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813 | &nbsp;&nbsp;&nbsp;&nbsp; 154097 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp; 7339 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp; 7550 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp; 44160 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 7966 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp;&nbsp;&nbsp; 121624 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 3332 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079 | &nbsp;&nbsp;&nbsp;&nbsp; 2179162 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;&nbsp;&nbsp;16274 | &nbsp;&nbsp;&nbsp;&nbsp; 149336 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;873 | &nbsp;&nbsp;&nbsp;&nbsp; 50110 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp; 13475 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp; 8361 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp; 30502 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp; 3573 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;51362 | &nbsp;&nbsp;&nbsp;&nbsp; 621843 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21325 | &nbsp;&nbsp;&nbsp;&nbsp; 359866 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272 | &nbsp;&nbsp;&nbsp;&nbsp; 8816 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;55847 | &nbsp;&nbsp;&nbsp;&nbsp; 321920 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp; 126497 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp; 152493 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;379799 | &nbsp;&nbsp;&nbsp;&nbsp; 399964 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp; 7286 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp; 13922 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 8890 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp;&nbsp; 269725 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp; 127619 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 8650 |
| &nbsp;&nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;10448 | &nbsp;&nbsp;&nbsp;&nbsp; 133579 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;45204 | &nbsp;&nbsp;$317399 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp; 138835 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp; 9699 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 28248 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp; 38057 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp; 124715 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp; 122443 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 22502 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp; 20723 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11565 | &nbsp;&nbsp;&nbsp;&nbsp; 1229822 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 7743 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 7725 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 30262 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4885 | &nbsp;&nbsp;&nbsp;&nbsp; 165983 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5345 | &nbsp;&nbsp;&nbsp;&nbsp; 358490 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 10394 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp; 31503 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144 | &nbsp;&nbsp;&nbsp;&nbsp; 117062 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098 | &nbsp;&nbsp;&nbsp;&nbsp; 168092 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 7411 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp; 123358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13785025 |
| **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;494 | &nbsp;&nbsp;&nbsp;&nbsp; 94260 |
| &nbsp;&nbsp;&nbsp;Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 50498 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp; 115889 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp; 112320 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681 | &nbsp;&nbsp;&nbsp;&nbsp; 191104 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3467 | &nbsp;&nbsp;&nbsp;&nbsp; 114619 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283 | &nbsp;&nbsp;&nbsp;&nbsp; 143007 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 111046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932743 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 | &nbsp;&nbsp;&nbsp;&nbsp; 42299 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp; 20231 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | &nbsp;&nbsp;&nbsp;&nbsp; 8431 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp; 131740 |
| &nbsp;&nbsp;&nbsp;Alumis Inc† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp; 4170 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp; 119223 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp; 9068 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3984 | &nbsp;&nbsp;&nbsp;&nbsp; 35697 |
| &nbsp;&nbsp;&nbsp;Biohaven, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 6505 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 11536 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 19230 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12874 | &nbsp;&nbsp;&nbsp;&nbsp; 567422 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 102012 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 67652 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8581 | &nbsp;&nbsp;&nbsp;&nbsp; 17934 |
| &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;7149 | &nbsp;&nbsp;&nbsp;&nbsp; 486847 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 6422 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;&nbsp; 94199 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2226 | &nbsp;&nbsp;&nbsp;&nbsp; 29717 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 | &nbsp;&nbsp;&nbsp;&nbsp; 37880 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp; 6467 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 | &nbsp;&nbsp;&nbsp;&nbsp; 7726 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 7688 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp; 6877 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp; 40342 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp; 111300 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268 | &nbsp;&nbsp;$21687 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941 | &nbsp;&nbsp;&nbsp;&nbsp; 26822 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 8147 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp; 13631 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp; 35091 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504 | &nbsp;&nbsp;&nbsp;&nbsp; 12821 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp; 6719 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4232 | &nbsp;&nbsp;&nbsp;&nbsp; 21329 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp; 7722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152750 |
| **Building Materials — 0.8%** | **Building Materials — 0.8%** | **Building Materials — 0.8%** |
| &nbsp;&nbsp;&nbsp;Amber Enterprises India, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 71178 |
| &nbsp;&nbsp;&nbsp;Amrize, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3223 | &nbsp;&nbsp;&nbsp;&nbsp; 160774 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp; 18920 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 29866 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 | &nbsp;&nbsp;&nbsp;&nbsp; 379265 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp; 8142 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp; 130864 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178 | &nbsp;&nbsp;&nbsp;&nbsp; 236882 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 | &nbsp;&nbsp;&nbsp;&nbsp; 144594 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp; 109723 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp; 114417 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp; 12241 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 139971 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp; 45308 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp; 113327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715472 |
| **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;710 | &nbsp;&nbsp;&nbsp;&nbsp; 146648 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 11955 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687 | &nbsp;&nbsp;&nbsp;&nbsp; 109467 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp; 7801 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp; 7050 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp; 132664 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669 | &nbsp;&nbsp;&nbsp;&nbsp; 114477 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 121248 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9617 | &nbsp;&nbsp;&nbsp;&nbsp; 100209 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp; 7239 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp; 21527 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 7253 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp; 128086 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006 | &nbsp;&nbsp;&nbsp;&nbsp; 116067 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp; 4099 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 | &nbsp;&nbsp;&nbsp;&nbsp; 32546 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306 | &nbsp;&nbsp;&nbsp;&nbsp; 120603 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp; 127118 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp; 37793 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp; 7188 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 109875 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10400 | &nbsp;&nbsp;&nbsp;&nbsp; 342710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813623 |
| **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;175 | &nbsp;&nbsp;&nbsp;&nbsp; 19684 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;&nbsp; 27059 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp; 7032 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219 | &nbsp;&nbsp;&nbsp;&nbsp; 10471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64246 |
| **Commercial Services — 2.2%** | **Commercial Services — 2.2%** | **Commercial Services — 2.2%** |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13797 | &nbsp;&nbsp;&nbsp;&nbsp; 116861 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 8485 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;$25932 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275 | &nbsp;&nbsp;&nbsp;&nbsp; 1626810 |
| &nbsp;&nbsp;&nbsp;Benefit Systems SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp; 42308 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 47171 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 13170 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 39466 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 7661 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp; 13822 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4544 | &nbsp;&nbsp;&nbsp;&nbsp; 39805 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp; 7041 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466 | &nbsp;&nbsp;&nbsp;&nbsp; 117339 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 11120 |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19830 | &nbsp;&nbsp;&nbsp;&nbsp; 145081 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp; 27205 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 | &nbsp;&nbsp;&nbsp;&nbsp; 47602 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4042 | &nbsp;&nbsp;&nbsp;&nbsp; 36014 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp; 104547 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp; 6884 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18024 | &nbsp;&nbsp;&nbsp;&nbsp; 1339544 |
| &nbsp;&nbsp;&nbsp;Paysafe, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp; 7597 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp; 25652 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 429819 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp; 168261 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | &nbsp;&nbsp;&nbsp;&nbsp; 7339 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp; 7806 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp; 58562 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293 | &nbsp;&nbsp;&nbsp;&nbsp; 6478 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535382 |
| **Computers — 4.2%** | **Computers — 4.2%** | **Computers — 4.2%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 108497 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37860 | &nbsp;&nbsp;&nbsp;&nbsp; 7767736 |
| &nbsp;&nbsp;&nbsp;Asia Vital Components Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 75893 |
| &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; 88500 |
| &nbsp;&nbsp;&nbsp;Coforge, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303 | &nbsp;&nbsp;&nbsp;&nbsp; 51588 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp; 13425 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp; 118723 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 38874 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 115796 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp; 8003 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 58577 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 127860 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 9056 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp; 7944 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 21511 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 6120 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3188 | &nbsp;&nbsp;&nbsp;&nbsp; 128667 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882 | &nbsp;&nbsp;&nbsp;&nbsp; 8525 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp; 15682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8770977 |
| **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;10084 | &nbsp;&nbsp;&nbsp;&nbsp; 916636 |
| &nbsp;&nbsp;&nbsp;Kolmar Korea Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp; 62448 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698 | &nbsp;&nbsp;&nbsp;&nbsp; 111205 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp; 218176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308465 |
| **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1079 | &nbsp;&nbsp;&nbsp;&nbsp; 34366 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp; 6631 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp; 11709 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 167746 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Distribution/Wholesale (continued)** | **Distribution/Wholesale (continued)** | **Distribution/Wholesale (continued)** |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;$362664 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp; 7775 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 11692 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 8362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610945 |
| **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** | **Diversified Financial Services — 2.4%** |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 93600 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099 | &nbsp;&nbsp;&nbsp;&nbsp; 120706 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp; 127911 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp; 103544 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4750 | &nbsp;&nbsp;&nbsp;&nbsp; 51913 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;&nbsp; 47010 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp; 150421 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp; 131746 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;77000 | &nbsp;&nbsp;&nbsp;&nbsp; 115237 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp;&nbsp;&nbsp; 302156 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 46727 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp; 210302 |
| &nbsp;&nbsp;&nbsp;HDFC Asset Management Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp; 120058 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp; 116687 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp; 134664 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3052 | &nbsp;&nbsp;&nbsp;&nbsp; 36716 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4229 | &nbsp;&nbsp;&nbsp;&nbsp; 2376444 |
| &nbsp;&nbsp;&nbsp;Meritz Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp; 98101 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 69383 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4594 | &nbsp;&nbsp;&nbsp;&nbsp; 44286 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 21323 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3495 | &nbsp;&nbsp;&nbsp;&nbsp; 114601 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp; 46572 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1963 | &nbsp;&nbsp;&nbsp;&nbsp; 131011 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564 | &nbsp;&nbsp;&nbsp;&nbsp; 159632 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 24670 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;11884 | &nbsp;&nbsp;&nbsp;&nbsp; 100063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5095484 |
| **Electric — 2.1%** | **Electric — 2.1%** | **Electric — 2.1%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp; 11981 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp; 117456 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938 | &nbsp;&nbsp;&nbsp;&nbsp; 35597 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp; 37699 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp; 111489 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2055 | &nbsp;&nbsp;&nbsp;&nbsp; 116149 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp; 118118 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;12094 | &nbsp;&nbsp;&nbsp;&nbsp; 222686 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;17857 | &nbsp;&nbsp;&nbsp;&nbsp; 921421 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;16329 | &nbsp;&nbsp;&nbsp;&nbsp; 384523 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;22019 | &nbsp;&nbsp;&nbsp;&nbsp; 956065 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;23444 | &nbsp;&nbsp;&nbsp;&nbsp; 450675 |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195 | &nbsp;&nbsp;&nbsp;&nbsp; 121386 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp; 6566 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp; 118348 |
| &nbsp;&nbsp;&nbsp;NTPC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;38910 | &nbsp;&nbsp;&nbsp;&nbsp; 151960 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp; 7940 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15046 | &nbsp;&nbsp;&nbsp;&nbsp; 209741 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 11783 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp; 124587 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp; 68911 |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 53893 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 9011 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 7718 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp; 145164 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520867 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electrical Components & Equipment — 0.2%** | **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;693 | &nbsp;&nbsp;$125405 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp; 10190 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 137441 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 6048 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp; 39712 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp; 136909 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp; 10706 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 21045 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487456 |
| **Electronics — 0.7%** | **Electronics — 0.7%** | **Electronics — 0.7%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6181 | &nbsp;&nbsp;&nbsp;&nbsp; 369510 |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp; 119908 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 14342 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp; 18465 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 7883 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 11512 |
| &nbsp;&nbsp;&nbsp;FARO Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp; 3689 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp; 120223 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp;&nbsp;&nbsp; 124358 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 261173 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp; 55416 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp; 118307 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 11635 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 7442 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp; 11642 |
| &nbsp;&nbsp;&nbsp;SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 162409 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 | &nbsp;&nbsp;&nbsp;&nbsp; 47514 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp; 7666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473094 |
| **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp; 29029 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6370 | &nbsp;&nbsp;&nbsp;&nbsp; 170039 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp; 51396 |
| &nbsp;&nbsp;&nbsp;Gamuda Bhd | &nbsp;&nbsp;&nbsp;&nbsp;92159 | &nbsp;&nbsp;&nbsp;&nbsp; 104899 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp; 7624 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 10507 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 51752 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp; 65066 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp; 51271 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283 | &nbsp;&nbsp;&nbsp;&nbsp; 336999 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878582 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6152 | &nbsp;&nbsp;&nbsp;&nbsp; 263904 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp; 7636 |
| &nbsp;&nbsp;&nbsp;FDJ United \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 62007 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp; 7269 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp; 41896 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp; 8385 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp; 8793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399890 |
| **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;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 123192 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp; 114920 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp; 114376 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp; 114868 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467356 |
| **Food — 0.9%** | **Food — 0.9%** | **Food — 0.9%** |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 85405 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;$7419 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp; 50214 |
| &nbsp;&nbsp;&nbsp;Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 16488 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3895 | &nbsp;&nbsp;&nbsp;&nbsp; 117824 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp; 113107 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6802 | &nbsp;&nbsp;&nbsp;&nbsp; 284375 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012 | &nbsp;&nbsp;&nbsp;&nbsp; 14653 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1782 | &nbsp;&nbsp;&nbsp;&nbsp; 120178 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 | &nbsp;&nbsp;&nbsp;&nbsp; 135475 |
| &nbsp;&nbsp;&nbsp;Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 41600 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp; 8317 |
| &nbsp;&nbsp;&nbsp;Shoprite Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7238 | &nbsp;&nbsp;&nbsp;&nbsp; 113491 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 6413 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 84460 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;30168 | &nbsp;&nbsp;&nbsp;&nbsp; 166185 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084 | &nbsp;&nbsp;&nbsp;&nbsp; 116579 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp; 6224 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;347500 | &nbsp;&nbsp;&nbsp;&nbsp; 334672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823079 |
| **Food Service — 0.2%** | **Food Service — 0.2%** | **Food Service — 0.2%** |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9414 | &nbsp;&nbsp;&nbsp;&nbsp; 318854 |
| **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;548 | &nbsp;&nbsp;&nbsp;&nbsp; 27455 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444 | &nbsp;&nbsp;&nbsp;&nbsp; 122321 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp; 42489 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp; 8302 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 7007 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180119 |
| **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp; 7807 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp; 119624 |
| &nbsp;&nbsp;&nbsp;Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 27675 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp; 224604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379710 |
| **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp; 118193 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp; 9265 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 7930 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 6744 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp; 10275 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp; 7554 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp; 114392 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 8011 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1661 | &nbsp;&nbsp;&nbsp;&nbsp; 33918 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp; 117339 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp; 116924 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp; 11775 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079 | &nbsp;&nbsp;&nbsp;&nbsp; 135468 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp; 112791 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp; 42649 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp; 25616 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8973 | &nbsp;&nbsp;&nbsp;&nbsp; 782176 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 124002 |
| &nbsp;&nbsp;&nbsp;Novocure, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079 | &nbsp;&nbsp;&nbsp;&nbsp; 37006 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 94924 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 6952 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923904 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;$7602 |
| &nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp; 128893 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 72653 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp; 98360 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505 | &nbsp;&nbsp;&nbsp;&nbsp; 828103 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 110465 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp; 26052 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp; 9600 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 112461 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1264 | &nbsp;&nbsp;&nbsp;&nbsp; 19187 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7686 | &nbsp;&nbsp;&nbsp;&nbsp; 135527 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532 | &nbsp;&nbsp;&nbsp;&nbsp; 30764 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp; 122672 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 113869 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 | &nbsp;&nbsp;&nbsp;&nbsp; 108871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925079 |
| **Home Builders — 0.3%** | **Home Builders — 0.3%** | **Home Builders — 0.3%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp; 123377 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp; 8573 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 7363 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp; 34533 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp; 122228 |
| &nbsp;&nbsp;&nbsp;Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 83160 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp; 51593 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp; 128168 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp; 45752 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604747 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| &nbsp;&nbsp;&nbsp;Hoshizaki Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 34558 |
| &nbsp;&nbsp;&nbsp;Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp; 43611 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp; 7978 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp; 8638 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94785 |
| **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964 | &nbsp;&nbsp;&nbsp;&nbsp; 7031 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp; 104101 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2919 | &nbsp;&nbsp;&nbsp;&nbsp; 376318 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353 | &nbsp;&nbsp;&nbsp;&nbsp; 160067 |
| &nbsp;&nbsp;&nbsp;Unilever Indonesia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;235100 | &nbsp;&nbsp;&nbsp;&nbsp; 21072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668589 |
| **Insurance — 3.2%** | **Insurance — 3.2%** | **Insurance — 3.2%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp; 117166 |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp; 318344 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 440015 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538 | &nbsp;&nbsp;&nbsp;&nbsp; 108305 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp; 42172 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284 | &nbsp;&nbsp;&nbsp;&nbsp; 133305 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063 | &nbsp;&nbsp;&nbsp;&nbsp; 516374 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909 | &nbsp;&nbsp;&nbsp;&nbsp; 102647 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp; 110383 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | &nbsp;&nbsp;&nbsp;&nbsp; 47955 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 47622 |
| &nbsp;&nbsp;&nbsp;Enstar Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 46754 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15154 | &nbsp;&nbsp;&nbsp;&nbsp; 850139 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp; 9474 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp; 114869 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp; 9086 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc.,† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006 | &nbsp;&nbsp;&nbsp;&nbsp; 46727 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402 | &nbsp;&nbsp;&nbsp;&nbsp; 298545 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 | &nbsp;&nbsp;$38267 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp; 55547 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404 | &nbsp;&nbsp;&nbsp;&nbsp; 10076 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 23633 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp; 56026 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp; 4310 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13895 | &nbsp;&nbsp;&nbsp;&nbsp; 1117436 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4937 | &nbsp;&nbsp;&nbsp;&nbsp; 137446 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp; 244498 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp; 32149 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp; 26321 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3265 | &nbsp;&nbsp;&nbsp;&nbsp; 125507 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp; 155223 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 115489 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp; 108612 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp; 113134 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3738 | &nbsp;&nbsp;&nbsp;&nbsp; 57552 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp; 121793 |
| &nbsp;&nbsp;&nbsp;SiriusPoint, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 11235 |
| &nbsp;&nbsp;&nbsp;Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233 | &nbsp;&nbsp;&nbsp;&nbsp; 159664 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp; 109156 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp; 23991 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp; 13948 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp; 115648 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp; 117258 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 114937 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 175311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6744049 |
| **Internet — 10.9%** | **Internet — 10.9%** | **Internet — 10.9%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp; 118974 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21000 | &nbsp;&nbsp;&nbsp;&nbsp; 298022 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp; 35951 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;22266 | &nbsp;&nbsp;&nbsp;&nbsp; 3923937 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;24109 | &nbsp;&nbsp;&nbsp;&nbsp; 5289273 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;11715 | &nbsp;&nbsp;&nbsp;&nbsp; 132669 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp; 133153 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp; 41436 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6639 | &nbsp;&nbsp;&nbsp;&nbsp; 1636580 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp; 125242 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2454 | &nbsp;&nbsp;&nbsp;&nbsp; 123093 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 33368 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 120671 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257 | &nbsp;&nbsp;&nbsp;&nbsp; 8712 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp; 110557 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp; 23631 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp; 9325 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp; 40079 |
| &nbsp;&nbsp;&nbsp;LY Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59700 | &nbsp;&nbsp;&nbsp;&nbsp; 219843 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7104 | &nbsp;&nbsp;&nbsp;&nbsp; 111959 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp; 22166 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp; 61851 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6351 | &nbsp;&nbsp;&nbsp;&nbsp; 287319 |
| &nbsp;&nbsp;&nbsp;Meituan, Class B\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 40009 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 104545 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7005 | &nbsp;&nbsp;&nbsp;&nbsp; 5170320 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp; 2718434 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7510 | &nbsp;&nbsp;&nbsp;&nbsp; 420687 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp; 20496 |
| &nbsp;&nbsp;&nbsp;Scout24 SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp; 68538 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp; 93885 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 219459 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12606 | &nbsp;&nbsp;&nbsp;&nbsp; 809647 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

#### PORTFOLIO OF INVESTMENTS — June 30, 2025— (unaudited) — (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;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4149 | &nbsp;&nbsp;$387102 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513 | &nbsp;&nbsp;&nbsp;&nbsp; 33775 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 121296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23116004 |
| **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;2183 | &nbsp;&nbsp;&nbsp;&nbsp; 220149 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8937 | &nbsp;&nbsp;&nbsp;&nbsp; 264483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484632 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 | &nbsp;&nbsp;&nbsp;&nbsp; 54271 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645 | &nbsp;&nbsp;&nbsp;&nbsp; 71030 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp; 24322 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp; 8021 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20078 | &nbsp;&nbsp;&nbsp;&nbsp; 202056 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp; 132260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491960 |
| **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;253 | &nbsp;&nbsp;&nbsp;&nbsp; 7674 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Indian Hotels Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14272 | &nbsp;&nbsp;&nbsp;&nbsp; 126887 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp; 78670 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205557 |
| **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** | **Machinery-Construction & Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 47844 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 147520 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 192081 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 9547 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 42552 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp; 377948 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp; 27316 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 14242 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 | &nbsp;&nbsp;&nbsp;&nbsp; 710236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569286 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp; 10701 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 7855 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp; 32078 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 117461 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2311 | &nbsp;&nbsp;&nbsp;&nbsp; 120981 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192 | &nbsp;&nbsp;&nbsp;&nbsp; 153345 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 | &nbsp;&nbsp;&nbsp;&nbsp; 119842 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp; 9688 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 7748 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp; 56063 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp; 122888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758650 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 117777 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7752 | &nbsp;&nbsp;&nbsp;&nbsp; 85768 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 | &nbsp;&nbsp;&nbsp;&nbsp; 126235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329780 |
| **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; 61589 |

---

---

| | | |
|:---|:---|:---|
| **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;283 | &nbsp;&nbsp;$11332 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp; 11837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84758 |
| **Mining — 0.7%** | **Mining — 0.7%** | **Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;&nbsp; 41607 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (ASX) | &nbsp;&nbsp;&nbsp;&nbsp;13154 | &nbsp;&nbsp;&nbsp;&nbsp; 316150 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (LSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp; 25414 |
| &nbsp;&nbsp;&nbsp;Boliden AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp; 27120 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004 | &nbsp;&nbsp;&nbsp;&nbsp; 39953 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992 | &nbsp;&nbsp;&nbsp;&nbsp; 129703 |
| &nbsp;&nbsp;&nbsp;Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;29009 | &nbsp;&nbsp;&nbsp;&nbsp; 112958 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 | &nbsp;&nbsp;&nbsp;&nbsp; 9087 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7931 | &nbsp;&nbsp;&nbsp;&nbsp; 45199 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11291 | &nbsp;&nbsp;&nbsp;&nbsp; 139655 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616 | &nbsp;&nbsp;&nbsp;&nbsp; 210713 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp; 58865 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 | &nbsp;&nbsp;&nbsp;&nbsp; 129599 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 152722 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438745 |
| **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** | **Miscellaneous Manufacturing — 0.4%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 117834 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp; 65407 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647 | &nbsp;&nbsp;&nbsp;&nbsp; 114219 |
| &nbsp;&nbsp;&nbsp;Elite Material Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 90136 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp; 9365 |
| &nbsp;&nbsp;&nbsp;Hyundai Rotem Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp; 32609 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp; 90103 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134 | &nbsp;&nbsp;&nbsp;&nbsp; 96645 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | &nbsp;&nbsp;&nbsp;&nbsp; 124048 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740366 |
| **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;320 | &nbsp;&nbsp;&nbsp;&nbsp; 12896 |
| **Office Furnishings — 0.0%** | **Office Furnishings — 0.0%** | **Office Furnishings — 0.0%** |
| &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 7525 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | &nbsp;&nbsp;&nbsp;&nbsp; 32316 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp; 7645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47486 |
| **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;397 | &nbsp;&nbsp;&nbsp;&nbsp; 122419 |
| **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** | **Oil & Gas — 1.3%** |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767 | &nbsp;&nbsp;&nbsp;&nbsp; 7665 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309 | &nbsp;&nbsp;&nbsp;&nbsp; 117470 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4719 | &nbsp;&nbsp;&nbsp;&nbsp; 119768 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 | &nbsp;&nbsp;&nbsp;&nbsp; 68095 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38300 | &nbsp;&nbsp;&nbsp;&nbsp; 189035 |
| &nbsp;&nbsp;&nbsp;Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3585 | &nbsp;&nbsp;&nbsp;&nbsp; 58065 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;13180 | &nbsp;&nbsp;&nbsp;&nbsp; 332785 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819 | &nbsp;&nbsp;&nbsp;&nbsp; 303888 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp; 8047 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp; 290449 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp; 120928 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260 | &nbsp;&nbsp;&nbsp;&nbsp; 28350 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp; 194076 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4517 | &nbsp;&nbsp;&nbsp;&nbsp; 66168 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 | &nbsp;&nbsp;&nbsp;&nbsp; 103902 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8049 | &nbsp;&nbsp;&nbsp;&nbsp; 495073 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;$123532 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522 | &nbsp;&nbsp;&nbsp;&nbsp; 126882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754178 |
| **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979 | &nbsp;&nbsp;&nbsp;&nbsp; 49158 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2089 | &nbsp;&nbsp;&nbsp;&nbsp; 30980 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;26947 | &nbsp;&nbsp;&nbsp;&nbsp; 549180 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp; 6477 |
| &nbsp;&nbsp;&nbsp;NPK International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp; 9837 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 32738 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903 | &nbsp;&nbsp;&nbsp;&nbsp; 10200 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4204 | &nbsp;&nbsp;&nbsp;&nbsp; 144786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833356 |
| **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;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 125121 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp; 9080 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp; 114389 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634 | &nbsp;&nbsp;&nbsp;&nbsp; 112763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361353 |
| **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4523 | &nbsp;&nbsp;&nbsp;&nbsp; 839559 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 | &nbsp;&nbsp;&nbsp;&nbsp; 33393 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp; 7610 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4426 | &nbsp;&nbsp;&nbsp;&nbsp; 32575 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 50763 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 114546 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;12019 | &nbsp;&nbsp;&nbsp;&nbsp; 556360 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp; 127344 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 11284 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp; 120240 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 167275 |
| &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;576 | &nbsp;&nbsp;&nbsp;&nbsp; 42278 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp; 316685 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp; 117492 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259 | &nbsp;&nbsp;&nbsp;&nbsp; 1760958 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6679 | &nbsp;&nbsp;&nbsp;&nbsp; 127320 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 74515 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6230 | &nbsp;&nbsp;&nbsp;&nbsp; 951633 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 119443 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15373 | &nbsp;&nbsp;&nbsp;&nbsp; 1216927 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 13598 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5348 | &nbsp;&nbsp;&nbsp;&nbsp; 672190 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5603 | &nbsp;&nbsp;&nbsp;&nbsp; 677823 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5565 | &nbsp;&nbsp;&nbsp;&nbsp; 388314 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp; 25042 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 133678 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp; 45432 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 8783 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 184378 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 116303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9054595 |
| **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494 | &nbsp;&nbsp;&nbsp;&nbsp; 1337899 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp; 7447 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998 | &nbsp;&nbsp;&nbsp;&nbsp; 125495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470841 |

---

---

| | | |
|:---|:---|:---|
| **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;6520 | &nbsp;&nbsp;$368814 |
| **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;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 7700 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp; 128210 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 | &nbsp;&nbsp;&nbsp;&nbsp; 36630 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;32473 | &nbsp;&nbsp;&nbsp;&nbsp; 120273 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 131215 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 11480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435508 |
| **REITS — 1.6%** | **REITS — 1.6%** | **REITS — 1.6%** |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp; 14567 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 10765 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 166870 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp; 6839 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563 | &nbsp;&nbsp;&nbsp;&nbsp; 114571 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339 | &nbsp;&nbsp;&nbsp;&nbsp; 11812 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4592 | &nbsp;&nbsp;&nbsp;&nbsp; 119576 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp; 8474 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988 | &nbsp;&nbsp;&nbsp;&nbsp; 111338 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp; 54774 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 7363 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp; 8405 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 7391 |
| &nbsp;&nbsp;&nbsp;Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 18185 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp; 20022 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp; 7637 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | &nbsp;&nbsp;&nbsp;&nbsp; 107306 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651 | &nbsp;&nbsp;&nbsp;&nbsp; 111426 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp; 115911 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2234 | &nbsp;&nbsp;&nbsp;&nbsp; 107522 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3421 | &nbsp;&nbsp;&nbsp;&nbsp; 112209 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp; 21155 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 7471 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 3530 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp; 7152 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp; 108343 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4105 | &nbsp;&nbsp;&nbsp;&nbsp; 117034 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp; 7082 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp; 8363 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130 | &nbsp;&nbsp;&nbsp;&nbsp; 114714 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2513 | &nbsp;&nbsp;&nbsp;&nbsp; 41012 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 7290 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 112086 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10185 | &nbsp;&nbsp;&nbsp;&nbsp; 114989 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp; 41737 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 7782 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6586 | &nbsp;&nbsp;&nbsp;&nbsp; 1058765 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644 | &nbsp;&nbsp;&nbsp;&nbsp; 29904 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp; 7737 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 | &nbsp;&nbsp;&nbsp;&nbsp; 13286 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp;&nbsp;&nbsp; 37880 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679 | &nbsp;&nbsp;&nbsp;&nbsp; 119935 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4480 | &nbsp;&nbsp;&nbsp;&nbsp; 115091 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp; 119957 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 4010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469268 |
| **Retail — 2.9%** | **Retail — 2.9%** | **Retail — 2.9%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | &nbsp;&nbsp;&nbsp;&nbsp; 34548 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp; 6138 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9187 | &nbsp;&nbsp;&nbsp;&nbsp; 259557 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp; 107655 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;784 | &nbsp;&nbsp;$42666 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 110765 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp; 65099 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 8843 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 121284 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp; 15886 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp; 112853 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 342674 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238 | &nbsp;&nbsp;&nbsp;&nbsp; 92431 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp; 6419 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp; 383872 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp; 40176 |
| &nbsp;&nbsp;&nbsp;J. Jill, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp; 6734 |
| &nbsp;&nbsp;&nbsp;JUMBO SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 | &nbsp;&nbsp;&nbsp;&nbsp; 69281 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp; 73291 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412 | &nbsp;&nbsp;&nbsp;&nbsp; 247836 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp; 97216 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp; 7899 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | &nbsp;&nbsp;&nbsp;&nbsp; 112658 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12912 | &nbsp;&nbsp;&nbsp;&nbsp; 1594503 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 15233 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258 | &nbsp;&nbsp;&nbsp;&nbsp; 23298 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20464 | &nbsp;&nbsp;&nbsp;&nbsp; 2000970 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp; 111418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111203 |
| **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** | **Savings & Loans — 0.1%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp; 50262 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 10517 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp; 7438 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 11711 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp; 12063 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 7315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99306 |
| **Semiconductors — 7.8%** | **Semiconductors — 7.8%** | **Semiconductors — 7.8%** |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp; 40101 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 134373 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp; 755010 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | &nbsp;&nbsp;&nbsp;&nbsp; 112392 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6284 | &nbsp;&nbsp;&nbsp;&nbsp; 1732185 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 7495 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1171 | &nbsp;&nbsp;&nbsp;&nbsp; 122083 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp; 35765 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 133465 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508 | &nbsp;&nbsp;&nbsp;&nbsp; 146789 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp; 8981 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 127732 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60640 | &nbsp;&nbsp;&nbsp;&nbsp; 9580514 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11760 | &nbsp;&nbsp;&nbsp;&nbsp; 1872898 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 58258 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3734 | &nbsp;&nbsp;&nbsp;&nbsp; 165545 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp; 281808 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32039 | &nbsp;&nbsp;&nbsp;&nbsp; 1156800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16472194 |
| **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;232 | &nbsp;&nbsp;&nbsp;&nbsp; 73651 |
| &nbsp;&nbsp;&nbsp;Mazagon Dock Shipbuilders, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | &nbsp;&nbsp;&nbsp;&nbsp; 19852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93503 |
| **Software — 7.2%** | **Software — 7.2%** | **Software — 7.2%** |
| &nbsp;&nbsp;&nbsp;8x8, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp; 6231 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;$22725 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 8060 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4443 | &nbsp;&nbsp;&nbsp;&nbsp; 1718908 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp; 113426 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4927 | &nbsp;&nbsp;&nbsp;&nbsp; 1000624 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp; 455687 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp; 14246 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10047 | &nbsp;&nbsp;&nbsp;&nbsp; 33155 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp; 117384 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp; 113091 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp; 59098 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp; 100945 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp; 135868 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4175 | &nbsp;&nbsp;&nbsp;&nbsp; 119405 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 116856 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp; 122066 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1635 | &nbsp;&nbsp;&nbsp;&nbsp; 6164 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp; 10534 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 138623 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp; 50189 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 39150 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249 | &nbsp;&nbsp;&nbsp;&nbsp; 41267 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp; 188386 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13814 | &nbsp;&nbsp;&nbsp;&nbsp; 6871222 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 102641 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 37281 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 83527 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp; 128829 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp; 31989 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 9318 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp; 8596 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4476 | &nbsp;&nbsp;&nbsp;&nbsp; 126895 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;&nbsp;&nbsp; 241855 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 114530 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329 | &nbsp;&nbsp;&nbsp;&nbsp; 404265 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp; 664140 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 173198 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4924 | &nbsp;&nbsp;&nbsp;&nbsp; 109854 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 124360 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3171 | &nbsp;&nbsp;&nbsp;&nbsp; 913185 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 21865 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp; 9751 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | &nbsp;&nbsp;&nbsp;&nbsp; 103200 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp; 109874 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15122463 |
| **Telecommunications — 2.1%** | **Telecommunications — 2.1%** | **Telecommunications — 2.1%** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 10913 |
| &nbsp;&nbsp;&nbsp;Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 99449 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp;&nbsp;&nbsp; 273884 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23670 | &nbsp;&nbsp;&nbsp;&nbsp; 685010 |
| &nbsp;&nbsp;&nbsp;Bharti Airtel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9695 | &nbsp;&nbsp;&nbsp;&nbsp; 227462 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp; 29042 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1381 | &nbsp;&nbsp;&nbsp;&nbsp; 95814 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp; 5274 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp; 91016 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5653 | &nbsp;&nbsp;&nbsp;&nbsp; 206969 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2564 | &nbsp;&nbsp;&nbsp;&nbsp; 46024 |
| &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 76704 |
| &nbsp;&nbsp;&nbsp;IDT Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp; 26372 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; 53367 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp; 122625 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;&nbsp;&nbsp; 305810 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;12050 | &nbsp;&nbsp;$58815 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12105 | &nbsp;&nbsp;&nbsp;&nbsp; 53020 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738 | &nbsp;&nbsp;&nbsp;&nbsp; 730759 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113 | &nbsp;&nbsp;&nbsp;&nbsp; 32355 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;18880 | &nbsp;&nbsp;&nbsp;&nbsp; 161809 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;59276 | &nbsp;&nbsp;&nbsp;&nbsp; 188825 |
| &nbsp;&nbsp;&nbsp;TIM SA | &nbsp;&nbsp;&nbsp;&nbsp;54300 | &nbsp;&nbsp;&nbsp;&nbsp; 220374 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 187301 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp; 114968 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp; 7260 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B\*† | &nbsp;&nbsp;&nbsp;&nbsp;34600 | &nbsp;&nbsp;&nbsp;&nbsp; 266652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377873 |
| **Textiles — 0.0%** | **Textiles — 0.0%** | **Textiles — 0.0%** |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp; 7152 |
| **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;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 143193 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp; 126823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270016 |
| **Transportation — 0.8%** | **Transportation — 0.8%** | **Transportation — 0.8%** |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694 | &nbsp;&nbsp;&nbsp;&nbsp; 15432 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815 | &nbsp;&nbsp;&nbsp;&nbsp; 124483 |
| &nbsp;&nbsp;&nbsp;Dorian LPG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 8679 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp; 117792 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp; 120702 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp; 19189 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp; 7260 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp; 121008 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp; 40865 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1474 | &nbsp;&nbsp;&nbsp;&nbsp; 31677 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798 | &nbsp;&nbsp;&nbsp;&nbsp; 6491 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp; 40382 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33000 | &nbsp;&nbsp;&nbsp;&nbsp; 105928 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640 | &nbsp;&nbsp;&nbsp;&nbsp; 30030 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 36088 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3558 | &nbsp;&nbsp;&nbsp;&nbsp; 818625 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1205 | &nbsp;&nbsp;&nbsp;&nbsp; 121633 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp; 7768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774032 |
| **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;104 | &nbsp;&nbsp;&nbsp;&nbsp; 7973 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp; 9050 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 120597 |
| &nbsp;&nbsp;&nbsp;H2O America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp; 10290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147910 |
| **Total Common Stocks<br> (cost $123,704,831)** |  | &nbsp;&nbsp;&nbsp;&nbsp;167194969 |
| **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; 34544 |
| **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; 16467 |
| **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; 10415 |
| **Total Convertible Preferred Stocks<br> (cost $50,250)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61426 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 7.8%** | **CORPORATE BONDS & NOTES — 7.8%** | **CORPORATE BONDS & NOTES — 7.8%** |
| **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\* | $10000 | &nbsp;&nbsp;$9450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/01/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30967 |
| &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; 58292 |
| &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; 19102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/2027\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/15/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138667 |
| **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; 46266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/01/2027 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 35962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/01/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/01/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/15/2046 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 19848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/01/2034 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 12338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 05/01/2049 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 6446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/01/2059 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 17090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/15/2040 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 34809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 05/01/2027 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 05/01/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.86%, 05/01/2054 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 22989 |
| &nbsp;&nbsp;&nbsp;Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/15/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/01/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/01/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21652 |
| &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; 8600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 02/01/2037 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 39286 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/15/2028 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 11/30/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 11/15/2030\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 38600 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2033\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/01/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 12/01/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499282 |
| **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; 15540 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/30/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2030 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 57614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123278 |
| **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; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/20/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14987 |
| &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; 44530 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/15/2029\* | $25000 | &nbsp;&nbsp;$24267 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88772 |
| **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; 14310 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37056 |
| &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; 27449 |
| &nbsp;&nbsp;&nbsp;PVH Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/13/2030 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30215 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 03/15/2032 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/11/2030 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/11/2035 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24093 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181796 |
| **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; 18967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 01/07/2029 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28839 |
| &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; 14866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/19/2029\* | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 01/08/2031\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/23/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/08/2030\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/16/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147568 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| &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; 10226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 04/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36776 |
| &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; 19360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66362 |
| **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; 38361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/08/2037 | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 72293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 08/15/2035 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 50985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, 01/23/2035 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16437 |
| &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; 12662 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/29/2027 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 67064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 05/25/2034 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/15/2029(2) | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 34014 |
| &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; 145541 |
| &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; 34759 |
| &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; 41495 |
| &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; 22177 |

---

---

| | | |
|:---|:---|:---|
| **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;3.65%, 08/10/2026(2) | $6000 | &nbsp;&nbsp;$5874 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 06/01/2026(2) | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 01/24/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/24/2036 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 09/14/2033 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 48988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07%, 10/22/2027 | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 93998 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59%, (TSFR3M+1.26%), 05/15/2077 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 27466 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/01/2029 | &nbsp;&nbsp; 166000 | &nbsp;&nbsp;&nbsp;&nbsp; 168898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/20/2037 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/07/2039 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29766 |
| &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; 55323 |
| &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; 38352 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%, 11/03/2036 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 49229 |
| &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; 19795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%, 07/25/2029 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 129070 |
| &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; 17022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42%, 07/24/2039 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373542 |
| **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; 21488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2030 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 37094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/02/2053 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2063 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20416 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 09/09/2026 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22026 |
| &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; 25511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/02/2034 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27356 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170490 |
| **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; 24324 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/01/2034\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2035\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10296 |
| &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; 18444 |
| &nbsp;&nbsp;&nbsp;JH North America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/31/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/31/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10166 |
| &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; 25642 |
| &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; 23765 |
| &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; 15425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10318 |
| &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; 26211 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/15/2032\* | $25000 | &nbsp;&nbsp;$25616 |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 01/15/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28405 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243426 |
| **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; 10094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/01/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20628 |
| &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; 16386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42%, 07/15/2027 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 44530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 07/15/2032 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15726 |
| &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; 20729 |
| &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; 31116 |
| &nbsp;&nbsp;&nbsp;DowDuPont, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42%, 11/15/2048 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60422 |
| &nbsp;&nbsp;&nbsp;FMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45%, 11/01/2055 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66519 |
| &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; 63539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 10/15/2034 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13941 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 11/01/2030\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/26/2028 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 37951 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/2026 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 04/01/2029 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 26720 |
| &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; 21449 |
| &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; 24357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19554 |
| &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; 20211 |
| &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; 16140 |
| &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; 13578 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558609 |
| **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; 7456 |
| **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; 31341 |
| &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; 15940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 05/15/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15846 |
| &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; 15001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 06/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2030\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5239 |
| &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; 30047 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 08/01/2029\* | $35000 | &nbsp;&nbsp;$35000 |
| &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; 4596 |
| &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; 20600 |
| &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; 5413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199635 |
| **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; 15046 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 06/15/2033\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30958 |
| &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; 20952 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 06/15/2029\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/01/2030\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 46788 |
| &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; 19900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 10/15/2031 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2034 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2054 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 22166 |
| &nbsp;&nbsp;&nbsp;McAfee Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28332 |
| &nbsp;&nbsp;&nbsp;Seagate Data Storage Technology Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/15/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25373 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 07/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259930 |
| **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; 19541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 07/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15343 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 05/22/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/22/2033 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65962 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105906 |
| **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; 18919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9780 |
| &nbsp;&nbsp;&nbsp;Ritchie Bros. Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 03/15/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44468 |
| **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 01/19/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152678 |
| &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; 35217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/01/2028 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 47305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/15/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5171 |
| &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; 52377 |
| &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; 10989 |
| &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; 35331 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/15/2029\* | $41000 | &nbsp;&nbsp;$41753 |
| &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; 32765 |
| &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; 21452 |
| &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; 35377 |
| &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; 10310 |
| &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; 9961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 06/15/2029 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23019 |
| &nbsp;&nbsp;&nbsp;Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 11/01/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2033\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61692 |
| &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; 35065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 04/14/2034 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17782 |
| &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31666 |
| &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; 29450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/17/2028 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 23463 |
| &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; 22985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 03/26/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/26/2031\* | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 32808 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/15/2034 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7293 |
| &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; 25967 |
| &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; 55858 |
| &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; 49182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20897 |
| &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; 49877 |
| &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; 46377 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/01/2033\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25580 |
| &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/15/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156671 |
| **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; 34970 |
| &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; 36015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/01/2033 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8316 |
| &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; 10558 |
| &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; 17366 |
| &nbsp;&nbsp;&nbsp;Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9892 |
| &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; 21048 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 03/15/2042 | $11000 | &nbsp;&nbsp;$9294 |
| &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; 57937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2054 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 01/15/2034 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 17231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2053 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42925 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 06/01/2034 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 24059 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/05/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2034 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 33197 |
| &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; 14711 |
| &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; 43028 |
| &nbsp;&nbsp;&nbsp;Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2028 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18464 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2029 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 65653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2035 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8227 |
| &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; 10005 |
| &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; 37287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2034 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24476 |
| &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; 39366 |
| &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; 82404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2055 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25079 |
| &nbsp;&nbsp;&nbsp;Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 05/15/2035 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45450 |
| &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; 36460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/02/2027\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 26575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2034\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 03/15/2028\*(2) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 22209 |
| &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; 48763 |
| &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; 11365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/01/2050 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 10478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/15/2029 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2032 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2029 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2053 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/15/2034 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 22606 |
| &nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 09/15/2030 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2037 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11620 |
| &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; 28579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/15/2055 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14205 |
| &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; 19973 |
| &nbsp;&nbsp;&nbsp;Sempra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2033 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21435 |
| &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/15/2034 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 30304 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/15/2034 | $33000 | &nbsp;&nbsp;$33070 |
| &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; 10120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/15/2026\*(2) | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15364 |
| &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; 40466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/15/2029\* | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 26604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/2034\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2034\* | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 35308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 10/15/2033\* | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 23060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490263 |
| **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; 9458 |
| &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; 5144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/15/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50917 |
| **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; 33363 |
| &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; 24137 |
| &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; 36461 |
| &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; 33441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127402 |
| **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; 10378 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2029 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47582 |
| &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; 19372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77332 |
| **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; 38182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2030\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36245 |
| &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; 20065 |
| &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; 19905 |
| &nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14682 |
| &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; 36059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 09/01/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5232 |
| &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; 10147 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/15/2027\* | $25000 | &nbsp;&nbsp;$24926 |
| &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; 24092 |
| &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; 25692 |
| &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; 10314 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76%, 03/15/2027 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3885 |
| &nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351474 |
| **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; 10245 |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5232 |
| &nbsp;&nbsp;&nbsp;Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 06/30/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/30/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34432 |
| &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/01/2033\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20762 |
| &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; 10411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90797 |
| **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; 10419 | &nbsp;&nbsp;&nbsp;&nbsp; 11157 |
| &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; 26052 |
| &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; 43702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2034 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 41483 |
| &nbsp;&nbsp;&nbsp;Kellanova |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2046 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 04/01/2031 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6875 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/20/2031\* | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/01/2055\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/01/2065\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9983 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9003 |
| &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; 19979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/15/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251260 |
| **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; 24899 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/30/2032\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40480 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** |
| &nbsp;&nbsp;&nbsp;Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2029\* | $10000 | &nbsp;&nbsp;$8837 |
| &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; 12236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.88%, 10/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15214 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76767 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &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; 21347 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/01/2029 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 42090 |
| &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; 24746 |
| &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/2035\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98949 |
| **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 10/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15656 |
| &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; 23337 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10426 |
| &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; 23981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88283 |
| **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; 29988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/15/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13403 |
| &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; 39904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/15/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 01/15/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21197 |
| &nbsp;&nbsp;&nbsp;Concentra Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25884 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/15/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 09/01/2032\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62171 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/15/2032 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2027 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2034 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2054 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18588 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2028 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47465 |
| &nbsp;&nbsp;&nbsp;IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/01/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56442 |
| &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; 14547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/01/2027 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 69888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25434 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471296 |
| **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; 74148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2035 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45822 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Home Builders (continued)** | **Home Builders (continued)** | **Home Builders (continued)** |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 12/15/2028\* | $30000 | &nbsp;&nbsp;$31186 |
| &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; 19930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/15/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10135 |
| &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; 22320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 02/15/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233584 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 05/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35021 |
| **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; 30991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31285 |
| &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; 34502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/01/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10308 |
| &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; 20294 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 11/13/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 07/11/2031\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46990 |
| &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; 16569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2054 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10856 |
| &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; 7744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 05/15/2043 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22016 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 06/23/2030 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/23/2032 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/23/2035 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17336 |
| &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; 24037 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/30/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15131 |
| &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; 5051 |
| &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; 28870 |
| &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; 14133 |
| &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; 26126 |
| &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; 10599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 12/15/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26645 |
| &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; 38370 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 12/15/2066 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38745 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Teachers Insurance & Annuity Assoc. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 12/16/2039\* | $16000 | &nbsp;&nbsp;$18014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610646 |
| **Internet — 0.2%** | **Internet — 0.2%** | **Internet — 0.2%** |
| &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2032\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49236 |
| &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; 45836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2064 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2063 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37402 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029\* | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 72083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/15/2054 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/15/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10541 |
| &nbsp;&nbsp;&nbsp;Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2033\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56437 |
| &nbsp;&nbsp;&nbsp;Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/31/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349015 |
| **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; 81573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5159 |
| &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; 22363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109095 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/15/2039 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 40974 |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2027 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26198 |
| &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; 22178 |
| &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; 18853 |
| &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; 4588 |
| &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; 23770 |
| &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; 10644 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187015 |
| **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; 22960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 03/18/2029 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23691 |
| &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; 24458 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2028\* | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 71449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2027\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10231 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032\* | $10000 | &nbsp;&nbsp;$10216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 01/15/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10542 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/30/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2033\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5139 |
| &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; 10088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 07/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363566 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &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; 33546 |
| &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; 25432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20279 |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94595 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 03/01/2030 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 05/15/2028 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36053 |
| &nbsp;&nbsp;&nbsp;Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15030 |
| &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; 45824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119038 |
| **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;9.50%, 01/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10674 |
| &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; 87591 |
| &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; 56936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155201 |
| **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; 14013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2030\* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 82348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/01/2029\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49817 |
| &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; 34076 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2049 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 31162 |
| &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; 9806 |
| &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; 9967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 02/15/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19417 |
| &nbsp;&nbsp;&nbsp;Gray Television, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 18746 |
| &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; 10060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/01/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26079 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2029\* | $30000 | &nbsp;&nbsp;$30546 |
| &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; 14611 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/01/2028 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 06/01/2029 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2043 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 17668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19447 |
| &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; 55562 |
| &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; 22223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14406 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 07/15/2033 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 82678 |
| &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; 18077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 12/01/2045 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634434 |
| **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; 20343 |
| &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; 7058 |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2030\* | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 21625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 31124 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20314 |
| &nbsp;&nbsp;&nbsp;Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/30/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/30/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189763 |
| **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; 15425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15445 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30870 |
| **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; 23683 |
| **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/2054\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 68372 |
| &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; 14126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 01/15/2032 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 40676 |
| &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; 2140 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/15/2034\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35022 |
| &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; 22975 |
| &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; 30825 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2029\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55658 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/01/2033\* | $10000 | &nbsp;&nbsp;$10376 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2032\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30016 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 08/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 25998 |
| &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; 28090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 03/15/2040 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 22013 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/15/2028 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/15/2033 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9292 |
| &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; 14818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 01/15/2026\* | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7006 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Operating Partnership LP/Sitio Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 11/01/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26177 |
| &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; 10005 |
| &nbsp;&nbsp;&nbsp;Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/2033\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25417 |
| &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; 33918 |
| &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; 4108 |
| &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; 10517 |
| &nbsp;&nbsp;&nbsp;Transocean Titan Financing, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 02/01/2028\* | &nbsp;&nbsp; 13571 | &nbsp;&nbsp;&nbsp;&nbsp; 13785 |
| &nbsp;&nbsp;&nbsp;Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 03/15/2038 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 21092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2030\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8227 |
| &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; 21222 |
| &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; 20022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678045 |
| **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; 25793 |
| &nbsp;&nbsp;&nbsp;Weatherford International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 04/30/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46408 |
| **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; 29464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 01/15/2027 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 46040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2028 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4103 |
| &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; 25657 |
| &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; 24954 |
| &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; 9432 |
| &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; 50000 |
| &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; 20328 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 04/15/2027\* | $25000 | &nbsp;&nbsp;$24825 |
| &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; 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20%, 01/15/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 22889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258851 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2034 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12218 |
| &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; 44051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/10/2055 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56728 |
| &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; 15878 |
| &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; 62811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/19/2053 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 24544 |
| &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; 201152 |
| &nbsp;&nbsp;&nbsp;Wyeth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/01/2037 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8533 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/15/2030 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 76390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502305 |
| **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; 29582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2029 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 50454 |
| &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; 22168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54%, 11/15/2053\* | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21704 |
| &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; 45829 |
| &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; 6689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 01/15/2035 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18731 |
| &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; 24636 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/2026 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 06/20/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20200 |
| &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; 19424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2029 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 62494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 02/15/2028(2) | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79627 |
| &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; 2073 |
| &nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 07/01/2033\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40561 |
| &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; 9930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10284 |
| &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; 5546 |
| &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; 13852 |
| &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; 45382 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | $35000 | &nbsp;&nbsp;$34653 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42302 |
| &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; 33106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 10/01/2034\* | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17810 |
| &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; 16864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2028 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41029 |
| &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2030\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77353 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/01/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/30/2029\*(2) | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 02/01/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21599 |
| &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/15/2034\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2036\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &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; 30838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993241 |
| **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; 28162 |
| **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; 14948 |
| **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; 31682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/15/2027 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 74511 |
| &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; 23766 |
| &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; 13759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 02/15/2028 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 30441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2047 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/01/2029 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23207 |
| &nbsp;&nbsp;&nbsp;EPR Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2027 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10944 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 11/18/2029 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 45550 |
| &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; 14962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/01/2033 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 30977 |
| &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; 46269 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2025\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4998 |
| &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; 52328 |
| &nbsp;&nbsp;&nbsp;Prologis LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 04/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/15/2034 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 34086 |
| &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP / RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/15/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15431 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2032\* | $30000 | &nbsp;&nbsp;$30853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10350 |
| &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; 26143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2034 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 34756 |
| &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; 11816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2029\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 27086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/15/2028\* | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 32826 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/15/2032 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6774 |
| &nbsp;&nbsp;&nbsp;XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662066 |
| **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; 23297 |
| &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; 73788 |
| &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; 28034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 07/26/2027\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29521 |
| &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; 41485 |
| &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; 14498 |
| &nbsp;&nbsp;&nbsp;Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 12/01/2028\*(3) | &nbsp;&nbsp; 17188 | &nbsp;&nbsp;&nbsp;&nbsp; 17629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 06/01/2031\*(3) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 23692 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 01/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 01/15/2052 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 21437 |
| &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; 32298 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56914 |
| &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; 27516 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 06/01/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25913 |
| &nbsp;&nbsp;&nbsp;QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/30/2032\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41208 |
| &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; 9828 |
| &nbsp;&nbsp;&nbsp;White Cap Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/15/2028\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524412 |
| **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; 29015 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39059 |
| **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; 29528 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2029 | $13000 | &nbsp;&nbsp;$13348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2034 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8215 |
| &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; 25233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/30/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15548 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2030\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 51587 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 03/25/2031 | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 75697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 03/25/2041 | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 46513 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/15/2030 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46088 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19406 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 09/01/2030 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 30334 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4971 |
| &nbsp;&nbsp;&nbsp;UKG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/01/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432873 |
| **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; 38498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2046 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4363 |
| &nbsp;&nbsp;&nbsp;CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 07/01/2028\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19657 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/30/2029 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36050 |
| &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; 15006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15688 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 11/15/2030 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 08/15/2030 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 08/15/2032 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32535 |
| &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; 22302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2029 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2055 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/15/2055 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25340 |
| &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; 45088 |
| &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; 9100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/15/2029 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 31751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/15/2027 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/2030 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/15/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50339 |
| &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; 22775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498990 |
| **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; 4928 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| &nbsp;&nbsp;&nbsp;Beacon Mobility Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/01/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15315 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| &nbsp;&nbsp;&nbsp;Watco Cos. LLC/Watco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/01/2032\* | $30000 | &nbsp;&nbsp;$31360 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46675 |
| **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;3.40%, 11/15/2026\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2027\* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 84877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94723 |
| **Total Corporate Bonds & Notes<br> (cost $16,489,526)** |  | &nbsp;&nbsp;&nbsp;&nbsp;16526709 |
| **CONVERTIBLE BONDS & NOTES — 0.0%** | **CONVERTIBLE BONDS & NOTES — 0.0%** | **CONVERTIBLE BONDS & NOTES — 0.0%** |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 12/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 23340 |
| &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; 17122 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40462 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 06/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 5725 |
| **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; 25938 |
| **Total Convertible Bonds & Notes<br> (cost $66,952)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72125 |
| **LOANS(4)(5)(6) — 0.3%** |  |  |
| **Advanced Materials / Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Glatfelter Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.58%, (TSFR3M+8.50%), 11/04/2031 | &nbsp;&nbsp; 9913 | &nbsp;&nbsp;&nbsp;&nbsp; 9702 |
| **Advertising — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44%, (TSFR1M+8.00%), 08/23/2028 | &nbsp;&nbsp; 10853 | &nbsp;&nbsp;&nbsp;&nbsp; 10759 |
| **Airlines — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;AAdvantage Loyalty IP, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52%, (TSFR3M+4.50%), 04/20/2028 | &nbsp;&nbsp; 28528 | &nbsp;&nbsp;&nbsp;&nbsp; 28332 |
| **Auto Parts & Equipment — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Clarios Global LP FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08% , (TSFR1M+5.50%), 01/28/2032 | &nbsp;&nbsp; 13052 | &nbsp;&nbsp;&nbsp;&nbsp; 13032 |
| &nbsp;&nbsp;&nbsp;Dexko Global, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19% , (TSFR1M+7.50%), 10/04/2028 | &nbsp;&nbsp; 14872 | &nbsp;&nbsp;&nbsp;&nbsp; 14190 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27222 |
| **Building Materials — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CP Atlas Buyer, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18% , (TSFR1M+7.50%), 11/23/2027 | &nbsp;&nbsp; 20096 | &nbsp;&nbsp;&nbsp;&nbsp; 19975 |
| &nbsp;&nbsp;&nbsp;EMRLD Borrower LP FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.83% , (TSFR3M+5.00%), 08/04/2031 | &nbsp;&nbsp; 4963 | &nbsp;&nbsp;&nbsp;&nbsp; 4948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24923 |
| **Chemicals — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Herens US Holdco Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.32% , (TSFR3M+7.85%), 07/03/2028 | &nbsp;&nbsp; 9851 | &nbsp;&nbsp;&nbsp;&nbsp; 8958 |
| &nbsp;&nbsp;&nbsp;Hexion Holdings Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.86% , (TSFR1M+14.88%), 03/15/2030 | &nbsp;&nbsp; 17647 | &nbsp;&nbsp;&nbsp;&nbsp; 17162 |
| &nbsp;&nbsp;&nbsp;Nouryon Finance BV FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51% , (TSFR3M+6.50%), 04/03/2028 | &nbsp;&nbsp; 20695 | &nbsp;&nbsp;&nbsp;&nbsp; 20747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55% , (TSFR3M+6.50%), 04/03/2028 | &nbsp;&nbsp; 9851 | &nbsp;&nbsp;&nbsp;&nbsp; 9851 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Vibrantz Technologies, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.64% , (TSFR3M+8.50%), 04/23/2029 | $14709 | &nbsp;&nbsp;$12811 |
| &nbsp;&nbsp;&nbsp;WR Grace Holdings LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55% , (TSFR3M+6.50%), 09/22/2028 | &nbsp;&nbsp; 4923 | &nbsp;&nbsp;&nbsp;&nbsp; 4907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74436 |
| **Commercial Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Veritiv Operating Co. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30%, (TSFR3M+8.00%), 11/29/2030 | &nbsp;&nbsp; 7086 | &nbsp;&nbsp;&nbsp;&nbsp; 7107 |
| **Computers — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.83%, (TSFR1M+7.00%), 06/27/2032 | &nbsp;&nbsp; 14887 | &nbsp;&nbsp;&nbsp;&nbsp; 14888 |
| **E-Commerce/Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08%, (TSFR1M+10.50%), 06/30/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5034 |
| **Entertainment — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.07% , (TSFR3M+9.50%), 11/01/2029 | &nbsp;&nbsp; 8671 | &nbsp;&nbsp;&nbsp;&nbsp; 8449 |
| &nbsp;&nbsp;&nbsp;Scientific Games Holdings LP FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.28% , (TSFR3M+6.00%), 04/04/2029 | &nbsp;&nbsp; 9900 | &nbsp;&nbsp;&nbsp;&nbsp; 9883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18332 |
| **Environmental Control — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Filtration Group Corp, FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.33% , (TSFR1M+6.00%), 10/23/2028 | &nbsp;&nbsp; 9974 | &nbsp;&nbsp;&nbsp;&nbsp; 10010 |
| &nbsp;&nbsp;&nbsp;Madison IAQ LLC BTL FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.76% , (TSFR6M+5.00%), 06/21/2028 | &nbsp;&nbsp; 9772 | &nbsp;&nbsp;&nbsp;&nbsp; 9776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19786 |
| **Healthcare-Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.67% , (TSFR1M+8.50%), 05/10/2027 | &nbsp;&nbsp; 23628 | &nbsp;&nbsp;&nbsp;&nbsp; 23581 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.58% , (TSFR1M+4.50%), 10/23/2028 | &nbsp;&nbsp; 13459 | &nbsp;&nbsp;&nbsp;&nbsp; 13456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37037 |
| **Lodging — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.83%, (TSFR1M+7.00%), 01/29/2029 | &nbsp;&nbsp; 19720 | &nbsp;&nbsp;&nbsp;&nbsp; 19686 |
| **Machinery-Construction & Mining — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Vertiv Group Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07%, (TSFR1M+3.50%), 03/02/2027 | &nbsp;&nbsp; 28237 | &nbsp;&nbsp;&nbsp;&nbsp; 28248 |
| **Media — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.79%, (TSFR3M+10.50%), 08/02/2029 | &nbsp;&nbsp; 23715 | &nbsp;&nbsp;&nbsp;&nbsp; 23469 |
| **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+9.45%), 02/09/2026 | &nbsp;&nbsp; 14497 | &nbsp;&nbsp;&nbsp;&nbsp; 13265 |
| **Pharmaceuticals — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.56% , (TSFR1M+12.50%), 10/08/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14526 |
| &nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.33% , (TSFR1M+8.00%), 04/23/2031 | &nbsp;&nbsp; 29775 | &nbsp;&nbsp;&nbsp;&nbsp; 29710 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44236 |
| **REITS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.56%, (TSFR1M+6.50%), 06/13/2030 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3004 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **LOANS (continued)** |  |  |
| **Retail — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28% , (TSFR3M+8.00%), 01/29/2031 | $24749 | &nbsp;&nbsp;$24180 |
| &nbsp;&nbsp;&nbsp;IRB Holding Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.83% , (TSFR1M+5.00%), 12/15/2027 | &nbsp;&nbsp; 14640 | &nbsp;&nbsp;&nbsp;&nbsp; 14635 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16% , (TSFR1M+7.50%), 06/06/2031 | &nbsp;&nbsp; 9875 | &nbsp;&nbsp;&nbsp;&nbsp; 9203 |
| &nbsp;&nbsp;&nbsp;PetSmart, Inc. BTL-B FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18% , (TSFR1M+7.50%), 02/14/2028 | &nbsp;&nbsp; 14296 | &nbsp;&nbsp;&nbsp;&nbsp; 14148 |
| &nbsp;&nbsp;&nbsp;White Cap Buyer LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.58% , (TSFR1M+6.50%), 10/31/2029 | &nbsp;&nbsp; 19382 | &nbsp;&nbsp;&nbsp;&nbsp; 19236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81402 |
| **Software — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ascend Learning LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18% , (TSFR1M+11.50%), 12/10/2029 | &nbsp;&nbsp; 4702 | &nbsp;&nbsp;&nbsp;&nbsp; 4698 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80% , (TSFR3M+7.00%), 03/29/2029 | &nbsp;&nbsp; 3649 | &nbsp;&nbsp;&nbsp;&nbsp; 3650 |
| &nbsp;&nbsp;&nbsp;Idera, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78% , (TSFR3M+7.00%), 03/02/2028 | &nbsp;&nbsp; 19800 | &nbsp;&nbsp;&nbsp;&nbsp; 18513 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.58% , (TSFR1M+8.50%), 11/28/2028 | &nbsp;&nbsp; 18763 | &nbsp;&nbsp;&nbsp;&nbsp; 18801 |
| &nbsp;&nbsp;&nbsp;UKG, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.31% , (TSFR1M+6.00%), 02/10/2031 | &nbsp;&nbsp; 4950 | &nbsp;&nbsp;&nbsp;&nbsp; 4966 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50628 |
| **Telecommunications — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CommScope, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58% , (TSFR1M+10.50%), 12/17/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20230 |
| &nbsp;&nbsp;&nbsp;Connect Finco SARL FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.83% , (TSFR1M+9.00%), 09/28/2029 | &nbsp;&nbsp; 14812 | &nbsp;&nbsp;&nbsp;&nbsp; 14053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34283 |
| **Total Loans<br> (cost $581,160)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575779 |
| **ASSET BACKED SECURITIES — 0.1%** | **ASSET BACKED SECURITIES — 0.1%** | **ASSET BACKED SECURITIES — 0.1%** |
| **Auto Loan Receivables — 0.1%** | **Auto Loan Receivables — 0.1%** | **Auto Loan Receivables — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B, Class A3<br> 5.10%, 04/15/2029 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 92156 |
| **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> 5.90%, (SOFR30A+1.60%), 05/20/2054\* | &nbsp;&nbsp; 37712 | &nbsp;&nbsp;&nbsp;&nbsp; 37895 |
| **Total Asset Backed Securities<br> (cost $128,711)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130051 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.4%** |
| **Commercial and Residential — 1.0%** | **Commercial and Residential — 1.0%** | **Commercial and Residential — 1.0%** |
| &nbsp;&nbsp;&nbsp;Barclays Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C3, Class C<br> 4.18%, 05/15/2052 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 23819 |
| &nbsp;&nbsp;&nbsp;BBCMS Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5C34, Class XA<br> 1.39%, 05/15/2058(7)(8) | &nbsp;&nbsp;1549954 | &nbsp;&nbsp;&nbsp;&nbsp; 76953 |
| &nbsp;&nbsp;&nbsp;BMO Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5C10, Class XA<br> 1.58%, 05/15/2058(7)(8) | &nbsp;&nbsp;1065988 | &nbsp;&nbsp;&nbsp;&nbsp; 59525 |
| &nbsp;&nbsp;&nbsp;CD Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-CD1, Class XA<br> 1.47%, 08/10/2049(7)(8) | &nbsp;&nbsp; 223905 | &nbsp;&nbsp;&nbsp;&nbsp; 1313 |

---

---

| | | |
|:---|:---|:---|
| **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;Chase Home Lending Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-7, Class A11<br> 5.70%, (SOFR30A+1.40%), 05/25/2056\* | $25000 | &nbsp;&nbsp;$25000 |
| &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; 37078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-P1, Class B<br> 4.44%, 09/15/2048(8) | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 65307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC21, Class C<br> 4.78%, 05/10/2047(8) | &nbsp;&nbsp; 26974 | &nbsp;&nbsp;&nbsp;&nbsp; 25490 |
| &nbsp;&nbsp;&nbsp;Citigroup Mtg. Loan Trust, Inc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2, Class 1A2A<br> 6.26%, 05/25/2035(8) | &nbsp;&nbsp; 2939 | &nbsp;&nbsp;&nbsp;&nbsp; 2901 |
| &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; 52458 |
| &nbsp;&nbsp;&nbsp;Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-UBS4, Class XA<br> 0.91%, 08/10/2047(7)(8) | &nbsp;&nbsp; 123280 | &nbsp;&nbsp;&nbsp;&nbsp; 459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-CR22, Class AM<br> 3.60%, 03/10/2048(8) | &nbsp;&nbsp; 39774 | &nbsp;&nbsp;&nbsp;&nbsp; 38999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR15, Class B<br> 4.02%, 02/10/2047(8) | &nbsp;&nbsp; 34734 | &nbsp;&nbsp;&nbsp;&nbsp; 33873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-LC21, Class B<br> 4.52%, 07/10/2048(8) | &nbsp;&nbsp; 100757 | &nbsp;&nbsp;&nbsp;&nbsp; 99729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-UBS6, Class C<br> 4.56%, 12/10/2047(8) | &nbsp;&nbsp; 7780 | &nbsp;&nbsp;&nbsp;&nbsp; 7663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR17, Class C<br> 4.94%, 05/10/2047(8) | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 62044 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R06, Class 1M1<br> 5.36%, 09/25/2044\* | &nbsp;&nbsp; 4107 | &nbsp;&nbsp;&nbsp;&nbsp; 4107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R06, Class 1A1<br> 5.46%, 09/25/2044\* | &nbsp;&nbsp; 24846 | &nbsp;&nbsp;&nbsp;&nbsp; 24931 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R01, Class 1A1<br> 5.26%, (SOFR30A+0.95%), 01/25/2045\* | &nbsp;&nbsp; 26240 | &nbsp;&nbsp;&nbsp;&nbsp; 26199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1M1<br> 5.31%, (SOFR30A+1.00%), 12/25/2041\* | &nbsp;&nbsp; 2016 | &nbsp;&nbsp;&nbsp;&nbsp; 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1A1<br> 5.31%, (SOFR30A+1.00%), 02/25/2045\* | &nbsp;&nbsp; 16724 | &nbsp;&nbsp;&nbsp;&nbsp; 16735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04, Class 1A1<br> 5.31%, (SOFR30A+1.00%), 05/25/2045\* | &nbsp;&nbsp; 22366 | &nbsp;&nbsp;&nbsp;&nbsp; 22374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R01, Class 1M1<br> 5.41%, (SOFR30A+1.10%), 01/25/2045\* | &nbsp;&nbsp; 21972 | &nbsp;&nbsp;&nbsp;&nbsp; 21986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1M1<br> 5.46%, (SOFR30A+1.15%), 02/25/2045\* | &nbsp;&nbsp; 48326 | &nbsp;&nbsp;&nbsp;&nbsp; 48356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04, Class 1M1<br> 5.51%, (SOFR30A+1.20%), 05/25/2045\* | &nbsp;&nbsp; 59947 | &nbsp;&nbsp;&nbsp;&nbsp; 60058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R03, Class 2A1<br> 5.76%, (SOFR30A+1.45%), 03/25/2045\* | &nbsp;&nbsp; 11862 | &nbsp;&nbsp;&nbsp;&nbsp; 11934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1M2<br> 6.21%, (SOFR30A+1.90%), 12/25/2041\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R05, Class 2M1<br> 6.21%, (SOFR30A+1.90%), 04/25/2042\* | &nbsp;&nbsp; 3727 | &nbsp;&nbsp;&nbsp;&nbsp; 3742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-HRP1, Class M2<br> 6.57%, (SOFR30A+2.26%), 11/25/2039\* | &nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R09, Class 2M1<br> 6.81%, (SOFR30A+2.50%), 09/25/2042\* | &nbsp;&nbsp; 4590 | &nbsp;&nbsp;&nbsp;&nbsp; 4662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R08, Class 1M1<br> 6.86%, (SOFR30A+2.55%), 07/25/2042\* | &nbsp;&nbsp; 9742 | &nbsp;&nbsp;&nbsp;&nbsp; 9960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C04, Class 2M2<br> 6.97%, (SOFR30A+2.55%), 12/25/2030 | &nbsp;&nbsp; 18648 | &nbsp;&nbsp;&nbsp;&nbsp; 19207 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R06, Class 1M1<br> 7.06%, (SOFR30A+2.75%), 05/25/2042\* | $13814 | &nbsp;&nbsp;$14136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C06, Class 1M2B<br> 7.07%, (SOFR30A+2.76%), 02/25/2030 | &nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R07, Class 1M1<br> 7.26%, (SOFR30A+2.95%), 06/25/2042\* | &nbsp;&nbsp; 17988 | &nbsp;&nbsp;&nbsp;&nbsp; 18444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C02, Class 2M2C<br> 8.07%, (SOFR30A+3.76%), 09/25/2029 | &nbsp;&nbsp; 15737 | &nbsp;&nbsp;&nbsp;&nbsp; 15954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C04, Class 1M2<br> 8.67%, (SOFR30A+4.36%), 01/25/2029 | &nbsp;&nbsp; 46423 | &nbsp;&nbsp;&nbsp;&nbsp; 47568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C07, Class 2M2<br> 8.77%, (SOFR30A+4.46%), 05/25/2029 | &nbsp;&nbsp; 48534 | &nbsp;&nbsp;&nbsp;&nbsp; 50085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C05, Class 2M2<br> 8.87%, (SOFR30A+4.56%), 01/25/2029 | &nbsp;&nbsp; 43642 | &nbsp;&nbsp;&nbsp;&nbsp; 44694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C04, Class 1M2<br> 10.12%, (SOFR30A+5.81%), 04/25/2028 | &nbsp;&nbsp; 9725 | &nbsp;&nbsp;&nbsp;&nbsp; 9879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C03, Class 2M2<br> 10.32%, (SOFR30A+6.01%), 10/25/2028 | &nbsp;&nbsp; 839 | &nbsp;&nbsp;&nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C02, Class 1M2<br> 10.42%, (SOFR30A+6.11%), 09/25/2028 | &nbsp;&nbsp; 9131 | &nbsp;&nbsp;&nbsp;&nbsp; 9317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C01, Class 1M2<br> 11.17%, (SOFR30A+6.86%), 08/25/2028 | &nbsp;&nbsp; 3339 | &nbsp;&nbsp;&nbsp;&nbsp; 3437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C01, Class 2M2<br> 11.37%, (SOFR30A+7.06%), 08/25/2028 | &nbsp;&nbsp; 5380 | &nbsp;&nbsp;&nbsp;&nbsp; 5536 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Mtg. Capital Certs. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-C4, Class AX<br> 1.08%, 09/15/2039\*(7)(8) | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;CSAIL Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C17, Class AS<br> 3.28%, 09/15/2052 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 44338 |
| &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; 41665 |
| &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; 57993 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C1, Class AS<br> 3.79%, 04/15/2050(8) | &nbsp;&nbsp; 30905 | &nbsp;&nbsp;&nbsp;&nbsp; 30640 |
| &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; 62401 |
| &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; 30870 |
| &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; 52253 |
| &nbsp;&nbsp;&nbsp;DBUBS Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-LC3A, Class D<br> 5.53%, 08/10/2044\*(8) | &nbsp;&nbsp; 90896 | &nbsp;&nbsp;&nbsp;&nbsp; 87024 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C06, Class 2M2<br> 7.22%, (SOFR30A+2.91%), 02/25/2030 | &nbsp;&nbsp; 16718 | &nbsp;&nbsp;&nbsp;&nbsp; 17018 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mtg. Securities Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12, Class C<br> 4.07%, 07/15/2045(8) | &nbsp;&nbsp; 19403 | &nbsp;&nbsp;&nbsp;&nbsp; 18579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C23, Class B<br> 4.70%, 09/15/2047(8) | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 90281 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mtg. Securities Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-C6, Class D<br> 5.13%, 05/15/2045(8) | &nbsp;&nbsp; 18569 | &nbsp;&nbsp;&nbsp;&nbsp; 18337 |
| &nbsp;&nbsp;&nbsp;JPMorgan Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A11<br> 5.56%, (SOFR30A+1.25%), 06/25/2055\* | &nbsp;&nbsp; 27600 | &nbsp;&nbsp;&nbsp;&nbsp; 27605 |

---

---

| | | |
|:---|:---|:---|
| **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;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) | $45000 | &nbsp;&nbsp;$42751 |
| &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; 89419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-C5, Class E<br> 4.80%, 08/15/2045\*(8) | &nbsp;&nbsp; 64237 | &nbsp;&nbsp;&nbsp;&nbsp; 62825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12, Class C<br> 4.86%, 10/15/2046(8) | &nbsp;&nbsp; 13192 | &nbsp;&nbsp;&nbsp;&nbsp; 12499 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-BNK2, Class C<br> 4.00%, 11/15/2049(8) | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 12876 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-BNK1, Class AS<br> 2.81%, 08/15/2049 | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 78855 |
| &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; 27347 |
| &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; 36637 |
| &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; 46629 |
| &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; 45679 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-LC20, Class C<br> 4.06%, 04/15/2050(8) | &nbsp;&nbsp; 29440 | &nbsp;&nbsp;&nbsp;&nbsp; 28262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-C57, Class C<br> 4.16%, 08/15/2053(8) | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 40386 |
| &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; 23806 | &nbsp;&nbsp;&nbsp;&nbsp; 23419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-C10, Class C<br> 4.46%, 12/15/2045(8) | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 14611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-C3, Class D<br> 6.05%, 03/15/2044\*(8) | &nbsp;&nbsp; 8560 | &nbsp;&nbsp;&nbsp;&nbsp; 2782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222035 |
| **U.S. Government Agency — 0.4%** | **U.S. Government Agency — 0.4%** | **U.S. Government Agency — 0.4%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.61%, (-3.00\*SOFR30A+19.52%), 03/15/2035(9) | &nbsp;&nbsp; 5856 | &nbsp;&nbsp;&nbsp;&nbsp; 6061 |
| &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> 5.26%, (SOFR30A+0.95%), 01/25/2045\* | &nbsp;&nbsp; 68975 | &nbsp;&nbsp;&nbsp;&nbsp; 68868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class M1A<br> 5.61%, (SOFR30A+1.30%), 02/25/2042\* | &nbsp;&nbsp; 26332 | &nbsp;&nbsp;&nbsp;&nbsp; 26348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class M2<br> 5.81%, (SOFR30A+1.50%), 10/25/2041\* | &nbsp;&nbsp; 11942 | &nbsp;&nbsp;&nbsp;&nbsp; 11987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA5, Class M2<br> 5.96%, (SOFR30A+1.65%), 01/25/2034\* | &nbsp;&nbsp; 5729 | &nbsp;&nbsp;&nbsp;&nbsp; 5755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class M2<br> 6.11%, (SOFR30A+1.80%), 11/25/2041\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 51364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3, Class A1<br> 6.16%, (SOFR30A+1.85%), 11/25/2043\* | &nbsp;&nbsp; 13602 | &nbsp;&nbsp;&nbsp;&nbsp; 13763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3, Class M1<br> 6.16%, (SOFR30A+1.85%), 11/25/2043\* | &nbsp;&nbsp; 6039 | &nbsp;&nbsp;&nbsp;&nbsp; 6088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA2, Class M1A<br> 6.31%, (SOFR30A+2.00%), 06/25/2043\* | &nbsp;&nbsp; 5610 | &nbsp;&nbsp;&nbsp;&nbsp; 5641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA6, Class M1A<br> 6.46%, (SOFR30A+2.15%), 09/25/2042\* | &nbsp;&nbsp; 4148 | &nbsp;&nbsp;&nbsp;&nbsp; 4179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1A<br> 6.61%, (SOFR30A+2.30%), 08/25/2042\* | &nbsp;&nbsp; 19605 | &nbsp;&nbsp;&nbsp;&nbsp; 19964 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA2, Class M1A<br> 6.96%, (SOFR30A+2.65%), 07/25/2042\* | $13604 | &nbsp;&nbsp;$13898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1A<br> 7.26%, (SOFR30A+2.95%), 06/25/2042\* | &nbsp;&nbsp; 56582 | &nbsp;&nbsp;&nbsp;&nbsp; 57852 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-98, Class FA<br> 5.46%, (SOFR30A+1.15%), 12/25/2053 | &nbsp;&nbsp; 123724 | &nbsp;&nbsp;&nbsp;&nbsp; 123755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-89, Class FA<br> 5.51%, (SOFR30A+1.20%), 12/25/2054 | &nbsp;&nbsp; 183080 | &nbsp;&nbsp;&nbsp;&nbsp; 183457 |
| &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) | &nbsp;&nbsp; 729340 | &nbsp;&nbsp;&nbsp;&nbsp; 46443 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-78, Class QF<br> 5.40%, (SOFR30A+1.10%), 05/20/2054 | &nbsp;&nbsp; 171571 | &nbsp;&nbsp;&nbsp;&nbsp; 172125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817548 |
| **Total Collateralized Mortgage Obligations<br> (cost $3,103,433)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039583 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 6.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 6.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 6.7%** |
| **U.S. Government — 3.1%** | **U.S. Government — 3.1%** | **U.S. Government — 3.1%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2051 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 269625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/15/2051 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 219079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2042 | &nbsp;&nbsp;1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1369700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2052 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 63337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2049 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 235775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/15/2048 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 79105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2053 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 81633 |
| &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; 634410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2030 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 597248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 05/15/2026 to 09/30/2026 | &nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp; 1667954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/31/2029 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 447822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2033 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2033 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 699184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6460196 |
| **U.S. Government Agency — 3.6%** | **U.S. Government Agency — 3.6%** | **U.S. Government Agency — 3.6%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp; 893899 | &nbsp;&nbsp;&nbsp;&nbsp; 752319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2052 | &nbsp;&nbsp; 896800 | &nbsp;&nbsp;&nbsp;&nbsp; 789774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2052 | &nbsp;&nbsp; 897762 | &nbsp;&nbsp;&nbsp;&nbsp; 816213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2035 | &nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp;&nbsp; 877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/01/2029 | &nbsp;&nbsp; 498 | &nbsp;&nbsp;&nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 11/01/2041 | &nbsp;&nbsp; 518660 | &nbsp;&nbsp;&nbsp;&nbsp; 426352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2050 | &nbsp;&nbsp; 911403 | &nbsp;&nbsp;&nbsp;&nbsp; 726358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2051 | &nbsp;&nbsp;1840347 | &nbsp;&nbsp;&nbsp;&nbsp; 1543674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2046 to 10/01/2046 | &nbsp;&nbsp; 200969 | &nbsp;&nbsp;&nbsp;&nbsp; 178444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28%, 12/01/2028 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/2036 | &nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2036 to 11/01/2036 | &nbsp;&nbsp; 18283 | &nbsp;&nbsp;&nbsp;&nbsp; 19182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/01/2033 to 04/01/2035 | &nbsp;&nbsp; 2481 | &nbsp;&nbsp;&nbsp;&nbsp; 2616 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2051 | &nbsp;&nbsp; 787995 | &nbsp;&nbsp;&nbsp;&nbsp; 692924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/20/2052 | &nbsp;&nbsp; 948433 | &nbsp;&nbsp;&nbsp;&nbsp; 857617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/20/2053 | &nbsp;&nbsp; 891224 | &nbsp;&nbsp;&nbsp;&nbsp; 832317 |

---

---

| | | |
|:---|:---|:---|
| **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;6.00%, 11/20/2053 | $19355 | &nbsp;&nbsp;$19943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/20/2037 to 09/20/2037 | &nbsp;&nbsp; 5247 | &nbsp;&nbsp;&nbsp;&nbsp; 5571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7706235 |
| **Total U.S. Government & Agency Obligations<br> (cost $14,612,735)** |  | &nbsp;&nbsp;&nbsp;&nbsp;14166431 |
| **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; 27518 |
| &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; 14600 |
| &nbsp;&nbsp;&nbsp;State of California<br> General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/01/2034 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 34790 |
| **Total Municipal Securities<br> (cost $70,124)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76908 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.5%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.5%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.5%** |
| &nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp; 4345 | &nbsp;&nbsp;&nbsp;&nbsp; 260830 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 Trust ETF | &nbsp;&nbsp; 876 | &nbsp;&nbsp;&nbsp;&nbsp; 541237 |
| &nbsp;&nbsp;&nbsp;SPDR S&P MidCap 400 Trust ETF | &nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 73076 |
| &nbsp;&nbsp;&nbsp;Xtrackers Harvest CSI 300 China A-Shares ETF | &nbsp;&nbsp; 6112 | &nbsp;&nbsp;&nbsp;&nbsp; 168324 |
| **Total Unaffiliated Investment Companies<br> (cost $1,023,628)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043467 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Seventy Seven Energy, Inc. 6.63%, 11/15/2019(1)<br> (cost $4) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| **Total Long-Term Investment Securities<br> (cost $159,831,354)** |  | &nbsp;&nbsp;&nbsp;&nbsp;202887450 |
| **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** |
| **U.S. Government Agency — 1.2%** | **U.S. Government Agency — 1.2%** | **U.S. Government Agency — 1.2%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank Disc. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 07/01/2025 | &nbsp;&nbsp;1609000 | &nbsp;&nbsp;&nbsp;&nbsp; 1608814 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. Disc. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08%, 07/01/2025 | &nbsp;&nbsp;1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633695 |
| **U.S. Government — 0.2%** | **U.S. Government — 0.2%** | **U.S. Government — 0.2%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01%, 07/01/2025 | &nbsp;&nbsp; 409000 | &nbsp;&nbsp;&nbsp;&nbsp; 409000 |
| **Total Short-Term Investments<br> (cost $3,043,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042695 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 2.4%** | **REPURCHASE AGREEMENTS — 2.4%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Bank of America Securities, Inc., bearing interest at 4.39% dated 06/30/2025, to be repurchased 07/01/2025 in the amount of $5,000,610 and collateralized by $4,982,000 of United States Treasury Notes, bearing interest at 4.38% due 12/31/2029 and having an approximate value of $5,113,556<br> (cost $5,000,000) | $5000000 | &nbsp;&nbsp;$5000000 |
| **TOTAL INVESTMENTS<br> (cost $167,874,354)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.8% | &nbsp;&nbsp;&nbsp;&nbsp;210930145 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321008 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$211251153 |

---

---

| | |
|:---|:---|
| † | &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 June 30, 2025, the aggregate value of these securities was $10,028,343 representing 4.7% of net assets. |
| (1) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 1). |
| (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. |

---

(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 June 30, 2025.

---

| |
|:---|
| ADR—American Depositary Receipt |
| 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 June 30, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** |
| **Counterparty (OTC)/<br> Centrally Cleared** | &nbsp;&nbsp;**Pay/<br> Receive** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| Bank of America, N.A. | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Etihad Etisalat Co. | &nbsp;&nbsp;Less than 1-Month SOFR + 1.000% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;06/23/2026 | &nbsp;&nbsp;$113633 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4844 | &nbsp;&nbsp;$4844 |
| Bank of America, N.A. | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Al Rajhi Bank | &nbsp;&nbsp;Less than 1-Month SOFR + 1.000 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;06/23/2026 | &nbsp;&nbsp;&nbsp;205290 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; 7045 | &nbsp;&nbsp;&nbsp; 7045 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$11889 | &nbsp;&nbsp;$11889 |

---

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** |
| 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;$2188895 | &nbsp;&nbsp;&nbsp;&nbsp;$63072 |
| 19 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75748 |
| 6 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4875 |
| 19 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21250 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3453 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$168398 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

#### Futures Contracts — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Numberof<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**ExpirationMonth** | &nbsp;&nbsp;&nbsp;&nbsp;**NotionalBasis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**NotionalValue\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$296080 | &nbsp;&nbsp;&nbsp;&nbsp;$300511 | &nbsp;&nbsp;&nbsp;&nbsp;$(4431) |
| 31 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53039) |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5789) |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9844) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(73103) |
|  |  | &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;$95295 |

---

\* 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;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425600 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65451 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2131) |
|  | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18270 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200703 | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;1297300 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5298 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16839 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132100 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217418 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;31653300 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3598 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5939 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123400 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 627 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2131) |
| Barclays Bank PLC | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9578 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (903) |
|  | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5264 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16) |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43900 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25277 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1494) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29077 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46100 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1270 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50524 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1648 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15820 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20183 | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74200 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1847 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4741 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98500 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155138 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;1479300 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2009 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108258 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;3202800 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3085 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2413) |
| Citibank, N.A. | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272400 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41890 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1365) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276634 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8933) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(10298) |
| Goldman Sachs International | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52171 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1655) |
|  | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89100 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11506 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92621 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8712) |
|  | &nbsp;&nbsp;INR | &nbsp;&nbsp;&nbsp;&nbsp;25029800 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292798 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1402 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91659 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713900 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (293) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44700 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928700 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4722 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18047 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68000 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34900 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7129 | &nbsp;&nbsp;&nbsp;&nbsp;(10660) |
| HSBC Bank PLC | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343100 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48015 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (97) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5276 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (170) |
|  | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;1933200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248498 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958900 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276397 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8302) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81945 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66500 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2675 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81573 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635100 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (292) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81096 | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287200 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4174 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128675 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;18569300 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 983 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5329 | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53900 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4838 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217146 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;2071600 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;$2922 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197361 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256200 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4860 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8863) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;KRW | &nbsp;&nbsp;312046300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230599 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (718) |
|  | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75447 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (506) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351507 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285300 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 11530 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221545 | &nbsp;&nbsp;KRW | &nbsp;&nbsp;312046300 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9772 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1224) |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167400 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109414 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (785) |
|  | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526700 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80996 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2640) |
|  | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (197) |
|  | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259400 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25584 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (163) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132999 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208800 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4454 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50849 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16597 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;2413400 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24566 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41500 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 741 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21227 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10476 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29985 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552300 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4536 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (147) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3932) |
| State Street Bank & Trust Co. | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199400 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128637 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2628) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213318 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6895) |
|  | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320666 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5497) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243768 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386500 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 10664 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63176 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50500 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127397 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108400 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 942 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66838 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48700 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146074 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;21397200 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3330 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18234 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68700 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 792 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89020 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849300 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1202 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115392 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149800 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2846 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35345 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1980) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20902 | &nbsp;&nbsp;&nbsp;&nbsp;(17000) |
| Toronto Dominion Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275380 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;2626900 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3677 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324800 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41938 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80100 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21730 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2052) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160657 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254700 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7012 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40385 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1353 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10737 | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67800 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15856 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;2322600 | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39350 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817300 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4143 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2052) |
| Westpac Banking Corp. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21142 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33500 | &nbsp;&nbsp;07/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 911 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$112378 | &nbsp;&nbsp;$(58573) |

---

---

| |
|:---|
| AUD—Australian Dollar |
| CHF—Swiss Franc |
| CNH—Yuan Renminbi Offshore |
| DKK—Danish Krone |
| EUR—Euro Currency |
| GBP—British Pound |
| HKD—Hong Kong Dollar |

---

---

| |
|:---|
| ILS—Israeli New Sheqel |
| INR—Indian Rupee |
| 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 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

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

------

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;$3358594 | &nbsp;&nbsp;&nbsp;&nbsp;$780114 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$4138708 |
| &nbsp;&nbsp;&nbsp;Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2384032 |
| &nbsp;&nbsp;&nbsp;Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646836 |
| &nbsp;&nbsp;&nbsp;Apparel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639582 |
| &nbsp;&nbsp;&nbsp;Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502954 |
| &nbsp;&nbsp;&nbsp;Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436567 |
| &nbsp;&nbsp;&nbsp;Banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7987844 | &nbsp;&nbsp;&nbsp;&nbsp;5797181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13785025 |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932743 |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2031342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2152750 |
| &nbsp;&nbsp;&nbsp;Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715472 |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813623 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3749913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4535382 |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8417378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8770977 |
| &nbsp;&nbsp;&nbsp;Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308465 |
| &nbsp;&nbsp;&nbsp;Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610945 |
| &nbsp;&nbsp;&nbsp;Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063053 | &nbsp;&nbsp;&nbsp;&nbsp;1032431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5095484 |
| &nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066833 | &nbsp;&nbsp;&nbsp;&nbsp;1454034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4520867 |
| &nbsp;&nbsp;&nbsp;Electronics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473094 |
| &nbsp;&nbsp;&nbsp;Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878582 |
| &nbsp;&nbsp;&nbsp;Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399890 |
| &nbsp;&nbsp;&nbsp;Food | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630735 | &nbsp;&nbsp;&nbsp;&nbsp;1192344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1823079 |
| &nbsp;&nbsp;&nbsp;Food Service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318854 |
| &nbsp;&nbsp;&nbsp;Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379710 |
| &nbsp;&nbsp;&nbsp;Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923904 |
| &nbsp;&nbsp;&nbsp;Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925079 |
| &nbsp;&nbsp;&nbsp;Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604747 |
| &nbsp;&nbsp;&nbsp;Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94785 |
| &nbsp;&nbsp;&nbsp;Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668589 |
| &nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053336 | &nbsp;&nbsp;&nbsp;&nbsp;1690713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6744049 |
| &nbsp;&nbsp;&nbsp;Internet | &nbsp;&nbsp;&nbsp;&nbsp;21126589 | &nbsp;&nbsp;&nbsp;&nbsp;1989415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23116004 |
| &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;484632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484632 |
| &nbsp;&nbsp;&nbsp;Iron/Steel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491960 |
| &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;205557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205557 |
| &nbsp;&nbsp;&nbsp;Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569286 |
| &nbsp;&nbsp;&nbsp;Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758650 |
| &nbsp;&nbsp;&nbsp;Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329780 |
| &nbsp;&nbsp;&nbsp;Mining | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367207 | &nbsp;&nbsp;&nbsp;&nbsp;1071538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438745 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740366 |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956530 | &nbsp;&nbsp;&nbsp;&nbsp;1797648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2754178 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6803089 | &nbsp;&nbsp;&nbsp;&nbsp;2250652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9054595 |
| &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;368814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368814 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435508 |
| &nbsp;&nbsp;&nbsp;REITS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469268 |
| &nbsp;&nbsp;&nbsp;Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019836 | &nbsp;&nbsp;&nbsp;&nbsp;1091367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111203 |
| &nbsp;&nbsp;&nbsp;Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;13985299 | &nbsp;&nbsp;&nbsp;&nbsp;2486895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16472194 |
| &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;93503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93503 |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;14494749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15122463 |
| &nbsp;&nbsp;&nbsp;Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2785378 | &nbsp;&nbsp;&nbsp;&nbsp;1592495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4377873 |
| &nbsp;&nbsp;&nbsp;Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270016 |
| &nbsp;&nbsp;&nbsp;Transportation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1636427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774032 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531568 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61426 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16526709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16526709 |
| 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;72125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72125 |
| Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575779 |
| 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;130051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130051 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3039583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039583 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14166431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14166431 |
| 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;76908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76908 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043467 |

---

------

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio<br>

#### PORTFOLIO OF INVESTMENTS — June 30, 2025— (unaudited) — (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> |  |  |  |  |
| 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;$2 | &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;3042695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042695 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 |
| **Total Investments at Value** | &nbsp;&nbsp;$131785351 | &nbsp;&nbsp;$79143772 | &nbsp;&nbsp;$1022 | &nbsp;&nbsp;$210930145 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$11889 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11889 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168398 |
| 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;112378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112378 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;$168398 | &nbsp;&nbsp;&nbsp;&nbsp;$124267 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$292665 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73103 |
| 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;58573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58573 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$73103 | &nbsp;&nbsp;&nbsp;&nbsp;$58573 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$131676 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 29.5%** | **CORPORATE BONDS & NOTES — 29.5%** | **CORPORATE BONDS & NOTES — 29.5%** |
| **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 | $790000 | &nbsp;&nbsp;$729991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2030 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 143295 |
| &nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.29%, 04/15/2029\* | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 76921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950207 |
| **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; 435619 |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 264211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/01/2029 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 99949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/15/2046 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 30798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/01/2034 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 23796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/01/2050 | &nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp; 67795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 305430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 31647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 05/01/2060 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 57034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 05/01/2027 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 42181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 139710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 407448 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 06/01/2029 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 327350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/2031 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 54667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/15/2054 | &nbsp;&nbsp; 278000 | &nbsp;&nbsp;&nbsp;&nbsp; 269594 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 12/15/2031 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 57721 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/27/2053 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 70834 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741252 |
| **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 08/15/2035 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 564752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83%, 02/20/2031 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 415658 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/20/2035\* | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 217556 |
| &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; 462090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2031 | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 700118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2030 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 92594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/13/2031 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 303834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2033 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 805519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/07/2033 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 136221 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3698342 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp;Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2026\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 31677 |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2028\* | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2029\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47184 |
| &nbsp;&nbsp;&nbsp;British Airways Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 09/15/2036\* | &nbsp;&nbsp; 73147 | &nbsp;&nbsp;&nbsp;&nbsp; 65881 |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/15/2029\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28149 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200465 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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 |  | $290000 | &nbsp;&nbsp;$293773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/11/2035 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 401548 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695321 |
| **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; 467568 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 08/19/2032 |  | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 534249 |
| &nbsp;&nbsp;&nbsp;General Motors Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/15/2028 |  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50760 |
| &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 06/10/2031 |  | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 53402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/15/2030 |  | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 299143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/18/2031 |  | &nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 138712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/08/2031 |  | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24660 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/25/2027\* |  | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/01/2027\* |  | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 88397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/23/2032\* |  | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 48615 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746678 |
| **Banks — 6.1%** | **Banks — 6.1%** | **Banks — 6.1%** | **Banks — 6.1%** |
| &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; 244676 |
| &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; 817166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%, 10/24/2031 |  | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 453484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 07/21/2032 |  | &nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp;&nbsp; 1402992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/21/2036 |  | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 173707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%, 04/29/2031 |  | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 534807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 04/22/2032 |  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 134614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31%, 04/22/2042 |  | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 47578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%, 12/20/2028 |  | &nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 96771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/08/2037 |  | &nbsp;&nbsp; 242000 | &nbsp;&nbsp;&nbsp;&nbsp; 221453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08%, 04/23/2040 |  | &nbsp;&nbsp; 131000 | &nbsp;&nbsp;&nbsp;&nbsp; 113941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%, 04/27/2033 |  | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 43299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/24/2031 |  | &nbsp;&nbsp; 659000 | &nbsp;&nbsp;&nbsp;&nbsp; 675442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 08/15/2035 |  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 |  | &nbsp;&nbsp; 403000 | &nbsp;&nbsp;&nbsp;&nbsp; 403004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74%, 02/12/2036 |  | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11%, 01/29/2037 |  | &nbsp;&nbsp; 119000 | &nbsp;&nbsp;&nbsp;&nbsp; 125666 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 02/11/2031 |  | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06%, 07/22/2032 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 307085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 03/14/2035 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32%, 10/25/2029 |  | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 392929 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59%, 05/04/2037 |  | &nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp;&nbsp; 124929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 02/01/2034 |  | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 72397 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/11/2030 |  | &nbsp;&nbsp; 138000 | &nbsp;&nbsp;&nbsp;&nbsp; 136510 |
| &nbsp;&nbsp;&nbsp;Barclays PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 09/23/2035 |  | &nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp; 191355 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28%, 11/19/2030\* |  | &nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 130440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91%, 11/19/2035\* |  | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 242059 |
| &nbsp;&nbsp;&nbsp;BPCE SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 05/28/2031\* |  | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 585490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/14/2031\* |  | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 637932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.51%, 01/18/2035\* |  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 259530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71%, 10/19/2029\* |  | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 296548 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Citibank, N.A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 05/29/2030 | $795000 | &nbsp;&nbsp;$810263 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 11/03/2042 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 17704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/29/2027 | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 97093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54%, 09/19/2030 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/07/2031 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 667522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 09/19/2039 | &nbsp;&nbsp; 131000 | &nbsp;&nbsp;&nbsp;&nbsp; 127235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/22/2033 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 91261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/31/2033 | &nbsp;&nbsp; 301000 | &nbsp;&nbsp;&nbsp;&nbsp; 316090 |
| &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; 103635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/05/2031 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 481363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 07/23/2032 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 76556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 04/25/2035 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 150903 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22%, 05/27/2031\* | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/10/2035\* | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 379529 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 09/18/2031 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 140319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 01/07/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 180016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/09/2031 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1279682 |
| &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; 28856 |
| &nbsp;&nbsp;&nbsp;FNB Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 12/11/2030 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71402 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 09/10/2027 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 62758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%, 01/27/2032 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 69292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp; 396000 | &nbsp;&nbsp;&nbsp;&nbsp; 345845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21%, 04/22/2042 | &nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 58336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22%, 05/01/2029 | &nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 107384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%, 04/23/2039 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 189315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.48%, 08/23/2028 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 340452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 10/23/2030 | &nbsp;&nbsp; 393000 | &nbsp;&nbsp;&nbsp;&nbsp; 394180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 10/23/2035 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 232157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1113182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22%, 04/23/2031 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 261419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 04/25/2030 | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 192577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 01/28/2056 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2037 | &nbsp;&nbsp; 238000 | &nbsp;&nbsp;&nbsp;&nbsp; 261271 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 06/04/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 319851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 03/03/2031 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 268538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 08/11/2028 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 228181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 05/13/2031 | &nbsp;&nbsp; 1220000 | &nbsp;&nbsp;&nbsp;&nbsp; 1242188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 11/19/2030 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 684453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/04/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33%, 03/09/2044 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 268358 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%, 06/01/2029 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 304826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/19/2041 | &nbsp;&nbsp; 207000 | &nbsp;&nbsp;&nbsp;&nbsp; 145091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 11/08/2032 | &nbsp;&nbsp; 1066000 | &nbsp;&nbsp;&nbsp;&nbsp; 938447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58%, 04/22/2032 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 281318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51%, 01/23/2029 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 465283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 05/01/2028 | &nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp; 223640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96%, 01/29/2027 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 324147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2028 | &nbsp;&nbsp; 517000 | &nbsp;&nbsp;&nbsp;&nbsp; 518546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/25/2028 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 328388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 07/25/2033 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 34197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/22/2035 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 282015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/22/2030 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1079358 |

---

---

| | | | |
|:---|:---|:---|:---|
| **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;5.10%, 04/22/2031 |  | $455000 | &nbsp;&nbsp;$466286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/24/2029 |  | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 595493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 01/23/2035 |  | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 271262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 11/29/2045 |  | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 04/22/2030 |  | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 861836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09%, 10/23/2029 |  | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 383636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/23/2034 |  | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 36953 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 04/04/2031 |  | &nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 152802 |
| &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; 345587 |
| &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; 207654 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%, 02/13/2032 |  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 384995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%, 04/28/2032 |  | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 230847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 |  | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 56932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/22/2031 |  | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 636260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22%, 04/22/2042 |  | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 69799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 04/01/2031 |  | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/18/2030 |  | &nbsp;&nbsp; 699000 | &nbsp;&nbsp;&nbsp;&nbsp; 700333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 01/16/2030 |  | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/15/2031 |  | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 168909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/20/2037 |  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/19/2035 |  | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/20/2029 |  | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 226259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 11/19/2055 |  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66%, 04/18/2030 |  | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 550517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/07/2039 |  | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 118037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41%, 11/01/2029 |  | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 328359 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley VRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59%, 07/22/2028(1) |  | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 201412 |
| &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; 180435 |
| &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; 204076 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/06/2035 |  | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 61153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 06/06/2030 |  | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 60935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 12/10/2037 |  | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp;&nbsp; 96936 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%, 03/27/2028 |  | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/04/2031 |  | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 775627 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/22/2029\* |  | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 546593 |
| &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; 214034 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/08/2033 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/08/2036 |  | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 760000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84%, 07/09/2044 |  | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36603 |
| &nbsp;&nbsp;&nbsp;Swedbank AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 11/16/2026\* |  | &nbsp;&nbsp; 254000 | &nbsp;&nbsp;&nbsp;&nbsp; 245330 |
| &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; 37853 |
| &nbsp;&nbsp;&nbsp;UBS Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44%, 08/11/2028\* |  | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 758522 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%, 11/03/2036 |  | &nbsp;&nbsp; 256000 | &nbsp;&nbsp;&nbsp;&nbsp; 217288 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 04/01/2033\* |  | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36944 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/11/2031 |  | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 49470 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/30/2030 | $69000 | &nbsp;&nbsp;$64469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%, 04/30/2041 | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 54408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/02/2033 | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1292249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/07/2046 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/25/2033 | &nbsp;&nbsp; 603000 | &nbsp;&nbsp;&nbsp;&nbsp; 603117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/23/2031 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 368699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 01/24/2031 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 148746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 04/24/2034 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 353020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%, 07/25/2029 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 237488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 01/15/2044 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 51370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71%, 04/22/2028 | &nbsp;&nbsp; 277000 | &nbsp;&nbsp;&nbsp;&nbsp; 283015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 10/23/2034 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 524655 |
| &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; 229127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43558106 |
| **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; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 112747 |
| &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; 101412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/15/2033\* | &nbsp;&nbsp; 221000 | &nbsp;&nbsp;&nbsp;&nbsp; 220258 |
| &nbsp;&nbsp;&nbsp;Bacardi-Martini BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2035\* | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 392307 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 08/01/2029 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 327735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 05/09/2027 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 34003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/01/2030 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 322640 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/18/2028 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 46596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/05/2042 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 18613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 02/07/2028 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55682 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631993 |
| **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; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 111690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 05/01/2045 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 20417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/02/2028 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2030 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/02/2053 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 79088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2063 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 37915 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2035 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 458269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 05/15/2055 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 44282 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | &nbsp;&nbsp; 588000 | &nbsp;&nbsp;&nbsp;&nbsp; 600166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/15/2035 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37474 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 09/02/2031 | &nbsp;&nbsp; 109000 | &nbsp;&nbsp;&nbsp;&nbsp; 93648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 09/02/2029 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 33675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 09/02/2054 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 39895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637445 |
| **Building Materials — 0.3%** | **Building Materials — 0.3%** | **Building Materials — 0.3%** |
| &nbsp;&nbsp;&nbsp;Amrize Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 04/07/2030\* | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 33442 |
| &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; 731309 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/05/2040 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 74603 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;CRH SMW Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 05/21/2029 | $200000 | &nbsp;&nbsp;$205041 |
| &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; 70122 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 07/15/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 44092 |
| &nbsp;&nbsp;&nbsp;Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2027 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32685 |
| &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/15/2032\* | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 194680 |
| &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; 23317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 733000 | &nbsp;&nbsp;&nbsp;&nbsp; 694035 |
| &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; 132681 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2054 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 40672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276679 |
| **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; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 87264 |
| &nbsp;&nbsp;&nbsp;Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 10/15/2028\* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 128590 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/08/2033 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 69659 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 12/15/2051 | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 56440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 06/15/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2028 | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 60774 |
| &nbsp;&nbsp;&nbsp;Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/15/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24915 |
| &nbsp;&nbsp;&nbsp;Methanex US Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54840 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2028\* | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 46230 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/21/2027 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30455 |
| &nbsp;&nbsp;&nbsp;OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 03/01/2036\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/02/2054 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 334591 |
| &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; 14109 |
| &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; 28300 |
| &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; 32422 | &nbsp;&nbsp;&nbsp;&nbsp; 19210 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2061 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 48350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229890 |
| **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; 16267 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 08/12/2031\* | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 375361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/01/2029\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195841 |
| &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/01/2029\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15666 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/15/2032\* | $18000 | &nbsp;&nbsp;$18832 |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2031 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 197213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2032 | &nbsp;&nbsp; 673000 | &nbsp;&nbsp;&nbsp;&nbsp; 694350 |
| &nbsp;&nbsp;&nbsp;Champions Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2029\* | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 56964 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/01/2029\* | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 68450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2029\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11353 |
| &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/15/2033\* | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 50284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 05/15/2032\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 30818 |
| &nbsp;&nbsp;&nbsp;Ford Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%, 06/01/2070 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 39038 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 05/06/2029 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 50112 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2030\* | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2033\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41912 |
| &nbsp;&nbsp;&nbsp;Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/01/2026\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 25985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63%, 07/15/2029\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 29281 |
| &nbsp;&nbsp;&nbsp;Howard University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29%, 10/01/2026 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 10/01/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 229209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 10/01/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 10/01/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 87223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 10/01/2041 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 69237 |
| &nbsp;&nbsp;&nbsp;Mobius Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 06/01/2030\* | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 66220 |
| &nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2028\* | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 76119 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 01/15/2032 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 55100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 10/01/2030 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 57155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 10/01/2041 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 32619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/09/2034 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65796 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/01/2029 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 81510 |
| &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; 514711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/01/2029 | &nbsp;&nbsp; 404000 | &nbsp;&nbsp;&nbsp;&nbsp; 402270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2032 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 161632 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/15/2032\* | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 45697 |
| &nbsp;&nbsp;&nbsp;Triton Container International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 04/15/2026\* | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 90097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 06/15/2031\* | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 76351 |
| &nbsp;&nbsp;&nbsp;Triton Container International, Ltd./TAL International Container Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/15/2032 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 44934 |
| &nbsp;&nbsp;&nbsp;Veritiv Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 11/30/2030\* | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 51960 |
| &nbsp;&nbsp;&nbsp;VM Consolidated, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2029\* | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 57921 |
| &nbsp;&nbsp;&nbsp;WEX, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/2033\* | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 42374 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4440402 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Accenture Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/04/2034 | $40000 | &nbsp;&nbsp;$38929 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/05/2028 | &nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 138061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 05/11/2050 | &nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp; 66491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/05/2051 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 21267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/13/2045 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 42407 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/15/2035 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 39581 |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/15/2041 | &nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 76234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 02/01/2030 | &nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 98119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/01/2028 | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 79925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/01/2032 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 521274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10%, 07/15/2036 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 85575 |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36667 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/25/2026 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 34053 |
| &nbsp;&nbsp;&nbsp;IBM International Capital Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/05/2031 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 172235 |
| &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; 674739 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/10/2030 | &nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 782275 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/15/2031 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 42446 |
| &nbsp;&nbsp;&nbsp;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2030 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 74881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2035 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 53808 |
| &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; 7880 |
| &nbsp;&nbsp;&nbsp;Seagate HDD Cayman |  |  |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09%, 06/01/2029 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 42882 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129729 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2029\* | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 57621 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 05/22/2032 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 47565 |
| &nbsp;&nbsp;&nbsp;Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/30/2032 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 68652 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173838 |
| **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; 199722 |
| **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2026(3) | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 33804 |
| &nbsp;&nbsp;&nbsp;Aircastle, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2026\*(3) | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 88092 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 01/17/2040 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/14/2033 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 43761 |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 04/25/2031 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 791364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/30/2031 | &nbsp;&nbsp; 837000 | &nbsp;&nbsp;&nbsp;&nbsp; 856645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/16/2028 | &nbsp;&nbsp; 151000 | &nbsp;&nbsp;&nbsp;&nbsp; 152710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67%, 04/25/2036 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38315 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/15/2035 | $480000 | &nbsp;&nbsp;$483531 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 03/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32304 |
| &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; 29720 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18%, 01/30/2036 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 142527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 10/30/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 395446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 11/02/2034 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 639314 |
| &nbsp;&nbsp;&nbsp;Cobra AcquisitionCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/01/2029\* | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 65385 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26466 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 04/01/2032\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31578 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2031\* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55121 |
| &nbsp;&nbsp;&nbsp;goeasy, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 07/01/2029\* | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22679 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2052 | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 71330 |
| &nbsp;&nbsp;&nbsp;Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 11/01/2032\* | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 72687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2033\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/30/2031\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 29460 |
| &nbsp;&nbsp;&nbsp;LFS Topco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2026\* | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 41997 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 01/15/2032 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 72692 |
| &nbsp;&nbsp;&nbsp;Phoenix Aviation Capital, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 07/15/2030\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41429 |
| &nbsp;&nbsp;&nbsp;Planet Financial Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 12/15/2029\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 56053 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/19/2029 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/06/2031 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29253 |
| &nbsp;&nbsp;&nbsp;VFH Parent LLC/Valor Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/15/2031\* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 56668 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/20/2034 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28338 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4637705 |
| **Electric — 4.0%** | **Electric — 4.0%** | **Electric — 4.0%** |
| &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/15/2052 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 21809 |
| &nbsp;&nbsp;&nbsp;AES Andes SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/14/2032\* | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 443596 |
| &nbsp;&nbsp;&nbsp;AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 01/15/2031 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 113652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2028 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 58248 |
| &nbsp;&nbsp;&nbsp;Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/01/2049 | &nbsp;&nbsp; 665000 | &nbsp;&nbsp;&nbsp;&nbsp; 471915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/15/2044 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 367364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/02/2035 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85662 |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 06/15/2026(4) | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24128 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2026 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32513 |

---

---

| | | |
|:---|:---|:---|
| **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;$328431 |
| &nbsp;&nbsp;&nbsp;Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2035 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 456119 |
| &nbsp;&nbsp;&nbsp;Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2031\* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 53419 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2032\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 53844 |
| &nbsp;&nbsp;&nbsp;Cleco Corporate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/15/2029 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 627617 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2050 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 47640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/01/2050 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 70942 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/01/2055 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14496 |
| &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; 324730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/15/2049 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 54449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2044 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 28420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2045 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 35099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2055 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 470080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/15/2054 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 109811 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2030 | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 311707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2030 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 540892 |
| &nbsp;&nbsp;&nbsp;DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/01/2049 | &nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 80052 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2028 | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 84220 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/15/2052 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 22347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/30/2042 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 119847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 01/15/2054 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2038 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42627 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 06/15/2031 | &nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp;&nbsp; 770747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/15/2052 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 175341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2034 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 112979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 168000 | &nbsp;&nbsp;&nbsp;&nbsp; 164034 |
| &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; 348413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/15/2052 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 33876 |
| &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; 415838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/01/2049 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 74620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/15/2043 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 122926 |
| &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2054 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 341925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 04/01/2053 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23639 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | &nbsp;&nbsp; 461000 | &nbsp;&nbsp;&nbsp;&nbsp; 353715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/01/2044 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 733884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2035 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 341440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2055 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 161277 |
| &nbsp;&nbsp;&nbsp;Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2046 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 51547 |
| &nbsp;&nbsp;&nbsp;Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2049 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 23563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 04/15/2055 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16009 |
| &nbsp;&nbsp;&nbsp;Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/30/2039 | &nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 106190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/15/2035 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24196 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 03/13/2028 | $18000 | &nbsp;&nbsp;$18203 |
| &nbsp;&nbsp;&nbsp;Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2033 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 265196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2034 | &nbsp;&nbsp; 1057000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076404 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/15/2047 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 57781 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2028\* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 96906 |
| &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; 75437 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 06/15/2029 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77610 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/15/2051 | &nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp;&nbsp; 70611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2042 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 258921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/15/2030 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 429023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/01/2040 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 181409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2035 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 288966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2034 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 163173 |
| &nbsp;&nbsp;&nbsp;Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2049 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 56278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/29/2035 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 488238 |
| &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; 196022 |
| &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; 124630 |
| &nbsp;&nbsp;&nbsp;Kentucky Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/15/2033\* | &nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 121616 |
| &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 09/15/2030\* | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 54437 |
| &nbsp;&nbsp;&nbsp;Narragansett Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/01/2034\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50633 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 09/16/2027 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 80931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/07/2028 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 53684 |
| &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/15/2033\* | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 55606 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/15/2032 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 76224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2055 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60189 |
| &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; 149519 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2031\* | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 79146 |
| &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; 302217 |
| &nbsp;&nbsp;&nbsp;Ohio Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2033\* | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 322006 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 06/01/2032 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2035\* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 458417 |
| &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; 1089404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 12/01/2047 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 74077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2040 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 33330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2029 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 704517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/15/2033 | &nbsp;&nbsp; 162000 | &nbsp;&nbsp;&nbsp;&nbsp; 166853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/15/2034 | &nbsp;&nbsp; 278000 | &nbsp;&nbsp;&nbsp;&nbsp; 299265 |
| &nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/15/2055 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51978 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Pattern Energy Operations LP/Pattern Energy Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2028\* | $94000 | &nbsp;&nbsp;$91073 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/15/2028 | &nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp;&nbsp; 133848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/15/2030 | &nbsp;&nbsp; 478000 | &nbsp;&nbsp;&nbsp;&nbsp; 489318 |
| &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25201 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/15/2051 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 101316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/15/2028 | &nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 122638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 06/15/2048 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 40201 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/2031 | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 76995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2035 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 514072 |
| &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 08/01/2034 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22927 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2030 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 447558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2034 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 112410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/15/2033 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 185872 |
| &nbsp;&nbsp;&nbsp;Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22%, 03/15/2032 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 150578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 03/15/2035\* | &nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1187066 |
| &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 06/15/2054 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 40178 |
| &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; 149349 |
| &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/2035 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 459498 |
| &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; 129102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2047 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 64637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/01/2043 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 72758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/01/2034 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 266707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2035 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 471175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2053 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 100406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/01/2032 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102620 |
| &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2031\* | &nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 151595 |
| &nbsp;&nbsp;&nbsp;Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2052 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 32763 |
| &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; 89204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2033 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 611218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2034 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp; 735885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/15/2034 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2035 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 376148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2054 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 150286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2054 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/15/2055 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196983 |
| &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; 44945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2031\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6377 |
| &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 09/01/2032 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 35918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/2034 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 450114 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/01/2032 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 440043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/21/2028 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 222136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/15/2035 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 515561 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/15/2029\* | $45000 | &nbsp;&nbsp;$46131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/15/2031\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 64086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28079594 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/15/2027\* | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2032\* | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17383 |
| &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/15/2033\* | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 42377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78490 |
| **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; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 54558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 05/29/2034 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 42116 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/01/2031 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 54427 |
| &nbsp;&nbsp;&nbsp;Imola Merger Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2029\* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 52136 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 03/15/2033 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 40370 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2029\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 53506 |
| &nbsp;&nbsp;&nbsp;Tyco Electronics Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/09/2035 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 47803 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2031 | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp;&nbsp; 103681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448597 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| &nbsp;&nbsp;&nbsp;International Airport Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 03/15/2033\* | &nbsp;&nbsp; 863649 | &nbsp;&nbsp;&nbsp;&nbsp; 925529 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2029 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 49651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975180 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Ontario Gaming GTA LP/OTG Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2030\* | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 69230 |
| &nbsp;&nbsp;&nbsp;SeaWorld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/2029\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 58643 |
| &nbsp;&nbsp;&nbsp;Voyager Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 07/01/2032\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67628 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28%, 03/15/2032 | &nbsp;&nbsp; 1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1332000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp;&nbsp; 58290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 03/15/2052 | &nbsp;&nbsp; 288000 | &nbsp;&nbsp;&nbsp;&nbsp; 177840 |
| &nbsp;&nbsp;&nbsp;WarnerMedia Holdings, Inc. |  |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763631 |
| **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; 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1169236 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%, 02/15/2031 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 162051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/15/2030 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 70290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 11/15/2034 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 363345 |
| &nbsp;&nbsp;&nbsp;Reworld Holding Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2030 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16067 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 01/15/2032 | &nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 100943 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/2035 | $22000 | &nbsp;&nbsp;$22493 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2029 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 385120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/03/2027 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 74236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2035 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 316336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680117 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 77312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2028\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40953 |
| &nbsp;&nbsp;&nbsp;C&S Group Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2028\* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 81262 |
| &nbsp;&nbsp;&nbsp;Cencosud SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 05/28/2031\* | &nbsp;&nbsp; 630000 | &nbsp;&nbsp;&nbsp;&nbsp; 650239 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 11/01/2048 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 52279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/01/2028 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 122987 |
| &nbsp;&nbsp;&nbsp;Hershey Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 02/24/2028 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 39493 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/30/2027 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 69703 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2033 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 272399 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2036\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 540794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/15/2066\* | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27199 |
| &nbsp;&nbsp;&nbsp;Kellanova |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 04/01/2031 | &nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 122595 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/01/2046 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 145625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2049 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 36919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2032 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 34617 |
| &nbsp;&nbsp;&nbsp;Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2046 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 15205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2034 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 32764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2054 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 58854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 09/15/2064 | &nbsp;&nbsp; 104000 | &nbsp;&nbsp;&nbsp;&nbsp; 98450 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/20/2031\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032\* | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1160222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035\* | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 399732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 405979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/01/2055\* | &nbsp;&nbsp; 213000 | &nbsp;&nbsp;&nbsp;&nbsp; 212480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/01/2065\* | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 239588 |
| &nbsp;&nbsp;&nbsp;Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/01/2029\* | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2027\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28939 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/15/2031 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 491703 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2048 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 73111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2046 | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 81199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/23/2030 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 70692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5806705 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 05/15/2026\* | &nbsp;&nbsp; 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 179645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 06/30/2028\* | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22110 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** | **Forest Products & Paper (continued)** |
| &nbsp;&nbsp;&nbsp;Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2029\* | $52000 | &nbsp;&nbsp;$45952 |
| &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; 112339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360046 |
| **Gas — 0.4%** | **Gas — 0.4%** | **Gas — 0.4%** |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42%, 07/18/2054\* | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 37239 |
| &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99%, 03/06/2033\* | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 241105 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49%, 05/15/2027 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 265838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/15/2035 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 327666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/30/2033 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 327266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 04/01/2055 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18801 |
| &nbsp;&nbsp;&nbsp;Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2054 | &nbsp;&nbsp; 631000 | &nbsp;&nbsp;&nbsp;&nbsp; 614231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2055 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 738449 |
| &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2033\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/2035\* | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 45462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624624 |
| **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; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 167044 |
| **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; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 113427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 09/15/2029 | &nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp; 87046 |
| &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; 264136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/06/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206473 |
| &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/01/2029\* | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 421327 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2035 | &nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp;&nbsp; 105476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/15/2027 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103028 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/15/2029\* | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 681360 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2033\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 53172 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/01/2029\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 53717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2029\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49610 |
| &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; 10273 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03%, 10/14/2030 | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp; 521114 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/01/2029 | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 885598 |
| &nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/01/2031\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57224 |
| &nbsp;&nbsp;&nbsp;STERIS PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/15/2051 | &nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 109627 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/31/2029 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 45177 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3767785 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **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 | $885000 | &nbsp;&nbsp;$761973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 08/01/2031 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 364141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/15/2029 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 846190 |
| &nbsp;&nbsp;&nbsp;Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/15/2031 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 32893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/15/2050 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 88148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2047 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 24800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37045 |
| &nbsp;&nbsp;&nbsp;Concentra Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/15/2032\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62122 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/15/2033\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56793 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/15/2052 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11210 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/15/2029 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 32666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2030 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 69977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/15/2051 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 62930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2052 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 75540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2049 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 39088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2031 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2032 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 53666 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2030 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 69467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/15/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/01/2035 | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 543020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/2033 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27903 |
| &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; 204180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/08/2034 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 240165 |
| &nbsp;&nbsp;&nbsp;LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/15/2029\* | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 58719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 08/15/2030\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 54085 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 77360 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2034 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 61696 |
| &nbsp;&nbsp;&nbsp;Select Medical Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/01/2032\* | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 62370 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/15/2040 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 634819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/15/2039 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 229998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2052 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 51109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2031 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 48779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2062 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 120140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/15/2035 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 219133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/15/2054 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 425342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/15/2064 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 233429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 02/15/2063 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55810 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6107732 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| &nbsp;&nbsp;&nbsp;Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/30/2030 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32602 |
| &nbsp;&nbsp;&nbsp;Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2030\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 53824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/2027\* | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100358 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
| &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/01/2032\* | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 58822 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2031\* | $47000 | &nbsp;&nbsp;$47874 |
| &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; 112071 |
| &nbsp;&nbsp;&nbsp;Aon North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2031 | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 100325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2054 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 61097 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 33485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2053 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 66235 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%, 10/02/2026\* | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 88807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 10/04/2031\* | &nbsp;&nbsp; 2130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1845346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86%, 08/27/2026\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 11/13/2031\* | &nbsp;&nbsp; 104000 | &nbsp;&nbsp;&nbsp;&nbsp; 104819 |
| &nbsp;&nbsp;&nbsp;Athene Holding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 05/15/2052 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 18423 |
| &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; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41584 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/23/2035 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/23/2055 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15462 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/15/2029 | &nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 103738 |
| &nbsp;&nbsp;&nbsp;CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 12/10/2027\* | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 549261 |
| &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; 96045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/27/2030\* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 314628 |
| &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; 124763 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/04/2034 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19800 |
| &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; 101777 |
| &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; 31065 |
| &nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/15/2030\* | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 46637 |
| &nbsp;&nbsp;&nbsp;Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 02/01/2061\* | &nbsp;&nbsp; 174000 | &nbsp;&nbsp;&nbsp;&nbsp; 105338 |
| &nbsp;&nbsp;&nbsp;Lincoln Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/28/2028\* | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 533281 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 11/08/2027 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 53390 |
| &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; 233434 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/09/2028\* | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 44754 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/15/2027\* | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 53198 |
| &nbsp;&nbsp;&nbsp;Panther Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 06/01/2031\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47783 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2048 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55711 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Willis North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2027 | $103000 | &nbsp;&nbsp;$103563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/05/2054 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 55661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350866 |
| **Internet — 0.3%** | **Internet — 0.3%** | **Internet — 0.3%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/15/2030 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 465349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2055 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 38410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2065 | &nbsp;&nbsp; 704000 | &nbsp;&nbsp;&nbsp;&nbsp; 689316 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 04/13/2027 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/13/2032 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 27759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/22/2037 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 08/22/2047 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 31348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 12/01/2029 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 53142 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2027\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 51234 |
| &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; 13023 |
| &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; 283408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2027\* | &nbsp;&nbsp; 523000 | &nbsp;&nbsp;&nbsp;&nbsp; 532261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 09/30/2030\* | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38400 |
| &nbsp;&nbsp;&nbsp;GrubHub Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/01/2027\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 63077 |
| &nbsp;&nbsp;&nbsp;Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 10/01/2031\* | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 11632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/01/2030\* | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 36472 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2064 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29317 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415442 |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| &nbsp;&nbsp;&nbsp;Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/08/2032 | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 587531 |
| &nbsp;&nbsp;&nbsp;Ares Strategic Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 09/09/2030\* | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1204193 |
| &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; 195846 |
| &nbsp;&nbsp;&nbsp;Sixth Street Lending Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/15/2030\* | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 646602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634172 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 38199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19547 |
| &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; 4996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/2040 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 4541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/15/2032\* | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 71642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/01/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4695 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2031 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 47725 |
| &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; 15070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 05/01/2027\* | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 40978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/01/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2028\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29679 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 05/23/2027 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 66225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2035 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 62194 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Iron/Steel (continued)** | **Iron/Steel (continued)** | **Iron/Steel (continued)** |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/15/2034 | $33000 | &nbsp;&nbsp;$33508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2055 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 37802 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496702 |
| **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; 42347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2029\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 56585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30694 |
| &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; 7009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032\* | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 74579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 34025 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2033\* | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 83580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328819 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/01/2031\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 55287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19237 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2028 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 489617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/14/2030 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 500361 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/15/2031 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 64470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/15/2032 | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 71817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2037 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27004 |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 84869 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2029\* | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 36725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2027 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360485 |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/16/2029 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/03/2028 | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 83615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 11/15/2029 | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 957345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/14/2027 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095597 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/21/2027 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 87061 |
| &nbsp;&nbsp;&nbsp;Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 01/16/2035 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47918 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/05/2028 | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 09/08/2031 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 72832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 06/05/2030 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 62575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/07/2031 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/14/2028 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40982 |
| &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; 70349 |
| &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; 521189 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Machinery-Diversified (continued)** | **Machinery-Diversified (continued)** | **Machinery-Diversified (continued)** |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/29/2030 | $455000 | &nbsp;&nbsp;$461420 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471571 |
| **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; 53842 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2030\* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 55151 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2034\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 53411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028\* | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 35668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2029\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 57122 |
| &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; 158624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2041 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 54412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2042 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 41644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2050 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 80007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/30/2029 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 424004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/01/2047 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 525086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 06/01/2029 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/23/2035 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 32560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%, 10/23/2045 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 445878 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/01/2051 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 100415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 07/15/2036 | &nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 749215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/2039 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 250699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 07/15/2046 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 145960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 10/15/2028 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 68869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 10/15/2038 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 79644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2064 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 56809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05%, 03/15/2033 | &nbsp;&nbsp; 179000 | &nbsp;&nbsp;&nbsp;&nbsp; 203625 |
| &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; 341319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2028\* | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 58524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/01/2034\* | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 453633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/01/2054\* | &nbsp;&nbsp; 254000 | &nbsp;&nbsp;&nbsp;&nbsp; 235807 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2030\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 141103 |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2030 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 33548 |
| &nbsp;&nbsp;&nbsp;Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 01/25/2049 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 56297 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2044 | &nbsp;&nbsp; 648000 | &nbsp;&nbsp;&nbsp;&nbsp; 515809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 09/01/2043 | &nbsp;&nbsp; 138000 | &nbsp;&nbsp;&nbsp;&nbsp; 120104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/28/2057 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 50827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/30/2062 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/30/2036 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 496670 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2031\* | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 59557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38417 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2041 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 186400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 05/01/2037 | &nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 105348 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/30/2030\* | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 38327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/31/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15017 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2029 | $73000 | &nbsp;&nbsp;$67028 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6769952 |
| **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** |
| &nbsp;&nbsp;&nbsp;Capstone Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/31/2033\* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 81917 |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/2031\* | &nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp; 86899 |
| &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; 522922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034\* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 315961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030\* | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 681515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/06/2033\* | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 233148 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2029\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32502 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Alcan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 543012 |
| &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; 157707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/14/2065 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 426819 |
| &nbsp;&nbsp;&nbsp;South32 Treasury, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 04/14/2032\* | &nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp;&nbsp; 96575 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3178977 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| &nbsp;&nbsp;&nbsp;Siemens Funding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 05/28/2030\* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 504997 |
| **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** | **Oil & Gas — 2.2%** |
| &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; 178595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2031\* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 417903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/2054\* | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 442142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/13/2033\* | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 345373 |
| &nbsp;&nbsp;&nbsp;APA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 43282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/01/2049\* | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 162723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 02/15/2035\* | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 456040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/15/2055\* | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 122800 |
| &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; 197600 |
| &nbsp;&nbsp;&nbsp;Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/15/2032\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 48699 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 04/06/2027 | &nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 147457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81%, 02/13/2033 | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 269639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89%, 09/11/2033 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 300715 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%, 05/11/2030 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 118710 |
| &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; 38968 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/01/2030\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 06/15/2033\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30755 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/2030\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 49537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2029\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4009 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/15/2052 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 5807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%, 03/15/2062 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 349218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 01/15/2065 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 180743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2063 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 631208 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | $496000 | &nbsp;&nbsp;$490977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/15/2034 | &nbsp;&nbsp; 239000 | &nbsp;&nbsp;&nbsp;&nbsp; 241029 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 01/15/2033\* | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 32497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 04/01/2032\* | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/15/2034\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20013 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/24/2051 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 51698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 04/01/2035 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 131411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/18/2054 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 199568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 04/18/2064 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 203617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2053 | &nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 199726 |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 739001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 11/02/2031 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 122449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/01/2032 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 407842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/2036 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 646461 |
| &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; 161000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 09/30/2033\* | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 179277 |
| &nbsp;&nbsp;&nbsp;Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2034\* | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 261911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/19/2035\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 409124 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/2032 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 318831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2036 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 476639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 12/01/2054 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 444148 |
| &nbsp;&nbsp;&nbsp;EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/15/2029\* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 592707 |
| &nbsp;&nbsp;&nbsp;Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 03/15/2033 | &nbsp;&nbsp; 604000 | &nbsp;&nbsp;&nbsp;&nbsp; 683991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30%, 08/15/2031 | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 442320 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 52015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2035 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 39588 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2031\* | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 76186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2035\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14668 |
| &nbsp;&nbsp;&nbsp;Leviathan Bond, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/30/2027\* | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 327208 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/01/2035 | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 73020 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/15/2027\* | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 38512 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/15/2046 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 10998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 01/01/2031 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 76607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2028 | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 74815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 09/15/2036 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40925 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15%, 10/01/2033 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 742382 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/2028 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/23/2045 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 42499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/2032 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 83617 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/29/2026 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 44210 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 67095 |
| &nbsp;&nbsp;&nbsp;Strathcona Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/01/2026\* | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71005 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 02/01/2031\* | $48000 | &nbsp;&nbsp;$49006 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 09/10/2064 | &nbsp;&nbsp; 399000 | &nbsp;&nbsp;&nbsp;&nbsp; 373283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%, 04/05/2064 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 601025 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/30/2030\* | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 53351 |
| &nbsp;&nbsp;&nbsp;Var Energi ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 05/22/2030\* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 435408 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2032\* | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 40186 |
| &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/15/2029\* | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 58609 |
| &nbsp;&nbsp;&nbsp;Woodside Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 05/19/2030 | &nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 137936 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15761333 |
| **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; 15050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 09/01/2032\* | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 58074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/01/2027\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4004 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/01/2043 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 52028 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2029\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51720 |
| &nbsp;&nbsp;&nbsp;Weatherford International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 04/30/2030\* | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 63905 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244781 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 05/25/2031 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 42981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/17/2030\* | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24409 |
| &nbsp;&nbsp;&nbsp;Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2029 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1055931 |
| &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; 5131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/15/2030\* | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 60347 |
| &nbsp;&nbsp;&nbsp;Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2030 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/01/2033\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20137 |
| &nbsp;&nbsp;&nbsp;Iris Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 12/15/2028\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 51353 |
| &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; 19971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2027\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11180 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2033 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 76240 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/01/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49152 |
| &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; 84804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2034 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 46688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585908 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 11/21/2039 | &nbsp;&nbsp; 137000 | &nbsp;&nbsp;&nbsp;&nbsp; 120081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/21/2049 | &nbsp;&nbsp; 113000 | &nbsp;&nbsp;&nbsp;&nbsp; 93091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2031 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 62625 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 02/26/2029 | $96000 | &nbsp;&nbsp;$98173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/03/2028 | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp;&nbsp; 88842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/03/2030 | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 94378 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 08/22/2032 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 34925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 02/13/2028 | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp;&nbsp; 87850 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/01/2042 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 20203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/01/2031 | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 94816 |
| &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; 10078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 03/15/2043 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 128504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2029 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1146739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2029 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2054 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28584 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 12/15/2047 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 42909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 700917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2034 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 94742 |
| &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; 273915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/15/2031 | &nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 316504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/15/2029 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 109299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/01/2030 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 225435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 07/20/2045 | &nbsp;&nbsp; 184000 | &nbsp;&nbsp;&nbsp;&nbsp; 162953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/01/2031 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/10/2055 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22691 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 05/15/2027 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 08/14/2034 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 57473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/12/2030 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47163 |
| &nbsp;&nbsp;&nbsp;GlaxoSmithKline Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2030 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 47374 |
| &nbsp;&nbsp;&nbsp;HLF Financing Sarl LLC/Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2029\* | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 58018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25%, 04/15/2029\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 65285 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/30/2032 | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 84113 |
| &nbsp;&nbsp;&nbsp;Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/18/2031 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 47272 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/19/2033 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 68793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 05/19/2043 | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 78197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/19/2053 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 64193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 05/19/2063 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 29679 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands IV BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 12/01/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203587 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/22/2040 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 22158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/22/2050 | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 55956 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/16/2032 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 39065 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5111109 |
| **Pipelines — 1.6%** | **Pipelines — 1.6%** | **Pipelines — 1.6%** |
| &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; 28951 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/30/2035\* | &nbsp;&nbsp; 916000 | &nbsp;&nbsp;&nbsp;&nbsp; 923202 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 10/01/2031\* | $283000 | &nbsp;&nbsp;$284227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68%, 01/15/2034\* | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 197397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 08/15/2028\* | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 400866 |
| &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; 68616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 11/15/2033\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 419713 |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/30/2033\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 03/15/2029\* | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 39439 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 11/15/2029 | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 363697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/20/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/20/2035 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 177908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/05/2034 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 164386 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2028 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 54763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/01/2043 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 66503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/01/2047 | &nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 104191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2035 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 611156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 12/01/2030 | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 754351 |
| &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; 89269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/31/2051 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 15885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/15/2031 | &nbsp;&nbsp; 292000 | &nbsp;&nbsp;&nbsp;&nbsp; 294221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2036 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/16/2055 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 467894 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2030\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52708 |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 05/15/2032 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2033 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 27184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15685 |
| &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; 139884 |
| &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; 25426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/2032\* | &nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 104561 |
| &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; 168258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2029\* | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 534773 |
| &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 07/15/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 07/15/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15748 |
| &nbsp;&nbsp;&nbsp;ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2029\* | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 87487 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2044 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 51835 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/01/2035 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 35741 |
| &nbsp;&nbsp;&nbsp;NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/15/2029\* | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 49505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 02/15/2032\* | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16048 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/01/2030 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 37305 |
| &nbsp;&nbsp;&nbsp;ONEOK Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 10/01/2036 | &nbsp;&nbsp; 137000 | &nbsp;&nbsp;&nbsp;&nbsp; 147187 |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 134651 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/15/2029 | $185000 | &nbsp;&nbsp;$183583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/01/2034 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 330870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 11/01/2064 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 83437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 09/01/2033 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 367240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 317261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 09/01/2053 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 171479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15%, 01/15/2051 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 43076 |
| &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; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 37339 |
| &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 09/15/2037 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 44726 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/15/2030 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 211773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 537707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 02/15/2036 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2033 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 168625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/30/2034 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 107461 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2032 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 540553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2030 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 44655 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/01/2031\* | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 160988 |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2048 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 20028 |
| &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; 15172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/30/2031\* | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 331317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/30/2034\* | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 172187 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/30/2030 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 51035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/24/2044 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 92114 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11530043 |
| **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; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/15/2027\* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 19795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24689 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2028\* | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 48410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 09/01/2031\* | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2148 |
| &nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/01/2030\* | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 41396 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2029 | &nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 72165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164119 |
| **REITS — 0.5%** | **REITS — 0.5%** | **REITS — 0.5%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 09/15/2031 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 65934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 04/15/2031 | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 757754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/15/2027 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 50981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 02/15/2029 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102322 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/15/2029\* | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 64645 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 12/01/2029\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53186 |
| &nbsp;&nbsp;&nbsp;Cousins Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2032 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 682025 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Crown Castle International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 11/15/2029 | $680000 | &nbsp;&nbsp;$637877 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/11/2028 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/01/2029 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 48510 |
| &nbsp;&nbsp;&nbsp;ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2032 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13148 |
| &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; 24918 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/15/2030 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 28784 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 616924 |
| &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; 23662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2029\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38948 |
| &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; 31243 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2031 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 53224 |
| &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; 18825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 06/15/2032 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 68893 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2030\* | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 53709 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/09/2052 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 30035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2026 | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 83163 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619702 |
| **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; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23327 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/01/2032 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2033 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 395698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 07/15/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 11/01/2033 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 215283 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 07/15/2030\* | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 52224 |
| &nbsp;&nbsp;&nbsp;CEC Entertainment LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2026\* | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 75417 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 10/15/2027 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37071 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 322039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/01/2030\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 31909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2032\* | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3104 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2029 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46168 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/01/2031 | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 88298 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2029\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 47712 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/15/2046 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 28269 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2049 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 51499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/14/2028 | &nbsp;&nbsp; 144000 | &nbsp;&nbsp;&nbsp;&nbsp; 146699 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2031\* | $40000 | &nbsp;&nbsp;$36899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/15/2029 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8843 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 09/01/2027 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 84845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/20/2026 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46815 |
| &nbsp;&nbsp;&nbsp;Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/01/2029\* | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 51379 |
| &nbsp;&nbsp;&nbsp;QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/30/2032\* | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 31936 |
| &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 05/01/2029\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 48545 |
| &nbsp;&nbsp;&nbsp;Saks Global Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00%, 12/15/2029\* | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 23250 |
| &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; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 32431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984957 |
| **Semiconductors — 1.0%** | **Semiconductors — 1.0%** | **Semiconductors — 1.0%** |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 06/15/2029 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 33746 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/15/2031\* | &nbsp;&nbsp; 149000 | &nbsp;&nbsp;&nbsp;&nbsp; 133235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036\* | &nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 102795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 02/15/2028 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 623181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 363527 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/15/2030\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35556 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 01/25/2033\* | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 487240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/25/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 210449 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 02/15/2060 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 156552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp;&nbsp; 140604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047 | &nbsp;&nbsp; 952000 | &nbsp;&nbsp;&nbsp;&nbsp; 671618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/05/2032 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 36974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/25/2050 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 81582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 02/21/2054 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 37614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 34434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 02/10/2063 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 248847 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/15/2031 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 509991 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/01/2032 | &nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003099 |
| &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; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 308200 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2031\* | &nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 861182 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/20/2032 | &nbsp;&nbsp; 634000 | &nbsp;&nbsp;&nbsp;&nbsp; 641397 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 02/15/2028 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 53855 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6775678 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/17/2028 | &nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 79382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/04/2027 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 31447 |
| &nbsp;&nbsp;&nbsp;Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/15/2030\* | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 51124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/15/2030\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6244 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/31/2029\* | $53000 | &nbsp;&nbsp;$53494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/30/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15963 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2049 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 70407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 08/12/2034 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 48176 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 11/01/2031\* | &nbsp;&nbsp; 352000 | &nbsp;&nbsp;&nbsp;&nbsp; 324319 |
| &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; 1940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/2029\* | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 29200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 12/01/2027\* | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 854128 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/25/2028 | &nbsp;&nbsp; 157000 | &nbsp;&nbsp;&nbsp;&nbsp; 149011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 03/25/2031 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 164164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2030 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 522955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2040 | &nbsp;&nbsp; 763000 | &nbsp;&nbsp;&nbsp;&nbsp; 610688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2037 | &nbsp;&nbsp; 143000 | &nbsp;&nbsp;&nbsp;&nbsp; 122413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2060 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 72358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2047 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 65824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/08/2034 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 42739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/03/2032 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 123094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/27/2064 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 200367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/06/2053 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18807 |
| &nbsp;&nbsp;&nbsp;Rackspace Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/15/2028\* | &nbsp;&nbsp; 80460 | &nbsp;&nbsp;&nbsp;&nbsp; 32344 |
| &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; 900789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591377 |
| **Telecommunications — 0.6%** | **Telecommunications — 0.6%** | **Telecommunications — 0.6%** |
| &nbsp;&nbsp;&nbsp;Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2028\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 150459 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2060 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 21676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2035 | &nbsp;&nbsp; 247000 | &nbsp;&nbsp;&nbsp;&nbsp; 235364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/15/2037 | &nbsp;&nbsp; 178000 | &nbsp;&nbsp;&nbsp;&nbsp; 170600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2034 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11314 |
| &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 09/15/2055 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/15/2055 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30429 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/24/2035 | &nbsp;&nbsp; 104000 | &nbsp;&nbsp;&nbsp;&nbsp; 106455 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/15/2049 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 31027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 11/15/2079 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 34887 |
| &nbsp;&nbsp;&nbsp;Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204916 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 70352 |
| &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; 9201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/15/2055 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 43585 |
| &nbsp;&nbsp;&nbsp;Sable International Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 10/15/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200531 |
| &nbsp;&nbsp;&nbsp;Telesat Canada/Telesat LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2027\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 29822 |
| &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; 571836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 02/15/2031 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 138760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2041 | &nbsp;&nbsp; 247000 | &nbsp;&nbsp;&nbsp;&nbsp; 180744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 11/15/2060 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 42675 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/2030 | $130000 | &nbsp;&nbsp;$126258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2035 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 503805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2034 | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 101588 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/03/2041 | &nbsp;&nbsp; 164000 | &nbsp;&nbsp;&nbsp;&nbsp; 116176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2060 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 55995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/22/2041 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 49365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/2052 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/10/2033 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 83596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/02/2035 | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 82683 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/15/2027\* | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 57773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/30/2031\* | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 65814 |
| &nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/15/2032\* | &nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 209908 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/17/2050 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 18706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/04/2081 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 21940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/10/2063 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 42191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/28/2064 | &nbsp;&nbsp; 159000 | &nbsp;&nbsp;&nbsp;&nbsp; 152864 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/01/2028\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 56093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278711 |
| **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; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 59497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2043 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 58175 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/30/2035 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/15/2115 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50932 |
| &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; 133097 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2029 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56903 |
| &nbsp;&nbsp;&nbsp;Star Leasing Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 02/15/2030\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 55531 |
| &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/15/2032\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 59363 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496818 |
| **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; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 70930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/30/2030 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23350 |
| &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; 329924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2030\* | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 74700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/30/2029\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/01/2028\* | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 75013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 06/15/2030\* | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 56513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663244 |
| **Total Corporate Bonds & Notes<br> (cost $211,057,118)** |  | &nbsp;&nbsp;&nbsp;&nbsp;209363993 |
| **ASSET BACKED SECURITIES — 3.4%** | **ASSET BACKED SECURITIES — 3.4%** | **ASSET BACKED SECURITIES — 3.4%** |
| **Auto Loan Receivables — 0.5%** | **Auto Loan Receivables — 0.5%** | **Auto Loan Receivables — 0.5%** |
| &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; 133123 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** |
| &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2, Class B<br> 4.81%, 08/15/2029 | $1030000 | &nbsp;&nbsp;$1033864 |
| &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; 270579 |
| &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; 20513 | &nbsp;&nbsp;&nbsp;&nbsp; 20532 |
| &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; 173950 |
| &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; 276022 |
| &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; 438002 |
| &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; 64530 |
| &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; 85349 | &nbsp;&nbsp;&nbsp;&nbsp; 85390 |
| &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; 96514 | &nbsp;&nbsp;&nbsp;&nbsp; 97211 |
| &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class B<br> 5.71%, 01/22/2030\* | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 220012 |
| &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; 140824 |
| &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; 40557 |
| &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; 253310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247906 |
| **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; 151587 |
| &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; 203572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355159 |
| **Other Asset Backed Securities — 2.9%** | **Other Asset Backed Securities — 2.9%** | **Other Asset Backed Securities — 2.9%** |
| &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; 50772 | &nbsp;&nbsp;&nbsp;&nbsp; 49307 |
| &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; 489590 |
| &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO X, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-10A, Class A1RR<br> 5.74%, (TSFR3M+1.47%), 04/20/2034\* | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 680903 |
| &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXI, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-31A, Class BR<br> 6.03%, (TSFR3M+1.75%), 04/25/2038\* | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 516503 |

---

---

| | | |
|:---|:---|:---|
| **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;Blue Owl Asset Leasing Trust LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class B<br> 5.41%, 03/15/2030\* | $100000 | &nbsp;&nbsp;$101000 |
| &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; 90675 |
| &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; 194836 |
| &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; 101800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A2<br> 1.99%, 07/15/2060\* | &nbsp;&nbsp; 222413 | &nbsp;&nbsp;&nbsp;&nbsp; 205580 |
| &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; 126370 |
| &nbsp;&nbsp;&nbsp;Columbia Cent CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-27A, Class AR<br> 5.73%, (TSFR3M+1.45%), 01/25/2035\* | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 720865 |
| &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; 1346175 | &nbsp;&nbsp;&nbsp;&nbsp; 1173801 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2I<br> 2.66%, 04/25/2051\* | &nbsp;&nbsp; 486250 | &nbsp;&nbsp;&nbsp;&nbsp; 453690 |
| &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; 310956 |
| &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; 717816 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class BR<br> 6.08%, (TSFR3M+1.75%), 04/16/2036\* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 450903 |
| &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; 1025497 | &nbsp;&nbsp;&nbsp;&nbsp; 1020506 |
| &nbsp;&nbsp;&nbsp;Golub Capital Partners CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-68A, Class B<br> 7.08%, (TSFR3M+2.80%), 07/25/2036\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400978 |
| &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; 305819 | &nbsp;&nbsp;&nbsp;&nbsp; 270811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A, Class A<br> 5.51%, 10/15/2071\* | &nbsp;&nbsp; 383407 | &nbsp;&nbsp;&nbsp;&nbsp; 391808 |
| &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; 456622 |
| &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; 43970 | &nbsp;&nbsp;&nbsp;&nbsp; 43528 |
| &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; 421131 |
| &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; 115634 |
| &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; 101275 |
| &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; 221093 | &nbsp;&nbsp;&nbsp;&nbsp; 219847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL6, Class A1<br> 5.74%, 06/25/2055\*(4) | &nbsp;&nbsp; 905000 | &nbsp;&nbsp;&nbsp;&nbsp; 905062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL5, Class A1<br> 5.96%, 09/25/2054\*(4) | &nbsp;&nbsp; 93976 | &nbsp;&nbsp;&nbsp;&nbsp; 94078 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL3, Class A1<br> 6.71%, 04/25/2055\*(4) | $536140 | &nbsp;&nbsp;$540795 |
| &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; 297888 | &nbsp;&nbsp;&nbsp;&nbsp; 284454 |
| &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; 396311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR5, Class A<br> 4.45%, 06/17/2039\* | &nbsp;&nbsp; 181526 | &nbsp;&nbsp;&nbsp;&nbsp; 181332 |
| &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; 305941 |
| &nbsp;&nbsp;&nbsp;QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2<br> 5.44%, 05/25/2055\* | &nbsp;&nbsp; 1465000 | &nbsp;&nbsp;&nbsp;&nbsp; 1484595 |
| &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2A<br> 5.00%, 09/15/2048\* | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 669317 |
| &nbsp;&nbsp;&nbsp;RR 23, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-23A, Class A2R2<br> 5.97%, (TSFR3M+1.65%), 07/15/2037\* | &nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 990000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-23A, Class A2R<br> 6.91%, (TSFR3M+2.65%), 10/15/2035\* | &nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 990000 |
| &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; 127220 | &nbsp;&nbsp;&nbsp;&nbsp; 121503 |
| &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; 388164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2<br> 5.90%, 03/25/2049\* | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 208396 |
| &nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A<br> 5.05%, 09/15/2045\* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 302156 |
| &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; 285906 |
| &nbsp;&nbsp;&nbsp;Texas Debt Capital CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class BR<br> 5.97%, (TSFR3M+1.65%), 07/20/2038\* | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 565000 |
| &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; 164824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR2, Class A<br> 4.75%, 06/17/2040\* | &nbsp;&nbsp; 134739 | &nbsp;&nbsp;&nbsp;&nbsp; 135086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-SFR1, Class A<br> 5.10%, 07/17/2040\* | &nbsp;&nbsp; 264356 | &nbsp;&nbsp;&nbsp;&nbsp; 266461 |
| &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; 416154 | &nbsp;&nbsp;&nbsp;&nbsp; 405977 |
| &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; 266052 |
| &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; 173166 |
| &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; 449182 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20400493 |
| **Total Asset Backed Securities<br> (cost $23,647,023)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24003558 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 7.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 7.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 7.3%** |
| **Commercial and Residential — 6.0%** | **Commercial and Residential — 6.0%** | **Commercial and Residential — 6.0%** |
| &nbsp;&nbsp;&nbsp;1211 Avenue of the Americas Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-1211, Class A1A2<br> 3.90%, 08/10/2035\* | $1440000 | &nbsp;&nbsp;$1377014 |
| &nbsp;&nbsp;&nbsp;280 Park Avenue Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-280P, Class E<br> 6.73%, (TSFR1M+2.42%), 09/15/2034\* | &nbsp;&nbsp; 339000 | &nbsp;&nbsp;&nbsp;&nbsp; 326288 |
| &nbsp;&nbsp;&nbsp;ALA Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-OANA, Class A<br> 6.04%, (TSFR1M+1.74%), 06/15/2040\* | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 236249 |
| &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; 107600 | &nbsp;&nbsp;&nbsp;&nbsp; 102311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A1<br> 0.99%, 04/25/2066\*(1) | &nbsp;&nbsp; 200816 | &nbsp;&nbsp;&nbsp;&nbsp; 171767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A1<br> 1.07%, 05/25/2066\*(1) | &nbsp;&nbsp; 388298 | &nbsp;&nbsp;&nbsp;&nbsp; 330619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8, Class A1<br> 1.82%, 11/25/2066\*(1) | &nbsp;&nbsp; 336628 | &nbsp;&nbsp;&nbsp;&nbsp; 299111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-5, Class A1<br> 2.59%, 10/25/2049\*(1) | &nbsp;&nbsp; 29940 | &nbsp;&nbsp;&nbsp;&nbsp; 29507 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A1<br> 4.00%, 01/25/2067\* | &nbsp;&nbsp; 807503 | &nbsp;&nbsp;&nbsp;&nbsp; 776027 |
| &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; 454051 |
| &nbsp;&nbsp;&nbsp;BANK VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BN14, Class XA<br> 0.65%, 09/15/2060(1)(5) | &nbsp;&nbsp; 8201635 | &nbsp;&nbsp;&nbsp;&nbsp; 100714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN24, Class XA<br> 0.75%, 11/15/2062(1)(5) | &nbsp;&nbsp; 2208701 | &nbsp;&nbsp;&nbsp;&nbsp; 55354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN23, Class XA<br> 0.80%, 12/15/2052(1)(5) | &nbsp;&nbsp; 6691815 | &nbsp;&nbsp;&nbsp;&nbsp; 169707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK8, Class XA<br> 0.84%, 11/15/2050(1)(5) | &nbsp;&nbsp; 6909019 | &nbsp;&nbsp;&nbsp;&nbsp; 93816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN20, Class XA<br> 0.92%, 09/15/2062(1)(5) | &nbsp;&nbsp; 4043955 | &nbsp;&nbsp;&nbsp;&nbsp; 118250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN18, Class XA<br> 1.03%, 05/15/2062(1)(5) | &nbsp;&nbsp; 2825017 | &nbsp;&nbsp;&nbsp;&nbsp; 79517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BNK45, Class XA<br> 1.21%, 02/15/2056(1)(5) | &nbsp;&nbsp; 1201929 | &nbsp;&nbsp;&nbsp;&nbsp; 66489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN28, Class XA<br> 1.87%, 03/15/2063(1)(5) | &nbsp;&nbsp; 4655338 | &nbsp;&nbsp;&nbsp;&nbsp; 339437 |
| &nbsp;&nbsp;&nbsp;BBCMS Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-C32, Class XA<br> 1.36%, 02/15/2062(1)(5) | &nbsp;&nbsp; 1264285 | &nbsp;&nbsp;&nbsp;&nbsp; 107981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C24, Class XA<br> 1.86%, 02/15/2057(1)(5) | &nbsp;&nbsp; 1605170 | &nbsp;&nbsp;&nbsp;&nbsp; 158151 |
| &nbsp;&nbsp;&nbsp;Benchmark Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B11, Class A2<br> 3.41%, 05/15/2052 | &nbsp;&nbsp; 7970 | &nbsp;&nbsp;&nbsp;&nbsp; 7890 |
| &nbsp;&nbsp;&nbsp;Benchmark Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B4, Class XA<br> 0.62%, 07/15/2051(1)(5) | &nbsp;&nbsp; 3811038 | &nbsp;&nbsp;&nbsp;&nbsp; 40427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B1, Class XA<br> 0.67%, 01/15/2051(1)(5) | &nbsp;&nbsp; 1664609 | &nbsp;&nbsp;&nbsp;&nbsp; 18012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B8, Class XA<br> 0.78%, 01/15/2052(1)(5) | &nbsp;&nbsp; 8219953 | &nbsp;&nbsp;&nbsp;&nbsp; 139633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B12, Class XA<br> 1.20%, 08/15/2052(1)(5) | &nbsp;&nbsp; 1825829 | &nbsp;&nbsp;&nbsp;&nbsp; 51280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B10, Class XA<br> 1.38%, 03/15/2062(1)(5) | &nbsp;&nbsp; 4746245 | &nbsp;&nbsp;&nbsp;&nbsp; 181155 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B22, Class XA<br> 1.62%, 01/15/2054(1)(5) | $2144217 | &nbsp;&nbsp;$140914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B18, Class XA<br> 1.92%, 07/15/2053(1)(5) | &nbsp;&nbsp; 1145397 | &nbsp;&nbsp;&nbsp;&nbsp; 56702 |
| &nbsp;&nbsp;&nbsp;BOCA Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BOCA, Class B<br> 6.65%, (TSFR1M+2.34%), 08/15/2041\* | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 321000 |
| &nbsp;&nbsp;&nbsp;BPR Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-STAR, Class A<br> 7.54%, (TSFR1M+3.23%), 08/15/2039\* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 510087 |
| &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; 162411 |
| &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; 105073 | &nbsp;&nbsp;&nbsp;&nbsp; 98211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 0.97%, 03/25/2060\*(1) | &nbsp;&nbsp; 68277 | &nbsp;&nbsp;&nbsp;&nbsp; 66188 |
| &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; 167568 | &nbsp;&nbsp;&nbsp;&nbsp; 163556 |
| &nbsp;&nbsp;&nbsp;BWAY Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1535, Class B<br> 7.71%, 05/05/2042\*(1) | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 461740 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-IMC, Class A<br> 5.36%, (TSFR1M+1.05%), 04/15/2034\* | &nbsp;&nbsp; 94196 | &nbsp;&nbsp;&nbsp;&nbsp; 93489 |
| &nbsp;&nbsp;&nbsp;BX Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PAT, Class B<br> 7.35%, (TSFR1M+3.04%), 03/15/2041\* | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 67000 |
| &nbsp;&nbsp;&nbsp;CD Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-CD2, Class A4<br> 3.53%, 11/10/2049(1) | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1255086 |
| &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; 76511 | &nbsp;&nbsp;&nbsp;&nbsp; 70965 |
| &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; 439736 | &nbsp;&nbsp;&nbsp;&nbsp; 438941 |
| &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; 197940 | &nbsp;&nbsp;&nbsp;&nbsp; 193411 |
| &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; 318264 | &nbsp;&nbsp;&nbsp;&nbsp; 273755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A1<br> 0.96%, 09/27/2066\*(1) | &nbsp;&nbsp; 567809 | &nbsp;&nbsp;&nbsp;&nbsp; 473384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5, Class A1<br> 4.55%, 04/25/2067\*(1) | &nbsp;&nbsp; 703632 | &nbsp;&nbsp;&nbsp;&nbsp; 705069 |
| &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; 176842 |
| &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; 684104 |
| &nbsp;&nbsp;&nbsp;Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HC, Class D<br> 4.08%, 01/10/2039\*(1) | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 175262 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01, Class 1M2<br> 6.11%, (SOFR30A+1.80%), 01/25/2044\* | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 111156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02, Class 1M2<br> 6.11%, (SOFR30A+1.80%), 02/25/2044\* | &nbsp;&nbsp; 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 147229 |

---

---

| | | |
|:---|:---|:---|
| **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-R01, Class 1B1<br> 7.41%, (SOFR30A+3.10%), 10/25/2041\* | $782000 | &nbsp;&nbsp;$800951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1B1<br> 7.46%, (SOFR30A+3.15%), 12/25/2041\* | &nbsp;&nbsp; 311000 | &nbsp;&nbsp;&nbsp;&nbsp; 319260 |
| &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; 3953 |
| &nbsp;&nbsp;&nbsp;CSAIL Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C2, Class XA<br> 0.42%, 06/15/2057(1)(5) | &nbsp;&nbsp; 845606 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C6, Class XA<br> 2.01%, 01/15/2049(1)(5) | &nbsp;&nbsp; 1617922 | &nbsp;&nbsp;&nbsp;&nbsp; 7645 |
| &nbsp;&nbsp;&nbsp;CSMC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM5, Class A1<br> 0.94%, 05/25/2066\*(1) | &nbsp;&nbsp; 304824 | &nbsp;&nbsp;&nbsp;&nbsp; 257924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 1.18%, 02/25/2066\*(1) | &nbsp;&nbsp; 407920 | &nbsp;&nbsp;&nbsp;&nbsp; 365385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM8, Class A1<br> 1.84%, 10/25/2066\*(1) | &nbsp;&nbsp; 368629 | &nbsp;&nbsp;&nbsp;&nbsp; 330676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1, Class A1<br> 2.27%, 11/25/2066\*(1) | &nbsp;&nbsp; 647356 | &nbsp;&nbsp;&nbsp;&nbsp; 588755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-FHA1, Class A1<br> 3.25%, 04/25/2047\*(1) | &nbsp;&nbsp; 266020 | &nbsp;&nbsp;&nbsp;&nbsp; 242724 |
| &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; 1514040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4, Class A1<br> 4.12%, 12/27/2060\*(1) | &nbsp;&nbsp; 221775 | &nbsp;&nbsp;&nbsp;&nbsp; 220881 |
| &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; 1592062 |
| &nbsp;&nbsp;&nbsp;DBJPM Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-C9, Class XA<br> 1.82%, 09/15/2053(1)(5) | &nbsp;&nbsp; 870680 | &nbsp;&nbsp;&nbsp;&nbsp; 37223 |
| &nbsp;&nbsp;&nbsp;DC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HLTN, Class A<br> 5.93%, 04/13/2040\*(1) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HLTN, Class C<br> 7.29%, 04/13/2040\*(1) | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74943 |
| &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; 129241 | &nbsp;&nbsp;&nbsp;&nbsp; 114160 |
| &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; 145232 | &nbsp;&nbsp;&nbsp;&nbsp; 121263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A1<br> 2.21%, 01/25/2067\*(1) | &nbsp;&nbsp; 982764 | &nbsp;&nbsp;&nbsp;&nbsp; 851720 |
| &nbsp;&nbsp;&nbsp;GCAT Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1<br> 0.87%, 01/25/2066\*(1) | &nbsp;&nbsp; 327014 | &nbsp;&nbsp;&nbsp;&nbsp; 291893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 1.04%, 05/25/2066\*(1) | &nbsp;&nbsp; 288443 | &nbsp;&nbsp;&nbsp;&nbsp; 246512 |
| &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; 1235816 | &nbsp;&nbsp;&nbsp;&nbsp; 1066125 |
| &nbsp;&nbsp;&nbsp;GS Mtg. Securities Corp. II VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70P, Class B<br> 5.89%, 03/10/2041\*(1) | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 485710 |
| &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; 1220344 |
| &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; 1298731 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;GS Mtg. Securities Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GC45, Class XA<br> 0.73%, 02/13/2053(1)(5) | $4694116 | &nbsp;&nbsp;$106140 |
| &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; 1080346 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NNN, Class AFX<br> 2.81%, 01/16/2037\* | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 272978 |
| &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; 1333676 |
| &nbsp;&nbsp;&nbsp;Legacy Mtg. Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS2, Class A1<br> 5.75%, 04/25/2061\*(4) | &nbsp;&nbsp; 201016 | &nbsp;&nbsp;&nbsp;&nbsp; 200970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS3, Class A1<br> 5.75%, 07/25/2061\*(4) | &nbsp;&nbsp; 288040 | &nbsp;&nbsp;&nbsp;&nbsp; 287124 |
| &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; 94100 | &nbsp;&nbsp;&nbsp;&nbsp; 90052 |
| &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; 26161 | &nbsp;&nbsp;&nbsp;&nbsp; 24598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 1.03%, 11/25/2064\*(1) | &nbsp;&nbsp; 195146 | &nbsp;&nbsp;&nbsp;&nbsp; 171845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1<br> 1.15%, 04/25/2065\*(1) | &nbsp;&nbsp; 121503 | &nbsp;&nbsp;&nbsp;&nbsp; 113694 |
| &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; 333728 | &nbsp;&nbsp;&nbsp;&nbsp; 324925 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-H1, Class XA<br> 1.45%, 06/15/2050(1)(5) | &nbsp;&nbsp; 1374649 | &nbsp;&nbsp;&nbsp;&nbsp; 21950 |
| &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; 215461 | &nbsp;&nbsp;&nbsp;&nbsp; 218372 |
| &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; 90683 | &nbsp;&nbsp;&nbsp;&nbsp; 86339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM4, Class A1<br> 2.49%, 09/25/2059\*(1) | &nbsp;&nbsp; 52096 | &nbsp;&nbsp;&nbsp;&nbsp; 49694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-5A, Class A1B<br> 3.50%, 08/25/2059\*(1) | &nbsp;&nbsp; 213831 | &nbsp;&nbsp;&nbsp;&nbsp; 203037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-2A, Class A1<br> 3.75%, 11/26/2035\*(1) | &nbsp;&nbsp; 243090 | &nbsp;&nbsp;&nbsp;&nbsp; 235305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1<br> 3.75%, 11/25/2056\*(1) | &nbsp;&nbsp; 240027 | &nbsp;&nbsp;&nbsp;&nbsp; 229998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A, Class A1<br> 4.00%, 05/25/2057\*(1) | &nbsp;&nbsp; 264177 | &nbsp;&nbsp;&nbsp;&nbsp; 253617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-5A, Class A1<br> 4.75%, 12/25/2057\*(1) | &nbsp;&nbsp; 176948 | &nbsp;&nbsp;&nbsp;&nbsp; 176357 |
| &nbsp;&nbsp;&nbsp;NJ VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-WBRK, Class A<br> 5.87%, 03/05/2035\*(1) | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 232411 |
| &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; 562171 |
| &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; 587508 | &nbsp;&nbsp;&nbsp;&nbsp; 514069 |
| &nbsp;&nbsp;&nbsp;NYC Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3BP, Class B<br> 6.00%, (TSFR1M+1.69%), 02/15/2042\* | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 584838 |

---

---

| | | |
|:---|:---|:---|
| **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;OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM6, Class A1<br> 4.70%, 07/25/2062\*(4) | $223705 | &nbsp;&nbsp;$223909 |
| &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; 845445 | &nbsp;&nbsp;&nbsp;&nbsp; 691719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1<br> 1.07%, 02/25/2066\*(1) | &nbsp;&nbsp; 396441 | &nbsp;&nbsp;&nbsp;&nbsp; 340497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 1.10%, 05/25/2061\*(1) | &nbsp;&nbsp; 477481 | &nbsp;&nbsp;&nbsp;&nbsp; 393978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4, Class A1<br> 1.96%, 10/25/2061\*(1) | &nbsp;&nbsp; 175958 | &nbsp;&nbsp;&nbsp;&nbsp; 149174 |
| &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; 609969 |
| &nbsp;&nbsp;&nbsp;PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL4, Class A1<br> 3.00%, 05/25/2055\*(4) | &nbsp;&nbsp; 1138971 | &nbsp;&nbsp;&nbsp;&nbsp; 1064741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-6, Class A1<br> 5.70%, 11/25/2029\*(4) | &nbsp;&nbsp; 103894 | &nbsp;&nbsp;&nbsp;&nbsp; 104137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A1<br> 5.87%, 04/25/2026\*(4) | &nbsp;&nbsp; 348695 | &nbsp;&nbsp;&nbsp;&nbsp; 349024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3, Class A1<br> 6.26%, 05/25/2030\*(4) | &nbsp;&nbsp; 104219 | &nbsp;&nbsp;&nbsp;&nbsp; 104800 |
| &nbsp;&nbsp;&nbsp;RCO VIII Mtg. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3, Class A1<br> 6.43%, 05/25/2030\*(4) | &nbsp;&nbsp; 93705 | &nbsp;&nbsp;&nbsp;&nbsp; 92865 |
| &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; 627130 | &nbsp;&nbsp;&nbsp;&nbsp; 639040 |
| &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; 518426 |
| &nbsp;&nbsp;&nbsp;SG Commercial Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-COVE, Class A<br> 2.63%, 03/15/2037\* | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 910018 |
| &nbsp;&nbsp;&nbsp;SG Residential Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A1<br> 3.17%, 03/27/2062\*(1) | &nbsp;&nbsp; 391684 | &nbsp;&nbsp;&nbsp;&nbsp; 362207 |
| &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; 20231 | &nbsp;&nbsp;&nbsp;&nbsp; 18547 |
| &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; 234078 | &nbsp;&nbsp;&nbsp;&nbsp; 219005 |
| &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; 81348 | &nbsp;&nbsp;&nbsp;&nbsp; 76177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6, Class A1<br> 1.92%, 11/25/2066\*(1) | &nbsp;&nbsp; 556740 | &nbsp;&nbsp;&nbsp;&nbsp; 492991 |
| &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; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 104738 |
| &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; 375286 | &nbsp;&nbsp;&nbsp;&nbsp; 362590 |
| &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; 1015657 | &nbsp;&nbsp;&nbsp;&nbsp; 884317 |
| &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; 812843 | &nbsp;&nbsp;&nbsp;&nbsp; 730283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A1<br> 4.13%, 02/25/2067\*(4) | &nbsp;&nbsp; 316158 | &nbsp;&nbsp;&nbsp;&nbsp; 302316 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R2, Class A1<br> 0.92%, 02/25/2064\*(1) | $170213 | &nbsp;&nbsp;$157391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A1<br> 0.94%, 07/25/2066\*(1) | &nbsp;&nbsp; 259712 | &nbsp;&nbsp;&nbsp;&nbsp; 215494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A1<br> 1.03%, 02/25/2066\*(1) | &nbsp;&nbsp; 141352 | &nbsp;&nbsp;&nbsp;&nbsp; 125443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8, Class A1<br> 1.82%, 11/25/2066\*(1) | &nbsp;&nbsp; 370671 | &nbsp;&nbsp;&nbsp;&nbsp; 338476 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-NXS3, Class XA<br> 0.98%, 09/15/2057(1)(5) | &nbsp;&nbsp; 4239099 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-NXS1, Class D<br> 4.04%, 05/15/2048(1) | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 72549 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42911166 |
| **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. Multifamily Structured Pass Through Certs. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K064, Class X1<br> 0.72%, 03/25/2027(1)(5) | &nbsp;&nbsp; 4522310 | &nbsp;&nbsp;&nbsp;&nbsp; 37725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K124, Class X1<br> 0.81%, 12/25/2030(1)(5) | &nbsp;&nbsp; 3460634 | &nbsp;&nbsp;&nbsp;&nbsp; 112149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K122, Class X1<br> 0.96%, 11/25/2030(1)(5) | &nbsp;&nbsp; 873024 | &nbsp;&nbsp;&nbsp;&nbsp; 33067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K121, Class X1<br> 1.11%, 10/25/2030(1)(5) | &nbsp;&nbsp; 1590308 | &nbsp;&nbsp;&nbsp;&nbsp; 67509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K114, Class X1<br> 1.21%, 06/25/2030(1)(5) | &nbsp;&nbsp; 2870127 | &nbsp;&nbsp;&nbsp;&nbsp; 132061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K104, Class X1<br> 1.23%, 01/25/2030(1)(5) | &nbsp;&nbsp; 2387051 | &nbsp;&nbsp;&nbsp;&nbsp; 99601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K111, Class X1<br> 1.68%, 05/25/2030(1)(5) | &nbsp;&nbsp; 1107019 | &nbsp;&nbsp;&nbsp;&nbsp; 69218 |
| &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; 641482 | &nbsp;&nbsp;&nbsp;&nbsp; 513616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4961, Class JB<br> 2.50%, 12/15/2042 | &nbsp;&nbsp; 274266 | &nbsp;&nbsp;&nbsp;&nbsp; 252340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3883, Class PB<br> 3.00%, 05/15/2041 | &nbsp;&nbsp; 80313 | &nbsp;&nbsp;&nbsp;&nbsp; 77257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4740, Class BA<br> 3.00%, 09/15/2045 | &nbsp;&nbsp; 21525 | &nbsp;&nbsp;&nbsp;&nbsp; 21137 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Seasoned Credit Risk TransferTrust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class MA<br> 2.50%, 08/25/2059 | &nbsp;&nbsp; 235136 | &nbsp;&nbsp;&nbsp;&nbsp; 214262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class MV<br> 3.50%, 10/25/2058 | &nbsp;&nbsp; 192571 | &nbsp;&nbsp;&nbsp;&nbsp; 180120 |
| &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> 5.96%, (SOFR30A+1.65%), 01/25/2034\* | &nbsp;&nbsp; 43811 | &nbsp;&nbsp;&nbsp;&nbsp; 44005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1B<br> 7.21%, (SOFR30A+2.90%), 04/25/2042\* | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 803400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA3, Class B1<br> 7.66%, (SOFR30A+3.35%), 09/25/2041\* | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 863787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M1B<br> 7.66%, (SOFR30A+3.35%), 05/25/2042\* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 457215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class B1<br> 7.71%, (SOFR30A+3.40%), 10/25/2041\* | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 354296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA1, Class M1B<br> 7.81%, (SOFR30A+3.50%), 05/25/2043\* | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 887210 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1B<br> 7.86%, (SOFR30A+3.55%), 08/25/2042\* | $135000 | &nbsp;&nbsp;$141244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class B1<br> 7.96%, (SOFR30A+3.65%), 11/25/2041\* | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 338740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA2, Class M1B<br> 8.31%, (SOFR30A+4.00%), 07/25/2042\* | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 353529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1B<br> 8.81%, (SOFR30A+4.50%), 06/25/2042\* | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 568627 |
| &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; 779 | &nbsp;&nbsp;&nbsp;&nbsp; 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-21, Class PQ<br> 2.00%, 09/25/2041 | &nbsp;&nbsp; 44684 | &nbsp;&nbsp;&nbsp;&nbsp; 42255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-18, Class GA<br> 2.00%, 12/25/2041 | &nbsp;&nbsp; 82587 | &nbsp;&nbsp;&nbsp;&nbsp; 77528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-48, Class QB<br> 3.00%, 02/25/2043 | &nbsp;&nbsp; 70254 | &nbsp;&nbsp;&nbsp;&nbsp; 68798 |
| &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; 445318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-27, Class EA<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 228333 | &nbsp;&nbsp;&nbsp;&nbsp; 204224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-35, Class CD<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 145083 | &nbsp;&nbsp;&nbsp;&nbsp; 127638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-45, Class PT<br> 3.00%, 08/25/2049 | &nbsp;&nbsp; 185888 | &nbsp;&nbsp;&nbsp;&nbsp; 169070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-52, Class PA<br> 3.50%, 05/25/2042 | &nbsp;&nbsp; 69082 | &nbsp;&nbsp;&nbsp;&nbsp; 66729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-23, Class LA<br> 3.50%, 04/25/2048 | &nbsp;&nbsp; 197545 | &nbsp;&nbsp;&nbsp;&nbsp; 188174 |
| &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; 1174555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9187181 |
| **Total Collateralized Mortgage Obligations<br> (cost $55,263,767)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52098347 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 75.2%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 75.2%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 75.2%** |
| **U.S. Government — 43.7%** | **U.S. Government — 43.7%** | **U.S. Government — 43.7%** |
| &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; 1254629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/15/2050 | &nbsp;&nbsp; 8004000 | &nbsp;&nbsp;&nbsp;&nbsp; 3844421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2040(6) | &nbsp;&nbsp; 4996000 | &nbsp;&nbsp;&nbsp;&nbsp; 3182803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/15/2050 | &nbsp;&nbsp; 2349000 | &nbsp;&nbsp;&nbsp;&nbsp; 1158167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/15/2041 | &nbsp;&nbsp; 1543000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2041 to 11/15/2051 | &nbsp;&nbsp; 2054000 | &nbsp;&nbsp;&nbsp;&nbsp; 1322372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/15/2051 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 980090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 05/15/2041 to 08/15/2046 | &nbsp;&nbsp; 4021000 | &nbsp;&nbsp;&nbsp;&nbsp; 2666592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 to 05/15/2051 | &nbsp;&nbsp;13142000 | &nbsp;&nbsp;&nbsp;&nbsp; 8517384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2046 to 05/15/2046 | &nbsp;&nbsp; 6532000 | &nbsp;&nbsp;&nbsp;&nbsp; 4523515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/2042 to 08/15/2047 | &nbsp;&nbsp; 981000 | &nbsp;&nbsp;&nbsp;&nbsp; 719439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2043 to 05/15/2049 | &nbsp;&nbsp; 4079000 | &nbsp;&nbsp;&nbsp;&nbsp; 3013431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/15/2042 to 02/15/2049 | &nbsp;&nbsp; 7609000 | &nbsp;&nbsp;&nbsp;&nbsp; 5754214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052(6)(7) | &nbsp;&nbsp;11421000 | &nbsp;&nbsp;&nbsp;&nbsp; 8244088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 to 05/15/2048 | &nbsp;&nbsp; 2826000 | &nbsp;&nbsp;&nbsp;&nbsp; 2220782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2044 to 11/15/2048 | &nbsp;&nbsp; 3512000 | &nbsp;&nbsp;&nbsp;&nbsp; 2863979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2043 to 02/15/2044 | &nbsp;&nbsp; 1311000 | &nbsp;&nbsp;&nbsp;&nbsp; 1124083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2053(7) | &nbsp;&nbsp; 4849000 | &nbsp;&nbsp;&nbsp;&nbsp; 3954966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2044 to 08/15/2053 | &nbsp;&nbsp; 2793000 | &nbsp;&nbsp;&nbsp;&nbsp; 2532366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2054 to 08/15/2054 | &nbsp;&nbsp; 6056000 | &nbsp;&nbsp;&nbsp;&nbsp; 5526213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/15/2039 to 05/15/2040 | &nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp;&nbsp; 1992102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2036 to 11/15/2054 | &nbsp;&nbsp; 3263000 | &nbsp;&nbsp;&nbsp;&nbsp; 3267027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/15/2044 to 02/15/2055 | &nbsp;&nbsp; 2083000 | &nbsp;&nbsp;&nbsp;&nbsp; 2029296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2037 to 11/15/2053 | &nbsp;&nbsp; 4852000 | &nbsp;&nbsp;&nbsp;&nbsp; 4939135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2028 to 02/15/2029 | &nbsp;&nbsp; 5086000 | &nbsp;&nbsp;&nbsp;&nbsp; 5341679 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** |
| **U.S. Government (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2031 | $1289000 | &nbsp;&nbsp;$1386481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/15/2027 | &nbsp;&nbsp; 394000 | &nbsp;&nbsp;&nbsp;&nbsp; 415408 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(8) | &nbsp;&nbsp; 2489042 | &nbsp;&nbsp;&nbsp;&nbsp; 1444716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(8) | &nbsp;&nbsp; 1067297 | &nbsp;&nbsp;&nbsp;&nbsp; 792992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 to 02/15/2045(8) | &nbsp;&nbsp; 6535395 | &nbsp;&nbsp;&nbsp;&nbsp; 4993281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046(8) | &nbsp;&nbsp; 615952 | &nbsp;&nbsp;&nbsp;&nbsp; 466546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(8) | &nbsp;&nbsp; 1844255 | &nbsp;&nbsp;&nbsp;&nbsp; 1548008 |
| &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; 169292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%, 07/31/2027 to 09/30/2027 | &nbsp;&nbsp;13648000 | &nbsp;&nbsp;&nbsp;&nbsp; 12696100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 02/28/2026 to 10/31/2027 | &nbsp;&nbsp;11318000 | &nbsp;&nbsp;&nbsp;&nbsp; 10637183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 07/31/2026 to 08/15/2030 | &nbsp;&nbsp;15252000 | &nbsp;&nbsp;&nbsp;&nbsp; 13741710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 05/31/2026 to 01/31/2028 | &nbsp;&nbsp;10426000 | &nbsp;&nbsp;&nbsp;&nbsp; 9934996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 06/30/2026 to 11/15/2030 | &nbsp;&nbsp; 3504000 | &nbsp;&nbsp;&nbsp;&nbsp; 3061984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 02/29/2028 to 02/15/2031 | &nbsp;&nbsp; 5313000 | &nbsp;&nbsp;&nbsp;&nbsp; 4763381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/31/2026 to 08/15/2031 | &nbsp;&nbsp;11357000 | &nbsp;&nbsp;&nbsp;&nbsp; 10456281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2031 | &nbsp;&nbsp; 2820000 | &nbsp;&nbsp;&nbsp;&nbsp; 2412752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2030 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 99541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 02/15/2026 to 05/15/2031 | &nbsp;&nbsp;12963000 | &nbsp;&nbsp;&nbsp;&nbsp; 11792224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 11/15/2029 | &nbsp;&nbsp; 5825000 | &nbsp;&nbsp;&nbsp;&nbsp; 5364006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/31/2026 | &nbsp;&nbsp; 1087000 | &nbsp;&nbsp;&nbsp;&nbsp; 1062882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2026 | &nbsp;&nbsp; 4449000 | &nbsp;&nbsp;&nbsp;&nbsp; 4337949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 11/15/2025 to 11/15/2027 | &nbsp;&nbsp; 9518000 | &nbsp;&nbsp;&nbsp;&nbsp; 9260151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2027 to 05/15/2029 | &nbsp;&nbsp; 4144000 | &nbsp;&nbsp;&nbsp;&nbsp; 3969487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 02/15/2029 to 07/31/2029 | &nbsp;&nbsp;15966000 | &nbsp;&nbsp;&nbsp;&nbsp; 15324222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/31/2027 to 08/15/2032 | &nbsp;&nbsp; 6698000 | &nbsp;&nbsp;&nbsp;&nbsp; 6334022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2028 to 05/15/2032 | &nbsp;&nbsp; 8301000 | &nbsp;&nbsp;&nbsp;&nbsp; 7887383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/31/2028 | &nbsp;&nbsp; 3565000 | &nbsp;&nbsp;&nbsp;&nbsp; 3557480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/30/2027 to 04/15/2028 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/30/2030 to 08/15/2034 | &nbsp;&nbsp; 8686000 | &nbsp;&nbsp;&nbsp;&nbsp; 8607341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2027 to 04/30/2032 | &nbsp;&nbsp;10388000 | &nbsp;&nbsp;&nbsp;&nbsp; 10429088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 02/15/2034(7) | &nbsp;&nbsp; 4915000 | &nbsp;&nbsp;&nbsp;&nbsp; 4863738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/30/2031 to 11/15/2032 | &nbsp;&nbsp;19376000 | &nbsp;&nbsp;&nbsp;&nbsp; 19559359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/30/2029 to 05/15/2035 | &nbsp;&nbsp; 7209000 | &nbsp;&nbsp;&nbsp;&nbsp; 7339218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/15/2034(7) | &nbsp;&nbsp; 3510000 | &nbsp;&nbsp;&nbsp;&nbsp; 3521517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/31/2028 to 05/15/2034 | &nbsp;&nbsp; 9664000 | &nbsp;&nbsp;&nbsp;&nbsp; 9824481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2027 to 11/15/2033 | &nbsp;&nbsp; 9258000 | &nbsp;&nbsp;&nbsp;&nbsp; 9446788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/30/2029 to 02/15/2035 | &nbsp;&nbsp; 2193000 | &nbsp;&nbsp;&nbsp;&nbsp; 2265607 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(8) | &nbsp;&nbsp; 4549660 | &nbsp;&nbsp;&nbsp;&nbsp; 4509829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;310474713 |
| **U.S. Government Agency — 31.5%** | **U.S. Government Agency — 31.5%** | **U.S. Government Agency — 31.5%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/01/2037 | &nbsp;&nbsp; 848718 | &nbsp;&nbsp;&nbsp;&nbsp; 754192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2036 to 08/01/2052 | &nbsp;&nbsp; 6189246 | &nbsp;&nbsp;&nbsp;&nbsp; 5039434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2028 to 09/01/2051 | &nbsp;&nbsp; 843754 | &nbsp;&nbsp;&nbsp;&nbsp; 746088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2027 to 06/01/2052 | &nbsp;&nbsp; 2418388 | &nbsp;&nbsp;&nbsp;&nbsp; 2138172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2041 to 02/01/2052 | &nbsp;&nbsp; 1283587 | &nbsp;&nbsp;&nbsp;&nbsp; 1181014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 to 01/01/2050 | &nbsp;&nbsp; 798205 | &nbsp;&nbsp;&nbsp;&nbsp; 757683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2048 to 06/01/2052 | &nbsp;&nbsp; 672757 | &nbsp;&nbsp;&nbsp;&nbsp; 646038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2031 to 01/01/2053 | &nbsp;&nbsp; 847622 | &nbsp;&nbsp;&nbsp;&nbsp; 837436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2036 to 05/01/2055 | &nbsp;&nbsp;10227618 | &nbsp;&nbsp;&nbsp;&nbsp; 10243180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2040 to 03/01/2055 | &nbsp;&nbsp; 1795989 | &nbsp;&nbsp;&nbsp;&nbsp; 1827006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/15/2032 | &nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 233564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 114416 |
| &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; 3781 | &nbsp;&nbsp;&nbsp;&nbsp; 3831 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2050 | &nbsp;&nbsp; 1325977 | &nbsp;&nbsp;&nbsp;&nbsp; 997892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 09/24/2026 | &nbsp;&nbsp; 837000 | &nbsp;&nbsp;&nbsp;&nbsp; 815733 |

---

---

| | | |
|:---|:---|:---|
| **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;2.00%, 11/01/2035 to 05/01/2052 | $22912028 | &nbsp;&nbsp;$18326715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2028 to 04/01/2052 | &nbsp;&nbsp; 9304917 | &nbsp;&nbsp;&nbsp;&nbsp; 7909861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2027 to 03/01/2050 | &nbsp;&nbsp; 2452234 | &nbsp;&nbsp;&nbsp;&nbsp; 2240339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2026 to 02/01/2052 | &nbsp;&nbsp; 3439544 | &nbsp;&nbsp;&nbsp;&nbsp; 3164564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2040 to 03/01/2049 | &nbsp;&nbsp; 1763792 | &nbsp;&nbsp;&nbsp;&nbsp; 1679078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2048 to 10/01/2052 | &nbsp;&nbsp; 1901480 | &nbsp;&nbsp;&nbsp;&nbsp; 1827925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2040 to 11/01/2054 | &nbsp;&nbsp; 1491076 | &nbsp;&nbsp;&nbsp;&nbsp; 1467185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2037 to 01/01/2054 | &nbsp;&nbsp; 8985326 | &nbsp;&nbsp;&nbsp;&nbsp; 9009611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2038 to 11/01/2053 | &nbsp;&nbsp; 1278394 | &nbsp;&nbsp;&nbsp;&nbsp; 1301923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2037 to 07/01/2054 | &nbsp;&nbsp; 1846466 | &nbsp;&nbsp;&nbsp;&nbsp; 1907683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 11/15/2030 | &nbsp;&nbsp; 871000 | &nbsp;&nbsp;&nbsp;&nbsp; 985468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/15/2030 | &nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp;&nbsp; 2602795 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74%, (RFUCCT1Y+1.57%), 05/01/2037 | &nbsp;&nbsp; 5817 | &nbsp;&nbsp;&nbsp;&nbsp; 6003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, (H15T1Y+2.27%), 11/01/2036 | &nbsp;&nbsp; 14916 | &nbsp;&nbsp;&nbsp;&nbsp; 15441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87%, (RFUCCT1Y+1.83%), 10/01/2040 | &nbsp;&nbsp; 25617 | &nbsp;&nbsp;&nbsp;&nbsp; 26476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.33%, (RFUCCT1Y+1.83%), 10/01/2040 | &nbsp;&nbsp; 6021 | &nbsp;&nbsp;&nbsp;&nbsp; 6230 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/20/2050 | &nbsp;&nbsp; 1188906 | &nbsp;&nbsp;&nbsp;&nbsp; 968698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, July 30 TBA | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3663900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/20/2051 | &nbsp;&nbsp; 886432 | &nbsp;&nbsp;&nbsp;&nbsp; 753488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2045 to 03/20/2052 | &nbsp;&nbsp; 932848 | &nbsp;&nbsp;&nbsp;&nbsp; 832937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, July 30 TBA | &nbsp;&nbsp;20300000 | &nbsp;&nbsp;&nbsp;&nbsp; 17952494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/20/2045 to 07/20/2045 | &nbsp;&nbsp; 108212 | &nbsp;&nbsp;&nbsp;&nbsp; 100732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, July 30 TBA | &nbsp;&nbsp;14300000 | &nbsp;&nbsp;&nbsp;&nbsp; 12999179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/2039 to 05/20/2048 | &nbsp;&nbsp; 498340 | &nbsp;&nbsp;&nbsp;&nbsp; 474034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2033 to 04/20/2047 | &nbsp;&nbsp; 231992 | &nbsp;&nbsp;&nbsp;&nbsp; 226985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, July 30 TBA | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp;&nbsp; 6507994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2033 to 08/15/2038 | &nbsp;&nbsp; 158533 | &nbsp;&nbsp;&nbsp;&nbsp; 160064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/2032 to 05/20/2053 | &nbsp;&nbsp; 1111152 | &nbsp;&nbsp;&nbsp;&nbsp; 1119242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2028 to 12/15/2036 | &nbsp;&nbsp; 332795 | &nbsp;&nbsp;&nbsp;&nbsp; 344143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/15/2031 to 12/15/2031 | &nbsp;&nbsp; 3590 | &nbsp;&nbsp;&nbsp;&nbsp; 3644 |
| &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; 465099 |
| &nbsp;&nbsp;&nbsp;Uniform Mtg. Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, July 30 TBA | &nbsp;&nbsp; 9200000 | &nbsp;&nbsp;&nbsp;&nbsp; 7280766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, July 30 TBA | &nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13263530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, July 30 TBA | &nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13842249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, July 30 TBA | &nbsp;&nbsp;12300000 | &nbsp;&nbsp;&nbsp;&nbsp; 11072526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, July 30 TBA | &nbsp;&nbsp;10300000 | &nbsp;&nbsp;&nbsp;&nbsp; 9576186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, July 30 TBA | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1243348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, July 30 TBA | &nbsp;&nbsp;41295000 | &nbsp;&nbsp;&nbsp;&nbsp; 41960793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;223625007 |
| **Total U.S. Government & Agency Obligations<br> (cost $561,095,647)** |  | &nbsp;&nbsp;&nbsp;&nbsp;534099720 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 1.9%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.9%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.9%** |
| **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/22/2033\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201614 |
| **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; 125592 |
| **Sovereign — 1.9%** | **Sovereign — 1.9%** | **Sovereign — 1.9%** |
| &nbsp;&nbsp;&nbsp;Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/25/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201630 |
| &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; 186318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/15/2051 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 130735 |
| &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; 177460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197100 |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** |
| &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;$115531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/13/2036 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 307072 |
| &nbsp;&nbsp;&nbsp;Government of Macedonia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68%, 06/03/2026\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 341834 |
| &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; 471959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/14/2041 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 910307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/24/2035\* |  | $202000 | &nbsp;&nbsp;&nbsp;&nbsp; 186575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/30/2029\* |  | &nbsp;&nbsp; 166000 | &nbsp;&nbsp;&nbsp;&nbsp; 167111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/10/2037\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 207620 |
| &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; 187327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 02/02/2061 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 123679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/18/2053 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 170303 |
| &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/18/2050 |  | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27667 |
| &nbsp;&nbsp;&nbsp;Repubic of Serbia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/26/2033 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 210762 |
| &nbsp;&nbsp;&nbsp;Republic of Azerbaijan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2032 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 358134 |
| &nbsp;&nbsp;&nbsp;Republic of Colombia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/07/2054 |  | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 431818 |
| &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; 255481 |
| &nbsp;&nbsp;&nbsp;Republic of Hungary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 04/28/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 558676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/16/2029 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 09/26/2030\* |  | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 292606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/26/2036\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 192823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/26/2035\* |  | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 567832 |
| &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; 600465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/10/2034 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/10/2054 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 185658 |
| &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; 192450 |
| &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; 194152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/21/2045 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 213265 |
| &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; 109847 |
| &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; 251361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/05/2030 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200137 |
| &nbsp;&nbsp;&nbsp;Republic of Poland |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/16/2032 |  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 263783 |
| &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; 201588 |
| &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; 195906 |
| &nbsp;&nbsp;&nbsp;State of Israel |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/19/2030 |  | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 397441 |
| &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; 198364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/16/2050 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 169205 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/08/2044 |  | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 86476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/07/2036 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 05/07/2054 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 367600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/29/2038 |  | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 466900 |

---

---

| | | |
|:---|:---|:---|
| **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 | $890000 | &nbsp;&nbsp;$927647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/13/2055 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 412296 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13208491 |
| **Total Foreign Government Obligations<br> (cost $14,046,101)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13535697 |
| **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; 310632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32%, 11/01/2029 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 231381 |
| &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; 1338482 |
| &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; 925000 |
| **Total Municipal Securities<br> (cost $2,898,909)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805495 |
| **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. †(9)<br> (cost $587) | &nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Long-Term Investment Securities<br> (cost $868,009,152)** |  | &nbsp;&nbsp;&nbsp;&nbsp;835906810 |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |
| **Unaffiliated Investment Companies — 0.2%** | **Unaffiliated Investment Companies — 0.2%** | **Unaffiliated Investment Companies — 0.2%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(10)<br> (cost $1,683,417) | &nbsp;&nbsp; 1683417 | &nbsp;&nbsp;&nbsp;&nbsp; 1683417 |
| **REPURCHASE AGREEMENTS — 0.7%** | **REPURCHASE AGREEMENTS — 0.7%** | **REPURCHASE AGREEMENTS — 0.7%** |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(11) | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(11) | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 950000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(11) | &nbsp;&nbsp; 935000 | &nbsp;&nbsp;&nbsp;&nbsp; 935000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(11) | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(11) | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 900000 |
| **Total Repurchase Agreements<br> (cost $4,585,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585000 |
| **TOTAL INVESTMENTS<br> (cost $874,277,569)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118.6% | &nbsp;&nbsp;&nbsp;&nbsp;842175227 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.6) | &nbsp;&nbsp;&nbsp;&nbsp;(132216862) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$709958365 |

---

---

| | |
|:---|:---|
| \* | &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 June 30, 2025, the aggregate value of these securities was $116,814,583 representing 16.5% 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. |

---

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

#### PORTFOLIO OF INVESTMENTS — June 30, 2025— (unaudited) — (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 June 30, 2025.

(5) Interest Only

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

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

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

(9) Securities classified as Level 3 (see Note 1).

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

(11) See Note 2 for details of Joint Repurchase Agreements.

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 |

---

EUR—Euro Currency

The rates shown on FRS and/or VRS are the current interest rates at June 30, 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 | $8947 | $139053 | $148000 |
| Centrally Cleared | 2225000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.970 | 12-Month SOFR | Annual | Annual | Mar 2053 | &nbsp;&nbsp;&nbsp; 3471 | &nbsp;&nbsp;&nbsp; 359429 | &nbsp;&nbsp;&nbsp; 362900 |
| Centrally Cleared | 1380000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.250 | 12-Month SOFR | Annual | Annual | Jun 2053 | &nbsp;&nbsp;&nbsp;(14091) | &nbsp;&nbsp;&nbsp; 173911 | &nbsp;&nbsp;&nbsp; 159820 |
| Centrally Cleared | 1530000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.590 | 12-Month SOFR | Annual | Annual | Sep 2053 | &nbsp;&nbsp;&nbsp; 6185 | &nbsp;&nbsp;&nbsp; 82589 | &nbsp;&nbsp;&nbsp; 88774 |
| Centrally Cleared | 5995000 | &nbsp;&nbsp;&nbsp;USD | Fixed 4.160 | 12-Month SOFR | Annual | Annual | Mar 2045 | &nbsp;&nbsp;&nbsp;(11745) | &nbsp;&nbsp;&nbsp;(149589) | &nbsp;&nbsp;&nbsp;(161334) |
|  |  |  |  |  |  |  |  | $(7233) | $605393 | $598160 |

---

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** |
| 97 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Australian 10 Year Bonds | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$7258218 | &nbsp;&nbsp;&nbsp;&nbsp;$7317359 | &nbsp;&nbsp;&nbsp;&nbsp;$59141 |
| 143 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Canada 10 Year Bonds | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12731794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12811456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79662 |
| &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro Buxl 30 Year Bonds | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1141576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1118959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22617 |
| &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BUND | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1232021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1226482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5539 |
| 49 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-OAT | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7202263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7147993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54270 |
| 46 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5015011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5014000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$222240 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 35 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BTP | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$4980932 | &nbsp;&nbsp;&nbsp;&nbsp;$4988622 | &nbsp;&nbsp;&nbsp;&nbsp;$(7690) |
| 319 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35241922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35767875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (525953) |
| 31 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6433763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6448727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14964) |
| 18 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2004328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2078437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74109) |
| 184 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20648156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21024875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (376719) |
| 46 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5226391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5479750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (253359) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(1252794) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(1030554) |

---

\* 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.

------

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio<br>

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Deutsche Bank AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;4122000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;4739435 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(140775) |
| Goldman Sachs International | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;658000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;115543 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3275) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;115368 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;658000 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;3450 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;3450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3275) |
| Natwest Markets PLC | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;335579 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;288000 | &nbsp;&nbsp;09/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;5397 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$8847 | &nbsp;&nbsp;$(144050) |

---

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 June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$209363993 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$209363993 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24003558 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24003558 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52098347 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52098347 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;534099720 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;534099720 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13535697 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13535697 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805495 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805495 |
| Escrows and Litigation Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1683417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1683417 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4585000 |
| **Total Investments at Value** | &nbsp;&nbsp;$1683417 | &nbsp;&nbsp;$840491810 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$842175227 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$754982 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$754982 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222240 |
| 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;8847 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8847 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$222240 | &nbsp;&nbsp;&nbsp;&nbsp;$763829 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$986069 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$149589 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$149589 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;1252794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252794 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144050 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144050 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$1252794 | &nbsp;&nbsp;&nbsp;&nbsp;$293639 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1546433 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** | **COMMON STOCKS — 98.8%** |
| **Australia — 3.3%** | **Australia — 3.3%** | **Australia — 3.3%** |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;39789 | &nbsp;&nbsp;$763693 |
| &nbsp;&nbsp;&nbsp;APA Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7071 | &nbsp;&nbsp;&nbsp;&nbsp; 38023 |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2916 | &nbsp;&nbsp;&nbsp;&nbsp; 125089 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007 | &nbsp;&nbsp;&nbsp;&nbsp; 46237 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (ASX) | &nbsp;&nbsp;&nbsp;&nbsp;37896 | &nbsp;&nbsp;&nbsp;&nbsp; 910812 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (LSE) | &nbsp;&nbsp;&nbsp;&nbsp;16106 | &nbsp;&nbsp;&nbsp;&nbsp; 386873 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp; 36241 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7214 | &nbsp;&nbsp;&nbsp;&nbsp; 111203 |
| &nbsp;&nbsp;&nbsp;CAR Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872 | &nbsp;&nbsp;&nbsp;&nbsp; 46110 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp; 68812 |
| &nbsp;&nbsp;&nbsp;Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6838 | &nbsp;&nbsp;&nbsp;&nbsp; 93800 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8609 | &nbsp;&nbsp;&nbsp;&nbsp; 1046893 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp; 71287 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2499 | &nbsp;&nbsp;&nbsp;&nbsp; 393905 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10378 | &nbsp;&nbsp;&nbsp;&nbsp; 54128 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8914 | &nbsp;&nbsp;&nbsp;&nbsp; 89706 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;10449 | &nbsp;&nbsp;&nbsp;&nbsp; 235516 |
| &nbsp;&nbsp;&nbsp;Insurance Australia Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12164 | &nbsp;&nbsp;&nbsp;&nbsp; 72298 |
| &nbsp;&nbsp;&nbsp;Lottery Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10133 | &nbsp;&nbsp;&nbsp;&nbsp; 35548 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5837 | &nbsp;&nbsp;&nbsp;&nbsp; 878845 |
| &nbsp;&nbsp;&nbsp;Medibank Private, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14920 | &nbsp;&nbsp;&nbsp;&nbsp; 49666 |
| &nbsp;&nbsp;&nbsp;National Australia Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15736 | &nbsp;&nbsp;&nbsp;&nbsp; 407679 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6779 | &nbsp;&nbsp;&nbsp;&nbsp; 83848 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8859 | &nbsp;&nbsp;&nbsp;&nbsp; 62918 |
| &nbsp;&nbsp;&nbsp;Pro Medicus, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp; 57050 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891 | &nbsp;&nbsp;&nbsp;&nbsp; 27508 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7774 | &nbsp;&nbsp;&nbsp;&nbsp; 119691 |
| &nbsp;&nbsp;&nbsp;REA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp; 44640 |
| &nbsp;&nbsp;&nbsp;Reece, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 10485 |
| &nbsp;&nbsp;&nbsp;Rio Tinto, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11439 | &nbsp;&nbsp;&nbsp;&nbsp; 806621 |
| &nbsp;&nbsp;&nbsp;Santos, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16096 | &nbsp;&nbsp;&nbsp;&nbsp; 80980 |
| &nbsp;&nbsp;&nbsp;Scentre Group | &nbsp;&nbsp;&nbsp;&nbsp;253794 | &nbsp;&nbsp;&nbsp;&nbsp; 596502 |
| &nbsp;&nbsp;&nbsp;SGH, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097 | &nbsp;&nbsp;&nbsp;&nbsp; 39044 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23931 | &nbsp;&nbsp;&nbsp;&nbsp; 47037 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp; 38193 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23669 | &nbsp;&nbsp;&nbsp;&nbsp; 45372 |
| &nbsp;&nbsp;&nbsp;Stockland | &nbsp;&nbsp;&nbsp;&nbsp;11055 | &nbsp;&nbsp;&nbsp;&nbsp; 39106 |
| &nbsp;&nbsp;&nbsp;Suncorp Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp; 79596 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20726 | &nbsp;&nbsp;&nbsp;&nbsp; 66023 |
| &nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;16128 | &nbsp;&nbsp;&nbsp;&nbsp; 148501 |
| &nbsp;&nbsp;&nbsp;Vicinity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17041 | &nbsp;&nbsp;&nbsp;&nbsp; 27809 |
| &nbsp;&nbsp;&nbsp;Washington H. Soul Pattinson & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;&nbsp; 34071 |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5874 | &nbsp;&nbsp;&nbsp;&nbsp; 327667 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17592 | &nbsp;&nbsp;&nbsp;&nbsp; 392077 |
| &nbsp;&nbsp;&nbsp;WiseTech Global, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp; 68972 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9866 | &nbsp;&nbsp;&nbsp;&nbsp; 152051 |
| &nbsp;&nbsp;&nbsp;Woolworths Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6276 | &nbsp;&nbsp;&nbsp;&nbsp; 128511 |
| &nbsp;&nbsp;&nbsp;Worley, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25533 | &nbsp;&nbsp;&nbsp;&nbsp; 219838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9706475 |
| **Austria — 0.7%** | **Austria — 0.7%** | **Austria — 0.7%** |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;23599 | &nbsp;&nbsp;&nbsp;&nbsp; 2005805 |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp; 39739 |
| &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 26189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071733 |
| **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;771 | &nbsp;&nbsp;&nbsp;&nbsp; 52060 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5083 | &nbsp;&nbsp;&nbsp;&nbsp; 349474 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 19969 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp; 29236 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 31918 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;$123738 |
| &nbsp;&nbsp;&nbsp;Lotus Bakeries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp; 19268 |
| &nbsp;&nbsp;&nbsp;Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp; 27029 |
| &nbsp;&nbsp;&nbsp;Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp; 29167 |
| &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5006 | &nbsp;&nbsp;&nbsp;&nbsp; 983480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665339 |
| **Bermuda — 0.0%** | **Bermuda — 0.0%** | **Bermuda — 0.0%** |
| &nbsp;&nbsp;&nbsp;Aegon, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6874 | &nbsp;&nbsp;&nbsp;&nbsp; 49792 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 23176 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 32913 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 38459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144340 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;21234 | &nbsp;&nbsp;&nbsp;&nbsp; 291330 |
| **Canada — 1.7%** | **Canada — 1.7%** | **Canada — 1.7%** |
| &nbsp;&nbsp;&nbsp;Brookfield Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10898 | &nbsp;&nbsp;&nbsp;&nbsp; 674488 |
| &nbsp;&nbsp;&nbsp;Definity Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10113 | &nbsp;&nbsp;&nbsp;&nbsp; 589439 |
| &nbsp;&nbsp;&nbsp;Definity Financial Corp.†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp; 38704 |
| &nbsp;&nbsp;&nbsp;Element Fleet Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31883 | &nbsp;&nbsp;&nbsp;&nbsp; 798626 |
| &nbsp;&nbsp;&nbsp;Great-West Lifeco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13211 | &nbsp;&nbsp;&nbsp;&nbsp; 502440 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754 | &nbsp;&nbsp;&nbsp;&nbsp; 144942 |
| &nbsp;&nbsp;&nbsp;National Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7139 | &nbsp;&nbsp;&nbsp;&nbsp; 736679 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13595 | &nbsp;&nbsp;&nbsp;&nbsp; 792189 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;10759 | &nbsp;&nbsp;&nbsp;&nbsp; 791350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068857 |
| **China — 0.4%** | **China — 0.4%** | **China — 0.4%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6320 | &nbsp;&nbsp;&nbsp;&nbsp; 89690 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 89594 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp; 320353 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 250486 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | &nbsp;&nbsp;&nbsp;&nbsp;25003 | &nbsp;&nbsp;&nbsp;&nbsp; 487309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237432 |
| **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;12 | &nbsp;&nbsp;&nbsp;&nbsp; 22161 |
| &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; 41012 |
| &nbsp;&nbsp;&nbsp;Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp; 69790 |
| &nbsp;&nbsp;&nbsp;Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 59007 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3584 | &nbsp;&nbsp;&nbsp;&nbsp; 146122 |
| &nbsp;&nbsp;&nbsp;Demant A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 15451 |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;&nbsp; 254392 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp; 68905 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;52025 | &nbsp;&nbsp;&nbsp;&nbsp; 3630199 |
| &nbsp;&nbsp;&nbsp;Novonesis (Novozymes), Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1843 | &nbsp;&nbsp;&nbsp;&nbsp; 132338 |
| &nbsp;&nbsp;&nbsp;Orsted A/S\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp; 38085 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2981 | &nbsp;&nbsp;&nbsp;&nbsp; 523228 |
| &nbsp;&nbsp;&nbsp;ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp; 25544 |
| &nbsp;&nbsp;&nbsp;Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;&nbsp; 42977 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;45787 | &nbsp;&nbsp;&nbsp;&nbsp; 688002 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5757213 |
| **Finland — 0.8%** | **Finland — 0.8%** | **Finland — 0.8%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 38435 |
| &nbsp;&nbsp;&nbsp;Fortum Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2444 | &nbsp;&nbsp;&nbsp;&nbsp; 45809 |
| &nbsp;&nbsp;&nbsp;Kesko Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 | &nbsp;&nbsp;&nbsp;&nbsp; 34411 |
| &nbsp;&nbsp;&nbsp;Kone Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp; 116307 |
| &nbsp;&nbsp;&nbsp;Mandatum Oyj | &nbsp;&nbsp;&nbsp;&nbsp;50091 | &nbsp;&nbsp;&nbsp;&nbsp; 327379 |
| &nbsp;&nbsp;&nbsp;Metso Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195 | &nbsp;&nbsp;&nbsp;&nbsp; 41379 |
| &nbsp;&nbsp;&nbsp;Neste Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp; 30227 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;27600 | &nbsp;&nbsp;&nbsp;&nbsp; 142723 |

---

------

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;16285 | &nbsp;&nbsp;$242154 |
| &nbsp;&nbsp;&nbsp;Orion Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp; 43206 |
| &nbsp;&nbsp;&nbsp;Sampo Oyj, Class A | &nbsp;&nbsp;&nbsp;&nbsp;81784 | &nbsp;&nbsp;&nbsp;&nbsp; 880095 |
| &nbsp;&nbsp;&nbsp;Stora Enso Oyj, Class R | &nbsp;&nbsp;&nbsp;&nbsp;31356 | &nbsp;&nbsp;&nbsp;&nbsp; 339966 |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684 | &nbsp;&nbsp;&nbsp;&nbsp; 73279 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp;&nbsp;&nbsp; 63573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418943 |
| **France — 9.2%** | **France — 9.2%** | **France — 9.2%** |
| &nbsp;&nbsp;&nbsp;Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp; 50432 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp; 20835 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7322 | &nbsp;&nbsp;&nbsp;&nbsp; 1512328 |
| &nbsp;&nbsp;&nbsp;Alstom SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858 | &nbsp;&nbsp;&nbsp;&nbsp; 43439 |
| &nbsp;&nbsp;&nbsp;Amundi SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 25859 |
| &nbsp;&nbsp;&nbsp;Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 22885 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;29271 | &nbsp;&nbsp;&nbsp;&nbsp; 1438708 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp; 29476 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;20364 | &nbsp;&nbsp;&nbsp;&nbsp; 1834171 |
| &nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;&nbsp; 22263 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp; 39745 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567 | &nbsp;&nbsp;&nbsp;&nbsp; 54059 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp; 137099 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp; 37570 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5799 | &nbsp;&nbsp;&nbsp;&nbsp; 682184 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3484 | &nbsp;&nbsp;&nbsp;&nbsp; 129637 |
| &nbsp;&nbsp;&nbsp;Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp; 13386 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5334 | &nbsp;&nbsp;&nbsp;&nbsp; 101050 |
| &nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3346 | &nbsp;&nbsp;&nbsp;&nbsp; 273379 |
| &nbsp;&nbsp;&nbsp;Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp; 37561 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477 | &nbsp;&nbsp;&nbsp;&nbsp; 126035 |
| &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7494 | &nbsp;&nbsp;&nbsp;&nbsp; 232432 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 48519 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;42288 | &nbsp;&nbsp;&nbsp;&nbsp; 995819 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6850 | &nbsp;&nbsp;&nbsp;&nbsp; 1881768 |
| &nbsp;&nbsp;&nbsp;Eurazeo SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 14006 |
| &nbsp;&nbsp;&nbsp;FDJ United \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp; 18563 |
| &nbsp;&nbsp;&nbsp;Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 21456 |
| &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 26574 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 442221 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp; 23129 |
| &nbsp;&nbsp;&nbsp;Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp; 472279 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp; 39185 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;15723 | &nbsp;&nbsp;&nbsp;&nbsp; 2100180 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2841 | &nbsp;&nbsp;&nbsp;&nbsp; 1216463 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2455 | &nbsp;&nbsp;&nbsp;&nbsp; 1287529 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9675 | &nbsp;&nbsp;&nbsp;&nbsp; 147694 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 | &nbsp;&nbsp;&nbsp;&nbsp; 104786 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp; 134227 |
| &nbsp;&nbsp;&nbsp;Renault SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp; 43242 |
| &nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp; 34069 |
| &nbsp;&nbsp;&nbsp;Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5482 | &nbsp;&nbsp;&nbsp;&nbsp; 1785399 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;26639 | &nbsp;&nbsp;&nbsp;&nbsp; 2577525 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 36377 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8970 | &nbsp;&nbsp;&nbsp;&nbsp; 2391924 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;16680 | &nbsp;&nbsp;&nbsp;&nbsp; 955769 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 26771 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295 | &nbsp;&nbsp;&nbsp;&nbsp; 222841 |
| &nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759 | &nbsp;&nbsp;&nbsp;&nbsp; 518209 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;31622 | &nbsp;&nbsp;&nbsp;&nbsp; 1944985 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263 | &nbsp;&nbsp;&nbsp;&nbsp; 116400 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549 | &nbsp;&nbsp;&nbsp;&nbsp; 376263 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26868705 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Germany — 10.0%** | **Germany — 10.0%** | **Germany — 10.0%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881 | &nbsp;&nbsp;$205361 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6748 | &nbsp;&nbsp;&nbsp;&nbsp; 2734089 |
| &nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;12358 | &nbsp;&nbsp;&nbsp;&nbsp; 609553 |
| &nbsp;&nbsp;&nbsp;Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5064 | &nbsp;&nbsp;&nbsp;&nbsp; 152275 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;15112 | &nbsp;&nbsp;&nbsp;&nbsp; 1342558 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp; 24113 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7474 | &nbsp;&nbsp;&nbsp;&nbsp; 938836 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 41395 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605 | &nbsp;&nbsp;&nbsp;&nbsp; 145297 |
| &nbsp;&nbsp;&nbsp;Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp; 49652 |
| &nbsp;&nbsp;&nbsp;Covestro AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6608 | &nbsp;&nbsp;&nbsp;&nbsp; 470169 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp; 42714 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443 | &nbsp;&nbsp;&nbsp;&nbsp; 115627 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp; 26615 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9518 | &nbsp;&nbsp;&nbsp;&nbsp; 282388 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp; 315861 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225 | &nbsp;&nbsp;&nbsp;&nbsp; 27268 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4933 | &nbsp;&nbsp;&nbsp;&nbsp; 228030 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;17920 | &nbsp;&nbsp;&nbsp;&nbsp; 656091 |
| &nbsp;&nbsp;&nbsp;Dr. Ing. h.c. F. Porsche AG (Preference Shares)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp; 29004 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;11596 | &nbsp;&nbsp;&nbsp;&nbsp; 213517 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp; 28015 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp; 59171 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2174 | &nbsp;&nbsp;&nbsp;&nbsp; 109336 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp; 52957 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp; 96605 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp; 163051 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 34410 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp; 68470 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;39761 | &nbsp;&nbsp;&nbsp;&nbsp; 1691860 |
| &nbsp;&nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6831 | &nbsp;&nbsp;&nbsp;&nbsp; 380323 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp; 36149 |
| &nbsp;&nbsp;&nbsp;LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 32294 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737 | &nbsp;&nbsp;&nbsp;&nbsp; 218652 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 85989 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp; 122292 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2923 | &nbsp;&nbsp;&nbsp;&nbsp; 1895671 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp; 42177 |
| &nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp; 28510 |
| &nbsp;&nbsp;&nbsp;Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp; 21806 |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 1047280 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3297 | &nbsp;&nbsp;&nbsp;&nbsp; 137779 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;21619 | &nbsp;&nbsp;&nbsp;&nbsp; 6576234 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 35377 |
| &nbsp;&nbsp;&nbsp;Scout24 SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp; 51852 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;20907 | &nbsp;&nbsp;&nbsp;&nbsp; 5362129 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp; 385401 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG\* | &nbsp;&nbsp;&nbsp;&nbsp;25538 | &nbsp;&nbsp;&nbsp;&nbsp; 1416668 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp; 72242 |
| &nbsp;&nbsp;&nbsp;Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 43380 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;&nbsp;&nbsp; 111614 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3799 | &nbsp;&nbsp;&nbsp;&nbsp; 133816 |
| &nbsp;&nbsp;&nbsp;Zalando SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp; 39147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29231070 |
| **Hong Kong — 1.1%** | **Hong Kong — 1.1%** | **Hong Kong — 1.1%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;118400 | &nbsp;&nbsp;&nbsp;&nbsp; 1064744 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp; 682945 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 44143 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp;&nbsp;&nbsp; 86425 |
| &nbsp;&nbsp;&nbsp;CLP Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 71601 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp; 35965 |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp; 48947 |

---

------

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;$60013 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 28022 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 29867 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 48733 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 326383 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp; 71967 |
| &nbsp;&nbsp;&nbsp;MTR Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 28765 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 44991 |
| &nbsp;&nbsp;&nbsp;Sino Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 19158 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 22470 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 86119 |
| &nbsp;&nbsp;&nbsp;Swire Pacific, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 17154 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37500 | &nbsp;&nbsp;&nbsp;&nbsp; 413082 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp; 41413 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 15248 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 25487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313642 |
| **India — 0.4%** | **India — 0.4%** | **India — 0.4%** |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25157 | &nbsp;&nbsp;&nbsp;&nbsp; 586440 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683 | &nbsp;&nbsp;&nbsp;&nbsp; 435715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022155 |
| **Indonesia — 0.2%** | **Indonesia — 0.2%** | **Indonesia — 0.2%** |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;844100 | &nbsp;&nbsp;&nbsp;&nbsp; 452269 |
| **Ireland — 0.9%** | **Ireland — 0.9%** | **Ireland — 0.9%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;10221 | &nbsp;&nbsp;&nbsp;&nbsp; 84087 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4905 | &nbsp;&nbsp;&nbsp;&nbsp; 69995 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160 | &nbsp;&nbsp;&nbsp;&nbsp; 399872 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC CDI† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp; 84194 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp; 85808 |
| &nbsp;&nbsp;&nbsp;Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;14694 | &nbsp;&nbsp;&nbsp;&nbsp; 1249568 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4406 | &nbsp;&nbsp;&nbsp;&nbsp; 124654 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 392156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490334 |
| **Isle of Man — 0.0%** | **Isle of Man — 0.0%** | **Isle of Man — 0.0%** |
| &nbsp;&nbsp;&nbsp;Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962 | &nbsp;&nbsp;&nbsp;&nbsp; 36713 |
| **Israel — 0.7%** | **Israel — 0.7%** | **Israel — 0.7%** |
| &nbsp;&nbsp;&nbsp;Azrieli Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 16216 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6528 | &nbsp;&nbsp;&nbsp;&nbsp; 125370 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7793 | &nbsp;&nbsp;&nbsp;&nbsp; 145014 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675 | &nbsp;&nbsp;&nbsp;&nbsp; 591844 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 98872 |
| &nbsp;&nbsp;&nbsp;Elbit Systems, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 61806 |
| &nbsp;&nbsp;&nbsp;ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209 | &nbsp;&nbsp;&nbsp;&nbsp; 28836 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6394 | &nbsp;&nbsp;&nbsp;&nbsp; 63758 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp; 53594 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 63839 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp; 55413 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;40347 | &nbsp;&nbsp;&nbsp;&nbsp; 676216 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp; 43893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024671 |
| **Italy — 2.3%** | **Italy — 2.3%** | **Italy — 2.3%** |
| &nbsp;&nbsp;&nbsp;Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp; 19969 |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5882 | &nbsp;&nbsp;&nbsp;&nbsp; 68706 |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219 | &nbsp;&nbsp;&nbsp;&nbsp; 47457 |
| &nbsp;&nbsp;&nbsp;DiaSorin SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp; 12853 |
| &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;41925 | &nbsp;&nbsp;&nbsp;&nbsp; 397917 |
| &nbsp;&nbsp;&nbsp;Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;11093 | &nbsp;&nbsp;&nbsp;&nbsp; 179671 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;59715 | &nbsp;&nbsp;&nbsp;&nbsp; 1325441 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474 | &nbsp;&nbsp;$159253 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1560 | &nbsp;&nbsp;&nbsp;&nbsp; 19077 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;182706 | &nbsp;&nbsp;&nbsp;&nbsp; 1053176 |
| &nbsp;&nbsp;&nbsp;Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;&nbsp; 118592 |
| &nbsp;&nbsp;&nbsp;Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566 | &nbsp;&nbsp;&nbsp;&nbsp; 59677 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8975 | &nbsp;&nbsp;&nbsp;&nbsp; 512435 |
| &nbsp;&nbsp;&nbsp;Nexi SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp; 14709 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363 | &nbsp;&nbsp;&nbsp;&nbsp; 50782 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;14964 | &nbsp;&nbsp;&nbsp;&nbsp; 1055253 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 35548 |
| &nbsp;&nbsp;&nbsp;Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;10085 | &nbsp;&nbsp;&nbsp;&nbsp; 61255 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA† | &nbsp;&nbsp;&nbsp;&nbsp;55559 | &nbsp;&nbsp;&nbsp;&nbsp; 27404 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6881 | &nbsp;&nbsp;&nbsp;&nbsp; 70778 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;21183 | &nbsp;&nbsp;&nbsp;&nbsp; 1420746 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859 | &nbsp;&nbsp;&nbsp;&nbsp; 36858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6747557 |
| **Japan — 20.7%** | **Japan — 20.7%** | **Japan — 20.7%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 288896 |
| &nbsp;&nbsp;&nbsp;Aeon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 116547 |
| &nbsp;&nbsp;&nbsp;AGC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 26334 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 34444 |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23300 | &nbsp;&nbsp;&nbsp;&nbsp; 621854 |
| &nbsp;&nbsp;&nbsp;ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 13718 |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 100377 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 41910 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;&nbsp;&nbsp; 352530 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp; 90210 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 110975 |
| &nbsp;&nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp; 800386 |
| &nbsp;&nbsp;&nbsp;Canon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 136132 |
| &nbsp;&nbsp;&nbsp;Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 61452 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 87349 |
| &nbsp;&nbsp;&nbsp;Chiba Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 28565 |
| &nbsp;&nbsp;&nbsp;Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 37098 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp;&nbsp;&nbsp; 909560 |
| &nbsp;&nbsp;&nbsp;Concordia Financial Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 35567 |
| &nbsp;&nbsp;&nbsp;Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 30314 |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 43946 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18200 | &nbsp;&nbsp;&nbsp;&nbsp; 137574 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32900 | &nbsp;&nbsp;&nbsp;&nbsp; 766099 |
| &nbsp;&nbsp;&nbsp;Daikin Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 744272 |
| &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; 32700 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 96463 |
| &nbsp;&nbsp;&nbsp;Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 49075 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42400 | &nbsp;&nbsp;&nbsp;&nbsp; 571828 |
| &nbsp;&nbsp;&nbsp;Dentsu Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 22189 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 118355 |
| &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 99274 |
| &nbsp;&nbsp;&nbsp;Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 40216 |
| &nbsp;&nbsp;&nbsp;Electric Power Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp;&nbsp; 180624 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp; 66631 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 133290 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 1130823 |
| &nbsp;&nbsp;&nbsp;Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 32139 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52700 | &nbsp;&nbsp;&nbsp;&nbsp; 1145157 |
| &nbsp;&nbsp;&nbsp;Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 68312 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp;&nbsp;&nbsp; 221094 |
| &nbsp;&nbsp;&nbsp;Hamamatsu Photonics KK | &nbsp;&nbsp;&nbsp;&nbsp;18200 | &nbsp;&nbsp;&nbsp;&nbsp; 220678 |
| &nbsp;&nbsp;&nbsp;Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 29898 |
| &nbsp;&nbsp;&nbsp;Hikari Tsushin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 29475 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;76700 | &nbsp;&nbsp;&nbsp;&nbsp; 2221910 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21900 | &nbsp;&nbsp;&nbsp;&nbsp; 211176 |

---

------

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Hoshizaki Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;$20735 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 201815 |
| &nbsp;&nbsp;&nbsp;Hulic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 20137 |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 27836 |
| &nbsp;&nbsp;&nbsp;IHI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 76002 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 60335 |
| &nbsp;&nbsp;&nbsp;Isetan Mitsukoshi Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp; 540415 |
| &nbsp;&nbsp;&nbsp;Isuzu Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 34184 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25100 | &nbsp;&nbsp;&nbsp;&nbsp; 1319126 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 16297 |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;80900 | &nbsp;&nbsp;&nbsp;&nbsp; 820324 |
| &nbsp;&nbsp;&nbsp;Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;&nbsp;&nbsp; 101474 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9200 | &nbsp;&nbsp;&nbsp;&nbsp; 84919 |
| &nbsp;&nbsp;&nbsp;Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 22553 |
| &nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;&nbsp;&nbsp; 182543 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 31342 |
| &nbsp;&nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 52111 |
| &nbsp;&nbsp;&nbsp;Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 56805 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 107422 |
| &nbsp;&nbsp;&nbsp;Kawasaki Kisen Kaisha, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 25418 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;118000 | &nbsp;&nbsp;&nbsp;&nbsp; 2027281 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 1284924 |
| &nbsp;&nbsp;&nbsp;Kikkoman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 32434 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 54615 |
| &nbsp;&nbsp;&nbsp;Kobe Bussan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 24884 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4700 | &nbsp;&nbsp;&nbsp;&nbsp; 153842 |
| &nbsp;&nbsp;&nbsp;Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 78957 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 53817 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp;&nbsp;&nbsp; 80442 |
| &nbsp;&nbsp;&nbsp;Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 20573 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp; 754535 |
| &nbsp;&nbsp;&nbsp;LY Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp; 54132 |
| &nbsp;&nbsp;&nbsp;M3, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 31590 |
| &nbsp;&nbsp;&nbsp;Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 39976 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp;&nbsp;&nbsp; 146900 |
| &nbsp;&nbsp;&nbsp;MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 37090 |
| &nbsp;&nbsp;&nbsp;MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 28765 |
| &nbsp;&nbsp;&nbsp;Minebea Mitsumi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 27781 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 33027 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36700 | &nbsp;&nbsp;&nbsp;&nbsp; 732890 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55400 | &nbsp;&nbsp;&nbsp;&nbsp; 1196474 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37200 | &nbsp;&nbsp;&nbsp;&nbsp; 696013 |
| &nbsp;&nbsp;&nbsp;Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 33926 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp; 413483 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;314700 | &nbsp;&nbsp;&nbsp;&nbsp; 4308756 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp; 260792 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;87700 | &nbsp;&nbsp;&nbsp;&nbsp; 847222 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 60021 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 338608 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 25660 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68100 | &nbsp;&nbsp;&nbsp;&nbsp; 1519054 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24100 | &nbsp;&nbsp;&nbsp;&nbsp; 356486 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27200 | &nbsp;&nbsp;&nbsp;&nbsp; 796651 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 34214 |
| &nbsp;&nbsp;&nbsp;NIDEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 83235 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp;&nbsp;&nbsp; 1899157 |
| &nbsp;&nbsp;&nbsp;Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 32288 |
| &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 41755 |
| &nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 34032 |
| &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 92979 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 82576 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 27933 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;$20800 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 618945 |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 71359 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp; 101792 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16600 | &nbsp;&nbsp;&nbsp;&nbsp; 667052 |
| &nbsp;&nbsp;&nbsp;NTT Data Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 35396 |
| &nbsp;&nbsp;&nbsp;NTT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;155300 | &nbsp;&nbsp;&nbsp;&nbsp; 165848 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 48426 |
| &nbsp;&nbsp;&nbsp;Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 66242 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 70007 |
| &nbsp;&nbsp;&nbsp;Omron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 27033 |
| &nbsp;&nbsp;&nbsp;Ono Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 20595 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 23865 |
| &nbsp;&nbsp;&nbsp;Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp; 129073 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | &nbsp;&nbsp;&nbsp;&nbsp; 130779 |
| &nbsp;&nbsp;&nbsp;Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 46066 |
| &nbsp;&nbsp;&nbsp;Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 22399 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 113874 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 68741 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;57800 | &nbsp;&nbsp;&nbsp;&nbsp; 620926 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 42931 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;25500 | &nbsp;&nbsp;&nbsp;&nbsp; 1501421 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp; 393799 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp; 99127 |
| &nbsp;&nbsp;&nbsp;Ricoh Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 24547 |
| &nbsp;&nbsp;&nbsp;Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 43534 |
| &nbsp;&nbsp;&nbsp;SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 48639 |
| &nbsp;&nbsp;&nbsp;SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 32482 |
| &nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 24091 |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 75577 |
| &nbsp;&nbsp;&nbsp;Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 30733 |
| &nbsp;&nbsp;&nbsp;Sekisui House, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 63950 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;54500 | &nbsp;&nbsp;&nbsp;&nbsp; 878996 |
| &nbsp;&nbsp;&nbsp;SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 18963 |
| &nbsp;&nbsp;&nbsp;Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 32241 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 551575 |
| &nbsp;&nbsp;&nbsp;Shimizu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp; 300067 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28300 | &nbsp;&nbsp;&nbsp;&nbsp; 932566 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 70372 |
| &nbsp;&nbsp;&nbsp;Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 39160 |
| &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 792271 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147600 | &nbsp;&nbsp;&nbsp;&nbsp; 228096 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16200 | &nbsp;&nbsp;&nbsp;&nbsp; 1174582 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 137812 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;150300 | &nbsp;&nbsp;&nbsp;&nbsp; 3918248 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20400 | &nbsp;&nbsp;&nbsp;&nbsp; 354434 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp; 871015 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 | &nbsp;&nbsp;&nbsp;&nbsp; 78882 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 31938 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp; 476330 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp; 546074 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 61687 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 22407 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44800 | &nbsp;&nbsp;&nbsp;&nbsp; 539712 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16600 | &nbsp;&nbsp;&nbsp;&nbsp; 288863 |
| &nbsp;&nbsp;&nbsp;T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 54684 |
| &nbsp;&nbsp;&nbsp;Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 46558 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8200 | &nbsp;&nbsp;&nbsp;&nbsp; 253123 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp; 119301 |
| &nbsp;&nbsp;&nbsp;TechnoPro Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17200 | &nbsp;&nbsp;&nbsp;&nbsp; 501996 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;44700 | &nbsp;&nbsp;&nbsp;&nbsp; 820480 |
| &nbsp;&nbsp;&nbsp;TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 36891 |
| &nbsp;&nbsp;&nbsp;Toho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 35453 |

---

------

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;40100 | &nbsp;&nbsp;$1691602 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 1088242 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 56516 |
| &nbsp;&nbsp;&nbsp;Tokyo Metro Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 17472 |
| &nbsp;&nbsp;&nbsp;Tokyu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 29710 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 32567 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp; 49178 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 90141 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;102500 | &nbsp;&nbsp;&nbsp;&nbsp; 1760659 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 72278 |
| &nbsp;&nbsp;&nbsp;Trend Micro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 41447 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;82400 | &nbsp;&nbsp;&nbsp;&nbsp; 596814 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 50441 |
| &nbsp;&nbsp;&nbsp;Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 24455 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 35798 |
| &nbsp;&nbsp;&nbsp;Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 31976 |
| &nbsp;&nbsp;&nbsp;Zensho Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 30285 |
| &nbsp;&nbsp;&nbsp;ZOZO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 20511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;60403897 |
| **Jersey — 0.4%** | **Jersey — 0.4%** | **Jersey — 0.4%** |
| &nbsp;&nbsp;&nbsp;CVC Capital Partners PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;19120 | &nbsp;&nbsp;&nbsp;&nbsp; 391530 |
| &nbsp;&nbsp;&nbsp;Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4747 | &nbsp;&nbsp;&nbsp;&nbsp; 244549 |
| &nbsp;&nbsp;&nbsp;Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;53140 | &nbsp;&nbsp;&nbsp;&nbsp; 206921 |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;54095 | &nbsp;&nbsp;&nbsp;&nbsp; 378128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221128 |
| **Luxembourg — 0.9%** | **Luxembourg — 0.9%** | **Luxembourg — 0.9%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2418 | &nbsp;&nbsp;&nbsp;&nbsp; 76428 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 43611 |
| &nbsp;&nbsp;&nbsp;InPost SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp; 18838 |
| &nbsp;&nbsp;&nbsp;Samsonite Group SA\* | &nbsp;&nbsp;&nbsp;&nbsp;103200 | &nbsp;&nbsp;&nbsp;&nbsp; 191081 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847 | &nbsp;&nbsp;&nbsp;&nbsp; 2184617 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2091 | &nbsp;&nbsp;&nbsp;&nbsp; 39056 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553631 |
| **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sands China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp; 26709 |
| **Netherlands — 6.0%** | **Netherlands — 6.0%** | **Netherlands — 6.0%** |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365 | &nbsp;&nbsp;&nbsp;&nbsp; 64754 |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 541653 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426 | &nbsp;&nbsp;&nbsp;&nbsp; 634842 |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8581 | &nbsp;&nbsp;&nbsp;&nbsp; 1795522 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6845 | &nbsp;&nbsp;&nbsp;&nbsp; 479033 |
| &nbsp;&nbsp;&nbsp;Argenx SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 174214 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp; 411210 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp; 624900 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6493 | &nbsp;&nbsp;&nbsp;&nbsp; 5198603 |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp; 50745 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | &nbsp;&nbsp;&nbsp;&nbsp; 392955 |
| &nbsp;&nbsp;&nbsp;Davide Campari-Milano NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172 | &nbsp;&nbsp;&nbsp;&nbsp; 21340 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 69302 |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp; 46087 |
| &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 318201 |
| &nbsp;&nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461 | &nbsp;&nbsp;&nbsp;&nbsp; 131216 |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp; 50120 |
| &nbsp;&nbsp;&nbsp;Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;24210 | &nbsp;&nbsp;&nbsp;&nbsp; 2119759 |
| &nbsp;&nbsp;&nbsp;IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp; 39970 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;60327 | &nbsp;&nbsp;&nbsp;&nbsp; 1323867 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp; 25917 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4731 | &nbsp;&nbsp;&nbsp;&nbsp; 197792 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;19756 | &nbsp;&nbsp;&nbsp;&nbsp; 96428 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp;31074 | &nbsp;&nbsp;$746046 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382 | &nbsp;&nbsp;&nbsp;&nbsp; 91858 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3066 | &nbsp;&nbsp;&nbsp;&nbsp; 669890 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6729 | &nbsp;&nbsp;&nbsp;&nbsp; 376938 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1124 | &nbsp;&nbsp;&nbsp;&nbsp; 54118 |
| &nbsp;&nbsp;&nbsp;Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 25448 |
| &nbsp;&nbsp;&nbsp;Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;10412 | &nbsp;&nbsp;&nbsp;&nbsp; 104409 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3524 | &nbsp;&nbsp;&nbsp;&nbsp; 107234 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702 | &nbsp;&nbsp;&nbsp;&nbsp; 185036 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1231 | &nbsp;&nbsp;&nbsp;&nbsp; 205852 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17375259 |
| **New Zealand — 0.2%** | **New Zealand — 0.2%** | **New Zealand — 0.2%** |
| &nbsp;&nbsp;&nbsp;Contact Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp; 22769 |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030 | &nbsp;&nbsp;&nbsp;&nbsp; 66599 |
| &nbsp;&nbsp;&nbsp;Infratil, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4754 | &nbsp;&nbsp;&nbsp;&nbsp; 30723 |
| &nbsp;&nbsp;&nbsp;Meridian Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6741 | &nbsp;&nbsp;&nbsp;&nbsp; 24245 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3815 | &nbsp;&nbsp;&nbsp;&nbsp; 451513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595849 |
| **Norway — 1.6%** | **Norway — 1.6%** | **Norway — 1.6%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 | &nbsp;&nbsp;&nbsp;&nbsp; 38806 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;86284 | &nbsp;&nbsp;&nbsp;&nbsp; 2387497 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;40808 | &nbsp;&nbsp;&nbsp;&nbsp; 1030370 |
| &nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;&nbsp; 26294 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2280 | &nbsp;&nbsp;&nbsp;&nbsp; 88437 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416 | &nbsp;&nbsp;&nbsp;&nbsp; 46681 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;89687 | &nbsp;&nbsp;&nbsp;&nbsp; 511130 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp;&nbsp; 39586 |
| &nbsp;&nbsp;&nbsp;Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 14911 |
| &nbsp;&nbsp;&nbsp;Storebrand ASA | &nbsp;&nbsp;&nbsp;&nbsp;35832 | &nbsp;&nbsp;&nbsp;&nbsp; 508216 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3186 | &nbsp;&nbsp;&nbsp;&nbsp; 49763 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902 | &nbsp;&nbsp;&nbsp;&nbsp; 33320 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775011 |
| **Portugal — 0.4%** | **Portugal — 0.4%** | **Portugal — 0.4%** |
| &nbsp;&nbsp;&nbsp;EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;16743 | &nbsp;&nbsp;&nbsp;&nbsp; 72692 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 | &nbsp;&nbsp;&nbsp;&nbsp; 39397 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;36217 | &nbsp;&nbsp;&nbsp;&nbsp; 917106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029195 |
| **Singapore — 1.6%** | **Singapore — 1.6%** | **Singapore — 1.6%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp;&nbsp; 40691 |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;30312 | &nbsp;&nbsp;&nbsp;&nbsp; 51741 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp; 25436 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;56430 | &nbsp;&nbsp;&nbsp;&nbsp; 1995326 |
| &nbsp;&nbsp;&nbsp;Genting Singapore, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31300 | &nbsp;&nbsp;&nbsp;&nbsp; 17611 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;12224 | &nbsp;&nbsp;&nbsp;&nbsp; 61487 |
| &nbsp;&nbsp;&nbsp;Keppel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 43816 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17500 | &nbsp;&nbsp;&nbsp;&nbsp; 224680 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4703 | &nbsp;&nbsp;&nbsp;&nbsp; 752198 |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 24791 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 42238 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp; 51468 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp; 49638 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;38600 | &nbsp;&nbsp;&nbsp;&nbsp; 115995 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp;&nbsp;&nbsp; 957613 |
| &nbsp;&nbsp;&nbsp;Wilmar International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29900 | &nbsp;&nbsp;&nbsp;&nbsp; 67464 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp; 23419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545612 |
| **South Korea — 0.7%** | **South Korea — 0.7%** | **South Korea — 0.7%** |
| &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6902 | &nbsp;&nbsp;&nbsp;&nbsp; 494176 |
| &nbsp;&nbsp;&nbsp;KT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13531 | &nbsp;&nbsp;&nbsp;&nbsp; 558550 |

---

------

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **South Korea (continued)** | **South Korea (continued)** | **South Korea (continued)** |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13951 | &nbsp;&nbsp;$618513 |
| &nbsp;&nbsp;&nbsp;Samsung SDI Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 224141 |
| &nbsp;&nbsp;&nbsp;SK Square Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp; 269319 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164699 |
| **Spain — 3.3%** | **Spain — 3.3%** | **Spain — 3.3%** |
| &nbsp;&nbsp;&nbsp;Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp; 23221 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932 | &nbsp;&nbsp;&nbsp;&nbsp; 64724 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3854 | &nbsp;&nbsp;&nbsp;&nbsp; 102878 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9980 | &nbsp;&nbsp;&nbsp;&nbsp; 844291 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;138694 | &nbsp;&nbsp;&nbsp;&nbsp; 2133127 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;27849 | &nbsp;&nbsp;&nbsp;&nbsp; 88683 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;175603 | &nbsp;&nbsp;&nbsp;&nbsp; 1453743 |
| &nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;62286 | &nbsp;&nbsp;&nbsp;&nbsp; 813030 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;20452 | &nbsp;&nbsp;&nbsp;&nbsp; 177191 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp; 99813 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp; 18208 |
| &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1642 | &nbsp;&nbsp;&nbsp;&nbsp; 52013 |
| &nbsp;&nbsp;&nbsp;Grifols SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 | &nbsp;&nbsp;&nbsp;&nbsp; 18789 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;100267 | &nbsp;&nbsp;&nbsp;&nbsp; 1927480 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;25576 | &nbsp;&nbsp;&nbsp;&nbsp; 1332752 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6441 | &nbsp;&nbsp;&nbsp;&nbsp; 30246 |
| &nbsp;&nbsp;&nbsp;Puig Brands SA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;13814 | &nbsp;&nbsp;&nbsp;&nbsp; 273230 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038 | &nbsp;&nbsp;&nbsp;&nbsp; 88449 |
| &nbsp;&nbsp;&nbsp;Telefonica SA | &nbsp;&nbsp;&nbsp;&nbsp;19078 | &nbsp;&nbsp;&nbsp;&nbsp; 100643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9642511 |
| **SupraNational — 0.0%** | **SupraNational — 0.0%** | **SupraNational — 0.0%** |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 56367 |
| **Sweden — 1.9%** | **Sweden — 1.9%** | **Sweden — 1.9%** |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 45476 |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;&nbsp;&nbsp; 62762 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208 | &nbsp;&nbsp;&nbsp;&nbsp; 162853 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;13880 | &nbsp;&nbsp;&nbsp;&nbsp; 224849 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7778 | &nbsp;&nbsp;&nbsp;&nbsp; 110822 |
| &nbsp;&nbsp;&nbsp;Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839 | &nbsp;&nbsp;&nbsp;&nbsp; 29055 |
| &nbsp;&nbsp;&nbsp;Boliden AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478 | &nbsp;&nbsp;&nbsp;&nbsp; 46233 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405 | &nbsp;&nbsp;&nbsp;&nbsp; 74099 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784 | &nbsp;&nbsp;&nbsp;&nbsp; 34205 |
| &nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965 | &nbsp;&nbsp;&nbsp;&nbsp; 65840 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098 | &nbsp;&nbsp;&nbsp;&nbsp; 85795 |
| &nbsp;&nbsp;&nbsp;Evolution AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 60842 |
| &nbsp;&nbsp;&nbsp;Fastighets AB Balder, Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp; 27471 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819 | &nbsp;&nbsp;&nbsp;&nbsp; 39662 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;10683 | &nbsp;&nbsp;&nbsp;&nbsp; 107351 |
| &nbsp;&nbsp;&nbsp;Holmen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;&nbsp;&nbsp; 17735 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp; 17680 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 28916 |
| &nbsp;&nbsp;&nbsp;Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;&nbsp;&nbsp; 37365 |
| &nbsp;&nbsp;&nbsp;Investment AB Latour, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp; 20062 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8894 | &nbsp;&nbsp;&nbsp;&nbsp; 263211 |
| &nbsp;&nbsp;&nbsp;L E Lundbergforetagen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | &nbsp;&nbsp;&nbsp;&nbsp; 20800 |
| &nbsp;&nbsp;&nbsp;Lifco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp; 44216 |
| &nbsp;&nbsp;&nbsp;Nibe Industrier AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8255 | &nbsp;&nbsp;&nbsp;&nbsp; 35302 |
| &nbsp;&nbsp;&nbsp;Saab AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664 | &nbsp;&nbsp;&nbsp;&nbsp; 92940 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp; 25603 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;31146 | &nbsp;&nbsp;&nbsp;&nbsp; 714740 |
| &nbsp;&nbsp;&nbsp;Securitas AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363 | &nbsp;&nbsp;&nbsp;&nbsp; 35359 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;43220 | &nbsp;&nbsp;&nbsp;&nbsp; 754835 |
| &nbsp;&nbsp;&nbsp;Skanska AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp; 38176 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828 | &nbsp;&nbsp;&nbsp;&nbsp; 41987 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140 | &nbsp;&nbsp;&nbsp;&nbsp; 40839 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;63832 | &nbsp;&nbsp;$853661 |
| &nbsp;&nbsp;&nbsp;Swedbank AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4279 | &nbsp;&nbsp;&nbsp;&nbsp; 113370 |
| &nbsp;&nbsp;&nbsp;Swedish Orphan Biovitrum AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp; 31521 |
| &nbsp;&nbsp;&nbsp;Tele2 AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825 | &nbsp;&nbsp;&nbsp;&nbsp; 41292 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;76039 | &nbsp;&nbsp;&nbsp;&nbsp; 651684 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | &nbsp;&nbsp;&nbsp;&nbsp;12379 | &nbsp;&nbsp;&nbsp;&nbsp; 44702 |
| &nbsp;&nbsp;&nbsp;Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp; 40495 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8169 | &nbsp;&nbsp;&nbsp;&nbsp; 229358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5413164 |
| **Switzerland — 8.0%** | **Switzerland — 8.0%** | **Switzerland — 8.0%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24864 | &nbsp;&nbsp;&nbsp;&nbsp; 1486411 |
| &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;19601 | &nbsp;&nbsp;&nbsp;&nbsp; 1740279 |
| &nbsp;&nbsp;&nbsp;Amrize, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6745 | &nbsp;&nbsp;&nbsp;&nbsp; 336464 |
| &nbsp;&nbsp;&nbsp;Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp; 24870 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 50647 |
| &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; 15476 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp; 20657 |
| &nbsp;&nbsp;&nbsp;BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 22985 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 166617 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp; 1110487 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;10479 | &nbsp;&nbsp;&nbsp;&nbsp; 1981802 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 57627 |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 | &nbsp;&nbsp;&nbsp;&nbsp; 101865 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp; 27985 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 80273 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 137931 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp; 227969 |
| &nbsp;&nbsp;&nbsp;Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp; 45171 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6745 | &nbsp;&nbsp;&nbsp;&nbsp; 502760 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6848 | &nbsp;&nbsp;&nbsp;&nbsp; 462084 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 52767 |
| &nbsp;&nbsp;&nbsp;Logitech International SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;&nbsp;&nbsp; 71387 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp; 1232523 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;32635 | &nbsp;&nbsp;&nbsp;&nbsp; 3241368 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;19166 | &nbsp;&nbsp;&nbsp;&nbsp; 2318608 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 154716 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;15057 | &nbsp;&nbsp;&nbsp;&nbsp; 4922291 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (BR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp; 57757 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 | &nbsp;&nbsp;&nbsp;&nbsp; 119341 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp; 44290 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &nbsp;&nbsp;&nbsp;&nbsp; 78593 |
| &nbsp;&nbsp;&nbsp;SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 78820 |
| &nbsp;&nbsp;&nbsp;SIG Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp; 29355 |
| &nbsp;&nbsp;&nbsp;Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp; 214922 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047 | &nbsp;&nbsp;&nbsp;&nbsp; 312755 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 75980 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 24481 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 151214 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp; 60395 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp; 271239 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 95852 |
| &nbsp;&nbsp;&nbsp;Temenos AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp; 19560 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;16933 | &nbsp;&nbsp;&nbsp;&nbsp; 575352 |
| &nbsp;&nbsp;&nbsp;VAT Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 59279 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;&nbsp; 528737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23391942 |
| **Taiwan — 1.0%** | **Taiwan — 1.0%** | **Taiwan — 1.0%** |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp;&nbsp; 2960692 |
| **United Kingdom — 16.4%** | **United Kingdom — 16.4%** | **United Kingdom — 16.4%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5045 | &nbsp;&nbsp;&nbsp;&nbsp; 285379 |

---

------

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;11369 | &nbsp;&nbsp;$510350 |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5801 | &nbsp;&nbsp;&nbsp;&nbsp; 171253 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;55043 | &nbsp;&nbsp;&nbsp;&nbsp; 1367573 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216 | &nbsp;&nbsp;&nbsp;&nbsp; 520156 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4902 | &nbsp;&nbsp;&nbsp;&nbsp; 314235 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;&nbsp; 49470 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;21922 | &nbsp;&nbsp;&nbsp;&nbsp; 3057194 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;21210 | &nbsp;&nbsp;&nbsp;&nbsp; 1482155 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4678 | &nbsp;&nbsp;&nbsp;&nbsp; 52977 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;69185 | &nbsp;&nbsp;&nbsp;&nbsp; 588189 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;70600 | &nbsp;&nbsp;&nbsp;&nbsp; 1827780 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;191316 | &nbsp;&nbsp;&nbsp;&nbsp; 886116 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7051 | &nbsp;&nbsp;&nbsp;&nbsp; 44171 |
| &nbsp;&nbsp;&nbsp;BP PLC | &nbsp;&nbsp;&nbsp;&nbsp;82663 | &nbsp;&nbsp;&nbsp;&nbsp; 412361 |
| &nbsp;&nbsp;&nbsp;Bridgepoint Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;71922 | &nbsp;&nbsp;&nbsp;&nbsp; 307678 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;10206 | &nbsp;&nbsp;&nbsp;&nbsp; 482972 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;297858 | &nbsp;&nbsp;&nbsp;&nbsp; 792270 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;35813 | &nbsp;&nbsp;&nbsp;&nbsp; 1140646 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;26985 | &nbsp;&nbsp;&nbsp;&nbsp; 59850 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035 | &nbsp;&nbsp;&nbsp;&nbsp; 95965 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;40099 | &nbsp;&nbsp;&nbsp;&nbsp; 1358160 |
| &nbsp;&nbsp;&nbsp;Croda International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp; 28701 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;56938 | &nbsp;&nbsp;&nbsp;&nbsp; 1432192 |
| &nbsp;&nbsp;&nbsp;Dowlais Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;98023 | &nbsp;&nbsp;&nbsp;&nbsp; 89748 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;56572 | &nbsp;&nbsp;&nbsp;&nbsp; 1078418 |
| &nbsp;&nbsp;&nbsp;Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;315766 | &nbsp;&nbsp;&nbsp;&nbsp; 1624618 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1950 | &nbsp;&nbsp;&nbsp;&nbsp; 85675 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp; 21480 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;90821 | &nbsp;&nbsp;&nbsp;&nbsp; 1099575 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4054 | &nbsp;&nbsp;&nbsp;&nbsp; 160043 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6652 | &nbsp;&nbsp;&nbsp;&nbsp; 73598 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp; 87462 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp; 53822 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8518 | &nbsp;&nbsp;&nbsp;&nbsp; 33885 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;13312 | &nbsp;&nbsp;&nbsp;&nbsp; 16202 |
| &nbsp;&nbsp;&nbsp;Johnson Matthey PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6334 | &nbsp;&nbsp;&nbsp;&nbsp; 150961 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;383264 | &nbsp;&nbsp;&nbsp;&nbsp; 1531420 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086 | &nbsp;&nbsp;&nbsp;&nbsp; 26735 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;30398 | &nbsp;&nbsp;&nbsp;&nbsp; 106259 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 2469453 | &nbsp;&nbsp;&nbsp;&nbsp; 2600566 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp; 358137 |
| &nbsp;&nbsp;&nbsp;M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;12102 | &nbsp;&nbsp;&nbsp;&nbsp; 42705 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;10686 | &nbsp;&nbsp;&nbsp;&nbsp; 51985 |
| &nbsp;&nbsp;&nbsp;Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;110976 | &nbsp;&nbsp;&nbsp;&nbsp; 808890 |
| &nbsp;&nbsp;&nbsp;Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 | &nbsp;&nbsp;&nbsp;&nbsp; 38883 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;153604 | &nbsp;&nbsp;&nbsp;&nbsp; 2245903 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;39683 | &nbsp;&nbsp;&nbsp;&nbsp; 278634 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5384 | &nbsp;&nbsp;&nbsp;&nbsp; 919808 |
| &nbsp;&nbsp;&nbsp;Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872 | &nbsp;&nbsp;&nbsp;&nbsp; 42271 |
| &nbsp;&nbsp;&nbsp;Persimmon PLC | &nbsp;&nbsp;&nbsp;&nbsp;16473 | &nbsp;&nbsp;&nbsp;&nbsp; 293343 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372 | &nbsp;&nbsp;&nbsp;&nbsp; 30486 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;13523 | &nbsp;&nbsp;&nbsp;&nbsp; 169774 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;20526 | &nbsp;&nbsp;&nbsp;&nbsp; 1396321 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;38220 | &nbsp;&nbsp;&nbsp;&nbsp; 2073238 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;12930 | &nbsp;&nbsp;&nbsp;&nbsp; 62579 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5774 | &nbsp;&nbsp;&nbsp;&nbsp; 336466 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;43562 | &nbsp;&nbsp;&nbsp;&nbsp; 578777 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;34193 | &nbsp;&nbsp;&nbsp;&nbsp; 587655 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746 | &nbsp;&nbsp;&nbsp;&nbsp; 18587 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;32102 | &nbsp;&nbsp;&nbsp;&nbsp; 299536 |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp; 50926 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;30794 | &nbsp;&nbsp;&nbsp;&nbsp; 1079108 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp;Shell PLC (XAMS) | &nbsp;&nbsp;&nbsp;&nbsp;68517 | &nbsp;&nbsp;$2405901 |
| &nbsp;&nbsp;&nbsp;Shell PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;14078 | &nbsp;&nbsp;&nbsp;&nbsp; 991232 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4380 | &nbsp;&nbsp;&nbsp;&nbsp; 66929 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 | &nbsp;&nbsp;&nbsp;&nbsp; 49155 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp; 30742 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734 | &nbsp;&nbsp;&nbsp;&nbsp; 144137 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;54553 | &nbsp;&nbsp;&nbsp;&nbsp; 904082 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;35025 | &nbsp;&nbsp;&nbsp;&nbsp; 192940 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;71460 | &nbsp;&nbsp;&nbsp;&nbsp; 4352568 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437 | &nbsp;&nbsp;&nbsp;&nbsp; 53967 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;102576 | &nbsp;&nbsp;&nbsp;&nbsp; 109542 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;16259 | &nbsp;&nbsp;&nbsp;&nbsp; 630932 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 | &nbsp;&nbsp;&nbsp;&nbsp; 48948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;47853347 |
| **United States — 1.3%** | **United States — 1.3%** | **United States — 1.3%** |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. SDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5225 | &nbsp;&nbsp;&nbsp;&nbsp; 586465 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 966803 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782 | &nbsp;&nbsp;&nbsp;&nbsp; 766858 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp; 323141 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7933 | &nbsp;&nbsp;&nbsp;&nbsp; 828998 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp; 334545 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806810 |
| **Total Long-Term Investment Securities<br> (cost $215,552,865)** |  | &nbsp;&nbsp;&nbsp;&nbsp;288364601 |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |
| **Unaffiliated Investment Companies — 0.3%** | **Unaffiliated Investment Companies — 0.3%** | **Unaffiliated Investment Companies — 0.3%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(2) | &nbsp;&nbsp;&nbsp;&nbsp;516307 | &nbsp;&nbsp;&nbsp;&nbsp; 516307 |

---

------

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |  |
| **Unaffiliated Investment Companies (continued)** | **Unaffiliated Investment Companies (continued)** |  |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund 4.37%(2) | &nbsp;&nbsp;&nbsp;&nbsp;409036 | &nbsp;&nbsp;$409036 |
| **Total Short-Term Investments<br> (cost $925,343)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925343 |
| **TOTAL INVESTMENTS<br> (cost $216,478,208)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1% | &nbsp;&nbsp;&nbsp;&nbsp;289289944 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604190 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$291894134 |

---

---

| | |
|:---|:---|
| † | &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 June 30, 2025, the aggregate value of these securities was $3,713,561 representing 1.3% of net assets. |
| (1) | &nbsp;&nbsp;Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 1. 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 June 30, 2025, the Portfolio held the following restricted securities: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Definity Financial Corp. | 05/28/2025 | 699 | $33674 | $38704 | $55.37 | 0.0% |

---

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

---

| |
|:---|
| ADR—American Depositary Receipt |
| ASX—Australian Stock Exchange |
| BR—Bearer Shares |
| CDI—CHESS Depositary Interest |
| CVA—Certification Van Aandelen (Dutch Cert.) |
| LSE—London Stock Exchange |
| SDR—Swedish Depositary Receipt |
| XAMS—Euronext Amsterdam Stock Exchange |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Spain** |  |  |  |  |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp;Redeia Corporation SA | &nbsp;&nbsp;2109 | &nbsp;&nbsp;2.19% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/10/2027 | &nbsp;&nbsp;$44061 | &nbsp;&nbsp;$1102 | &nbsp;&nbsp;$1102 |
| **Singapore** |  |  |  |  |  |  |  |  |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp; 100 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/19/2026 | &nbsp;&nbsp;&nbsp; 1099 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 71 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$1173 | &nbsp;&nbsp;$1173 |

---

#### 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** |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;FTSE 100 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$120520 | &nbsp;&nbsp;&nbsp;&nbsp;$120649 | &nbsp;&nbsp;&nbsp;&nbsp;$129 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SGX Nikkei 225 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8273 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$8402 |

---

\* 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;15.5% |

---

------

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio<br>

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

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;8.3% |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;3.1 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;3.0 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Investment Companies | &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;0.1 |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;99.1% |

---

\* Calculated as a percentage of net assets

------

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio<br>

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

------

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;&nbsp;$291330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$291330 |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;&nbsp;&nbsp;5030153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38704 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5068857 |
| &nbsp;&nbsp;&nbsp;China | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660529 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237432 |
| &nbsp;&nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3277677 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3313642 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586440 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022155 |
| &nbsp;&nbsp;&nbsp;Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098178 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490334 |
| &nbsp;&nbsp;&nbsp;Israel | &nbsp;&nbsp;&nbsp;&nbsp;1474664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550007 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024671 |
| &nbsp;&nbsp;&nbsp;Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;2184617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369014 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553631 |
| &nbsp;&nbsp;&nbsp;Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1715942 | &nbsp;&nbsp;&nbsp;&nbsp;15659317 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17375259 |
| &nbsp;&nbsp;&nbsp;Singapore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731927 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545612 |
| &nbsp;&nbsp;&nbsp;Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336464 | &nbsp;&nbsp;&nbsp;&nbsp;23055478 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23391942 |
| &nbsp;&nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3089508 | &nbsp;&nbsp;&nbsp;&nbsp;44763839 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47853347 |
| &nbsp;&nbsp;&nbsp;United States | &nbsp;&nbsp;&nbsp;&nbsp;3220345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586465 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3806810 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;173389579 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;173389579 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925343 |
| **Total Investments at Value** | &nbsp;&nbsp;$20522790 | &nbsp;&nbsp;$268767154 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$289289944 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1173 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1173 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8402 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1173 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9575 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** | **COMMON STOCKS — 98.0%** |
| **Advertising — 1.2%** | **Advertising — 1.2%** | **Advertising — 1.2%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51329 | &nbsp;&nbsp;$3695175 |
| **Aerospace/Defense — 0.9%** | **Aerospace/Defense — 0.9%** | **Aerospace/Defense — 0.9%** |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7513 | &nbsp;&nbsp;&nbsp;&nbsp; 1933771 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547 | &nbsp;&nbsp;&nbsp;&nbsp; 287943 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 423458 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 325417 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970589 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2978 | &nbsp;&nbsp;&nbsp;&nbsp; 174600 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208 | &nbsp;&nbsp;&nbsp;&nbsp; 584273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758873 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp; 120540 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256 | &nbsp;&nbsp;&nbsp;&nbsp; 100015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220555 |
| **Apparel — 0.5%** | **Apparel — 0.5%** | **Apparel — 0.5%** |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp; 59781 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp; 1476331 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 41690 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 69458 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1647260 |
| **Auto Manufacturers — 3.7%** | **Auto Manufacturers — 3.7%** | **Auto Manufacturers — 3.7%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 171938 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 | &nbsp;&nbsp;&nbsp;&nbsp; 104756 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36467 | &nbsp;&nbsp;&nbsp;&nbsp; 11584107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11860801 |
| **Banks — 1.0%** | **Banks — 1.0%** | **Banks — 1.0%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17916 | &nbsp;&nbsp;&nbsp;&nbsp; 847785 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp; 134934 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6046 | &nbsp;&nbsp;&nbsp;&nbsp; 1752796 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 299609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3035124 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp; 73727 |
| **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976 | &nbsp;&nbsp;&nbsp;&nbsp; 644354 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp; 246263 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;843 | &nbsp;&nbsp;&nbsp;&nbsp; 464678 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp; 25061 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91259 | &nbsp;&nbsp;&nbsp;&nbsp; 1028489 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;137719 | &nbsp;&nbsp;&nbsp;&nbsp; 4962016 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;&nbsp; 436741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7807602 |
| **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;229 | &nbsp;&nbsp;&nbsp;&nbsp; 26722 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 | &nbsp;&nbsp;&nbsp;&nbsp; 105247 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 70508 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp; 753722 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp; 21368 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp; 374423 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 81637 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433627 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;$127176 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570 | &nbsp;&nbsp;&nbsp;&nbsp; 1225795 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352971 |
| **Commercial Services — 2.1%** | **Commercial Services — 2.1%** | **Commercial Services — 2.1%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2369 | &nbsp;&nbsp;&nbsp;&nbsp; 4349747 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp; 273242 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1310 | &nbsp;&nbsp;&nbsp;&nbsp; 291960 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp; 88264 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp; 154490 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487 | &nbsp;&nbsp;&nbsp;&nbsp; 184834 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 213237 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp; 35093 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514 | &nbsp;&nbsp;&nbsp;&nbsp; 798317 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp; 187597 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; 74137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650918 |
| **Computers — 7.2%** | **Computers — 7.2%** | **Computers — 7.2%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73092 | &nbsp;&nbsp;&nbsp;&nbsp; 14996286 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10758 | &nbsp;&nbsp;&nbsp;&nbsp; 5479157 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp; 65223 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp; 256899 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp; 118841 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3532 | &nbsp;&nbsp;&nbsp;&nbsp; 1041163 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 41018 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 38891 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp; 94246 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp; 679994 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22811718 |
| **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;1364 | &nbsp;&nbsp;&nbsp;&nbsp; 123988 |
| **Distribution/Wholesale — 1.4%** | **Distribution/Wholesale — 1.4%** | **Distribution/Wholesale — 1.4%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp; 164384 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65125 | &nbsp;&nbsp;&nbsp;&nbsp; 3930294 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496 | &nbsp;&nbsp;&nbsp;&nbsp; 104832 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp; 175801 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375311 |
| **Diversified Financial Services — 4.6%** | **Diversified Financial Services — 4.6%** | **Diversified Financial Services — 4.6%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121 | &nbsp;&nbsp;&nbsp;&nbsp; 676557 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp; 195879 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708 | &nbsp;&nbsp;&nbsp;&nbsp; 242314 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2863 | &nbsp;&nbsp;&nbsp;&nbsp; 1003453 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc.† | &nbsp;&nbsp;&nbsp;&nbsp;215552 | &nbsp;&nbsp;&nbsp;&nbsp; 2056366 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15422 | &nbsp;&nbsp;&nbsp;&nbsp; 2829474 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8864 | &nbsp;&nbsp;&nbsp;&nbsp; 4981036 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 57944 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp; 67023 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433 | &nbsp;&nbsp;&nbsp;&nbsp; 95638 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6531 | &nbsp;&nbsp;&nbsp;&nbsp; 2318832 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14524516 |
| **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1195 | &nbsp;&nbsp;&nbsp;&nbsp; 385698 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5263 | &nbsp;&nbsp;&nbsp;&nbsp; 365357 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp; 119793 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 | &nbsp;&nbsp;&nbsp;&nbsp; 49717 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 75341 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 251953 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247859 |

---

------

#### Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3640 | &nbsp;&nbsp;$658694 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4176 | &nbsp;&nbsp;&nbsp;&nbsp; 1490790 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp; 195329 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 20193 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365006 |
| **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;176 | &nbsp;&nbsp;&nbsp;&nbsp; 25365 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4626 | &nbsp;&nbsp;&nbsp;&nbsp; 456817 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp; 122519 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 83724 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp; 38766 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp; 31456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758647 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp; 35757 |
| **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;599 | &nbsp;&nbsp;&nbsp;&nbsp; 90617 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 46397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137014 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 42091 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 191123 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp;&nbsp; 45831 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2549 | &nbsp;&nbsp;&nbsp;&nbsp; 475949 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp; 169098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924092 |
| **Healthcare-Products — 2.0%** | **Healthcare-Products — 2.0%** | **Healthcare-Products — 2.0%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4123 | &nbsp;&nbsp;&nbsp;&nbsp; 560769 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15662 | &nbsp;&nbsp;&nbsp;&nbsp; 1682256 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7503 | &nbsp;&nbsp;&nbsp;&nbsp; 1482143 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 84200 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3537 | &nbsp;&nbsp;&nbsp;&nbsp; 1922041 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;&nbsp;&nbsp; 144738 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 274963 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 36649 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6187759 |
| **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;168 | &nbsp;&nbsp;&nbsp;&nbsp; 23932 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 149409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173341 |
| **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;3754 | &nbsp;&nbsp;&nbsp;&nbsp; 415230 |
| &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; 51700 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp; 81520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548450 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp; 150196 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp; 130384 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp; 139892 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431 | &nbsp;&nbsp;&nbsp;&nbsp; 1666677 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp; 118520 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp; 47208 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 33292 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp; 76629 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp; 180597 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2238 | &nbsp;&nbsp;&nbsp;&nbsp; 597233 |

---

---

| | | |
|:---|:---|:---|
| **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;631 | &nbsp;&nbsp;$46359 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp; 56089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243076 |
| **Internet — 20.3%** | **Internet — 20.3%** | **Internet — 20.3%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28380 | &nbsp;&nbsp;&nbsp;&nbsp; 3755809 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29788 | &nbsp;&nbsp;&nbsp;&nbsp; 5249539 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28541 | &nbsp;&nbsp;&nbsp;&nbsp; 5062888 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46239 | &nbsp;&nbsp;&nbsp;&nbsp; 10144374 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp; 717866 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30142 | &nbsp;&nbsp;&nbsp;&nbsp; 7430305 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1179 | &nbsp;&nbsp;&nbsp;&nbsp; 87788 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp; 79448 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp; 29726 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 35339 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 97233 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518 | &nbsp;&nbsp;&nbsp;&nbsp; 6581120 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15506 | &nbsp;&nbsp;&nbsp;&nbsp; 11444824 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4020 | &nbsp;&nbsp;&nbsp;&nbsp; 5383303 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;&nbsp;&nbsp; 517739 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50118 | &nbsp;&nbsp;&nbsp;&nbsp; 5781111 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp; 1396559 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7980 | &nbsp;&nbsp;&nbsp;&nbsp; 744534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;64539505 |
| **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;4002 | &nbsp;&nbsp;&nbsp;&nbsp; 112536 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp; 34070 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp; 296231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442837 |
| **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;906 | &nbsp;&nbsp;&nbsp;&nbsp; 241304 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 | &nbsp;&nbsp;&nbsp;&nbsp; 57129 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp; 238785 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp; 32129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569347 |
| **Machinery-Construction & Mining — 1.0%** | **Machinery-Construction & Mining — 1.0%** | **Machinery-Construction & Mining — 1.0%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1795 | &nbsp;&nbsp;&nbsp;&nbsp; 696837 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4906 | &nbsp;&nbsp;&nbsp;&nbsp; 2596010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3292847 |
| **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;426 | &nbsp;&nbsp;&nbsp;&nbsp; 216617 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 43059 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 | &nbsp;&nbsp;&nbsp;&nbsp; 128014 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3393 | &nbsp;&nbsp;&nbsp;&nbsp; 1127053 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp; 136496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651239 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 29073 |
| **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;277 | &nbsp;&nbsp;&nbsp;&nbsp; 229339 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp; 103351 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp; 340155 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672845 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp; 27136 |

---

------

#### Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** | **Oil & Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 | &nbsp;&nbsp;$146298 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp; 76060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222358 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 32036 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14078 | &nbsp;&nbsp;&nbsp;&nbsp; 2613158 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7083 | &nbsp;&nbsp;&nbsp;&nbsp; 494960 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp; 56040 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6796 | &nbsp;&nbsp;&nbsp;&nbsp; 5297686 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691 | &nbsp;&nbsp;&nbsp;&nbsp; 463922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8925766 |
| **Pipelines — 0.6%** | **Pipelines — 0.6%** | **Pipelines — 0.6%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6751 | &nbsp;&nbsp;&nbsp;&nbsp; 1644003 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 | &nbsp;&nbsp;&nbsp;&nbsp; 108323 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp; 145009 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2421 | &nbsp;&nbsp;&nbsp;&nbsp; 152063 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049398 |
| **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp; 150989 |
| **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;1129 | &nbsp;&nbsp;&nbsp;&nbsp; 158195 |
| **REITS — 0.8%** | **REITS — 0.8%** | **REITS — 0.8%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232 | &nbsp;&nbsp;&nbsp;&nbsp; 1598417 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp; 48636 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 23440 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 139207 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 33441 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 53668 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp; 25835 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp; 115084 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp; 27234 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp; 176639 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp; 188411 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp; 21109 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1256 | &nbsp;&nbsp;&nbsp;&nbsp; 193085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644206 |
| **Retail — 3.5%** | **Retail — 3.5%** | **Retail — 3.5%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63 | &nbsp;&nbsp;&nbsp;&nbsp; 233870 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6755 | &nbsp;&nbsp;&nbsp;&nbsp; 568974 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177 | &nbsp;&nbsp;&nbsp;&nbsp; 290689 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4090 | &nbsp;&nbsp;&nbsp;&nbsp; 4048855 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 42068 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 24783 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31328 | &nbsp;&nbsp;&nbsp;&nbsp; 2379675 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp; 612289 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666 | &nbsp;&nbsp;&nbsp;&nbsp; 591505 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 46803 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3263 | &nbsp;&nbsp;&nbsp;&nbsp; 294094 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396 | &nbsp;&nbsp;&nbsp;&nbsp; 433262 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2509 | &nbsp;&nbsp;&nbsp;&nbsp; 309836 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 | &nbsp;&nbsp;&nbsp;&nbsp; 58152 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11103 | &nbsp;&nbsp;&nbsp;&nbsp; 1085651 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp;&nbsp;&nbsp; 76784 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp; 64755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11162045 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Semiconductors — 13.9%** | **Semiconductors — 13.9%** | **Semiconductors — 13.9%** |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;$238723 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233 | &nbsp;&nbsp;&nbsp;&nbsp; 2590894 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33808 | &nbsp;&nbsp;&nbsp;&nbsp; 9319175 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 1701906 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14461 | &nbsp;&nbsp;&nbsp;&nbsp; 1119281 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132 | &nbsp;&nbsp;&nbsp;&nbsp; 509269 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp; 133843 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;175689 | &nbsp;&nbsp;&nbsp;&nbsp; 27757105 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp; 84993 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994 | &nbsp;&nbsp;&nbsp;&nbsp; 621614 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;44076803 |
| **Software — 21.6%** | **Software — 21.6%** | **Software — 21.6%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp; 264239 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 51981 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4255 | &nbsp;&nbsp;&nbsp;&nbsp; 1489590 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 | &nbsp;&nbsp;&nbsp;&nbsp; 654762 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;&nbsp; 254157 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 47877 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp; 177494 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73698 | &nbsp;&nbsp;&nbsp;&nbsp; 14432279 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7615 | &nbsp;&nbsp;&nbsp;&nbsp; 1022923 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp; 33622 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12189 | &nbsp;&nbsp;&nbsp;&nbsp; 672955 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 54617 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp; 171828 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116 | &nbsp;&nbsp;&nbsp;&nbsp; 364820 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp; 690778 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp; 841977 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 20179 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42154 | &nbsp;&nbsp;&nbsp;&nbsp; 20967821 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15968 | &nbsp;&nbsp;&nbsp;&nbsp; 6454745 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp; 170715 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6197 | &nbsp;&nbsp;&nbsp;&nbsp; 1354850 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8119 | &nbsp;&nbsp;&nbsp;&nbsp; 1106782 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576 | &nbsp;&nbsp;&nbsp;&nbsp; 83785 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 41652 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp; 37225 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58234 | &nbsp;&nbsp;&nbsp;&nbsp; 6126217 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8156 | &nbsp;&nbsp;&nbsp;&nbsp; 2224060 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9681 | &nbsp;&nbsp;&nbsp;&nbsp; 385110 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp; 808071 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31774 | &nbsp;&nbsp;&nbsp;&nbsp; 7110068 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp; 157905 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 96633 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp; 92160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;68463877 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946 | &nbsp;&nbsp;&nbsp;&nbsp; 403715 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;&nbsp; 268674 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp; 231351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903740 |
| **Transportation — 0.7%** | **Transportation — 0.7%** | **Transportation — 0.7%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293 | &nbsp;&nbsp;&nbsp;&nbsp; 107450 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583 | &nbsp;&nbsp;&nbsp;&nbsp; 581521 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6738 | &nbsp;&nbsp;&nbsp;&nbsp; 1550279 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239250 |
| **Total Common Stocks<br> (cost $204,166,213)** |  | &nbsp;&nbsp;&nbsp;&nbsp;311217248 |

---

------

#### Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.2%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.2%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.2%** |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 Growth ETF<br> (cost $357,903) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501 | &nbsp;&nbsp;$429035 |
| **PURCHASED OPTIONS† — 0.0%** | **PURCHASED OPTIONS† — 0.0%** | **PURCHASED OPTIONS† — 0.0%** |
| **Purchased Options - Calls — 0.0%** | **Purchased Options - Calls — 0.0%** | **Purchased Options - Calls — 0.0%** |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 02/25/2026; Strike Price: USD 7.82; Counterparty: JPMorgan Chase Bank, N.A.) | 24243084 | &nbsp;&nbsp;&nbsp;&nbsp; 23201 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 04/01/2026; Strike Price: USD 7.90; Counterparty: Standard Chartered Bank) | 14837364 | &nbsp;&nbsp;&nbsp;&nbsp; 15179 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 05/13/2026; Strike Price: USD 7.71; Counterparty: Goldman Sachs International) | 23427474 | &nbsp;&nbsp;&nbsp;&nbsp; 46199 |
| &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; 12 |
| &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; 199 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 10/16/2025; Strike Price: USD 7.76; Counterparty: Standard Chartered Bank) | 24302865 | &nbsp;&nbsp;&nbsp;&nbsp; 1993 |
| &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; 1737 |
| **Total Purchased Options<br> (cost $605,605)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88520 |
| **Total Long-Term Investment Securities<br> (cost $205,129,721)** |  | &nbsp;&nbsp;&nbsp;&nbsp;311734803 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 0.5%** | **SHORT-TERM INVESTMENTS — 0.5%** |  |
| **Unaffiliated Investment Companies — 0.5%** | **Unaffiliated Investment Companies — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Administration Class<br> 4.02%(1) | 1173102 | &nbsp;&nbsp;$1173102 |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(1) | &nbsp;&nbsp;&nbsp;&nbsp;317347 | &nbsp;&nbsp;&nbsp;&nbsp; 317347 |
| **Total Short-Term Investments<br> (cost $1,490,449)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490449 |
| **TOTAL INVESTMENTS<br> (cost $206,620,170)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.7% | &nbsp;&nbsp;&nbsp;&nbsp;313225252 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4261957 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$317487209 |

---

---

| | |
|:---|:---|
| † | &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 June 30, 2025, the aggregate value of these securities was $4,349,747 representing 1.4% of net assets. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of June 30, 2025. |

---

ADR—American Depositary Receipt <br> ETF—Exchange Traded Fund

CNY—Chinese Yuan

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 1000 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$205370 | &nbsp;&nbsp;&nbsp;&nbsp;$215850 | &nbsp;&nbsp;&nbsp;&nbsp;$10480 |

---

\* 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 June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;&nbsp;$170929 | &nbsp;&nbsp;$1476331 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1647260 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301171 | &nbsp;&nbsp;&nbsp;&nbsp;4349747 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650918 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;302919070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;302919070 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429035 |
| 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;88520 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88520 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490449 |
| **Total Investments at Value** | &nbsp;&nbsp;$307310654 | &nbsp;&nbsp;$5914598 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$313225252 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10480 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1679 | &nbsp;&nbsp;$41102 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp; 63739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104841 |
| **Aerospace/Defense — 2.3%** | **Aerospace/Defense — 2.3%** | **Aerospace/Defense — 2.3%** |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | 42878 | &nbsp;&nbsp;&nbsp;&nbsp; 1110079 |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;3437 | &nbsp;&nbsp;&nbsp;&nbsp; 720155 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1163 | &nbsp;&nbsp;&nbsp;&nbsp; 339201 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;2901 | &nbsp;&nbsp;&nbsp;&nbsp; 746688 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8528 | &nbsp;&nbsp;&nbsp;&nbsp; 2139163 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 444614 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp; 311488 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 12151 | &nbsp;&nbsp;&nbsp;&nbsp; 1774289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7585677 |
| **Agriculture — 0.8%** | **Agriculture — 0.8%** | **Agriculture — 0.8%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4193 | &nbsp;&nbsp;&nbsp;&nbsp; 245836 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 32117 | &nbsp;&nbsp;&nbsp;&nbsp; 1695135 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp; 48328 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3277 | &nbsp;&nbsp;&nbsp;&nbsp; 596840 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2586139 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 18356 | &nbsp;&nbsp;&nbsp;&nbsp; 595469 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;5412 | &nbsp;&nbsp;&nbsp;&nbsp; 384469 |
| **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** | **Auto Manufacturers — 1.0%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3118 | &nbsp;&nbsp;&nbsp;&nbsp; 1021145 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 17853 | &nbsp;&nbsp;&nbsp;&nbsp; 193705 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;4414 | &nbsp;&nbsp;&nbsp;&nbsp; 217213 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 18601 | &nbsp;&nbsp;&nbsp;&nbsp; 1768211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200274 |
| **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | 10345 | &nbsp;&nbsp;&nbsp;&nbsp; 705736 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 56458 | &nbsp;&nbsp;&nbsp;&nbsp; 1241511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947247 |
| **Banks — 8.7%** | **Banks — 8.7%** | **Banks — 8.7%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 30082 | &nbsp;&nbsp;&nbsp;&nbsp; 1423480 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 16768 | &nbsp;&nbsp;&nbsp;&nbsp; 1527733 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp;&nbsp;&nbsp; 732032 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2048 | &nbsp;&nbsp;&nbsp;&nbsp; 91648 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;3103 | &nbsp;&nbsp;&nbsp;&nbsp; 127626 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp; 997220 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6554 | &nbsp;&nbsp;&nbsp;&nbsp; 109845 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 28597 | &nbsp;&nbsp;&nbsp;&nbsp; 8290556 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;4490 | &nbsp;&nbsp;&nbsp;&nbsp; 78216 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8888 | &nbsp;&nbsp;&nbsp;&nbsp; 1724183 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 14621 | &nbsp;&nbsp;&nbsp;&nbsp; 2059514 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 10402 | &nbsp;&nbsp;&nbsp;&nbsp; 1318870 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 10700 | &nbsp;&nbsp;&nbsp;&nbsp; 1994694 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 68645 | &nbsp;&nbsp;&nbsp;&nbsp; 1614530 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp; 138348 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 53467 | &nbsp;&nbsp;&nbsp;&nbsp; 2298546 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 52963 | &nbsp;&nbsp;&nbsp;&nbsp; 2396576 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 14939 | &nbsp;&nbsp;&nbsp;&nbsp; 1196913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28120530 |
| **Beverages — 2.4%** | **Beverages — 2.4%** | **Beverages — 2.4%** |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp; 22120 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 17740 | &nbsp;&nbsp;&nbsp;&nbsp; 1255105 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;$116967 |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV | 14782 | &nbsp;&nbsp;&nbsp;&nbsp; 1102478 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 49826 | &nbsp;&nbsp;&nbsp;&nbsp; 1647248 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp; 37318 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp; 110748 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 19100 | &nbsp;&nbsp;&nbsp;&nbsp; 2521964 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 11520 | &nbsp;&nbsp;&nbsp;&nbsp; 1150745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7964693 |
| **Biotechnology — 1.3%** | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp;&nbsp;&nbsp; 391732 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 82889 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3141 | &nbsp;&nbsp;&nbsp;&nbsp; 234099 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 29254 | &nbsp;&nbsp;&nbsp;&nbsp; 3243391 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 19749 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp; 42130 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 253050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4267040 |
| **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;249 | &nbsp;&nbsp;&nbsp;&nbsp; 29056 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp; 141842 |
| &nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;8356 | &nbsp;&nbsp;&nbsp;&nbsp; 767081 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8439 | &nbsp;&nbsp;&nbsp;&nbsp; 434440 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 19408 | &nbsp;&nbsp;&nbsp;&nbsp; 2049873 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1309 | &nbsp;&nbsp;&nbsp;&nbsp; 718589 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 36299 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;9375 | &nbsp;&nbsp;&nbsp;&nbsp; 982875 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 58945 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5219000 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;&nbsp; 287419 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;8275 | &nbsp;&nbsp;&nbsp;&nbsp; 579108 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 33215 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | 39331 | &nbsp;&nbsp;&nbsp;&nbsp; 1167737 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 72220 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3281 | &nbsp;&nbsp;&nbsp;&nbsp; 86881 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1932 | &nbsp;&nbsp;&nbsp;&nbsp; 132516 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp; 38749 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp; 159509 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;&nbsp; 84803 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;2161 | &nbsp;&nbsp;&nbsp;&nbsp; 1013898 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp; 67581 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp; 52239 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7567 | &nbsp;&nbsp;&nbsp;&nbsp; 860746 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 157602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794223 |
| **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;801 | &nbsp;&nbsp;&nbsp;&nbsp; 247028 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp; 148100 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 92446 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 21362 | &nbsp;&nbsp;&nbsp;&nbsp; 1172560 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 37968 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 171544 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1516 | &nbsp;&nbsp;&nbsp;&nbsp; 112669 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp; 29959 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 403377 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp; 114321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529972 |
| **Computers — 4.5%** | **Computers — 4.5%** | **Computers — 4.5%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;9292 | &nbsp;&nbsp;&nbsp;&nbsp; 2777286 |

---

------

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | 28808 | &nbsp;&nbsp;$2628442 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 37026 | &nbsp;&nbsp;&nbsp;&nbsp; 7596624 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 10831 | &nbsp;&nbsp;&nbsp;&nbsp; 845143 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 95015 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 45089 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;5921 | &nbsp;&nbsp;&nbsp;&nbsp; 121085 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp; 106181 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 44804 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp; 51783 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 142165 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp; 100336 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14553967 |
| **Cosmetics/Personal Care — 2.8%** | **Cosmetics/Personal Care — 2.8%** | **Cosmetics/Personal Care — 2.8%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp; 189527 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | 19300 | &nbsp;&nbsp;&nbsp;&nbsp; 1559440 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 147052 | &nbsp;&nbsp;&nbsp;&nbsp; 3077798 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 10744 | &nbsp;&nbsp;&nbsp;&nbsp; 1711734 |
| &nbsp;&nbsp;&nbsp;Unilever PLC ADR | 42378 | &nbsp;&nbsp;&nbsp;&nbsp; 2592262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9130761 |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;2306 | &nbsp;&nbsp;&nbsp;&nbsp; 96852 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1171 | &nbsp;&nbsp;&nbsp;&nbsp; 43339 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 50134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190325 |
| **Diversified Financial Services — 4.3%** | **Diversified Financial Services — 4.3%** | **Diversified Financial Services — 4.3%** |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6269 | &nbsp;&nbsp;&nbsp;&nbsp; 1085791 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2813 | &nbsp;&nbsp;&nbsp;&nbsp; 2951540 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2917 | &nbsp;&nbsp;&nbsp;&nbsp; 620621 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 110075 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 36035 | &nbsp;&nbsp;&nbsp;&nbsp; 3287833 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1651 | &nbsp;&nbsp;&nbsp;&nbsp; 455049 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp; 171390 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1397 | &nbsp;&nbsp;&nbsp;&nbsp; 33318 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1264 | &nbsp;&nbsp;&nbsp;&nbsp; 231906 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 31855 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4285 | &nbsp;&nbsp;&nbsp;&nbsp; 1606746 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 17361 | &nbsp;&nbsp;&nbsp;&nbsp; 1552421 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 10396 | &nbsp;&nbsp;&nbsp;&nbsp; 1594435 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1004 | &nbsp;&nbsp;&nbsp;&nbsp; 96886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13829866 |
| **Electric — 3.7%** | **Electric — 3.7%** | **Electric — 3.7%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3206 | &nbsp;&nbsp;&nbsp;&nbsp; 33727 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp; 69903 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp; 120242 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 18234 | &nbsp;&nbsp;&nbsp;&nbsp; 1891960 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2938 | &nbsp;&nbsp;&nbsp;&nbsp; 107942 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp; 96646 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1654 | &nbsp;&nbsp;&nbsp;&nbsp; 165979 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3849 | &nbsp;&nbsp;&nbsp;&nbsp; 217545 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 127162 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 19808 | &nbsp;&nbsp;&nbsp;&nbsp; 2337344 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;1803 | &nbsp;&nbsp;&nbsp;&nbsp; 93035 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2049 | &nbsp;&nbsp;&nbsp;&nbsp; 170313 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;&nbsp; 71480 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 18282 | &nbsp;&nbsp;&nbsp;&nbsp; 1163101 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4608 | &nbsp;&nbsp;&nbsp;&nbsp; 200079 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp; 96262 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3109 | &nbsp;&nbsp;&nbsp;&nbsp; 215827 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 10080 | &nbsp;&nbsp;$140515 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 45898 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1597 | &nbsp;&nbsp;&nbsp;&nbsp; 54122 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1232 | &nbsp;&nbsp;&nbsp;&nbsp; 103710 |
| &nbsp;&nbsp;&nbsp;Sempra | 26144 | &nbsp;&nbsp;&nbsp;&nbsp; 1980931 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;5020 | &nbsp;&nbsp;&nbsp;&nbsp; 460986 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1464 | &nbsp;&nbsp;&nbsp;&nbsp; 152549 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 30129 | &nbsp;&nbsp;&nbsp;&nbsp; 2051785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12169043 |
| **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** | **Electrical Components & Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp; 103509 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 19910 | &nbsp;&nbsp;&nbsp;&nbsp; 2654600 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 14608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772717 |
| **Electronics — 0.7%** | **Electronics — 0.7%** | **Electronics — 0.7%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp; 26518 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1583 | &nbsp;&nbsp;&nbsp;&nbsp; 82522 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp; 686996 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 111885 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp; 130924 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp; 68134 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 25587 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;6397 | &nbsp;&nbsp;&nbsp;&nbsp; 1078982 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 47107 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2258655 |
| **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;598 | &nbsp;&nbsp;&nbsp;&nbsp; 23711 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp; 37577 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61288 |
| **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;552 | &nbsp;&nbsp;&nbsp;&nbsp; 72560 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp; 27169 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp; 26794 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 58450 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 180539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265783 |
| **Food — 1.7%** | **Food — 1.7%** | **Food — 1.7%** |
| &nbsp;&nbsp;&nbsp;The Campbell's Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp; 27186 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 28929 | &nbsp;&nbsp;&nbsp;&nbsp; 592177 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 15747 | &nbsp;&nbsp;&nbsp;&nbsp; 815852 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp; 114008 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp; 39688 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp; 47038 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp; 99572 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;3933 | &nbsp;&nbsp;&nbsp;&nbsp; 101550 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;2812 | &nbsp;&nbsp;&nbsp;&nbsp; 201705 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp; 33339 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1184 | &nbsp;&nbsp;&nbsp;&nbsp; 89771 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 20639 | &nbsp;&nbsp;&nbsp;&nbsp; 1391894 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2252 | &nbsp;&nbsp;&nbsp;&nbsp; 170566 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp; 72163 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | 21450 | &nbsp;&nbsp;&nbsp;&nbsp; 1651864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5448373 |
| **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;2442 | &nbsp;&nbsp;&nbsp;&nbsp; 114359 |

---

------

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9484 | &nbsp;&nbsp;$1461579 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2119 | &nbsp;&nbsp;&nbsp;&nbsp; 85481 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1547060 |
| **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;246 | &nbsp;&nbsp;&nbsp;&nbsp; 76551 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 47086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123637 |
| **Healthcare-Products — 3.1%** | **Healthcare-Products — 3.1%** | **Healthcare-Products — 3.1%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;7947 | &nbsp;&nbsp;&nbsp;&nbsp; 1080872 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1317 | &nbsp;&nbsp;&nbsp;&nbsp; 155419 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 59828 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2302 | &nbsp;&nbsp;&nbsp;&nbsp; 69705 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp; 36684 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | 10237 | &nbsp;&nbsp;&nbsp;&nbsp; 1099556 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 64044 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2932 | &nbsp;&nbsp;&nbsp;&nbsp; 579187 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2702 | &nbsp;&nbsp;&nbsp;&nbsp; 211324 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2106 | &nbsp;&nbsp;&nbsp;&nbsp; 155991 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp; 65942 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp; 201664 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 30237 | &nbsp;&nbsp;&nbsp;&nbsp; 2635759 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549 | &nbsp;&nbsp;&nbsp;&nbsp; 53099 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp; 47248 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp; 110021 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp;&nbsp;&nbsp; 292766 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1733 | &nbsp;&nbsp;&nbsp;&nbsp; 702662 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 50611 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp; 71329 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 27323 | &nbsp;&nbsp;&nbsp;&nbsp; 2492131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10235842 |
| **Healthcare-Services — 4.0%** | **Healthcare-Services — 4.0%** | **Healthcare-Services — 4.0%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | 38433 | &nbsp;&nbsp;&nbsp;&nbsp; 2086143 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 34898 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;1226 | &nbsp;&nbsp;&nbsp;&nbsp; 405291 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5883 | &nbsp;&nbsp;&nbsp;&nbsp; 2288252 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp; 124891 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp; 136420 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | 10794 | &nbsp;&nbsp;&nbsp;&nbsp; 1701026 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 102379 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 74475 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3367 | &nbsp;&nbsp;&nbsp;&nbsp; 604814 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 15803 | &nbsp;&nbsp;&nbsp;&nbsp; 4930062 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp; 557942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13046593 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1269 | &nbsp;&nbsp;&nbsp;&nbsp; 163599 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1083 | &nbsp;&nbsp;&nbsp;&nbsp; 119791 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp; 36928 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320318 |
| **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp; 63520 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp; 106490 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 66639 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6381 | &nbsp;&nbsp;&nbsp;&nbsp; 822638 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;9383 | &nbsp;&nbsp;&nbsp;&nbsp; 638297 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697584 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance — 4.5%** | **Insurance — 4.5%** | **Insurance — 4.5%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2268 | &nbsp;&nbsp;$239183 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6636 | &nbsp;&nbsp;&nbsp;&nbsp; 1335893 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2674 | &nbsp;&nbsp;&nbsp;&nbsp; 228868 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp; 174099 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp; 205197 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 45620 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;7866 | &nbsp;&nbsp;&nbsp;&nbsp; 3821067 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3440 | &nbsp;&nbsp;&nbsp;&nbsp; 996637 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp; 49293 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3773 | &nbsp;&nbsp;&nbsp;&nbsp; 1282254 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp; 46982 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 74092 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | &nbsp;&nbsp;&nbsp;&nbsp; 73053 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7998 | &nbsp;&nbsp;&nbsp;&nbsp; 1748683 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 22602 | &nbsp;&nbsp;&nbsp;&nbsp; 1817653 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp; 78556 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1596 | &nbsp;&nbsp;&nbsp;&nbsp; 171474 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1039 | &nbsp;&nbsp;&nbsp;&nbsp; 277974 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp; 44743 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;6135 | &nbsp;&nbsp;&nbsp;&nbsp; 1880377 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14591698 |
| **Internet — 3.1%** | **Internet — 3.1%** | **Internet — 3.1%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;8618 | &nbsp;&nbsp;&nbsp;&nbsp; 1518750 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;9019 | &nbsp;&nbsp;&nbsp;&nbsp; 1599880 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | 18218 | &nbsp;&nbsp;&nbsp;&nbsp; 3996847 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp; 110547 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp; 53090 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;9002 | &nbsp;&nbsp;&nbsp;&nbsp; 2649469 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp; 30194 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp; 34968 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp; 109166 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10102911 |
| **Iron/Steel — 0.3%** | **Iron/Steel — 0.3%** | **Iron/Steel — 0.3%** |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 140680 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp; 597038 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp; 84871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822589 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &nbsp;&nbsp;&nbsp;MGM Resorts International† | &nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp;&nbsp;&nbsp; 34665 |
| **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 11445 | &nbsp;&nbsp;&nbsp;&nbsp; 1299465 |
| **Machinery-Diversified — 1.2%** | **Machinery-Diversified — 1.2%** | **Machinery-Diversified — 1.2%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 330518 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4812 | &nbsp;&nbsp;&nbsp;&nbsp; 881703 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 59869 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;9187 | &nbsp;&nbsp;&nbsp;&nbsp; 1322928 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 52521 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1822 | &nbsp;&nbsp;&nbsp;&nbsp; 180414 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp; 173061 |
| &nbsp;&nbsp;&nbsp;Toro Co. | 11662 | &nbsp;&nbsp;&nbsp;&nbsp; 824270 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp; 145013 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3970297 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp; 181103 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 17097 | &nbsp;&nbsp;&nbsp;&nbsp; 610192 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 42492 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp; 55031 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp; 30668 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp; 50673 |

---

------

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;$17258 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;2682 | &nbsp;&nbsp;&nbsp;&nbsp; 34598 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 20639 | &nbsp;&nbsp;&nbsp;&nbsp; 2559442 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | 10416 | &nbsp;&nbsp;&nbsp;&nbsp; 119367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700824 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6584 | &nbsp;&nbsp;&nbsp;&nbsp; 285416 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5110 | &nbsp;&nbsp;&nbsp;&nbsp; 297709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583125 |
| **Miscellaneous Manufacturing — 1.3%** | **Miscellaneous Manufacturing — 1.3%** | **Miscellaneous Manufacturing — 1.3%** |
| &nbsp;&nbsp;&nbsp;3M Co. | 11741 | &nbsp;&nbsp;&nbsp;&nbsp; 1787450 |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 16285 | &nbsp;&nbsp;&nbsp;&nbsp; 1067808 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 179256 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;3510 | &nbsp;&nbsp;&nbsp;&nbsp; 900228 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 107585 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;&nbsp; 66079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108406 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 39162 |
| **Oil & Gas — 5.0%** | **Oil & Gas — 5.0%** | **Oil & Gas — 5.0%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | 37391 | &nbsp;&nbsp;&nbsp;&nbsp; 1506109 |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1668 | &nbsp;&nbsp;&nbsp;&nbsp; 30508 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 10572 | &nbsp;&nbsp;&nbsp;&nbsp; 1513805 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 24373 | &nbsp;&nbsp;&nbsp;&nbsp; 2187233 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 87642 | &nbsp;&nbsp;&nbsp;&nbsp; 2224354 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3057 | &nbsp;&nbsp;&nbsp;&nbsp; 97243 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 118851 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;&nbsp;&nbsp; 299743 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp; 160263 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp; 110859 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 38186 | &nbsp;&nbsp;&nbsp;&nbsp; 4116451 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 10620 | &nbsp;&nbsp;&nbsp;&nbsp; 1764088 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3253 | &nbsp;&nbsp;&nbsp;&nbsp; 136658 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp; 225716 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 31091 | &nbsp;&nbsp;&nbsp;&nbsp; 1089515 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;7720 | &nbsp;&nbsp;&nbsp;&nbsp; 473931 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;&nbsp;&nbsp; 195178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16250505 |
| **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 23905 | &nbsp;&nbsp;&nbsp;&nbsp; 916518 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;4066 | &nbsp;&nbsp;&nbsp;&nbsp; 82865 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;6244 | &nbsp;&nbsp;&nbsp;&nbsp; 211047 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1210430 |
| **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** | **Packaging & Containers — 0.5%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 10469 | &nbsp;&nbsp;&nbsp;&nbsp; 96210 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp; 75441 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 64442 | &nbsp;&nbsp;&nbsp;&nbsp; 1357793 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp; 37879 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;2229 | &nbsp;&nbsp;&nbsp;&nbsp; 96181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663504 |
| **Pharmaceuticals — 8.2%** | **Pharmaceuticals — 8.2%** | **Pharmaceuticals — 8.2%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4691 | &nbsp;&nbsp;&nbsp;&nbsp; 870744 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | 20070 | &nbsp;&nbsp;&nbsp;&nbsp; 1402492 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 15834 | &nbsp;&nbsp;&nbsp;&nbsp; 2727407 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;9298 | &nbsp;&nbsp;&nbsp;&nbsp; 430404 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp; 186648 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 237181 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 13081 | &nbsp;&nbsp;$902327 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;&nbsp; 90956 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.† | 17555 | &nbsp;&nbsp;&nbsp;&nbsp; 1282393 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 53779 | &nbsp;&nbsp;&nbsp;&nbsp; 8214742 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp; 420616 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 57144 | &nbsp;&nbsp;&nbsp;&nbsp; 4523519 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 119671 | &nbsp;&nbsp;&nbsp;&nbsp; 2900825 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;2694 | &nbsp;&nbsp;&nbsp;&nbsp; 880697 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG ADR | 27844 | &nbsp;&nbsp;&nbsp;&nbsp; 1134922 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5381 | &nbsp;&nbsp;&nbsp;&nbsp; 48052 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2052 | &nbsp;&nbsp;&nbsp;&nbsp; 320009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26573934 |
| **Pipelines — 1.1%** | **Pipelines — 1.1%** | **Pipelines — 1.1%** |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8857 | &nbsp;&nbsp;&nbsp;&nbsp; 260396 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 17477 | &nbsp;&nbsp;&nbsp;&nbsp; 1426648 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8991 | &nbsp;&nbsp;&nbsp;&nbsp; 1565153 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2693 | &nbsp;&nbsp;&nbsp;&nbsp; 169147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3421344 |
| **Private Equity — 0.8%** | **Private Equity — 0.8%** | **Private Equity — 0.8%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3354 | &nbsp;&nbsp;&nbsp;&nbsp; 501691 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 14931 | &nbsp;&nbsp;&nbsp;&nbsp; 1986271 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2487962 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1943 | &nbsp;&nbsp;&nbsp;&nbsp; 156217 |
| **REITS — 3.0%** | **REITS — 3.0%** | **REITS — 3.0%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp; 50405 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7558 | &nbsp;&nbsp;&nbsp;&nbsp; 1670469 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp; 73057 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp; 44260 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp; 26595 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 18727 | &nbsp;&nbsp;&nbsp;&nbsp; 1923825 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 252779 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 188526 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 23761 | &nbsp;&nbsp;&nbsp;&nbsp; 1603630 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp; 42793 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp; 77553 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp; 33057 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | 28791 | &nbsp;&nbsp;&nbsp;&nbsp; 1343964 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3154 | &nbsp;&nbsp;&nbsp;&nbsp; 55227 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1166 | &nbsp;&nbsp;&nbsp;&nbsp; 17910 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp; 87412 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3063 | &nbsp;&nbsp;&nbsp;&nbsp; 64384 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp; 46031 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4247 | &nbsp;&nbsp;&nbsp;&nbsp; 446445 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 13450 | &nbsp;&nbsp;&nbsp;&nbsp; 774854 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 52425 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 113897 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp; 30500 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;&nbsp; 127626 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4857 | &nbsp;&nbsp;&nbsp;&nbsp; 158338 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1287 | &nbsp;&nbsp;&nbsp;&nbsp; 197851 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;3396 | &nbsp;&nbsp;&nbsp;&nbsp; 87243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9591056 |
| **Retail — 3.3%** | **Retail — 3.3%** | **Retail — 3.3%** |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp; 58873 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp; 46576 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp; 65609 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6669 | &nbsp;&nbsp;&nbsp;&nbsp; 1319195 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1028 | &nbsp;&nbsp;&nbsp;&nbsp; 117583 |

---

------

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6235 | &nbsp;&nbsp;$617514 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp; 40554 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp; 76061 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2549 | &nbsp;&nbsp;&nbsp;&nbsp; 934565 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA ADR | 97674 | &nbsp;&nbsp;&nbsp;&nbsp; 1274646 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2587 | &nbsp;&nbsp;&nbsp;&nbsp; 573978 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 67473 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3283 | &nbsp;&nbsp;&nbsp;&nbsp; 959194 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | 13933 | &nbsp;&nbsp;&nbsp;&nbsp; 1184584 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp; 192901 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 19777 | &nbsp;&nbsp;&nbsp;&nbsp; 1812166 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 207165 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2112 | &nbsp;&nbsp;&nbsp;&nbsp; 260811 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;1107 | &nbsp;&nbsp;&nbsp;&nbsp; 58416 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 101517 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3233 | &nbsp;&nbsp;&nbsp;&nbsp; 37115 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6559 | &nbsp;&nbsp;&nbsp;&nbsp; 641339 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 113358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10761193 |
| **Semiconductors — 3.7%** | **Semiconductors — 3.7%** | **Semiconductors — 3.7%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7425 | &nbsp;&nbsp;&nbsp;&nbsp; 1053608 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9085 | &nbsp;&nbsp;&nbsp;&nbsp; 2162412 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 395431 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5785 | &nbsp;&nbsp;&nbsp;&nbsp; 1594635 |
| &nbsp;&nbsp;&nbsp;Intel Corp. | 19839 | &nbsp;&nbsp;&nbsp;&nbsp; 444394 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5882 | &nbsp;&nbsp;&nbsp;&nbsp; 572554 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2478 | &nbsp;&nbsp;&nbsp;&nbsp; 174377 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5105 | &nbsp;&nbsp;&nbsp;&nbsp; 629191 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;8040 | &nbsp;&nbsp;&nbsp;&nbsp; 1756660 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | 11754 | &nbsp;&nbsp;&nbsp;&nbsp; 616027 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9951 | &nbsp;&nbsp;&nbsp;&nbsp; 1584796 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 54027 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 66091 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4171 | &nbsp;&nbsp;&nbsp;&nbsp; 865983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11970186 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 42497 |
| **Software — 6.6%** | **Software — 6.6%** | **Software — 6.6%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp; 2166528 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677 | &nbsp;&nbsp;&nbsp;&nbsp; 53998 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 77620 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp; 71937 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp; 174721 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 100451 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2429 | &nbsp;&nbsp;&nbsp;&nbsp; 197745 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 35493 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 35656 | &nbsp;&nbsp;&nbsp;&nbsp; 17735651 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788 | &nbsp;&nbsp;&nbsp;&nbsp; 114622 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 49634 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp; 278318 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 175337 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp; 189180 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp; 125520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21546755 |
| **Telecommunications — 3.5%** | **Telecommunications — 3.5%** | **Telecommunications — 3.5%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 32889 | &nbsp;&nbsp;&nbsp;&nbsp; 951808 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 86187 | &nbsp;&nbsp;&nbsp;&nbsp; 5979654 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Telecommunications (continued)** | **Telecommunications (continued)** |  |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp; 29667 | &nbsp;&nbsp;$1560188 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp; 1493 | &nbsp;&nbsp;&nbsp;&nbsp; 59615 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp; 1033 | &nbsp;&nbsp;&nbsp;&nbsp; 246123 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp; 57160 | &nbsp;&nbsp;&nbsp;&nbsp; 2473313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11270701 |
| **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp; 43628 |
| **Transportation — 2.1%** | **Transportation — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 51333 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp; 4657 | &nbsp;&nbsp;&nbsp;&nbsp; 151958 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp;&nbsp; 72092 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 230720 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp; 51552 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp; 25437 | &nbsp;&nbsp;&nbsp;&nbsp; 1125078 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp; 10409 | &nbsp;&nbsp;&nbsp;&nbsp; 2664392 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp;&nbsp; 77255 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp; 2743 | &nbsp;&nbsp;&nbsp;&nbsp; 631109 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp; 16590 | &nbsp;&nbsp;&nbsp;&nbsp; 1674595 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6730084 |
| **Water — 0.0%** | **Water — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp; 903 | &nbsp;&nbsp;&nbsp;&nbsp; 125616 |
| **Total Common Stocks<br> (cost $294,319,624)** |  | &nbsp;&nbsp;&nbsp;&nbsp;320264228 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.5%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.5%** |  |
| &nbsp;&nbsp;&nbsp;iShares S&P 500 Value ETF<br> (cost $1,532,763) | &nbsp;&nbsp; 8622 | &nbsp;&nbsp;&nbsp;&nbsp; 1684911 |
| **Total Long-Term Investment Securities<br> (cost $295,852,387)** |  | &nbsp;&nbsp;&nbsp;&nbsp;321949139 |
| **SHORT-TERM INVESTMENTS — 0.1%** | **SHORT-TERM INVESTMENTS — 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> 4.27%(1)<br> (cost $292,304) | &nbsp;&nbsp;292304 | &nbsp;&nbsp;&nbsp;&nbsp; 292304 |
| **REPURCHASE AGREEMENTS — 0.3%** | **REPURCHASE AGREEMENTS — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(2) | $180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(2) | &nbsp;&nbsp;190000 | &nbsp;&nbsp;&nbsp;&nbsp; 190000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(2) | &nbsp;&nbsp;185000 | &nbsp;&nbsp;&nbsp;&nbsp; 185000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(2) | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(2) | &nbsp;&nbsp;180000 | &nbsp;&nbsp;&nbsp;&nbsp; 180000 |
| **Total Repurchase Agreements<br> (cost $915,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 |
| **TOTAL INVESTMENTS<br> (cost $297,059,691)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.5% | &nbsp;&nbsp;&nbsp;&nbsp;323156443 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1634034 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$324790477 |

---

† Non-income producing security

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

(2) See Note 2 for details of Joint Repurchase Agreements.

ADR—American Depositary Receipt <br> ETF—Exchange Traded Fund

------

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio<br>

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

------

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 1000 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$281764 | &nbsp;&nbsp;&nbsp;&nbsp;$288735 | &nbsp;&nbsp;&nbsp;&nbsp;$6971 |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Micro E-mini S&P 500 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2192 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$9163 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Bank of America, N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;665236 | &nbsp;&nbsp;USD | &nbsp;&nbsp;890933 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(22709) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;72068 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;52390 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; (116) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(22825) |
| Citibank, N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;665237 | &nbsp;&nbsp;USD | &nbsp;&nbsp;891077 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; (22566) |
| Goldman Sachs International | &nbsp;&nbsp;EUR | &nbsp;&nbsp;755034 | &nbsp;&nbsp;USD | &nbsp;&nbsp;875922 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; (18517) |
|  | &nbsp;&nbsp;GBP | &nbsp;&nbsp;665236 | &nbsp;&nbsp;USD | &nbsp;&nbsp;891267 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; (22375) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(40892) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;CHF | &nbsp;&nbsp;297687 | &nbsp;&nbsp;USD | &nbsp;&nbsp;367949 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; (11267) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;755034 | &nbsp;&nbsp;USD | &nbsp;&nbsp;876246 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; (18193) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(29460) |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;EUR | &nbsp;&nbsp;755034 | &nbsp;&nbsp;USD | &nbsp;&nbsp;875170 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; (19269) |
| UBS AG | &nbsp;&nbsp;CHF | &nbsp;&nbsp;297687 | &nbsp;&nbsp;USD | &nbsp;&nbsp;367940 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; (11276) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;755034 | &nbsp;&nbsp;USD | &nbsp;&nbsp;875854 | &nbsp;&nbsp;09/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; (18585) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(29861) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(164873) |

---

---

| |
|:---|
| CHF—Swiss Franc |
| EUR—Euro Currency |
| GBP—British Pound |
| USD—United States Dollar |

---

------

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio<br>

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

------

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;$6475598 | &nbsp;&nbsp;$1110079 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$7585677 |
| &nbsp;&nbsp;&nbsp;Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5711470 | &nbsp;&nbsp;&nbsp;&nbsp;2253223 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7964693 |
| &nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579108 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4794223 |
| &nbsp;&nbsp;&nbsp;Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638297 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1697584 |
| &nbsp;&nbsp;&nbsp;Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900228 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4108406 |
| &nbsp;&nbsp;&nbsp;Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;15160990 | &nbsp;&nbsp;&nbsp;&nbsp;1089515 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16250505 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;25693237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880697 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;26573934 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;251289206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;251289206 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684911 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292304 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915000 |
| **Total Investments at Value** | &nbsp;&nbsp;$314790296 | &nbsp;&nbsp;$8366147 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$323156443 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9163 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$164873 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$164873 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** |
| **Advertising — 1.0%** | **Advertising — 1.0%** | **Advertising — 1.0%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | 24902 | &nbsp;&nbsp;$1792695 |
| **Aerospace/Defense — 3.9%** | **Aerospace/Defense — 3.9%** | **Aerospace/Defense — 3.9%** |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7470 | &nbsp;&nbsp;&nbsp;&nbsp; 859349 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3031 | &nbsp;&nbsp;&nbsp;&nbsp; 994168 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp; 392006 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 20499 | &nbsp;&nbsp;&nbsp;&nbsp; 3815479 |
| &nbsp;&nbsp;&nbsp;Karman Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2786 | &nbsp;&nbsp;&nbsp;&nbsp; 140331 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp; 28213 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2081 | &nbsp;&nbsp;&nbsp;&nbsp; 179320 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp.† | 14406 | &nbsp;&nbsp;&nbsp;&nbsp; 515303 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 8889 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3902 | &nbsp;&nbsp;&nbsp;&nbsp; 123498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7056556 |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp; 13582 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp; 21425 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 9256 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp; 35035 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65716 |
| **Apparel — 1.5%** | **Apparel — 1.5%** | **Apparel — 1.5%** |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC† | &nbsp;&nbsp;&nbsp;&nbsp;1426 | &nbsp;&nbsp;&nbsp;&nbsp; 70131 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;5892 | &nbsp;&nbsp;&nbsp;&nbsp; 607288 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | 23813 | &nbsp;&nbsp;&nbsp;&nbsp; 1239467 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp; 132752 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7166 | &nbsp;&nbsp;&nbsp;&nbsp; 629246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678884 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 27737 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 95666 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp; 11924 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp; 13666 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 35325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156581 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4603 | &nbsp;&nbsp;&nbsp;&nbsp; 213533 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 16189 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7891 | &nbsp;&nbsp;&nbsp;&nbsp; 233732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463454 |
| **Biotechnology — 2.4%** | **Biotechnology — 2.4%** | **Biotechnology — 2.4%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4901 | &nbsp;&nbsp;&nbsp;&nbsp; 1598167 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp; 37528 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;&nbsp; 563347 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 34790 |
| &nbsp;&nbsp;&nbsp;BeOneMedicines, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 49140 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 39818 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4407 | &nbsp;&nbsp;&nbsp;&nbsp; 194239 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2475 | &nbsp;&nbsp;&nbsp;&nbsp; 128749 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | &nbsp;&nbsp;&nbsp;&nbsp; 56251 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6179 | &nbsp;&nbsp;&nbsp;&nbsp; 621855 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2916 | &nbsp;&nbsp;&nbsp;&nbsp; 115211 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 43872 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 44148 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp; 26967 |
| &nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;&nbsp;&nbsp; 53281 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4457 | &nbsp;&nbsp;&nbsp;&nbsp; 94845 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2764 | &nbsp;&nbsp;$100499 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 494242 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 4664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4301613 |
| **Building Materials — 0.8%** | **Building Materials — 0.8%** | **Building Materials — 0.8%** |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2907 | &nbsp;&nbsp;&nbsp;&nbsp; 214391 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp; 41260 |
| &nbsp;&nbsp;&nbsp;AZEK Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1821 | &nbsp;&nbsp;&nbsp;&nbsp; 98971 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 8286 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp; 715404 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 52884 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp; 10561 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1044 | &nbsp;&nbsp;&nbsp;&nbsp; 56773 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 169533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368063 |
| **Commercial Services — 5.3%** | **Commercial Services — 5.3%** | **Commercial Services — 5.3%** |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4901 | &nbsp;&nbsp;&nbsp;&nbsp; 338855 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1149 | &nbsp;&nbsp;&nbsp;&nbsp; 58656 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 19779 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8470 | &nbsp;&nbsp;&nbsp;&nbsp; 575367 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5398 | &nbsp;&nbsp;&nbsp;&nbsp; 562094 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 129770 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2797 | &nbsp;&nbsp;&nbsp;&nbsp; 928101 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp; 222539 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp; 29484 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp; 62093 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp; 25085 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2313 | &nbsp;&nbsp;&nbsp;&nbsp; 726120 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2130 | &nbsp;&nbsp;&nbsp;&nbsp; 385935 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6691 | &nbsp;&nbsp;&nbsp;&nbsp; 2529733 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 24424 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6613 | &nbsp;&nbsp;&nbsp;&nbsp; 373105 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp; 55515 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp; 246189 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 54446 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | 17284 | &nbsp;&nbsp;&nbsp;&nbsp; 765508 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 3755 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 42137 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp; 58765 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2274 | &nbsp;&nbsp;&nbsp;&nbsp; 86116 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3567 | &nbsp;&nbsp;&nbsp;&nbsp; 1111121 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 50780 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 8226 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2726 | &nbsp;&nbsp;&nbsp;&nbsp; 74692 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9548390 |
| **Computer Data Security — 0.0%** | **Computer Data Security — 0.0%** | **Computer Data Security — 0.0%** |
| &nbsp;&nbsp;&nbsp;Snyk, Ltd.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;4274 | &nbsp;&nbsp;&nbsp;&nbsp; 33850 |
| **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** |
| &nbsp;&nbsp;&nbsp;Canva, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 56944 |
| **Computers — 2.5%** | **Computers — 2.5%** | **Computers — 2.5%** |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp; 57681 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 119216 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4396 | &nbsp;&nbsp;&nbsp;&nbsp; 192501 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2951 | &nbsp;&nbsp;&nbsp;&nbsp; 1192853 |
| &nbsp;&nbsp;&nbsp;Globant SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp; 7812 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp; 64479 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp; 12840 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp;&nbsp; 10076 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 172611 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3649 | &nbsp;&nbsp;&nbsp;&nbsp; 364790 |

---

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;$57129 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;8573 | &nbsp;&nbsp;&nbsp;&nbsp; 493633 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2389 | &nbsp;&nbsp;&nbsp;&nbsp; 214030 |
| &nbsp;&nbsp;&nbsp;SailPoint, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4644 | &nbsp;&nbsp;&nbsp;&nbsp; 106162 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 57588 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4754 | &nbsp;&nbsp;&nbsp;&nbsp; 232994 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3824 | &nbsp;&nbsp;&nbsp;&nbsp; 1200507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4556902 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;&nbsp;&nbsp; 120707 |
| **Distribution/Wholesale — 2.1%** | **Distribution/Wholesale — 2.1%** | **Distribution/Wholesale — 2.1%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1091 | &nbsp;&nbsp;&nbsp;&nbsp; 53536 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp; 300241 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 41639 | &nbsp;&nbsp;&nbsp;&nbsp; 1748838 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; 39058 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp; 83086 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1429 | &nbsp;&nbsp;&nbsp;&nbsp; 1486503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711262 |
| **Diversified Financial Services — 5.9%** | **Diversified Financial Services — 5.9%** | **Diversified Financial Services — 5.9%** |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 25863 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3535 | &nbsp;&nbsp;&nbsp;&nbsp; 1886736 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7541 | &nbsp;&nbsp;&nbsp;&nbsp; 1306101 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 24281 | &nbsp;&nbsp;&nbsp;&nbsp; 466438 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp; 133611 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp; 654365 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 7641 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2935 | &nbsp;&nbsp;&nbsp;&nbsp; 792509 |
| &nbsp;&nbsp;&nbsp;Freedom Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp; 44107 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4347 | &nbsp;&nbsp;&nbsp;&nbsp; 617796 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 | &nbsp;&nbsp;&nbsp;&nbsp; 74859 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 19003 | &nbsp;&nbsp;&nbsp;&nbsp; 1052956 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp; 41182 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 20871 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3365 | &nbsp;&nbsp;&nbsp;&nbsp; 1261774 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 19313 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2942 | &nbsp;&nbsp;&nbsp;&nbsp; 53574 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp; 58441 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 60089 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3496 | &nbsp;&nbsp;&nbsp;&nbsp; 183365 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | 12741 | &nbsp;&nbsp;&nbsp;&nbsp; 1865282 |
| &nbsp;&nbsp;&nbsp;UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 1478 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp; 14605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10642956 |
| **Electric — 2.5%** | **Electric — 2.5%** | **Electric — 2.5%** |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9102 | &nbsp;&nbsp;&nbsp;&nbsp; 514445 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6149 | &nbsp;&nbsp;&nbsp;&nbsp; 987407 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp; 228836 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 14061 | &nbsp;&nbsp;&nbsp;&nbsp; 2725162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455850 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp; 55012 |
| **Electronics — 2.1%** | **Electronics — 2.1%** | **Electronics — 2.1%** |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 54134 |
| &nbsp;&nbsp;&nbsp;Celestica, Inc.† | 12691 | &nbsp;&nbsp;&nbsp;&nbsp; 1981192 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 53526 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | 20841 | &nbsp;&nbsp;&nbsp;&nbsp; 1040383 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 102102 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1390 | &nbsp;&nbsp;&nbsp;&nbsp; 303159 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;$111425 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 54037 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp; 54986 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754944 |
| **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;2571 | &nbsp;&nbsp;&nbsp;&nbsp; 101940 |
| **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1608 | &nbsp;&nbsp;&nbsp;&nbsp; 862226 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 165281 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp; 44823 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 55359 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127689 |
| **Enterprise Software / Services — 0.0%** | **Enterprise Software / Services — 0.0%** | **Enterprise Software / Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Socure, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 5060 |
| **Entertainment — 5.1%** | **Entertainment — 5.1%** | **Entertainment — 5.1%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp; 166549 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A† | 58330 | &nbsp;&nbsp;&nbsp;&nbsp; 2501774 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;8612 | &nbsp;&nbsp;&nbsp;&nbsp; 2460965 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2308 | &nbsp;&nbsp;&nbsp;&nbsp; 222168 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | 20403 | &nbsp;&nbsp;&nbsp;&nbsp; 3086566 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3632 | &nbsp;&nbsp;&nbsp;&nbsp; 660842 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp; 91293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9190157 |
| **Environmental Control — 0.7%** | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3811 | &nbsp;&nbsp;&nbsp;&nbsp; 881027 |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 54800 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2518 | &nbsp;&nbsp;&nbsp;&nbsp; 90547 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1911 | &nbsp;&nbsp;&nbsp;&nbsp; 192916 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 53775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273065 |
| **Food — 1.4%** | **Food — 1.4%** | **Food — 1.4%** |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 58912 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp; 146950 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3772 | &nbsp;&nbsp;&nbsp;&nbsp; 621022 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5248 | &nbsp;&nbsp;&nbsp;&nbsp; 397483 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | 15680 | &nbsp;&nbsp;&nbsp;&nbsp; 1207517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431884 |
| **Gas — 0.2%** | **Gas — 0.2%** | **Gas — 0.2%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2796 | &nbsp;&nbsp;&nbsp;&nbsp; 430892 |
| **Healthcare-Products — 5.2%** | **Healthcare-Products — 5.2%** | **Healthcare-Products — 5.2%** |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 44504 |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 27254 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.† | 21728 | &nbsp;&nbsp;&nbsp;&nbsp; 1154626 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;6403 | &nbsp;&nbsp;&nbsp;&nbsp; 661366 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3053 | &nbsp;&nbsp;&nbsp;&nbsp; 1637446 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 116793 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp; 796446 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | &nbsp;&nbsp;&nbsp;&nbsp; 53209 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 154763 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | 15356 | &nbsp;&nbsp;&nbsp;&nbsp; 2594243 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1659 | &nbsp;&nbsp;&nbsp;&nbsp; 425749 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;5616 | &nbsp;&nbsp;&nbsp;&nbsp; 323482 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 73384 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp; 410994 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 45942 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2554 | &nbsp;&nbsp;&nbsp;&nbsp; 891448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9411649 |

---

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;$60379 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp; 109971 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp; 291246 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5221 | &nbsp;&nbsp;&nbsp;&nbsp; 805392 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 54999 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 198673 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp; 231766 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 94306 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 3392 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 167200 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2017324 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp; 59085 |
| **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1436 | &nbsp;&nbsp;&nbsp;&nbsp; 142150 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4083 | &nbsp;&nbsp;&nbsp;&nbsp; 277848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419998 |
| **Insurance — 0.7%** | **Insurance — 0.7%** | **Insurance — 0.7%** |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp; 59789 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 54175 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2655 | &nbsp;&nbsp;&nbsp;&nbsp; 294360 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp; 40442 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 112963 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp; 54427 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp; 330020 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp; 101865 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; 6428 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3805 | &nbsp;&nbsp;&nbsp;&nbsp; 258702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313171 |
| **Internet — 4.7%** | **Internet — 4.7%** | **Internet — 4.7%** |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp; 261634 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A† | 20483 | &nbsp;&nbsp;&nbsp;&nbsp; 872985 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | 43070 | &nbsp;&nbsp;&nbsp;&nbsp; 1290377 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp; 59991 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4143 | &nbsp;&nbsp;&nbsp;&nbsp; 698841 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp; 35221 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | 13476 | &nbsp;&nbsp;&nbsp;&nbsp; 2426489 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4979 | &nbsp;&nbsp;&nbsp;&nbsp; 78469 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | 17238 | &nbsp;&nbsp;&nbsp;&nbsp; 618155 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4736 | &nbsp;&nbsp;&nbsp;&nbsp; 713100 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4716 | &nbsp;&nbsp;&nbsp;&nbsp; 441559 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp; 29707 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1149 | &nbsp;&nbsp;&nbsp;&nbsp; 20728 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 17592 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C† | 12016 | &nbsp;&nbsp;&nbsp;&nbsp; 841721 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8406569 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 47261 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 137611 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184872 |
| **Leisure Time — 4.1%** | **Leisure Time — 4.1%** | **Leisure Time — 4.1%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | 28507 | &nbsp;&nbsp;&nbsp;&nbsp; 801617 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | 28550 | &nbsp;&nbsp;&nbsp;&nbsp; 865921 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;8063 | &nbsp;&nbsp;&nbsp;&nbsp; 163518 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;3645 | &nbsp;&nbsp;&nbsp;&nbsp; 397487 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | 14637 | &nbsp;&nbsp;$4583430 |
| &nbsp;&nbsp;&nbsp;Viking Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;9709 | &nbsp;&nbsp;&nbsp;&nbsp; 517393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7329366 |
| **Lodging — 2.6%** | **Lodging — 2.6%** | **Lodging — 2.6%** |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp; 21316 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 10370 | &nbsp;&nbsp;&nbsp;&nbsp; 2761946 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 55860 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9113 | &nbsp;&nbsp;&nbsp;&nbsp; 396507 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4801 | &nbsp;&nbsp;&nbsp;&nbsp; 1311681 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp; 21728 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp; 111501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680539 |
| **Machinery-Construction & Mining — 1.2%** | **Machinery-Construction & Mining — 1.2%** | **Machinery-Construction & Mining — 1.2%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 101562 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 15695 | &nbsp;&nbsp;&nbsp;&nbsp; 2015395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116957 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 13274 | &nbsp;&nbsp;&nbsp;&nbsp; 421051 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp; 55212 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp; 175718 |
| &nbsp;&nbsp;&nbsp;Symbotic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1688 | &nbsp;&nbsp;&nbsp;&nbsp; 65579 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 55268 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772828 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp; 21917 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 6750 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp; 46927 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp; 13484 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | 21449 | &nbsp;&nbsp;&nbsp;&nbsp; 2241421 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 6053 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2336552 |
| **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 159692 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC† | &nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp; 56233 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3992 | &nbsp;&nbsp;&nbsp;&nbsp; 296326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352559 |
| **Miscellaneous Manufacturing — 2.0%** | **Miscellaneous Manufacturing — 2.0%** | **Miscellaneous Manufacturing — 2.0%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4348 | &nbsp;&nbsp;&nbsp;&nbsp; 3599883 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 84388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684271 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 86341 |
| **Oil & Gas — 1.0%** | **Oil & Gas — 1.0%** | **Oil & Gas — 1.0%** |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 12997 | &nbsp;&nbsp;&nbsp;&nbsp; 329864 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2432 | &nbsp;&nbsp;&nbsp;&nbsp; 334157 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp; 52430 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp; 51804 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp; 13310 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2342 | &nbsp;&nbsp;&nbsp;&nbsp; 52648 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;&nbsp; 54544 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 49465 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8039 | &nbsp;&nbsp;&nbsp;&nbsp; 109491 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 70268 |

---

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;$409879 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8333 | &nbsp;&nbsp;&nbsp;&nbsp; 317737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845597 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;5075 | &nbsp;&nbsp;&nbsp;&nbsp; 174783 |
| **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** | **Pharmaceuticals — 3.9%** |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 50068 |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 56095 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | 14782 | &nbsp;&nbsp;&nbsp;&nbsp; 856321 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5577 | &nbsp;&nbsp;&nbsp;&nbsp; 936936 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8229 | &nbsp;&nbsp;&nbsp;&nbsp; 2467466 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2648 | &nbsp;&nbsp;&nbsp;&nbsp; 194363 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | 21816 | &nbsp;&nbsp;&nbsp;&nbsp; 1904319 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3462 | &nbsp;&nbsp;&nbsp;&nbsp; 435139 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1684 | &nbsp;&nbsp;&nbsp;&nbsp; 54696 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 35761 |
| &nbsp;&nbsp;&nbsp;Verona Pharma PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp; 52870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7044034 |
| **Pipelines — 2.2%** | **Pipelines — 2.2%** | **Pipelines — 2.2%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4165 | &nbsp;&nbsp;&nbsp;&nbsp; 1014261 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 16402 | &nbsp;&nbsp;&nbsp;&nbsp; 2855260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869521 |
| **Private Equity — 0.5%** | **Private Equity — 0.5%** | **Private Equity — 0.5%** |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6228 | &nbsp;&nbsp;&nbsp;&nbsp; 828511 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1079 | &nbsp;&nbsp;&nbsp;&nbsp; 151190 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1716 | &nbsp;&nbsp;&nbsp;&nbsp; 137966 |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 104772 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp; 65735 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459663 |
| **REITS — 1.2%** | **REITS — 1.2%** | **REITS — 1.2%** |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2331 | &nbsp;&nbsp;&nbsp;&nbsp; 474359 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5228 | &nbsp;&nbsp;&nbsp;&nbsp; 537072 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;1259 | &nbsp;&nbsp;&nbsp;&nbsp; 53508 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp; 52728 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 112827 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3673 | &nbsp;&nbsp;&nbsp;&nbsp; 445755 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp; 405115 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp; 61854 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp; 15066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158284 |
| **Retail — 7.1%** | **Retail — 7.1%** | **Retail — 7.1%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 55683 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2344 | &nbsp;&nbsp;&nbsp;&nbsp; 252754 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3295 | &nbsp;&nbsp;&nbsp;&nbsp; 766549 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;5269 | &nbsp;&nbsp;&nbsp;&nbsp; 1775442 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 285751 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4565 | &nbsp;&nbsp;&nbsp;&nbsp; 384510 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | 10499 | &nbsp;&nbsp;&nbsp;&nbsp; 589519 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4651 | &nbsp;&nbsp;&nbsp;&nbsp; 1013778 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2659 | &nbsp;&nbsp;&nbsp;&nbsp; 525977 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp; 198715 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 273480 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp; 162006 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp; 91760 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp; 51921 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 19931 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;$291036 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 147668 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.† | 10391 | &nbsp;&nbsp;&nbsp;&nbsp; 1369326 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4165 | &nbsp;&nbsp;&nbsp;&nbsp; 276098 |
| &nbsp;&nbsp;&nbsp;RH† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 45740 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp; 561352 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp; 535993 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 19381 | &nbsp;&nbsp;&nbsp;&nbsp; 1022735 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp; 399986 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;1458 | &nbsp;&nbsp;&nbsp;&nbsp; 16650 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1307 | &nbsp;&nbsp;&nbsp;&nbsp; 213525 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp; 1175896 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1892 | &nbsp;&nbsp;&nbsp;&nbsp; 280357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12784138 |
| **Semiconductors — 1.3%** | **Semiconductors — 1.3%** | **Semiconductors — 1.3%** |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2892 | &nbsp;&nbsp;&nbsp;&nbsp; 261495 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1197 | &nbsp;&nbsp;&nbsp;&nbsp; 96538 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 44428 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;4208 | &nbsp;&nbsp;&nbsp;&nbsp; 206150 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp; 100876 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 52164 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1824 | &nbsp;&nbsp;&nbsp;&nbsp; 1334037 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp; 72569 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;&nbsp;&nbsp; 113635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2281892 |
| **Software — 17.4%** | **Software — 17.4%** | **Software — 17.4%** |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp; 207022 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp; 430598 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 54175 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp; 171571 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4569 | &nbsp;&nbsp;&nbsp;&nbsp; 1110404 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 47050 |
| &nbsp;&nbsp;&nbsp;Chime Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp; 29196 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A† | 24904 | &nbsp;&nbsp;&nbsp;&nbsp; 546145 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | 20074 | &nbsp;&nbsp;&nbsp;&nbsp; 3931092 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;7859 | &nbsp;&nbsp;&nbsp;&nbsp; 195925 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;2067 | &nbsp;&nbsp;&nbsp;&nbsp; 213955 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | 16880 | &nbsp;&nbsp;&nbsp;&nbsp; 2267490 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 15675 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 53364 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | 21598 | &nbsp;&nbsp;&nbsp;&nbsp; 1682268 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1336 | &nbsp;&nbsp;&nbsp;&nbsp; 20000 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2637 | &nbsp;&nbsp;&nbsp;&nbsp; 161754 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp; 31317 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1629 | &nbsp;&nbsp;&nbsp;&nbsp; 667923 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | 11088 | &nbsp;&nbsp;&nbsp;&nbsp; 612169 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 328887 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp; 1546454 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2654 | &nbsp;&nbsp;&nbsp;&nbsp; 119722 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6622 | &nbsp;&nbsp;&nbsp;&nbsp; 1559150 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3630 | &nbsp;&nbsp;&nbsp;&nbsp; 2020567 |
| &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;2694 | &nbsp;&nbsp;&nbsp;&nbsp; 531984 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp; 115414 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp; 144263 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1671 | &nbsp;&nbsp;&nbsp;&nbsp; 963733 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp; 8559 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;3618 | &nbsp;&nbsp;&nbsp;&nbsp; 276560 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4190 | &nbsp;&nbsp;&nbsp;&nbsp; 609477 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3996 | &nbsp;&nbsp;&nbsp;&nbsp; 924674 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp; 31233 |

---

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3109 | &nbsp;&nbsp;$212718 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1627 | &nbsp;&nbsp;&nbsp;&nbsp; 280397 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp; 45757 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | 22502 | &nbsp;&nbsp;&nbsp;&nbsp; 2367210 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | 18525 | &nbsp;&nbsp;&nbsp;&nbsp; 736925 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4247 | &nbsp;&nbsp;&nbsp;&nbsp; 77635 |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5757 | &nbsp;&nbsp;&nbsp;&nbsp; 617035 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1973 | &nbsp;&nbsp;&nbsp;&nbsp; 441498 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp; 470886 |
| &nbsp;&nbsp;&nbsp;Tanium<br> Class B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp; 10180 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;&nbsp; 105604 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp; 9883 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;7673 | &nbsp;&nbsp;&nbsp;&nbsp; 954214 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1506 | &nbsp;&nbsp;&nbsp;&nbsp; 892817 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp; 9123 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;8295 | &nbsp;&nbsp;&nbsp;&nbsp; 2388794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;31250450 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6434 | &nbsp;&nbsp;&nbsp;&nbsp; 300661 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 173547 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 64813 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 110545 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 3922 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp; 34579 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688067 |
| **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1309 | &nbsp;&nbsp;&nbsp;&nbsp; 212450 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1834 | &nbsp;&nbsp;&nbsp;&nbsp; 231616 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444066 |
| **Total Common Stocks<br> (cost $145,956,346)** |  | &nbsp;&nbsp;&nbsp;&nbsp;176583164 |
| **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 |
| **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** |
| &nbsp;&nbsp;&nbsp;Canva, Inc.<br> Series A†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp; 2778 |
| **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;&nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;&nbsp; 66103 |
| **Enterprise Software / Services — 0.0%** | **Enterprise Software / Services — 0.0%** | **Enterprise Software / Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Socure, Inc.<br> Series A †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp; 6149 |
| &nbsp;&nbsp;&nbsp;Socure, Inc.<br> Series A1†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp; 5049 |
| &nbsp;&nbsp;&nbsp;Socure, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;Socure, Inc.<br> Series E†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 11698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22990 |
| **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
| &nbsp;&nbsp;&nbsp;DataRobot, Inc.<br> Series G†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;2952 | &nbsp;&nbsp;&nbsp;&nbsp; 8443 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series F †(1)(2) | &nbsp;&nbsp; 5040 | &nbsp;&nbsp;$521690 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series G †(1)(2) | &nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp;&nbsp; 50306 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series H†(1)(2) | &nbsp;&nbsp; 1092 | &nbsp;&nbsp;&nbsp;&nbsp; 113033 |
| &nbsp;&nbsp;&nbsp;Tanium, Inc.<br> Series G†(1)(2) | &nbsp;&nbsp; 32619 | &nbsp;&nbsp;&nbsp;&nbsp; 173859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858888 |
| **Total Convertible Preferred Stocks<br> (cost $713,654)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015941 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.4%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.4%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.4%** |
| &nbsp;&nbsp;&nbsp;iShares Russell Midcap Growth Index Fund | &nbsp;&nbsp; 2909 | &nbsp;&nbsp;&nbsp;&nbsp; 403420 |
| &nbsp;&nbsp;&nbsp;Vanguard Mid-Cap Growth ETF | &nbsp;&nbsp; 1418 | &nbsp;&nbsp;&nbsp;&nbsp; 403265 |
| **Total Unaffiliated Investment Companies<br> (cost $805,819)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806685 |
| **Total Long-Term Investment Securities<br> (cost $147,475,819)** |  | &nbsp;&nbsp;&nbsp;&nbsp;178405790 |
| **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> 4.27%(3) | &nbsp;&nbsp;128016 | &nbsp;&nbsp;&nbsp;&nbsp; 128016 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund<br> 4.37%(3) | &nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| **Total Short-Term Investments<br> (cost $128,117)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128117 |
| **REPURCHASE AGREEMENTS — 1.1%** | **REPURCHASE AGREEMENTS — 1.1%** | **REPURCHASE AGREEMENTS — 1.1%** |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(4) | $380000 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(4) | &nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp; 410000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(4) | &nbsp;&nbsp;395000 | &nbsp;&nbsp;&nbsp;&nbsp; 395000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(4) | &nbsp;&nbsp;380000 | &nbsp;&nbsp;&nbsp;&nbsp; 380000 |

---

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |  |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(4) | $380000 | &nbsp;&nbsp;$380000 |
| **Total Repurchase Agreements<br> (cost $1,945,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945000 |
| **TOTAL INVESTMENTS<br> (cost $149,548,936)** | &nbsp;&nbsp;&nbsp;&nbsp;100.3% | &nbsp;&nbsp;&nbsp;&nbsp;180478907 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537104) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$179941803 |

---

† Non-income producing security

(1) Securities classified as Level 3 (see Note 1).

(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 1. 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 June 30, 2025, the Portfolio held the following restricted
securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Canva, Inc. |  |  |  |  |  |  |
|  | 08/16/2021 | &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 | &nbsp;&nbsp;&nbsp;&nbsp;$56944 | $1388.87 | 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;213955 | &nbsp;&nbsp;&nbsp;&nbsp;103.51 | 0.2 |
| Magic Leap, Inc., Class A | 12/28/2015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | 114566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | 0.0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
| Snyk, Ltd. | 09/03/2021 | &nbsp;&nbsp;4274 | $61309 | &nbsp;&nbsp;&nbsp;&nbsp;$33850 | &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;5060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 | 0.0 |
| Tanium<br> Class B | 09/24/2020 | &nbsp;&nbsp;1910 | &nbsp;&nbsp;21765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | 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;2778 | &nbsp;&nbsp;1388.87 | 0.0 |
| Databricks, Inc.<br> Series F | 10/22/2019 | &nbsp;&nbsp;5040 | &nbsp;&nbsp;72153 | &nbsp;&nbsp;&nbsp;&nbsp;521690 | &nbsp;&nbsp;&nbsp;&nbsp;103.51 | 0.3 |
| Databricks, Inc.<br> Series G | 02/01/2021 | &nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;28734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50306 | &nbsp;&nbsp;&nbsp;&nbsp;103.51 | 0.0 |
| Databricks, Inc.<br> Series H | 08/31/2021 | &nbsp;&nbsp;1092 | &nbsp;&nbsp;80245 | &nbsp;&nbsp;&nbsp;&nbsp;113033 | &nbsp;&nbsp;&nbsp;&nbsp;103.51 | 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;66103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.74 | 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;6149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 | 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;5049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 | 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;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 | 0.0 |
| Socure, Inc.<br> Series E | 10/27/2021 | &nbsp;&nbsp;2127 | &nbsp;&nbsp;34178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 | 0.0 |
| Tanium, Inc.<br> Series G | 08/26/2015 | 32619 | 161930 | &nbsp;&nbsp;&nbsp;&nbsp;173859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | 0.1 |
|  |  |  |  | $1335934 |  | 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 June 30, 2025.

(4) See Note 2 for details of Joint Repurchase Agreements.

ADR—American Depositary Receipt <br> ETF—Exchange Traded Fund

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Insurance** |  |  |  |  |  |  |  |  |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Equitable Holdings Inc | &nbsp;&nbsp; 497 | &nbsp;&nbsp;4.53% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;$27737 | &nbsp;&nbsp;$145 | &nbsp;&nbsp;$145 |
| HSBC Holdings | &nbsp;&nbsp;Equitable Holdings Inc | &nbsp;&nbsp;5752 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp;313944 | &nbsp;&nbsp;&nbsp;8743 | &nbsp;&nbsp;&nbsp;8743 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$8888 | &nbsp;&nbsp;$8888 |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$327920 | &nbsp;&nbsp;&nbsp;&nbsp;$328755 | &nbsp;&nbsp;&nbsp;&nbsp;$835 |

---

\* 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.

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio<br>

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

------

The following is a summary of the inputs used to value the Portfolio's net assets as of June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$33850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;56944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56944 |
| &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;5060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060 |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;31026311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224139 | &nbsp;&nbsp;&nbsp;&nbsp;31250450 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;145236860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;145236860 |
| 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;1015941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015941 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806685 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128117 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1945000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1945000 |
| **Total Investments at Value** | &nbsp;&nbsp;$177197973 | &nbsp;&nbsp;$1945000 | &nbsp;&nbsp;$1335934 | &nbsp;&nbsp;$180478907 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$8888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8888 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$835 | &nbsp;&nbsp;&nbsp;&nbsp;$8888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9723 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **Advertising — 0.3%** | **Advertising — 0.3%** | **Advertising — 0.3%** |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp;$64750 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6227 | &nbsp;&nbsp;&nbsp;&nbsp; 447970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512720 |
| **Aerospace/Defense — 1.9%** | **Aerospace/Defense — 1.9%** | **Aerospace/Defense — 1.9%** |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 131909 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8876 | &nbsp;&nbsp;&nbsp;&nbsp; 501405 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2241 | &nbsp;&nbsp;&nbsp;&nbsp; 417117 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7199 | &nbsp;&nbsp;&nbsp;&nbsp; 1805797 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 15292 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp; 1982 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp; 28727 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29635 | &nbsp;&nbsp;&nbsp;&nbsp; 937948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3840177 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3428 | &nbsp;&nbsp;&nbsp;&nbsp; 180930 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp; 76427 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp; 37788 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295145 |
| **Airlines — 1.0%** | **Airlines — 1.0%** | **Airlines — 1.0%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6681 | &nbsp;&nbsp;&nbsp;&nbsp; 330576 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4497 | &nbsp;&nbsp;&nbsp;&nbsp; 50456 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14864 | &nbsp;&nbsp;&nbsp;&nbsp; 731012 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;24071 | &nbsp;&nbsp;&nbsp;&nbsp; 780863 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2334 | &nbsp;&nbsp;&nbsp;&nbsp; 185856 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078763 |
| **Apparel — 0.9%** | **Apparel — 0.9%** | **Apparel — 0.9%** |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 13180 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp; 11422 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 39499 |
| &nbsp;&nbsp;&nbsp;Puma SE | &nbsp;&nbsp;&nbsp;&nbsp;15051 | &nbsp;&nbsp;&nbsp;&nbsp; 410946 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 25725 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp; 611644 |
| &nbsp;&nbsp;&nbsp;Skechers USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp; 353108 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 10801 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1398 | &nbsp;&nbsp;&nbsp;&nbsp; 9548 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp; 7847 |
| &nbsp;&nbsp;&nbsp;VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32028 | &nbsp;&nbsp;&nbsp;&nbsp; 376329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1870049 |
| **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** | **Auto Manufacturers — 0.5%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | &nbsp;&nbsp;&nbsp;&nbsp; 323242 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;28000 | &nbsp;&nbsp;&nbsp;&nbsp; 303800 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8910 | &nbsp;&nbsp;&nbsp;&nbsp; 18800 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3871 | &nbsp;&nbsp;&nbsp;&nbsp; 367977 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5559 | &nbsp;&nbsp;&nbsp;&nbsp; 76381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090200 |
| **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp; 48160 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;10502 | &nbsp;&nbsp;&nbsp;&nbsp; 716447 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7065 | &nbsp;&nbsp;&nbsp;&nbsp; 37021 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp; 52329 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663 | &nbsp;&nbsp;&nbsp;&nbsp; 36569 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp; 37707 |
| &nbsp;&nbsp;&nbsp;QuantumScape Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2646 | &nbsp;&nbsp;&nbsp;&nbsp; 17781 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946014 |
| **Banks — 5.0%** | **Banks — 5.0%** | **Banks — 5.0%** |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4761 | &nbsp;&nbsp;&nbsp;&nbsp; 433775 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;$36001 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp; 16402 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3120 | &nbsp;&nbsp;&nbsp;&nbsp; 139620 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13619 | &nbsp;&nbsp;&nbsp;&nbsp; 318412 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;&nbsp; 55832 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 55953 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp; 54758 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6502 | &nbsp;&nbsp;&nbsp;&nbsp; 656572 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;31763 | &nbsp;&nbsp;&nbsp;&nbsp; 1306412 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp; 138909 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp; 22414 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606 | &nbsp;&nbsp;&nbsp;&nbsp; 76447 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546 | &nbsp;&nbsp;&nbsp;&nbsp; 37121 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10373 | &nbsp;&nbsp;&nbsp;&nbsp; 173852 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;38251 | &nbsp;&nbsp;&nbsp;&nbsp; 666332 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5207 | &nbsp;&nbsp;&nbsp;&nbsp; 1010106 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6876 | &nbsp;&nbsp;&nbsp;&nbsp; 871808 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 56309 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8206 | &nbsp;&nbsp;&nbsp;&nbsp; 904383 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333 | &nbsp;&nbsp;&nbsp;&nbsp; 374590 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30896 | &nbsp;&nbsp;&nbsp;&nbsp; 726674 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp; 66170 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066 | &nbsp;&nbsp;&nbsp;&nbsp; 219698 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 51491 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10276 | &nbsp;&nbsp;&nbsp;&nbsp; 561070 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9521 | &nbsp;&nbsp;&nbsp;&nbsp; 742448 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 59510 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp; 55784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9888853 |
| **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;50 | &nbsp;&nbsp;&nbsp;&nbsp; 9541 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp; 9120 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;&nbsp;&nbsp; 28498 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 35728 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5683 | &nbsp;&nbsp;&nbsp;&nbsp; 526928 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp; 152431 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp; 57852 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841 | &nbsp;&nbsp;&nbsp;&nbsp; 54530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874628 |
| **Biotechnology — 0.9%** | **Biotechnology — 0.9%** | **Biotechnology — 0.9%** |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 | &nbsp;&nbsp;&nbsp;&nbsp; 358308 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 | &nbsp;&nbsp;&nbsp;&nbsp; 74979 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp; 33302 |
| &nbsp;&nbsp;&nbsp;Certara, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 10413 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10794 | &nbsp;&nbsp;&nbsp;&nbsp; 804477 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 14986 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1135 | &nbsp;&nbsp;&nbsp;&nbsp; 108290 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 57272 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 8051 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp; 3121 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544 | &nbsp;&nbsp;&nbsp;&nbsp; 70189 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243 | &nbsp;&nbsp;&nbsp;&nbsp; 45730 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2717 | &nbsp;&nbsp;&nbsp;&nbsp; 30621 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838 | &nbsp;&nbsp;&nbsp;&nbsp; 102253 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp; 92527 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 19080 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1833599 |
| **Building Materials — 1.3%** | **Building Materials — 1.3%** | **Building Materials — 1.3%** |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 34762 |
| &nbsp;&nbsp;&nbsp;AZEK Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 16957 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3370 | &nbsp;&nbsp;&nbsp;&nbsp; 393245 |

---

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;$44868 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 | &nbsp;&nbsp;&nbsp;&nbsp; 44685 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;&nbsp; 19637 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC† | &nbsp;&nbsp;&nbsp;&nbsp;14594 | &nbsp;&nbsp;&nbsp;&nbsp; 392433 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4774 | &nbsp;&nbsp;&nbsp;&nbsp; 389749 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp; 38868 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp; 234406 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp; 97377 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3654 | &nbsp;&nbsp;&nbsp;&nbsp; 383085 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp; 83750 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 43953 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 41601 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp; 247257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506633 |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp; 54084 |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182 | &nbsp;&nbsp;&nbsp;&nbsp; 361111 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp; 47949 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 44264 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1188 | &nbsp;&nbsp;&nbsp;&nbsp; 109296 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5075 | &nbsp;&nbsp;&nbsp;&nbsp; 134386 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18328 | &nbsp;&nbsp;&nbsp;&nbsp; 1257118 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7749 | &nbsp;&nbsp;&nbsp;&nbsp; 578540 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | &nbsp;&nbsp;&nbsp;&nbsp; 37214 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp; 38201 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp; 12483 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7571 | &nbsp;&nbsp;&nbsp;&nbsp; 556847 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1837 | &nbsp;&nbsp;&nbsp;&nbsp; 106289 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263 | &nbsp;&nbsp;&nbsp;&nbsp; 82554 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp; 29016 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp; 17197 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp; 185413 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp; 100174 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5446 | &nbsp;&nbsp;&nbsp;&nbsp; 413515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165651 |
| **Commercial Services — 3.5%** | **Commercial Services — 3.5%** | **Commercial Services — 3.5%** |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724 | &nbsp;&nbsp;&nbsp;&nbsp; 23072 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 53929 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;23023 | &nbsp;&nbsp;&nbsp;&nbsp; 1175324 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 12679 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp; 167108 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp; 44616 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 | &nbsp;&nbsp;&nbsp;&nbsp; 12388 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;&nbsp;&nbsp; 831541 |
| &nbsp;&nbsp;&nbsp;Dun & Bradstreet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp; 20271 |
| &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;13221 | &nbsp;&nbsp;&nbsp;&nbsp; 410058 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 190378 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp; 29502 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;21580 | &nbsp;&nbsp;&nbsp;&nbsp; 358444 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 38760 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7807 | &nbsp;&nbsp;&nbsp;&nbsp; 624872 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp; 25893 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;&nbsp; 40080 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808 | &nbsp;&nbsp;&nbsp;&nbsp; 44351 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 13817 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp; 58292 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;88397 | &nbsp;&nbsp;&nbsp;&nbsp; 515355 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp; 16952 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp; 4892 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; 89983 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1249 | &nbsp;&nbsp;$132631 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp; 30623 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp; 81319 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7545 | &nbsp;&nbsp;&nbsp;&nbsp; 663960 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp; 1332 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 23107 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 350331 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp; 3938 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp; 124912 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;22548 | &nbsp;&nbsp;&nbsp;&nbsp; 572494 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp; 32903 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp; 25948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6846055 |
| **Computers — 2.2%** | **Computers — 2.2%** | **Computers — 2.2%** |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp; 72262 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142 | &nbsp;&nbsp;&nbsp;&nbsp; 26974 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp; 74365 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194 | &nbsp;&nbsp;&nbsp;&nbsp; 485422 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3541 | &nbsp;&nbsp;&nbsp;&nbsp; 276304 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 19566 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317 | &nbsp;&nbsp;&nbsp;&nbsp; 20137 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp; 66661 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1154 | &nbsp;&nbsp;&nbsp;&nbsp; 50788 |
| &nbsp;&nbsp;&nbsp;Globant SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 25435 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9405 | &nbsp;&nbsp;&nbsp;&nbsp; 192332 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6765 | &nbsp;&nbsp;&nbsp;&nbsp; 165472 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10421 | &nbsp;&nbsp;&nbsp;&nbsp; 499583 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1551 | &nbsp;&nbsp;&nbsp;&nbsp; 65080 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4450 | &nbsp;&nbsp;&nbsp;&nbsp; 702032 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp; 43347 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp; 93977 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 71578 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp; 24330 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 16871 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp; 25175 |
| &nbsp;&nbsp;&nbsp;SailPoint, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 9853 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;13908 | &nbsp;&nbsp;&nbsp;&nbsp; 630728 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp; 37950 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994 | &nbsp;&nbsp;&nbsp;&nbsp; 97726 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;&nbsp;&nbsp; 563112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4357060 |
| **Cosmetics/Personal Care — 1.6%** | **Cosmetics/Personal Care — 1.6%** | **Cosmetics/Personal Care — 1.6%** |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2794 | &nbsp;&nbsp;&nbsp;&nbsp; 12992 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp; 48905 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676 | &nbsp;&nbsp;&nbsp;&nbsp; 135421 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;92992 | &nbsp;&nbsp;&nbsp;&nbsp; 1946322 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;36846 | &nbsp;&nbsp;&nbsp;&nbsp; 984525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3128165 |
| **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;571 | &nbsp;&nbsp;&nbsp;&nbsp; 34460 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471 | &nbsp;&nbsp;&nbsp;&nbsp; 61782 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16281 | &nbsp;&nbsp;&nbsp;&nbsp; 602560 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 61211 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2933 | &nbsp;&nbsp;&nbsp;&nbsp; 354717 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 110405 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 63708 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 47851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336694 |
| **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 39354 |

---

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;$44862 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744 | &nbsp;&nbsp;&nbsp;&nbsp; 67929 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 33091 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp; 175141 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 467904 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp; 22415 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp; 71015 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204 | &nbsp;&nbsp;&nbsp;&nbsp; 52565 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 14070 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 43188 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2714 | &nbsp;&nbsp;&nbsp;&nbsp; 42800 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp; 36665 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 45393 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18134 | &nbsp;&nbsp;&nbsp;&nbsp; 870069 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 67145 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 | &nbsp;&nbsp;&nbsp;&nbsp; 264504 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8377 | &nbsp;&nbsp;&nbsp;&nbsp; 477489 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7417 | &nbsp;&nbsp;&nbsp;&nbsp; 1137545 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657 | &nbsp;&nbsp;&nbsp;&nbsp; 23496 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp; 67036 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15506 | &nbsp;&nbsp;&nbsp;&nbsp; 508442 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6581 | &nbsp;&nbsp;&nbsp;&nbsp; 119840 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 319125 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 76382 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7072 | &nbsp;&nbsp;&nbsp;&nbsp; 471985 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1569 | &nbsp;&nbsp;&nbsp;&nbsp; 151408 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6602 | &nbsp;&nbsp;&nbsp;&nbsp; 346275 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp; 112142 |
| &nbsp;&nbsp;&nbsp;UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp; 1143 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp; 26292 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16986 | &nbsp;&nbsp;&nbsp;&nbsp; 1206006 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 | &nbsp;&nbsp;&nbsp;&nbsp; 54641 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7457357 |
| **Electric — 6.5%** | **Electric — 6.5%** | **Electric — 6.5%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28383 | &nbsp;&nbsp;&nbsp;&nbsp; 298589 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11908 | &nbsp;&nbsp;&nbsp;&nbsp; 720077 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10517 | &nbsp;&nbsp;&nbsp;&nbsp; 1010053 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016 | &nbsp;&nbsp;&nbsp;&nbsp; 33304 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35060 | &nbsp;&nbsp;&nbsp;&nbsp; 1288104 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp; 7656 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp; 19328 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11616 | &nbsp;&nbsp;&nbsp;&nbsp; 804757 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8286 | &nbsp;&nbsp;&nbsp;&nbsp; 831500 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15955 | &nbsp;&nbsp;&nbsp;&nbsp; 901777 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp; 196836 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 402480 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091 | &nbsp;&nbsp;&nbsp;&nbsp; 256924 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640 | &nbsp;&nbsp;&nbsp;&nbsp; 113045 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2635 | &nbsp;&nbsp;&nbsp;&nbsp; 167639 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250 | &nbsp;&nbsp;&nbsp;&nbsp; 314795 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21162 | &nbsp;&nbsp;&nbsp;&nbsp; 851982 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp; 45372 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 | &nbsp;&nbsp;&nbsp;&nbsp; 65727 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;112734 | &nbsp;&nbsp;&nbsp;&nbsp; 1571512 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6817 | &nbsp;&nbsp;&nbsp;&nbsp; 609917 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5308 | &nbsp;&nbsp;&nbsp;&nbsp; 179888 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12496 | &nbsp;&nbsp;&nbsp;&nbsp; 1051913 |
| &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6333 | &nbsp;&nbsp;&nbsp;&nbsp; 479851 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 94500 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291 | &nbsp;&nbsp;$238722 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4140 | &nbsp;&nbsp;&nbsp;&nbsp; 281934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12838182 |
| **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** | **Electrical Components & Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 67425 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652 | &nbsp;&nbsp;&nbsp;&nbsp; 298946 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 60005 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 40811 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 48655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515842 |
| **Electronics — 3.7%** | **Electronics — 3.7%** | **Electronics — 3.7%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5036 | &nbsp;&nbsp;&nbsp;&nbsp; 725788 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 47149 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641 | &nbsp;&nbsp;&nbsp;&nbsp; 34024 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 98131 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;17876 | &nbsp;&nbsp;&nbsp;&nbsp; 892370 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13674 | &nbsp;&nbsp;&nbsp;&nbsp; 712826 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp; 243994 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp; 156829 |
| &nbsp;&nbsp;&nbsp;Ingram Micro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp; 1917 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp; 57360 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7337 | &nbsp;&nbsp;&nbsp;&nbsp; 1202241 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 175033 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6475 | &nbsp;&nbsp;&nbsp;&nbsp; 474294 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4558 | &nbsp;&nbsp;&nbsp;&nbsp; 221017 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;25223 | &nbsp;&nbsp;&nbsp;&nbsp; 759465 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 75314 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7158 | &nbsp;&nbsp;&nbsp;&nbsp; 1207340 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1709 | &nbsp;&nbsp;&nbsp;&nbsp; 129850 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp; 39114 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp; 106124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7360180 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp; 120513 |
| **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;949 | &nbsp;&nbsp;&nbsp;&nbsp; 107104 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 108583 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp; 23887 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201 | &nbsp;&nbsp;&nbsp;&nbsp; 683672 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp; 59991 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp; 64424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047661 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480 | &nbsp;&nbsp;&nbsp;&nbsp; 42017 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp; 7373 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 62010 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;18540 | &nbsp;&nbsp;&nbsp;&nbsp; 293117 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp; 12001 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp; 27838 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 25701 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 19407 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 51492 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp; 6757 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547713 |
| **Environmental Control — 0.8%** | **Environmental Control — 0.8%** | **Environmental Control — 0.8%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 83918 |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11566 | &nbsp;&nbsp;&nbsp;&nbsp; 583620 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6939 | &nbsp;&nbsp;&nbsp;&nbsp; 712358 |

---

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567 | &nbsp;&nbsp;$56349 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006 | &nbsp;&nbsp;&nbsp;&nbsp; 101556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537801 |
| **Food — 3.4%** | **Food — 3.4%** | **Food — 3.4%** |
| &nbsp;&nbsp;&nbsp;The Campbell's Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp; 43400 |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;26635 | &nbsp;&nbsp;&nbsp;&nbsp; 572919 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15793 | &nbsp;&nbsp;&nbsp;&nbsp; 323283 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22545 | &nbsp;&nbsp;&nbsp;&nbsp; 360269 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3928 | &nbsp;&nbsp;&nbsp;&nbsp; 203510 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124 | &nbsp;&nbsp;&nbsp;&nbsp; 518428 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074 | &nbsp;&nbsp;&nbsp;&nbsp; 62738 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3917 | &nbsp;&nbsp;&nbsp;&nbsp; 531223 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 | &nbsp;&nbsp;&nbsp;&nbsp; 72963 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp; 158503 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6124 | &nbsp;&nbsp;&nbsp;&nbsp; 158122 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349 | &nbsp;&nbsp;&nbsp;&nbsp; 311954 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21363 | &nbsp;&nbsp;&nbsp;&nbsp; 1107672 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816 | &nbsp;&nbsp;&nbsp;&nbsp; 137689 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 84496 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp; 12280 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp; 39469 |
| &nbsp;&nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 2861 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp; 3694 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7961 | &nbsp;&nbsp;&nbsp;&nbsp; 602966 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10179 | &nbsp;&nbsp;&nbsp;&nbsp; 569413 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;12354 | &nbsp;&nbsp;&nbsp;&nbsp; 951381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6829233 |
| **Food Service — 0.8%** | **Food Service — 0.8%** | **Food Service — 0.8%** |
| &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;27354 | &nbsp;&nbsp;&nbsp;&nbsp; 1145312 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;10632 | &nbsp;&nbsp;&nbsp;&nbsp; 360108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505420 |
| **Forest Products & Paper — 0.7%** | **Forest Products & Paper — 0.7%** | **Forest Products & Paper — 0.7%** |
| &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;30945 | &nbsp;&nbsp;&nbsp;&nbsp; 1449154 |
| **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4037 | &nbsp;&nbsp;&nbsp;&nbsp; 622142 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp; 24772 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 55908 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3375 | &nbsp;&nbsp;&nbsp;&nbsp; 136147 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1542 | &nbsp;&nbsp;&nbsp;&nbsp; 56160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895129 |
| **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp; 80647 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp; 45736 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp; 114514 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6546 | &nbsp;&nbsp;&nbsp;&nbsp; 443492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684389 |
| **Healthcare-Products — 4.0%** | **Healthcare-Products — 4.0%** | **Healthcare-Products — 4.0%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8201 | &nbsp;&nbsp;&nbsp;&nbsp; 967800 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp; 93150 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22020 | &nbsp;&nbsp;&nbsp;&nbsp; 296389 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;38347 | &nbsp;&nbsp;&nbsp;&nbsp; 1161147 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | &nbsp;&nbsp;&nbsp;&nbsp; 57881 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp; 30529 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9377 | &nbsp;&nbsp;&nbsp;&nbsp; 667267 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29190 | &nbsp;&nbsp;&nbsp;&nbsp; 463537 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1246 | &nbsp;&nbsp;&nbsp;&nbsp; 24347 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5062 | &nbsp;&nbsp;&nbsp;&nbsp; 268995 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7350 | &nbsp;&nbsp;$544415 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;829 | &nbsp;&nbsp;&nbsp;&nbsp; 48928 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 104256 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;&nbsp; 73484 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp; 41170 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 206400 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4271 | &nbsp;&nbsp;&nbsp;&nbsp; 413091 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp; 75537 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2685 | &nbsp;&nbsp;&nbsp;&nbsp; 644991 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2168 | &nbsp;&nbsp;&nbsp;&nbsp; 256604 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp; 71204 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 112244 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13915 | &nbsp;&nbsp;&nbsp;&nbsp; 1269187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7892553 |
| **Healthcare-Services — 2.1%** | **Healthcare-Services — 2.1%** | **Healthcare-Services — 2.1%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680 | &nbsp;&nbsp;&nbsp;&nbsp; 15429 |
| &nbsp;&nbsp;&nbsp;Amedisys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp; 22531 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561 | &nbsp;&nbsp;&nbsp;&nbsp; 193291 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 53106 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 46745 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33076 | &nbsp;&nbsp;&nbsp;&nbsp; 680373 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp; 87558 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469 | &nbsp;&nbsp;&nbsp;&nbsp; 603621 |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1907 | &nbsp;&nbsp;&nbsp;&nbsp; 277373 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp; 198091 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp; 633699 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp; 51835 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 143704 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36945 | &nbsp;&nbsp;&nbsp;&nbsp; 560825 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp; 11109 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp; 115632 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814 | &nbsp;&nbsp;&nbsp;&nbsp; 509756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4204678 |
| **Home Builders — 1.1%** | **Home Builders — 1.1%** | **Home Builders — 1.1%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968 | &nbsp;&nbsp;&nbsp;&nbsp; 253715 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 | &nbsp;&nbsp;&nbsp;&nbsp; 359197 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp; 181179 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp; 7157 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 147713 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5487 | &nbsp;&nbsp;&nbsp;&nbsp; 578659 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | &nbsp;&nbsp;&nbsp;&nbsp; 33126 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6153 | &nbsp;&nbsp;&nbsp;&nbsp; 702242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262988 |
| **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;449 | &nbsp;&nbsp;&nbsp;&nbsp; 33343 |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp; 39002 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp; 39858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112203 |
| **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;3101 | &nbsp;&nbsp;&nbsp;&nbsp; 544133 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1766 | &nbsp;&nbsp;&nbsp;&nbsp; 169730 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp; 106142 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp; 8846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828851 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42099 | &nbsp;&nbsp;&nbsp;&nbsp; 227335 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp; 21239 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248574 |

---

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance — 6.7%** | **Insurance — 6.7%** | **Insurance — 6.7%** |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5381 | &nbsp;&nbsp;$1083249 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp; 59824 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6673 | &nbsp;&nbsp;&nbsp;&nbsp; 571142 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2617 | &nbsp;&nbsp;&nbsp;&nbsp; 238278 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6868 | &nbsp;&nbsp;&nbsp;&nbsp; 1356361 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 29091 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp; 56478 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp; 23336 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp;&nbsp; 195907 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp; 164557 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 7584 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11480 | &nbsp;&nbsp;&nbsp;&nbsp; 644028 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1537 | &nbsp;&nbsp;&nbsp;&nbsp; 522349 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp; 104496 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 43280 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp; 76190 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7196 | &nbsp;&nbsp;&nbsp;&nbsp; 1222385 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8928 | &nbsp;&nbsp;&nbsp;&nbsp; 1132695 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6392 | &nbsp;&nbsp;&nbsp;&nbsp; 274664 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7563 | &nbsp;&nbsp;&nbsp;&nbsp; 671519 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp; 28979 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20787 | &nbsp;&nbsp;&nbsp;&nbsp; 719230 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 112284 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp; 141813 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673 | &nbsp;&nbsp;&nbsp;&nbsp; 46576 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp; 63003 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp; 66776 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1593 | &nbsp;&nbsp;&nbsp;&nbsp; 126532 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544 | &nbsp;&nbsp;&nbsp;&nbsp; 273327 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp; 93824 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5081 | &nbsp;&nbsp;&nbsp;&nbsp; 1234175 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 40082 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp; 100223 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167 | &nbsp;&nbsp;&nbsp;&nbsp; 159210 |
| &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; 30527 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5186 | &nbsp;&nbsp;&nbsp;&nbsp; 1589509 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13303483 |
| **Internet — 2.0%** | **Internet — 2.0%** | **Internet — 2.0%** |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944 | &nbsp;&nbsp;&nbsp;&nbsp; 1061539 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3303 | &nbsp;&nbsp;&nbsp;&nbsp; 245941 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 14245 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp; 121554 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3512 | &nbsp;&nbsp;&nbsp;&nbsp; 103253 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115 | &nbsp;&nbsp;&nbsp;&nbsp; 560887 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 17998 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397 | &nbsp;&nbsp;&nbsp;&nbsp; 37777 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp; 56324 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753 | &nbsp;&nbsp;&nbsp;&nbsp; 54150 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;22523 | &nbsp;&nbsp;&nbsp;&nbsp; 807675 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4598 | &nbsp;&nbsp;&nbsp;&nbsp; 430511 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp; 69609 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp; 4041 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp; 164905 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp; 28229 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp; 23013 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 80557 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882208 |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| &nbsp;&nbsp;&nbsp;Main Street Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8870 | &nbsp;&nbsp;&nbsp;&nbsp; 524217 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;$86599 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 78492 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp;&nbsp;&nbsp; 26524 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 | &nbsp;&nbsp;&nbsp;&nbsp; 523860 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp; 118968 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp; 116617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951060 |
| **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;1070 | &nbsp;&nbsp;&nbsp;&nbsp; 41473 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8177 | &nbsp;&nbsp;&nbsp;&nbsp; 451697 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5361 | &nbsp;&nbsp;&nbsp;&nbsp; 150751 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp; 20084 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 6267 |
| &nbsp;&nbsp;&nbsp;Viking Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7979 | &nbsp;&nbsp;&nbsp;&nbsp; 425201 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp; 18660 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114133 |
| **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;417 | &nbsp;&nbsp;&nbsp;&nbsp; 32622 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 17129 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3812 | &nbsp;&nbsp;&nbsp;&nbsp; 532346 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469 | &nbsp;&nbsp;&nbsp;&nbsp; 50519 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 15638 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 4629 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 56108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708991 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 77072 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 52115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129187 |
| **Machinery-Diversified — 3.6%** | **Machinery-Diversified — 3.6%** | **Machinery-Diversified — 3.6%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10654 | &nbsp;&nbsp;&nbsp;&nbsp; 1099067 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273 | &nbsp;&nbsp;&nbsp;&nbsp; 63459 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6295 | &nbsp;&nbsp;&nbsp;&nbsp; 81583 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp; 38318 |
| &nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 68930 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp; 178283 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;&nbsp;&nbsp; 527406 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp; 48895 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737 | &nbsp;&nbsp;&nbsp;&nbsp; 40003 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp; 102390 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp; 95159 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895 | &nbsp;&nbsp;&nbsp;&nbsp; 240806 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6212 | &nbsp;&nbsp;&nbsp;&nbsp; 894528 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2076 | &nbsp;&nbsp;&nbsp;&nbsp; 445032 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7158 | &nbsp;&nbsp;&nbsp;&nbsp; 708785 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3963 | &nbsp;&nbsp;&nbsp;&nbsp; 574477 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp; 247799 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 50536 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4570 | &nbsp;&nbsp;&nbsp;&nbsp; 956730 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640 | &nbsp;&nbsp;&nbsp;&nbsp; 729590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7191776 |
| **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;1590 | &nbsp;&nbsp;&nbsp;&nbsp; 650008 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 114056 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp; 86750 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp; 50597 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp; 6261 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117 | &nbsp;&nbsp;&nbsp;&nbsp; 306651 |
| &nbsp;&nbsp;&nbsp;Liberty Global, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241 | &nbsp;&nbsp;&nbsp;&nbsp; 12422 |

---

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;Liberty Global, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;$11753 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp; 10351 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;&nbsp; 108471 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp; 66392 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp; 80690 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp; 28683 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1391 | &nbsp;&nbsp;&nbsp;&nbsp; 240574 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp; 1652 |
| &nbsp;&nbsp;&nbsp;Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4358 | &nbsp;&nbsp;&nbsp;&nbsp; 56218 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361 | &nbsp;&nbsp;&nbsp;&nbsp; 31262 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15999 | &nbsp;&nbsp;&nbsp;&nbsp; 183349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046140 |
| **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp; 58234 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp; 61828 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp; 233574 |
| &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp; 32575 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 48332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434543 |
| **Mining — 0.7%** | **Mining — 0.7%** | **Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858 | &nbsp;&nbsp;&nbsp;&nbsp; 54830 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3174 | &nbsp;&nbsp;&nbsp;&nbsp; 144639 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4038 | &nbsp;&nbsp;&nbsp;&nbsp; 662952 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10919 | &nbsp;&nbsp;&nbsp;&nbsp; 473339 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 28778 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp; 83763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448301 |
| **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;829 | &nbsp;&nbsp;&nbsp;&nbsp; 54358 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 | &nbsp;&nbsp;&nbsp;&nbsp; 101191 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;&nbsp;&nbsp; 59225 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427 | &nbsp;&nbsp;&nbsp;&nbsp; 537456 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp; 170599 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5413 | &nbsp;&nbsp;&nbsp;&nbsp; 434610 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357439 |
| **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp;&nbsp;&nbsp; 571083 |
| **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** | **Oil & Gas — 4.1%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078 | &nbsp;&nbsp;&nbsp;&nbsp; 83702 |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2543 | &nbsp;&nbsp;&nbsp;&nbsp; 46511 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp; 41064 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp; 18218 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5388 | &nbsp;&nbsp;&nbsp;&nbsp; 136747 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4460 | &nbsp;&nbsp;&nbsp;&nbsp; 141873 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5178 | &nbsp;&nbsp;&nbsp;&nbsp; 711457 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4276 | &nbsp;&nbsp;&nbsp;&nbsp; 249376 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15734 | &nbsp;&nbsp;&nbsp;&nbsp; 1839934 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027 | &nbsp;&nbsp;&nbsp;&nbsp; 280821 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp; 42395 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5785 | &nbsp;&nbsp;&nbsp;&nbsp; 960946 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp; 38224 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4830 | &nbsp;&nbsp;&nbsp;&nbsp; 202908 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1862 | &nbsp;&nbsp;&nbsp;&nbsp; 70849 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69104 | &nbsp;&nbsp;&nbsp;&nbsp; 941197 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8015 | &nbsp;&nbsp;&nbsp;&nbsp; 956190 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736 | &nbsp;&nbsp;&nbsp;&nbsp; 70603 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5731 | &nbsp;&nbsp;&nbsp;&nbsp; 770361 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14563 | &nbsp;&nbsp;$555287 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 25658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8184321 |
| **Oil & Gas Services — 1.3%** | **Oil & Gas Services — 1.3%** | **Oil & Gas Services — 1.3%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;14581 | &nbsp;&nbsp;&nbsp;&nbsp; 559036 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;15816 | &nbsp;&nbsp;&nbsp;&nbsp; 322330 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2680 | &nbsp;&nbsp;&nbsp;&nbsp; 33313 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;33253 | &nbsp;&nbsp;&nbsp;&nbsp; 1145233 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10726 | &nbsp;&nbsp;&nbsp;&nbsp; 494790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2554702 |
| **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;63284 | &nbsp;&nbsp;&nbsp;&nbsp; 581580 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 73366 |
| &nbsp;&nbsp;&nbsp;Ardagh Group SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 2193 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 | &nbsp;&nbsp;&nbsp;&nbsp; 113638 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 85473 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;31423 | &nbsp;&nbsp;&nbsp;&nbsp; 662083 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 119289 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp; 30068 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp; 33266 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3737 | &nbsp;&nbsp;&nbsp;&nbsp; 161252 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp; 31625 |
| &nbsp;&nbsp;&nbsp;Stora Enso Oyj, Class R | &nbsp;&nbsp;&nbsp;&nbsp;38314 | &nbsp;&nbsp;&nbsp;&nbsp; 415406 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309239 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;16654 | &nbsp;&nbsp;&nbsp;&nbsp; 476471 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698 | &nbsp;&nbsp;&nbsp;&nbsp; 464730 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp; 54802 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp; 144816 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2416 | &nbsp;&nbsp;&nbsp;&nbsp; 724438 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3621 | &nbsp;&nbsp;&nbsp;&nbsp; 51708 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp; 57417 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp; 45207 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 603312 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;17388 | &nbsp;&nbsp;&nbsp;&nbsp; 168316 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65879 | &nbsp;&nbsp;&nbsp;&nbsp; 588299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3379516 |
| **Pipelines — 1.3%** | **Pipelines — 1.3%** | **Pipelines — 1.3%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399 | &nbsp;&nbsp;&nbsp;&nbsp; 45461 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | &nbsp;&nbsp;&nbsp;&nbsp; 211862 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp; 81773 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13948 | &nbsp;&nbsp;&nbsp;&nbsp; 410071 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4482 | &nbsp;&nbsp;&nbsp;&nbsp; 365866 |
| &nbsp;&nbsp;&nbsp;Plains GP Holdings LP, Class A | &nbsp;&nbsp;&nbsp;&nbsp;23137 | &nbsp;&nbsp;&nbsp;&nbsp; 449552 |
| &nbsp;&nbsp;&nbsp;South Bow Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12765 | &nbsp;&nbsp;&nbsp;&nbsp; 331370 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4303 | &nbsp;&nbsp;&nbsp;&nbsp; 749066 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645021 |
| **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;9212 | &nbsp;&nbsp;&nbsp;&nbsp; 473497 |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1898 | &nbsp;&nbsp;&nbsp;&nbsp; 265948 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624 | &nbsp;&nbsp;&nbsp;&nbsp; 210970 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 14917 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3533 | &nbsp;&nbsp;&nbsp;&nbsp; 903671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395506 |
| **REITS — 7.9%** | **REITS — 7.9%** | **REITS — 7.9%** |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6795 | &nbsp;&nbsp;&nbsp;&nbsp; 62446 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp; 56695 |

---

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;$89335 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp; 88371 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2090 | &nbsp;&nbsp;&nbsp;&nbsp; 34757 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29390 | &nbsp;&nbsp;&nbsp;&nbsp; 553120 |
| &nbsp;&nbsp;&nbsp;Apartment Investment & Management Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;41478 | &nbsp;&nbsp;&nbsp;&nbsp; 358785 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 207570 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23271 | &nbsp;&nbsp;&nbsp;&nbsp; 605977 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136 | &nbsp;&nbsp;&nbsp;&nbsp; 76646 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp; 85870 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp; 37147 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3112 | &nbsp;&nbsp;&nbsp;&nbsp; 319696 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658 | &nbsp;&nbsp;&nbsp;&nbsp; 70465 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419 | &nbsp;&nbsp;&nbsp;&nbsp; 421704 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 60665 |
| &nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;&nbsp; 32276 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;&nbsp; 83810 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;12611 | &nbsp;&nbsp;&nbsp;&nbsp; 851116 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 | &nbsp;&nbsp;&nbsp;&nbsp; 640767 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5902 | &nbsp;&nbsp;&nbsp;&nbsp; 870191 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp; 59179 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp; 44183 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930 | &nbsp;&nbsp;&nbsp;&nbsp; 90092 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353 | &nbsp;&nbsp;&nbsp;&nbsp; 37319 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4971 | &nbsp;&nbsp;&nbsp;&nbsp; 87042 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp; 24033 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4918 | &nbsp;&nbsp;&nbsp;&nbsp; 75540 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4388 | &nbsp;&nbsp;&nbsp;&nbsp; 143926 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 | &nbsp;&nbsp;&nbsp;&nbsp; 215807 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 29507 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4854 | &nbsp;&nbsp;&nbsp;&nbsp; 102031 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8389 | &nbsp;&nbsp;&nbsp;&nbsp; 365089 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578 | &nbsp;&nbsp;&nbsp;&nbsp; 15421 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4236 | &nbsp;&nbsp;&nbsp;&nbsp; 626970 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;&nbsp; 24490 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp; 16571 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341 | &nbsp;&nbsp;&nbsp;&nbsp; 57904 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997 | &nbsp;&nbsp;&nbsp;&nbsp; 73190 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509 | &nbsp;&nbsp;&nbsp;&nbsp; 15437 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18150 | &nbsp;&nbsp;&nbsp;&nbsp; 402567 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6430 | &nbsp;&nbsp;&nbsp;&nbsp; 370432 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10843 | &nbsp;&nbsp;&nbsp;&nbsp; 772347 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22257 | &nbsp;&nbsp;&nbsp;&nbsp; 791681 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3842 | &nbsp;&nbsp;&nbsp;&nbsp; 43376 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770 | &nbsp;&nbsp;&nbsp;&nbsp; 180827 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808 | &nbsp;&nbsp;&nbsp;&nbsp; 290654 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp; 48615 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2351 | &nbsp;&nbsp;&nbsp;&nbsp; 47185 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12642 | &nbsp;&nbsp;&nbsp;&nbsp; 1599087 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp; 91459 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10270 | &nbsp;&nbsp;&nbsp;&nbsp; 648550 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26853 | &nbsp;&nbsp;&nbsp;&nbsp; 875408 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;12632 | &nbsp;&nbsp;&nbsp;&nbsp; 483048 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;25282 | &nbsp;&nbsp;&nbsp;&nbsp; 649495 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10092 | &nbsp;&nbsp;&nbsp;&nbsp; 629539 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15635410 |
| **Retail — 3.0%** | **Retail — 3.0%** | **Retail — 3.0%** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18714 | &nbsp;&nbsp;&nbsp;&nbsp; 870014 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 39134 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7988 | &nbsp;&nbsp;&nbsp;&nbsp; 239320 |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | &nbsp;&nbsp;&nbsp;&nbsp; 93042 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4506 | &nbsp;&nbsp;&nbsp;&nbsp; 485882 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531 | &nbsp;&nbsp;$356172 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp; 71108 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 115321 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859 | &nbsp;&nbsp;&nbsp;&nbsp; 405206 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 | &nbsp;&nbsp;&nbsp;&nbsp; 76750 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp; 9610 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 180149 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp; 144301 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp; 71645 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3441 | &nbsp;&nbsp;&nbsp;&nbsp; 749278 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp; 50635 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 37600 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 15971 |
| &nbsp;&nbsp;&nbsp;GameStop Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2886 | &nbsp;&nbsp;&nbsp;&nbsp; 70390 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 35987 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 120703 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 55065 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 76026 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 | &nbsp;&nbsp;&nbsp;&nbsp; 23658 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 26781 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp; 59565 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 22851 |
| &nbsp;&nbsp;&nbsp;QXO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681 | &nbsp;&nbsp;&nbsp;&nbsp; 79289 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 55750 |
| &nbsp;&nbsp;&nbsp;RH† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp; 17200 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5671 | &nbsp;&nbsp;&nbsp;&nbsp; 723506 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 113680 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5307 | &nbsp;&nbsp;&nbsp;&nbsp; 60924 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp; 7377 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp; 118117 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327 | &nbsp;&nbsp;&nbsp;&nbsp; 196635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5874642 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| &nbsp;&nbsp;&nbsp;TFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp; 4740 |
| **Semiconductors — 1.6%** | **Semiconductors — 1.6%** | **Semiconductors — 1.6%** |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp; 29643 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp; 17737 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 40659 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4486 | &nbsp;&nbsp;&nbsp;&nbsp; 361796 |
| &nbsp;&nbsp;&nbsp;GlobalFoundries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp; 27466 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp; 13181 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 6516 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 48862 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785 | &nbsp;&nbsp;&nbsp;&nbsp; 266350 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9520 | &nbsp;&nbsp;&nbsp;&nbsp; 945907 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117 | &nbsp;&nbsp;&nbsp;&nbsp; 462543 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3024 | &nbsp;&nbsp;&nbsp;&nbsp; 158488 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 27049 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp; 58673 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4717 | &nbsp;&nbsp;&nbsp;&nbsp; 301982 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 | &nbsp;&nbsp;&nbsp;&nbsp; 359857 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;&nbsp; 103678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230387 |
| **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;280 | &nbsp;&nbsp;&nbsp;&nbsp; 67609 |
| **Software — 3.0%** | **Software — 3.0%** | **Software — 3.0%** |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp; 82073 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 220917 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp; 30578 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp; 17498 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;40767 | &nbsp;&nbsp;&nbsp;&nbsp; 383617 |

---

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;$18235 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp; 55667 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9564 | &nbsp;&nbsp;&nbsp;&nbsp; 744940 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp; 6976 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp; 32347 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4997 | &nbsp;&nbsp;&nbsp;&nbsp; 798021 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 54839 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12091 | &nbsp;&nbsp;&nbsp;&nbsp; 984328 |
| &nbsp;&nbsp;&nbsp;Informatica, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp; 18311 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp; 93869 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp; 107515 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp; 158027 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp; 18376 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 | &nbsp;&nbsp;&nbsp;&nbsp; 105411 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp; 231281 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 38644 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4187 | &nbsp;&nbsp;&nbsp;&nbsp; 226642 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp; 130289 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp; 10639 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8456 | &nbsp;&nbsp;&nbsp;&nbsp; 700157 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp; 205937 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 11757 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 104587 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp; 31421 |
| &nbsp;&nbsp;&nbsp;UiPath, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3124 | &nbsp;&nbsp;&nbsp;&nbsp; 39987 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2139 | &nbsp;&nbsp;&nbsp;&nbsp; 51764 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp; 62204 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 | &nbsp;&nbsp;&nbsp;&nbsp; 146914 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2128 | &nbsp;&nbsp;&nbsp;&nbsp; 21535 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5945303 |
| **Telecommunications — 1.1%** | **Telecommunications — 1.1%** | **Telecommunications — 1.1%** |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 4346 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp; 82306 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;37600 | &nbsp;&nbsp;&nbsp;&nbsp; 1977384 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp; 61225 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp; 18917 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 95832 |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp; 27615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2267625 |
| **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;948 | &nbsp;&nbsp;&nbsp;&nbsp; 69982 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18985 | &nbsp;&nbsp;&nbsp;&nbsp; 374384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444366 |
| **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;856 | &nbsp;&nbsp;&nbsp;&nbsp; 82133 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp; 112308 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2683 | &nbsp;&nbsp;&nbsp;&nbsp; 385279 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 47859 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6809 | &nbsp;&nbsp;&nbsp;&nbsp; 301162 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;&nbsp;&nbsp; 34894 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5773 | &nbsp;&nbsp;&nbsp;&nbsp; 1477715 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | &nbsp;&nbsp;&nbsp;&nbsp; 204660 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp; 288 | &nbsp;&nbsp;$45792 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.† | &nbsp;&nbsp; 2059 | &nbsp;&nbsp;&nbsp;&nbsp; 564146 |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | &nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp;&nbsp; 8042 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp; 653 | &nbsp;&nbsp;&nbsp;&nbsp; 82467 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3346457 |
| **Water — 0.1%** | **Water — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp; 1397 | &nbsp;&nbsp;&nbsp;&nbsp; 194336 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp; 1977 | &nbsp;&nbsp;&nbsp;&nbsp; 73426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267762 |
| **Total Common Stocks<br> (cost $169,119,409)** |  | &nbsp;&nbsp;&nbsp;&nbsp;195597491 |
| **CONVERTIBLE PREFERRED STOCKS — 0.2%** | **CONVERTIBLE PREFERRED STOCKS — 0.2%** |  |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Boeing Co.<br> (cost $287,150) | &nbsp;&nbsp; 5743 | &nbsp;&nbsp;&nbsp;&nbsp; 390524 |
| **CONVERTIBLE BONDS & NOTES — 0.0%** | **CONVERTIBLE BONDS & NOTES — 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; 26978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 12/01/2029 | &nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 95040 |
| **Total Convertible Bonds & Notes<br> (cost $311,830)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122018 |
| **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 $169,718,389)** |  | &nbsp;&nbsp;&nbsp;&nbsp;196110033 |
| **SHORT-TERM INVESTMENTS — 1.0%** | **SHORT-TERM INVESTMENTS — 1.0%** |  |
| **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;4.10%, 07/01/2025 | &nbsp;&nbsp; 458000 | &nbsp;&nbsp;&nbsp;&nbsp; 457947 |
| **Unaffiliated Investment Companies — 0.8%** | **Unaffiliated Investment Companies — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(2) | &nbsp;&nbsp;1291605 | &nbsp;&nbsp;&nbsp;&nbsp; 1291605 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund<br> 4.37%(2) | &nbsp;&nbsp; 216940 | &nbsp;&nbsp;&nbsp;&nbsp; 216940 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508545 |
| **Total Short-Term Investments<br> (cost $1,966,545)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966492 |
| **TOTAL INVESTMENTS<br> (cost $171,684,934)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.8% | &nbsp;&nbsp;&nbsp;&nbsp;198076525 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353365 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$198429890 |

---

† Non-income producing security

(1) Securities classified as Level 3 (see Note 1).

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

------

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio<br>

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;2071 | &nbsp;&nbsp;4.53% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;$20022 | &nbsp;&nbsp;$(2584) | &nbsp;&nbsp;$(2584) |
| **Insurance** |  |  |  |  |  |  |  |  |
| Goldman, Sachs & Co. | &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;1265 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp;41872 | &nbsp;&nbsp;&nbsp; 1897 | &nbsp;&nbsp;&nbsp; 1897 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;$(687) | &nbsp;&nbsp;&nbsp;$(687) |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 1000 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$471282 | &nbsp;&nbsp;&nbsp;&nbsp;$481225 | &nbsp;&nbsp;&nbsp;&nbsp;$9943 |

---

\* 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 June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;&nbsp;$1459103 | &nbsp;&nbsp;$410946 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1870049 |
| &nbsp;&nbsp;&nbsp;Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6435997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410058 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6846055 |
| &nbsp;&nbsp;&nbsp;Food Service | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360108 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505420 |
| &nbsp;&nbsp;&nbsp;Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417599 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309239 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;183066728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;183066728 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390524 |
| Convertible Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122018 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122018 |
| 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;U.S. Government Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457947 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457947 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1508545 |
| **Total Investments at Value** | &nbsp;&nbsp;$195897849 | &nbsp;&nbsp;$2178676 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$198076525 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1897 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1897 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9943 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9943 | &nbsp;&nbsp;&nbsp;&nbsp;$1897 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11840 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2584 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2584 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 96.5%** | **COMMON STOCKS — 96.5%** | **COMMON STOCKS — 96.5%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9778 | &nbsp;&nbsp;$44001 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4156 | &nbsp;&nbsp;&nbsp;&nbsp; 32292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76293 |
| **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** |
| &nbsp;&nbsp;&nbsp;AAR Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp; 81379 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp; 263579 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4817 | &nbsp;&nbsp;&nbsp;&nbsp; 52264 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14707 | &nbsp;&nbsp;&nbsp;&nbsp; 830798 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6379 | &nbsp;&nbsp;&nbsp;&nbsp; 67299 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5465 | &nbsp;&nbsp;&nbsp;&nbsp; 253849 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676 | &nbsp;&nbsp;&nbsp;&nbsp; 90269 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4072 | &nbsp;&nbsp;&nbsp;&nbsp; 736910 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; 14008 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233 | &nbsp;&nbsp;&nbsp;&nbsp; 115644 |
| &nbsp;&nbsp;&nbsp;Standardaero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | &nbsp;&nbsp;&nbsp;&nbsp; 52001 |
| &nbsp;&nbsp;&nbsp;Triumph Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 | &nbsp;&nbsp;&nbsp;&nbsp; 66358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624358 |
| **Agriculture — 0.7%** | **Agriculture — 0.7%** | **Agriculture — 0.7%** |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668 | &nbsp;&nbsp;&nbsp;&nbsp; 61299 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16831 | &nbsp;&nbsp;&nbsp;&nbsp; 638568 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771 | &nbsp;&nbsp;&nbsp;&nbsp; 66746 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278 | &nbsp;&nbsp;&nbsp;&nbsp; 73853 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805 | &nbsp;&nbsp;&nbsp;&nbsp; 46883 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1825 | &nbsp;&nbsp;&nbsp;&nbsp; 70299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957648 |
| **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;466 | &nbsp;&nbsp;&nbsp;&nbsp; 25606 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;10118 | &nbsp;&nbsp;&nbsp;&nbsp; 42799 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp; 220356 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309 | &nbsp;&nbsp;&nbsp;&nbsp; 15381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304142 |
| **Apparel — 0.6%** | **Apparel — 0.6%** | **Apparel — 0.6%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6502 | &nbsp;&nbsp;&nbsp;&nbsp; 115085 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp; 36397 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11476 | &nbsp;&nbsp;&nbsp;&nbsp; 52560 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1638 | &nbsp;&nbsp;&nbsp;&nbsp; 108059 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8174 | &nbsp;&nbsp;&nbsp;&nbsp; 329004 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403 | &nbsp;&nbsp;&nbsp;&nbsp; 57624 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8116 | &nbsp;&nbsp;&nbsp;&nbsp; 146737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845466 |
| **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;1391 | &nbsp;&nbsp;&nbsp;&nbsp; 60036 |
| **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8236 | &nbsp;&nbsp;&nbsp;&nbsp; 160273 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp;&nbsp; 14859 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2990 | &nbsp;&nbsp;&nbsp;&nbsp; 15668 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7210 | &nbsp;&nbsp;&nbsp;&nbsp; 241391 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12629 | &nbsp;&nbsp;&nbsp;&nbsp; 216587 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp; 109299 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp; 34734 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8601 | &nbsp;&nbsp;&nbsp;&nbsp; 90396 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;&nbsp; 28912 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.† | &nbsp;&nbsp;&nbsp;&nbsp;10333 | &nbsp;&nbsp;&nbsp;&nbsp; 107153 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp; 148775 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp; 20244 |

---

---

| | | |
|:---|:---|:---|
| **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;Titan International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6729 | &nbsp;&nbsp;$69107 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp; 26961 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284359 |
| **Banks — 8.5%** | **Banks — 8.5%** | **Banks — 8.5%** |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp; 23837 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp; 6982 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4857 | &nbsp;&nbsp;&nbsp;&nbsp; 314248 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp; 20390 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5205 | &nbsp;&nbsp;&nbsp;&nbsp; 162812 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp; 81342 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp; 129265 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp; 88059 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6050 | &nbsp;&nbsp;&nbsp;&nbsp; 267894 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3525 | &nbsp;&nbsp;&nbsp;&nbsp; 125455 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 74093 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp; 4683 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 4168 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 12424 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060 | &nbsp;&nbsp;&nbsp;&nbsp; 50779 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2907 | &nbsp;&nbsp;&nbsp;&nbsp; 77704 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948 | &nbsp;&nbsp;&nbsp;&nbsp; 30317 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 9838 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp; 105129 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp; 18528 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 12571 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 57415 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293 | &nbsp;&nbsp;&nbsp;&nbsp; 29558 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736 | &nbsp;&nbsp;&nbsp;&nbsp; 98726 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4411 | &nbsp;&nbsp;&nbsp;&nbsp; 102159 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185 | &nbsp;&nbsp;&nbsp;&nbsp; 245827 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4251 | &nbsp;&nbsp;&nbsp;&nbsp; 84127 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1818 | &nbsp;&nbsp;&nbsp;&nbsp; 48977 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp; 18370 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9033 | &nbsp;&nbsp;&nbsp;&nbsp; 137934 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 | &nbsp;&nbsp;&nbsp;&nbsp; 142709 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819 | &nbsp;&nbsp;&nbsp;&nbsp; 115015 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp; 74518 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2922 | &nbsp;&nbsp;&nbsp;&nbsp; 75037 |
| &nbsp;&nbsp;&nbsp;First Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;15374 | &nbsp;&nbsp;&nbsp;&nbsp; 677840 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;32576 | &nbsp;&nbsp;&nbsp;&nbsp; 678558 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3376 | &nbsp;&nbsp;&nbsp;&nbsp; 54792 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3142 | &nbsp;&nbsp;&nbsp;&nbsp; 76225 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp; 52727 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4115 | &nbsp;&nbsp;&nbsp;&nbsp; 102710 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp; 11701 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11960 | &nbsp;&nbsp;&nbsp;&nbsp; 458068 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp; 58784 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp; 71463 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4181 | &nbsp;&nbsp;&nbsp;&nbsp; 103187 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 4790 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8952 | &nbsp;&nbsp;&nbsp;&nbsp; 88893 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp;&nbsp;&nbsp; 25962 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3361 | &nbsp;&nbsp;&nbsp;&nbsp; 102006 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4213 | &nbsp;&nbsp;&nbsp;&nbsp; 45205 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011 | &nbsp;&nbsp;&nbsp;&nbsp; 126462 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp; 52171 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp; 60379 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 | &nbsp;&nbsp;&nbsp;&nbsp; 67331 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp; 60690 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp; 4681 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003 | &nbsp;&nbsp;&nbsp;&nbsp; 28856 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1267 | &nbsp;&nbsp;&nbsp;&nbsp; 47652 |

---

------

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749 | &nbsp;&nbsp;$72671 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp; 30403 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2260 | &nbsp;&nbsp;&nbsp;&nbsp; 96728 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8308 | &nbsp;&nbsp;&nbsp;&nbsp; 177293 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965 | &nbsp;&nbsp;&nbsp;&nbsp; 88079 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007 | &nbsp;&nbsp;&nbsp;&nbsp; 35990 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp; 81456 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3668 | &nbsp;&nbsp;&nbsp;&nbsp; 290212 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp; 15481 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 16561 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7118 | &nbsp;&nbsp;&nbsp;&nbsp; 483312 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4886 | &nbsp;&nbsp;&nbsp;&nbsp; 175554 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 | &nbsp;&nbsp;&nbsp;&nbsp; 48145 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;31403 | &nbsp;&nbsp;&nbsp;&nbsp; 867351 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp; 127814 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4133 | &nbsp;&nbsp;&nbsp;&nbsp; 78362 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 9560 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202 | &nbsp;&nbsp;&nbsp;&nbsp; 115400 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 | &nbsp;&nbsp;&nbsp;&nbsp; 54328 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5626 | &nbsp;&nbsp;&nbsp;&nbsp; 517761 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 | &nbsp;&nbsp;&nbsp;&nbsp; 42446 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp; 57089 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 25029 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;&nbsp;&nbsp; 56397 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;11624 | &nbsp;&nbsp;&nbsp;&nbsp; 470656 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 40561 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 20019 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348 | &nbsp;&nbsp;&nbsp;&nbsp; 85608 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;&nbsp; 96011 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp; 26521 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20636 | &nbsp;&nbsp;&nbsp;&nbsp; 614746 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp; 27918 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp; 35537 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166 | &nbsp;&nbsp;&nbsp;&nbsp; 134833 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp; 75766 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp; 36849 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;&nbsp; 41610 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;670 | &nbsp;&nbsp;&nbsp;&nbsp; 83067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11265147 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp; 12678 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 32646 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376 | &nbsp;&nbsp;&nbsp;&nbsp; 40757 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp; 68265 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154346 |
| **Biotechnology — 3.3%** | **Biotechnology — 3.3%** | **Biotechnology — 3.3%** |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7853 | &nbsp;&nbsp;&nbsp;&nbsp; 169389 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 142038 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3708 | &nbsp;&nbsp;&nbsp;&nbsp; 197859 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11735 | &nbsp;&nbsp;&nbsp;&nbsp; 67242 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552 | &nbsp;&nbsp;&nbsp;&nbsp; 101268 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2244 | &nbsp;&nbsp;&nbsp;&nbsp; 18266 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8581 | &nbsp;&nbsp;&nbsp;&nbsp; 120306 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4124 | &nbsp;&nbsp;&nbsp;&nbsp; 65159 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5026 | &nbsp;&nbsp;&nbsp;&nbsp; 18094 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3976 | &nbsp;&nbsp;&nbsp;&nbsp; 112918 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8669 | &nbsp;&nbsp;&nbsp;&nbsp; 77674 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp; 29751 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp; 22466 |
| &nbsp;&nbsp;&nbsp;Certara, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694 | &nbsp;&nbsp;&nbsp;&nbsp; 43220 |

---

---

| | | |
|:---|:---|:---|
| **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;3194 | &nbsp;&nbsp;$91859 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 | &nbsp;&nbsp;&nbsp;&nbsp; 10628 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9901 | &nbsp;&nbsp;&nbsp;&nbsp; 98218 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;49123 | &nbsp;&nbsp;&nbsp;&nbsp; 452423 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;&nbsp;&nbsp; 232633 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10474 | &nbsp;&nbsp;&nbsp;&nbsp; 97408 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829 | &nbsp;&nbsp;&nbsp;&nbsp; 36745 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649 | &nbsp;&nbsp;&nbsp;&nbsp; 266595 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2956 | &nbsp;&nbsp;&nbsp;&nbsp; 68284 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 115604 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147 | &nbsp;&nbsp;&nbsp;&nbsp; 137335 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 73324 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;&nbsp;&nbsp; 16631 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46583 | &nbsp;&nbsp;&nbsp;&nbsp; 340522 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp; 58657 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4299 | &nbsp;&nbsp;&nbsp;&nbsp; 158160 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3829 | &nbsp;&nbsp;&nbsp;&nbsp; 135623 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4423 | &nbsp;&nbsp;&nbsp;&nbsp; 159184 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4465 | &nbsp;&nbsp;&nbsp;&nbsp; 66082 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1289 | &nbsp;&nbsp;&nbsp;&nbsp; 12336 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4385 | &nbsp;&nbsp;&nbsp;&nbsp; 103311 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664 | &nbsp;&nbsp;&nbsp;&nbsp; 70803 |
| &nbsp;&nbsp;&nbsp;Verve Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16427 | &nbsp;&nbsp;&nbsp;&nbsp; 184475 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073 | &nbsp;&nbsp;&nbsp;&nbsp; 107935 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3082 | &nbsp;&nbsp;&nbsp;&nbsp; 15533 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810 | &nbsp;&nbsp;&nbsp;&nbsp; 18265 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2398 | &nbsp;&nbsp;&nbsp;&nbsp; 18848 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4333071 |
| **Building Materials — 2.0%** | **Building Materials — 2.0%** | **Building Materials — 2.0%** |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp; 25137 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 51968 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425 | &nbsp;&nbsp;&nbsp;&nbsp; 231477 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119 | &nbsp;&nbsp;&nbsp;&nbsp; 183972 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp; 57643 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481 | &nbsp;&nbsp;&nbsp;&nbsp; 324290 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;42677 | &nbsp;&nbsp;&nbsp;&nbsp; 588943 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197 | &nbsp;&nbsp;&nbsp;&nbsp; 45873 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp; 241424 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp; 17142 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3432 | &nbsp;&nbsp;&nbsp;&nbsp; 533024 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp; 257053 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1565 | &nbsp;&nbsp;&nbsp;&nbsp; 155498 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713444 |
| **Chemicals — 3.0%** | **Chemicals — 3.0%** | **Chemicals — 3.0%** |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp; 21280 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp; 60840 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6480 | &nbsp;&nbsp;&nbsp;&nbsp; 1031616 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;&nbsp; 70200 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3590 | &nbsp;&nbsp;&nbsp;&nbsp; 198635 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896 | &nbsp;&nbsp;&nbsp;&nbsp; 56059 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp; 6716 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32058 | &nbsp;&nbsp;&nbsp;&nbsp; 726114 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4119 | &nbsp;&nbsp;&nbsp;&nbsp; 171968 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4235 | &nbsp;&nbsp;&nbsp;&nbsp; 254735 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923 | &nbsp;&nbsp;&nbsp;&nbsp; 557458 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp; 52053 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp; 141355 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp; 20512 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp; 57328 |
| &nbsp;&nbsp;&nbsp;Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350 | &nbsp;&nbsp;&nbsp;&nbsp; 45632 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14133 | &nbsp;&nbsp;&nbsp;&nbsp; 196731 |

---

------

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447 | &nbsp;&nbsp;$50037 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 30131 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1393 | &nbsp;&nbsp;&nbsp;&nbsp; 137238 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp; 38697 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111 | &nbsp;&nbsp;&nbsp;&nbsp; 10703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936038 |
| **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;677 | &nbsp;&nbsp;&nbsp;&nbsp; 76149 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 | &nbsp;&nbsp;&nbsp;&nbsp; 137946 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10182 | &nbsp;&nbsp;&nbsp;&nbsp; 136643 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2804 | &nbsp;&nbsp;&nbsp;&nbsp; 24086 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2969 | &nbsp;&nbsp;&nbsp;&nbsp; 136069 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510893 |
| **Commercial Services — 4.3%** | **Commercial Services — 4.3%** | **Commercial Services — 4.3%** |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7836 | &nbsp;&nbsp;&nbsp;&nbsp; 369938 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp; 292120 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1651 | &nbsp;&nbsp;&nbsp;&nbsp; 93397 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1276 | &nbsp;&nbsp;&nbsp;&nbsp; 26375 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5944 | &nbsp;&nbsp;&nbsp;&nbsp; 303441 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16535 | &nbsp;&nbsp;&nbsp;&nbsp; 280434 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp; 97346 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp; 83665 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284 | &nbsp;&nbsp;&nbsp;&nbsp; 92076 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3582 | &nbsp;&nbsp;&nbsp;&nbsp; 75473 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12943 | &nbsp;&nbsp;&nbsp;&nbsp; 113381 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483 | &nbsp;&nbsp;&nbsp;&nbsp; 23595 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5409 | &nbsp;&nbsp;&nbsp;&nbsp; 194995 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5685 | &nbsp;&nbsp;&nbsp;&nbsp; 136156 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463 | &nbsp;&nbsp;&nbsp;&nbsp; 37019 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2294 | &nbsp;&nbsp;&nbsp;&nbsp; 104973 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp; 134060 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6087 | &nbsp;&nbsp;&nbsp;&nbsp; 41574 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp; 69258 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089 | &nbsp;&nbsp;&nbsp;&nbsp; 137862 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9819 | &nbsp;&nbsp;&nbsp;&nbsp; 99172 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1695 | &nbsp;&nbsp;&nbsp;&nbsp; 124294 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5774 | &nbsp;&nbsp;&nbsp;&nbsp; 134996 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4684 | &nbsp;&nbsp;&nbsp;&nbsp; 41734 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp; 24340 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10686 | &nbsp;&nbsp;&nbsp;&nbsp; 64223 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp; 14329 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8458 | &nbsp;&nbsp;&nbsp;&nbsp; 57937 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp; 38859 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8302 | &nbsp;&nbsp;&nbsp;&nbsp; 182644 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 | &nbsp;&nbsp;&nbsp;&nbsp; 135260 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp; 131390 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 | &nbsp;&nbsp;&nbsp;&nbsp; 144976 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 362975 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9136 | &nbsp;&nbsp;&nbsp;&nbsp; 64226 |
| &nbsp;&nbsp;&nbsp;UL Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9194 | &nbsp;&nbsp;&nbsp;&nbsp; 669875 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1706 | &nbsp;&nbsp;&nbsp;&nbsp; 42821 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;20713 | &nbsp;&nbsp;&nbsp;&nbsp; 525903 |
| &nbsp;&nbsp;&nbsp;Vestis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3777 | &nbsp;&nbsp;&nbsp;&nbsp; 21642 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5985 | &nbsp;&nbsp;&nbsp;&nbsp; 163989 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5752723 |
| **Computers — 3.7%** | **Computers — 3.7%** | **Computers — 3.7%** |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4951 | &nbsp;&nbsp;&nbsp;&nbsp; 116893 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11388 | &nbsp;&nbsp;&nbsp;&nbsp; 568603 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;&nbsp;&nbsp; 14079 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746 | &nbsp;&nbsp;&nbsp;&nbsp; 69481 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5949 | &nbsp;&nbsp;$90960 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | &nbsp;&nbsp;&nbsp;&nbsp; 66692 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053 | &nbsp;&nbsp;&nbsp;&nbsp; 23712 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp; 125105 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 | &nbsp;&nbsp;&nbsp;&nbsp; 76656 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8415 | &nbsp;&nbsp;&nbsp;&nbsp; 799930 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp; 69328 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562 | &nbsp;&nbsp;&nbsp;&nbsp; 53512 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp;&nbsp;&nbsp; 58924 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp; 116296 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7502 | &nbsp;&nbsp;&nbsp;&nbsp; 88974 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4451 | &nbsp;&nbsp;&nbsp;&nbsp; 201853 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5380 | &nbsp;&nbsp;&nbsp;&nbsp; 605842 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2857 | &nbsp;&nbsp;&nbsp;&nbsp; 96510 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;17265 | &nbsp;&nbsp;&nbsp;&nbsp; 78210 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11621 | &nbsp;&nbsp;&nbsp;&nbsp; 564200 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;16662 | &nbsp;&nbsp;&nbsp;&nbsp; 1053705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4939465 |
| **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;1557 | &nbsp;&nbsp;&nbsp;&nbsp; 36449 |
| &nbsp;&nbsp;&nbsp;Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 78130 |
| &nbsp;&nbsp;&nbsp;Oddity Tech, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319 | &nbsp;&nbsp;&nbsp;&nbsp; 99545 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632 | &nbsp;&nbsp;&nbsp;&nbsp; 130315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344439 |
| **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570 | &nbsp;&nbsp;&nbsp;&nbsp; 57568 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 3678 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540 | &nbsp;&nbsp;&nbsp;&nbsp; 75953 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581 | &nbsp;&nbsp;&nbsp;&nbsp; 87556 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9311 | &nbsp;&nbsp;&nbsp;&nbsp; 205401 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5267 | &nbsp;&nbsp;&nbsp;&nbsp; 271303 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;&nbsp;&nbsp; 87258 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 105564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894281 |
| **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp; 70233 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3411 | &nbsp;&nbsp;&nbsp;&nbsp; 199509 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp; 103289 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 3832 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;27427 | &nbsp;&nbsp;&nbsp;&nbsp; 280578 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 45068 |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10370 | &nbsp;&nbsp;&nbsp;&nbsp; 147876 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp; 101873 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154 | &nbsp;&nbsp;&nbsp;&nbsp; 154321 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp; 28800 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087 | &nbsp;&nbsp;&nbsp;&nbsp; 344262 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1645 | &nbsp;&nbsp;&nbsp;&nbsp; 22833 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp; 21460 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3840 | &nbsp;&nbsp;&nbsp;&nbsp; 691008 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 24301 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 417788 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538 | &nbsp;&nbsp;&nbsp;&nbsp; 49886 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 25435 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp; 98046 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;30337 | &nbsp;&nbsp;&nbsp;&nbsp; 589145 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp; 232636 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915 | &nbsp;&nbsp;&nbsp;&nbsp; 481004 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322 | &nbsp;&nbsp;&nbsp;&nbsp; 19499 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5604 | &nbsp;&nbsp;&nbsp;&nbsp; 201856 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2469 | &nbsp;&nbsp;&nbsp;&nbsp; 137029 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;&nbsp; 305046 |

---

------

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816 | &nbsp;&nbsp;$117459 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 52846 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676 | &nbsp;&nbsp;&nbsp;&nbsp; 119858 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 105938 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3858 | &nbsp;&nbsp;&nbsp;&nbsp; 44406 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 16347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253467 |
| **Electric — 1.2%** | **Electric — 1.2%** | **Electric — 1.2%** |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2974 | &nbsp;&nbsp;&nbsp;&nbsp; 112863 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp; 26760 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp; 57797 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4680 | &nbsp;&nbsp;&nbsp;&nbsp; 149760 |
| &nbsp;&nbsp;&nbsp;Genie Energy, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1087 | &nbsp;&nbsp;&nbsp;&nbsp; 29219 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5923 | &nbsp;&nbsp;&nbsp;&nbsp; 683810 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 | &nbsp;&nbsp;&nbsp;&nbsp; 105597 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 105999 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 | &nbsp;&nbsp;&nbsp;&nbsp; 96212 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3730 | &nbsp;&nbsp;&nbsp;&nbsp; 194519 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562536 |
| **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;2190 | &nbsp;&nbsp;&nbsp;&nbsp; 44150 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354 | &nbsp;&nbsp;&nbsp;&nbsp; 201903 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp; 23926 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 65871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335850 |
| **Electronics — 3.1%** | **Electronics — 3.1%** | **Electronics — 3.1%** |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp; 163770 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp; 110622 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp; 237357 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;&nbsp;&nbsp; 46868 |
| &nbsp;&nbsp;&nbsp;Brady Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437 | &nbsp;&nbsp;&nbsp;&nbsp; 97673 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp; 41673 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4241 | &nbsp;&nbsp;&nbsp;&nbsp; 813721 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1496 | &nbsp;&nbsp;&nbsp;&nbsp; 196918 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8141 | &nbsp;&nbsp;&nbsp;&nbsp; 143444 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 16960 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36108 | &nbsp;&nbsp;&nbsp;&nbsp; 777405 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;962 | &nbsp;&nbsp;&nbsp;&nbsp; 52304 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973 | &nbsp;&nbsp;&nbsp;&nbsp; 71622 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 115353 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173 | &nbsp;&nbsp;&nbsp;&nbsp; 294029 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731 | &nbsp;&nbsp;&nbsp;&nbsp; 180916 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5567 | &nbsp;&nbsp;&nbsp;&nbsp; 544620 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp; 136135 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp; 34383 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3754 | &nbsp;&nbsp;&nbsp;&nbsp; 59613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4135386 |
| **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;2110 | &nbsp;&nbsp;&nbsp;&nbsp; 14158 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 22455 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp; 39882 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10806 | &nbsp;&nbsp;&nbsp;&nbsp; 88393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164888 |
| **Engineering & Construction — 2.5%** | **Engineering & Construction — 2.5%** | **Engineering & Construction — 2.5%** |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399 | &nbsp;&nbsp;&nbsp;&nbsp; 294727 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 30290 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218 | &nbsp;&nbsp;&nbsp;&nbsp; 542057 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp; 106349 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4022 | &nbsp;&nbsp;$206208 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp; 142281 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 | &nbsp;&nbsp;&nbsp;&nbsp; 191041 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 112568 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;&nbsp;&nbsp; 378686 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1739 | &nbsp;&nbsp;&nbsp;&nbsp; 40154 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4005 | &nbsp;&nbsp;&nbsp;&nbsp; 36325 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8562 | &nbsp;&nbsp;&nbsp;&nbsp; 667322 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 | &nbsp;&nbsp;&nbsp;&nbsp; 483610 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1608 | &nbsp;&nbsp;&nbsp;&nbsp; 75222 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306840 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3959 | &nbsp;&nbsp;&nbsp;&nbsp; 46597 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;12422 | &nbsp;&nbsp;&nbsp;&nbsp; 38508 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4562 | &nbsp;&nbsp;&nbsp;&nbsp; 460762 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414 | &nbsp;&nbsp;&nbsp;&nbsp; 133215 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp; 18923 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp; 20495 |
| &nbsp;&nbsp;&nbsp;International Game Technology PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101 | &nbsp;&nbsp;&nbsp;&nbsp; 64837 |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336 | &nbsp;&nbsp;&nbsp;&nbsp; 19382 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 115967 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp;&nbsp;&nbsp; 140119 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4818 | &nbsp;&nbsp;&nbsp;&nbsp; 86098 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 20325 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083 | &nbsp;&nbsp;&nbsp;&nbsp; 93816 |
| &nbsp;&nbsp;&nbsp;Starz Entertainment Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp; 3568 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp; 93970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356582 |
| **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;2746 | &nbsp;&nbsp;&nbsp;&nbsp; 23835 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874 | &nbsp;&nbsp;&nbsp;&nbsp; 139309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163144 |
| **Food — 1.3%** | **Food — 1.3%** | **Food — 1.3%** |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643 | &nbsp;&nbsp;&nbsp;&nbsp; 11180 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2401 | &nbsp;&nbsp;&nbsp;&nbsp; 239212 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12755 | &nbsp;&nbsp;&nbsp;&nbsp; 813897 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130 | &nbsp;&nbsp;&nbsp;&nbsp; 38875 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp; 57952 |
| &nbsp;&nbsp;&nbsp;John B. Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 19162 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp; 57532 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6265 | &nbsp;&nbsp;&nbsp;&nbsp; 197911 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp; 46834 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 93845 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6905 | &nbsp;&nbsp;&nbsp;&nbsp; 40049 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 19066 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp; 29227 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp; 46667 |
| &nbsp;&nbsp;&nbsp;WK Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp;&nbsp;&nbsp; 33825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745234 |
| **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;1143 | &nbsp;&nbsp;&nbsp;&nbsp; 57264 |
| **Gas — 1.0%** | **Gas — 1.0%** | **Gas — 1.0%** |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6274 | &nbsp;&nbsp;&nbsp;&nbsp; 754260 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6705 | &nbsp;&nbsp;&nbsp;&nbsp; 111772 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp; 53112 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp; 52113 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 | &nbsp;&nbsp;&nbsp;&nbsp; 158739 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388 | &nbsp;&nbsp;&nbsp;&nbsp; 177643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307639 |

---

------

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hand/Machine Tools — 0.5%** | **Hand/Machine Tools — 0.5%** | **Hand/Machine Tools — 0.5%** |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1775 | &nbsp;&nbsp;$71994 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1287 | &nbsp;&nbsp;&nbsp;&nbsp; 115495 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4823 | &nbsp;&nbsp;&nbsp;&nbsp; 110736 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp;&nbsp; 343437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641662 |
| **Healthcare-Products — 5.3%** | **Healthcare-Products — 5.3%** | **Healthcare-Products — 5.3%** |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;13707 | &nbsp;&nbsp;&nbsp;&nbsp; 159687 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 | &nbsp;&nbsp;&nbsp;&nbsp; 39590 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3147 | &nbsp;&nbsp;&nbsp;&nbsp; 103127 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp; 18850 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4004 | &nbsp;&nbsp;&nbsp;&nbsp; 43443 |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14748 | &nbsp;&nbsp;&nbsp;&nbsp; 453943 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 | &nbsp;&nbsp;&nbsp;&nbsp; 27184 |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931 | &nbsp;&nbsp;&nbsp;&nbsp; 51596 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14778 | &nbsp;&nbsp;&nbsp;&nbsp; 301767 |
| &nbsp;&nbsp;&nbsp;Ceribell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5484 | &nbsp;&nbsp;&nbsp;&nbsp; 102715 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 | &nbsp;&nbsp;&nbsp;&nbsp; 53851 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 | &nbsp;&nbsp;&nbsp;&nbsp; 19506 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp;&nbsp;&nbsp; 58455 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3325 | &nbsp;&nbsp;&nbsp;&nbsp; 343439 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9582 | &nbsp;&nbsp;&nbsp;&nbsp; 714913 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8125 | &nbsp;&nbsp;&nbsp;&nbsp; 1073719 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6560 | &nbsp;&nbsp;&nbsp;&nbsp; 46117 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;&nbsp;&nbsp; 125617 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 | &nbsp;&nbsp;&nbsp;&nbsp; 140678 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5916 | &nbsp;&nbsp;&nbsp;&nbsp; 72589 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5532 | &nbsp;&nbsp;&nbsp;&nbsp; 851707 |
| &nbsp;&nbsp;&nbsp;Kestra Medical Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;18446 | &nbsp;&nbsp;&nbsp;&nbsp; 305835 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199 | &nbsp;&nbsp;&nbsp;&nbsp; 98150 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp; 56972 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp; 181164 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6575 | &nbsp;&nbsp;&nbsp;&nbsp; 31429 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581 | &nbsp;&nbsp;&nbsp;&nbsp; 4491 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1561 | &nbsp;&nbsp;&nbsp;&nbsp; 45893 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;23933 | &nbsp;&nbsp;&nbsp;&nbsp; 71799 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 144000 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9407 | &nbsp;&nbsp;&nbsp;&nbsp; 24364 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2209 | &nbsp;&nbsp;&nbsp;&nbsp; 63663 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp; 248636 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037 | &nbsp;&nbsp;&nbsp;&nbsp; 38336 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653 | &nbsp;&nbsp;&nbsp;&nbsp; 27737 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 41008 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 171622 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888 | &nbsp;&nbsp;&nbsp;&nbsp; 387021 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27071 | &nbsp;&nbsp;&nbsp;&nbsp; 159178 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 12509 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; 58110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6974410 |
| **Healthcare-Services — 1.5%** | **Healthcare-Services — 1.5%** | **Healthcare-Services — 1.5%** |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 94456 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp; 34459 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10426 | &nbsp;&nbsp;&nbsp;&nbsp; 72565 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7117 | &nbsp;&nbsp;&nbsp;&nbsp; 146397 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459 | &nbsp;&nbsp;&nbsp;&nbsp; 149956 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9576 | &nbsp;&nbsp;&nbsp;&nbsp; 92312 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp; 190357 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3116 | &nbsp;&nbsp;&nbsp;&nbsp; 15393 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp; 82505 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5331 | &nbsp;&nbsp;&nbsp;&nbsp; 114296 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791 | &nbsp;&nbsp;&nbsp;&nbsp; 40051 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472 | &nbsp;&nbsp;$79856 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp; 123267 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3416 | &nbsp;&nbsp;&nbsp;&nbsp; 51855 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 17006 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8280 | &nbsp;&nbsp;&nbsp;&nbsp; 647496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1952227 |
| **Home Builders — 1.7%** | **Home Builders — 1.7%** | **Home Builders — 1.7%** |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1978 | &nbsp;&nbsp;&nbsp;&nbsp; 859303 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1476 | &nbsp;&nbsp;&nbsp;&nbsp; 83128 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2180 | &nbsp;&nbsp;&nbsp;&nbsp; 136490 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;&nbsp;&nbsp; 23849 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929 | &nbsp;&nbsp;&nbsp;&nbsp; 121296 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp; 134699 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | &nbsp;&nbsp;&nbsp;&nbsp; 56201 |
| &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp; 75505 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp; 34415 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp; 149568 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 | &nbsp;&nbsp;&nbsp;&nbsp; 220666 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp; 68975 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7914 | &nbsp;&nbsp;&nbsp;&nbsp; 252852 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 25955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242902 |
| **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp; 19801 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4475 | &nbsp;&nbsp;&nbsp;&nbsp; 39917 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6054 | &nbsp;&nbsp;&nbsp;&nbsp; 117569 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;45478 | &nbsp;&nbsp;&nbsp;&nbsp; 491617 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13677 | &nbsp;&nbsp;&nbsp;&nbsp; 108185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777089 |
| **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 9499 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 106386 |
| &nbsp;&nbsp;&nbsp;Helen of Troy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 21569 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 | &nbsp;&nbsp;&nbsp;&nbsp; 28482 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp; 102412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268348 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13707 | &nbsp;&nbsp;&nbsp;&nbsp; 74018 |
| **Insurance — 3.5%** | **Insurance — 3.5%** | **Insurance — 3.5%** |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;&nbsp; 27943 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp; 131695 |
| &nbsp;&nbsp;&nbsp;Ategrity Specialty Holdings LLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9288 | &nbsp;&nbsp;&nbsp;&nbsp; 199878 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4737 | &nbsp;&nbsp;&nbsp;&nbsp; 491795 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12770 | &nbsp;&nbsp;&nbsp;&nbsp; 479258 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 119598 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2043 | &nbsp;&nbsp;&nbsp;&nbsp; 124071 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp;&nbsp;&nbsp; 70797 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc.,† | &nbsp;&nbsp;&nbsp;&nbsp;13601 | &nbsp;&nbsp;&nbsp;&nbsp; 105816 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp; 87679 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp;&nbsp;&nbsp; 24863 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 45660 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 12021 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 57365 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1926 | &nbsp;&nbsp;&nbsp;&nbsp; 171010 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12645 | &nbsp;&nbsp;&nbsp;&nbsp; 816108 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp; 36976 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp; 58653 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5512 | &nbsp;&nbsp;&nbsp;&nbsp; 232551 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp; 155947 |

---

------

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1667 | &nbsp;&nbsp;$38058 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3744 | &nbsp;&nbsp;&nbsp;&nbsp; 742660 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 51276 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp; 98285 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 51903 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp; 19186 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp; 60608 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1121 | &nbsp;&nbsp;&nbsp;&nbsp; 62047 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp; 20492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4594199 |
| **Internet — 1.3%** | **Internet — 1.3%** | **Internet — 1.3%** |
| &nbsp;&nbsp;&nbsp;Angi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp; 21181 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6346 | &nbsp;&nbsp;&nbsp;&nbsp; 212401 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp; 22124 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp; 66915 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp; 62294 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422 | &nbsp;&nbsp;&nbsp;&nbsp; 171647 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4836 | &nbsp;&nbsp;&nbsp;&nbsp; 133812 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4948 | &nbsp;&nbsp;&nbsp;&nbsp; 246658 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2158 | &nbsp;&nbsp;&nbsp;&nbsp; 80580 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp; 17763 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8503 | &nbsp;&nbsp;&nbsp;&nbsp; 205092 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518 | &nbsp;&nbsp;&nbsp;&nbsp; 56640 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9202 | &nbsp;&nbsp;&nbsp;&nbsp; 44078 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1558 | &nbsp;&nbsp;&nbsp;&nbsp; 29540 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3718 | &nbsp;&nbsp;&nbsp;&nbsp; 31454 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3911 | &nbsp;&nbsp;&nbsp;&nbsp; 51039 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731 | &nbsp;&nbsp;&nbsp;&nbsp; 23265 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6413 | &nbsp;&nbsp;&nbsp;&nbsp; 219773 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1379 | &nbsp;&nbsp;&nbsp;&nbsp; 41742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737998 |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;38249 | &nbsp;&nbsp;&nbsp;&nbsp; 182830 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10317 | &nbsp;&nbsp;&nbsp;&nbsp; 113797 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1066 | &nbsp;&nbsp;&nbsp;&nbsp; 6695 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11691 | &nbsp;&nbsp;&nbsp;&nbsp; 199565 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7741 | &nbsp;&nbsp;&nbsp;&nbsp; 207923 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 21204 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20810 | &nbsp;&nbsp;&nbsp;&nbsp; 326301 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5123 | &nbsp;&nbsp;&nbsp;&nbsp; 57890 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116205 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3643 | &nbsp;&nbsp;&nbsp;&nbsp; 178179 |
| **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp; 63790 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224 | &nbsp;&nbsp;&nbsp;&nbsp; 128114 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7677 | &nbsp;&nbsp;&nbsp;&nbsp; 240597 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5024 | &nbsp;&nbsp;&nbsp;&nbsp; 102440 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;15485 | &nbsp;&nbsp;&nbsp;&nbsp; 107466 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;24429 | &nbsp;&nbsp;&nbsp;&nbsp; 77196 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4744 | &nbsp;&nbsp;&nbsp;&nbsp; 38189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757792 |
| **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;921 | &nbsp;&nbsp;&nbsp;&nbsp; 38249 |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 31476 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp; 31192 |

---

---

| | | |
|:---|:---|:---|
| **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;NuScale Power Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059 | &nbsp;&nbsp;$41894 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2534 | &nbsp;&nbsp;&nbsp;&nbsp; 118312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222874 |
| **Machinery-Diversified — 2.3%** | **Machinery-Diversified — 2.3%** | **Machinery-Diversified — 2.3%** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp; 75996 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9004 | &nbsp;&nbsp;&nbsp;&nbsp; 631450 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 213854 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10620 | &nbsp;&nbsp;&nbsp;&nbsp; 464306 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 158043 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp; 63459 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7558 | &nbsp;&nbsp;&nbsp;&nbsp; 174061 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp; 21879 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 123805 |
| &nbsp;&nbsp;&nbsp;Kornit Digital, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;22316 | &nbsp;&nbsp;&nbsp;&nbsp; 444312 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 51064 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5141 | &nbsp;&nbsp;&nbsp;&nbsp; 123590 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp; 47728 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512 | &nbsp;&nbsp;&nbsp;&nbsp; 70537 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;&nbsp; 251300 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4638 | &nbsp;&nbsp;&nbsp;&nbsp; 169612 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3084996 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp; 3499 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 20779 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp; 9105 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528 | &nbsp;&nbsp;&nbsp;&nbsp; 53038 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5274 | &nbsp;&nbsp;&nbsp;&nbsp; 88392 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246 | &nbsp;&nbsp;&nbsp;&nbsp; 51631 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226444 |
| **Metal Fabricate/Hardware — 0.6%** | **Metal Fabricate/Hardware — 0.6%** | **Metal Fabricate/Hardware — 0.6%** |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;982 | &nbsp;&nbsp;&nbsp;&nbsp; 92779 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8399 | &nbsp;&nbsp;&nbsp;&nbsp; 280275 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 18492 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3012 | &nbsp;&nbsp;&nbsp;&nbsp; 239364 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 13003 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp; 31271 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 62436 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007 | &nbsp;&nbsp;&nbsp;&nbsp; 64085 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp; 33350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835055 |
| **Mining — 0.5%** | **Mining — 0.5%** | **Mining — 0.5%** |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp; 30904 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;15176 | &nbsp;&nbsp;&nbsp;&nbsp; 134460 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;13656 | &nbsp;&nbsp;&nbsp;&nbsp; 181625 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;10071 | &nbsp;&nbsp;&nbsp;&nbsp; 60325 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 42347 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3969 | &nbsp;&nbsp;&nbsp;&nbsp; 132049 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619 | &nbsp;&nbsp;&nbsp;&nbsp; 46106 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;12644 | &nbsp;&nbsp;&nbsp;&nbsp; 85979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713795 |
| **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;3866 | &nbsp;&nbsp;&nbsp;&nbsp; 740532 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2001 | &nbsp;&nbsp;&nbsp;&nbsp; 212946 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 46161 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp; 182555 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6519 | &nbsp;&nbsp;&nbsp;&nbsp; 517413 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp; 13928 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp; 3271 |

---

------

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;$18955 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678 | &nbsp;&nbsp;&nbsp;&nbsp; 72333 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808094 |
| **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;1970 | &nbsp;&nbsp;&nbsp;&nbsp; 79391 |
| **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;1542 | &nbsp;&nbsp;&nbsp;&nbsp; 75836 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14835 | &nbsp;&nbsp;&nbsp;&nbsp; 310497 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6743 | &nbsp;&nbsp;&nbsp;&nbsp; 70329 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456662 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3839 | &nbsp;&nbsp;&nbsp;&nbsp; 20232 |
| **Oil & Gas — 1.9%** | **Oil & Gas — 1.9%** | **Oil & Gas — 1.9%** |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2303 | &nbsp;&nbsp;&nbsp;&nbsp; 105178 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 40871 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1329 | &nbsp;&nbsp;&nbsp;&nbsp; 44761 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2980 | &nbsp;&nbsp;&nbsp;&nbsp; 82457 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5995 | &nbsp;&nbsp;&nbsp;&nbsp; 51557 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2272 | &nbsp;&nbsp;&nbsp;&nbsp; 61003 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp; 18681 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620 | &nbsp;&nbsp;&nbsp;&nbsp; 527065 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3245 | &nbsp;&nbsp;&nbsp;&nbsp; 49194 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6133 | &nbsp;&nbsp;&nbsp;&nbsp; 137870 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2071 | &nbsp;&nbsp;&nbsp;&nbsp; 98828 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995 | &nbsp;&nbsp;&nbsp;&nbsp; 67387 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;&nbsp;&nbsp; 43701 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3253 | &nbsp;&nbsp;&nbsp;&nbsp; 92223 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047 | &nbsp;&nbsp;&nbsp;&nbsp; 77888 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516 | &nbsp;&nbsp;&nbsp;&nbsp; 66749 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19662 | &nbsp;&nbsp;&nbsp;&nbsp; 116596 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43208 | &nbsp;&nbsp;&nbsp;&nbsp; 588493 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956 | &nbsp;&nbsp;&nbsp;&nbsp; 147173 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4078 | &nbsp;&nbsp;&nbsp;&nbsp; 34581 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp; 14594 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765 | &nbsp;&nbsp;&nbsp;&nbsp; 38487 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2505337 |
| **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** | **Oil & Gas Services — 1.2%** |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5798 | &nbsp;&nbsp;&nbsp;&nbsp; 143964 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp; 32289 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503 | &nbsp;&nbsp;&nbsp;&nbsp; 49554 |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6679 | &nbsp;&nbsp;&nbsp;&nbsp; 165906 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 16704 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12100 | &nbsp;&nbsp;&nbsp;&nbsp; 179443 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings NV† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 4123 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;18011 | &nbsp;&nbsp;&nbsp;&nbsp; 320776 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp; 15595 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4674 | &nbsp;&nbsp;&nbsp;&nbsp; 29166 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;&nbsp;&nbsp; 18807 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15604 | &nbsp;&nbsp;&nbsp;&nbsp; 179134 |
| &nbsp;&nbsp;&nbsp;Matrix Service Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2835 | &nbsp;&nbsp;&nbsp;&nbsp; 38301 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6864 | &nbsp;&nbsp;&nbsp;&nbsp; 142222 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10762 | &nbsp;&nbsp;&nbsp;&nbsp; 57684 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6229 | &nbsp;&nbsp;&nbsp;&nbsp; 37187 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3987 | &nbsp;&nbsp;&nbsp;&nbsp; 47605 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004 | &nbsp;&nbsp;&nbsp;&nbsp; 14209 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709 | &nbsp;&nbsp;&nbsp;&nbsp; 49326 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507 | &nbsp;&nbsp;&nbsp;&nbsp; 69518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611513 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** | **Packaging & Containers — 0.6%** |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;17392 | &nbsp;&nbsp;$366449 |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp; 98785 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10615 | &nbsp;&nbsp;&nbsp;&nbsp; 156465 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4870 | &nbsp;&nbsp;&nbsp;&nbsp; 151116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772815 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381 | &nbsp;&nbsp;&nbsp;&nbsp; 31883 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;10882 | &nbsp;&nbsp;&nbsp;&nbsp; 311334 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp; 27506 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp; 20391 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8347 | &nbsp;&nbsp;&nbsp;&nbsp; 181130 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1055 | &nbsp;&nbsp;&nbsp;&nbsp; 31196 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834 | &nbsp;&nbsp;&nbsp;&nbsp; 354816 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272 | &nbsp;&nbsp;&nbsp;&nbsp; 40195 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 167965 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447 | &nbsp;&nbsp;&nbsp;&nbsp; 175418 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;&nbsp; 23486 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024 | &nbsp;&nbsp;&nbsp;&nbsp; 130699 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8632 | &nbsp;&nbsp;&nbsp;&nbsp; 83558 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14033 | &nbsp;&nbsp;&nbsp;&nbsp; 142435 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2448 | &nbsp;&nbsp;&nbsp;&nbsp; 22277 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 | &nbsp;&nbsp;&nbsp;&nbsp; 36615 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 16065 |
| &nbsp;&nbsp;&nbsp;Premier, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727 | &nbsp;&nbsp;&nbsp;&nbsp; 59803 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6852 | &nbsp;&nbsp;&nbsp;&nbsp; 378710 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1838 | &nbsp;&nbsp;&nbsp;&nbsp; 57934 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp; 10930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304346 |
| **Pipelines — 0.0%** | **Pipelines — 0.0%** | **Pipelines — 0.0%** |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp; 58933 |
| **Private Equity — 0.2%** | **Private Equity — 0.2%** | **Private Equity — 0.2%** |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;19957 | &nbsp;&nbsp;&nbsp;&nbsp; 203961 |
| **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;1632 | &nbsp;&nbsp;&nbsp;&nbsp; 18066 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2974 | &nbsp;&nbsp;&nbsp;&nbsp; 27063 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961 | &nbsp;&nbsp;&nbsp;&nbsp; 26935 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp; 24599 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6731 | &nbsp;&nbsp;&nbsp;&nbsp; 780527 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5857 | &nbsp;&nbsp;&nbsp;&nbsp; 71163 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10274 | &nbsp;&nbsp;&nbsp;&nbsp; 46336 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp; 59243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053932 |
| **REITS — 5.6%** | **REITS — 5.6%** | **REITS — 5.6%** |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4337 | &nbsp;&nbsp;&nbsp;&nbsp; 80538 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475 | &nbsp;&nbsp;&nbsp;&nbsp; 168939 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582 | &nbsp;&nbsp;&nbsp;&nbsp; 31244 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 15247 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4272 | &nbsp;&nbsp;&nbsp;&nbsp; 41353 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7261 | &nbsp;&nbsp;&nbsp;&nbsp; 84736 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293 | &nbsp;&nbsp;&nbsp;&nbsp; 22623 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2707 | &nbsp;&nbsp;&nbsp;&nbsp; 45505 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5603 | &nbsp;&nbsp;&nbsp;&nbsp; 107858 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp; 23604 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8637 | &nbsp;&nbsp;&nbsp;&nbsp; 43617 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5932 | &nbsp;&nbsp;&nbsp;&nbsp; 95209 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10796 | &nbsp;&nbsp;&nbsp;&nbsp; 330358 |
| &nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;&nbsp; 33345 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;10504 | &nbsp;&nbsp;&nbsp;&nbsp; 73213 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp; 8090 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp; 11541 |

---

------

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6776 | &nbsp;&nbsp;$186882 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5513 | &nbsp;&nbsp;&nbsp;&nbsp; 125862 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;14884 | &nbsp;&nbsp;&nbsp;&nbsp; 114011 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30850 | &nbsp;&nbsp;&nbsp;&nbsp; 463984 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397 | &nbsp;&nbsp;&nbsp;&nbsp; 31013 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039 | &nbsp;&nbsp;&nbsp;&nbsp; 39477 |
| &nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2930 | &nbsp;&nbsp;&nbsp;&nbsp; 46587 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5102 | &nbsp;&nbsp;&nbsp;&nbsp; 41275 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10377 | &nbsp;&nbsp;&nbsp;&nbsp; 331130 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328 | &nbsp;&nbsp;&nbsp;&nbsp; 89556 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2655 | &nbsp;&nbsp;&nbsp;&nbsp; 28382 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 | &nbsp;&nbsp;&nbsp;&nbsp; 44832 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348 | &nbsp;&nbsp;&nbsp;&nbsp; 47927 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3538 | &nbsp;&nbsp;&nbsp;&nbsp; 109996 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4071 | &nbsp;&nbsp;&nbsp;&nbsp; 72016 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp; 50747 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674 | &nbsp;&nbsp;&nbsp;&nbsp; 73268 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3219 | &nbsp;&nbsp;&nbsp;&nbsp; 72910 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp; 15830 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16994 | &nbsp;&nbsp;&nbsp;&nbsp; 182685 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp; 52953 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;18910 | &nbsp;&nbsp;&nbsp;&nbsp; 156197 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8330 | &nbsp;&nbsp;&nbsp;&nbsp; 134779 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19690 | &nbsp;&nbsp;&nbsp;&nbsp; 84864 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625 | &nbsp;&nbsp;&nbsp;&nbsp; 15373 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3938 | &nbsp;&nbsp;&nbsp;&nbsp; 112272 |
| &nbsp;&nbsp;&nbsp;New York Mtg. Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7643 | &nbsp;&nbsp;&nbsp;&nbsp; 51208 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 23391 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4618 | &nbsp;&nbsp;&nbsp;&nbsp; 75366 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869 | &nbsp;&nbsp;&nbsp;&nbsp; 38651 |
| &nbsp;&nbsp;&nbsp;PennyMac Mtg. Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2911 | &nbsp;&nbsp;&nbsp;&nbsp; 37435 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8876 | &nbsp;&nbsp;&nbsp;&nbsp; 310926 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381 | &nbsp;&nbsp;&nbsp;&nbsp; 53807 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054 | &nbsp;&nbsp;&nbsp;&nbsp; 49047 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5852 | &nbsp;&nbsp;&nbsp;&nbsp; 224541 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691 | &nbsp;&nbsp;&nbsp;&nbsp; 24870 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6523 | &nbsp;&nbsp;&nbsp;&nbsp; 38551 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4336 | &nbsp;&nbsp;&nbsp;&nbsp; 427833 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909 | &nbsp;&nbsp;&nbsp;&nbsp; 72082 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp; 23853 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 13827 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp; 16626 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427 | &nbsp;&nbsp;&nbsp;&nbsp; 212131 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12188 | &nbsp;&nbsp;&nbsp;&nbsp; 441571 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363 | &nbsp;&nbsp;&nbsp;&nbsp; 17118 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6526 | &nbsp;&nbsp;&nbsp;&nbsp; 56646 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3748 | &nbsp;&nbsp;&nbsp;&nbsp; 114614 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12995 | &nbsp;&nbsp;&nbsp;&nbsp; 728630 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314 | &nbsp;&nbsp;&nbsp;&nbsp; 25584 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp; 37426 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 13936 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7869 | &nbsp;&nbsp;&nbsp;&nbsp; 33994 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp; 17707 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4127 | &nbsp;&nbsp;&nbsp;&nbsp; 77010 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3711 | &nbsp;&nbsp;&nbsp;&nbsp; 55257 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp; 18346 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11896 | &nbsp;&nbsp;&nbsp;&nbsp; 149533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7423345 |
| **Retail — 3.9%** | **Retail — 3.9%** | **Retail — 3.9%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 114333 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2203 | &nbsp;&nbsp;&nbsp;&nbsp; 98716 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699 | &nbsp;&nbsp;$125477 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11070 | &nbsp;&nbsp;&nbsp;&nbsp; 106493 |
| &nbsp;&nbsp;&nbsp;Arko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4219 | &nbsp;&nbsp;&nbsp;&nbsp; 17846 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1106 | &nbsp;&nbsp;&nbsp;&nbsp; 263825 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 74514 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832 | &nbsp;&nbsp;&nbsp;&nbsp; 81707 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;&nbsp; 21611 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 23504 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1686 | &nbsp;&nbsp;&nbsp;&nbsp; 256272 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2228 | &nbsp;&nbsp;&nbsp;&nbsp; 401775 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 | &nbsp;&nbsp;&nbsp;&nbsp; 45531 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp; 13662 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1509 | &nbsp;&nbsp;&nbsp;&nbsp; 94554 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp; 45260 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;&nbsp; 27553 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11277 | &nbsp;&nbsp;&nbsp;&nbsp; 41161 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp; 44191 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2767 | &nbsp;&nbsp;&nbsp;&nbsp; 67792 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp; 109688 |
| &nbsp;&nbsp;&nbsp;GMS, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp; 138221 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812 | &nbsp;&nbsp;&nbsp;&nbsp; 791319 |
| &nbsp;&nbsp;&nbsp;Guess?, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp; 11050 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114 | &nbsp;&nbsp;&nbsp;&nbsp; 71831 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3586 | &nbsp;&nbsp;&nbsp;&nbsp; 30409 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 72393 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp; 50217 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp; 15411 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567 | &nbsp;&nbsp;&nbsp;&nbsp; 59067 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478 | &nbsp;&nbsp;&nbsp;&nbsp; 72333 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6386 | &nbsp;&nbsp;&nbsp;&nbsp; 589236 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 25654 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053 | &nbsp;&nbsp;&nbsp;&nbsp; 58969 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp; 85818 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394 | &nbsp;&nbsp;&nbsp;&nbsp; 31428 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2368 | &nbsp;&nbsp;&nbsp;&nbsp; 332941 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 9860 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | &nbsp;&nbsp;&nbsp;&nbsp; 111768 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp; 107666 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4776 | &nbsp;&nbsp;&nbsp;&nbsp; 346451 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4575 | &nbsp;&nbsp;&nbsp;&nbsp; 84729 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5172236 |
| **Savings & Loans — 0.6%** | **Savings & Loans — 0.6%** | **Savings & Loans — 0.6%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3214 | &nbsp;&nbsp;&nbsp;&nbsp; 244393 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10215 | &nbsp;&nbsp;&nbsp;&nbsp; 143521 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4290 | &nbsp;&nbsp;&nbsp;&nbsp; 45259 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5428 | &nbsp;&nbsp;&nbsp;&nbsp; 33111 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263 | &nbsp;&nbsp;&nbsp;&nbsp; 9839 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4244 | &nbsp;&nbsp;&nbsp;&nbsp; 54238 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6367 | &nbsp;&nbsp;&nbsp;&nbsp; 112123 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3189 | &nbsp;&nbsp;&nbsp;&nbsp; 67256 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp; 18789 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;&nbsp;&nbsp; 23870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752399 |
| **Semiconductors — 2.3%** | **Semiconductors — 2.3%** | **Semiconductors — 2.3%** |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp; 40466 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726 | &nbsp;&nbsp;&nbsp;&nbsp; 47963 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp; 90667 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp; 17870 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp; 30053 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | &nbsp;&nbsp;&nbsp;&nbsp; 80551 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5404 | &nbsp;&nbsp;&nbsp;&nbsp; 185952 |

---

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#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | &nbsp;&nbsp;$85413 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1732 | &nbsp;&nbsp;&nbsp;&nbsp; 59927 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5409 | &nbsp;&nbsp;&nbsp;&nbsp; 775056 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3820 | &nbsp;&nbsp;&nbsp;&nbsp; 54282 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;11914 | &nbsp;&nbsp;&nbsp;&nbsp; 78037 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 52483 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4825 | &nbsp;&nbsp;&nbsp;&nbsp; 95583 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | &nbsp;&nbsp;&nbsp;&nbsp; 39694 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065 | &nbsp;&nbsp;&nbsp;&nbsp; 260249 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5118 | &nbsp;&nbsp;&nbsp;&nbsp; 327654 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;11562 | &nbsp;&nbsp;&nbsp;&nbsp; 521909 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp; 146812 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237 | &nbsp;&nbsp;&nbsp;&nbsp; 50489 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1942 | &nbsp;&nbsp;&nbsp;&nbsp; 39461 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080571 |
| **Software — 5.5%** | **Software — 5.5%** | **Software — 5.5%** |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3442 | &nbsp;&nbsp;&nbsp;&nbsp; 158022 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8849 | &nbsp;&nbsp;&nbsp;&nbsp; 143531 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561 | &nbsp;&nbsp;&nbsp;&nbsp; 50353 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410 | &nbsp;&nbsp;&nbsp;&nbsp; 161642 |
| &nbsp;&nbsp;&nbsp;Appian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897 | &nbsp;&nbsp;&nbsp;&nbsp; 56644 |
| &nbsp;&nbsp;&nbsp;Asana, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4240 | &nbsp;&nbsp;&nbsp;&nbsp; 57240 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22544 | &nbsp;&nbsp;&nbsp;&nbsp; 153074 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001 | &nbsp;&nbsp;&nbsp;&nbsp; 169917 |
| &nbsp;&nbsp;&nbsp;Box, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;35586 | &nbsp;&nbsp;&nbsp;&nbsp; 1215974 |
| &nbsp;&nbsp;&nbsp;Braze, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp; 39846 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;49368 | &nbsp;&nbsp;&nbsp;&nbsp; 464553 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028 | &nbsp;&nbsp;&nbsp;&nbsp; 84057 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6554 | &nbsp;&nbsp;&nbsp;&nbsp; 143729 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3018 | &nbsp;&nbsp;&nbsp;&nbsp; 526128 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710 | &nbsp;&nbsp;&nbsp;&nbsp; 85553 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;&nbsp; 58975 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp; 43157 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6420 | &nbsp;&nbsp;&nbsp;&nbsp; 37878 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2061 | &nbsp;&nbsp;&nbsp;&nbsp; 58862 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2624 | &nbsp;&nbsp;&nbsp;&nbsp; 161770 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467 | &nbsp;&nbsp;&nbsp;&nbsp; 66871 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8786 | &nbsp;&nbsp;&nbsp;&nbsp; 130999 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2388 | &nbsp;&nbsp;&nbsp;&nbsp; 47235 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11617 | &nbsp;&nbsp;&nbsp;&nbsp; 43796 |
| &nbsp;&nbsp;&nbsp;Hinge Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087 | &nbsp;&nbsp;&nbsp;&nbsp; 159752 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3320 | &nbsp;&nbsp;&nbsp;&nbsp; 96612 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7403 | &nbsp;&nbsp;&nbsp;&nbsp; 318107 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;30278 | &nbsp;&nbsp;&nbsp;&nbsp; 1000385 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp;&nbsp;&nbsp; 19270 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;17719 | &nbsp;&nbsp;&nbsp;&nbsp; 96214 |
| &nbsp;&nbsp;&nbsp;Onestream, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 15423 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4126 | &nbsp;&nbsp;&nbsp;&nbsp; 87966 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;&nbsp; 22171 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20517 | &nbsp;&nbsp;&nbsp;&nbsp; 583914 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2988 | &nbsp;&nbsp;&nbsp;&nbsp; 18227 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549 | &nbsp;&nbsp;&nbsp;&nbsp; 41843 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1422 | &nbsp;&nbsp;&nbsp;&nbsp; 90780 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860 | &nbsp;&nbsp;&nbsp;&nbsp; 85338 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2014 | &nbsp;&nbsp;&nbsp;&nbsp; 58909 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822 | &nbsp;&nbsp;&nbsp;&nbsp; 36659 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp; 9737 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp; 205496 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp; 69719 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137 | &nbsp;&nbsp;&nbsp;&nbsp; 48592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7224920 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Telecommunications — 3.5%** | **Telecommunications — 3.5%** | **Telecommunications — 3.5%** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3461 | &nbsp;&nbsp;$66970 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447 | &nbsp;&nbsp;&nbsp;&nbsp; 57830 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581 | &nbsp;&nbsp;&nbsp;&nbsp; 73697 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp; 101593 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6899 | &nbsp;&nbsp;&nbsp;&nbsp; 561096 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3808 | &nbsp;&nbsp;&nbsp;&nbsp; 165305 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6289 | &nbsp;&nbsp;&nbsp;&nbsp; 52073 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087 | &nbsp;&nbsp;&nbsp;&nbsp; 378415 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 31050 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6951 | &nbsp;&nbsp;&nbsp;&nbsp; 124770 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp; 17615 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339 | &nbsp;&nbsp;&nbsp;&nbsp; 49017 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606 | &nbsp;&nbsp;&nbsp;&nbsp; 34149 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844 | &nbsp;&nbsp;&nbsp;&nbsp; 413480 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26338 | &nbsp;&nbsp;&nbsp;&nbsp; 794617 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;63958 | &nbsp;&nbsp;&nbsp;&nbsp; 280136 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 | &nbsp;&nbsp;&nbsp;&nbsp; 59652 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864 | &nbsp;&nbsp;&nbsp;&nbsp; 75646 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp; 19752 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1690 | &nbsp;&nbsp;&nbsp;&nbsp; 29879 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4932 | &nbsp;&nbsp;&nbsp;&nbsp; 175481 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 | &nbsp;&nbsp;&nbsp;&nbsp; 40705 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;106173 | &nbsp;&nbsp;&nbsp;&nbsp; 1069162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4672090 |
| **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;492 | &nbsp;&nbsp;&nbsp;&nbsp; 92604 |
| **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |
| &nbsp;&nbsp;&nbsp;Funko, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9418 | &nbsp;&nbsp;&nbsp;&nbsp; 44830 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp; 108122 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7223 | &nbsp;&nbsp;&nbsp;&nbsp; 65802 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4168 | &nbsp;&nbsp;&nbsp;&nbsp; 31093 |
| &nbsp;&nbsp;&nbsp;Dorian LPG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp; 30158 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 17546 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp; 12459 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991 | &nbsp;&nbsp;&nbsp;&nbsp; 66559 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2042 | &nbsp;&nbsp;&nbsp;&nbsp; 74492 |
| &nbsp;&nbsp;&nbsp;Marten Transport, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841 | &nbsp;&nbsp;&nbsp;&nbsp; 23915 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;&nbsp; 221252 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351 | &nbsp;&nbsp;&nbsp;&nbsp; 26454 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4761 | &nbsp;&nbsp;&nbsp;&nbsp; 74843 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3696 | &nbsp;&nbsp;&nbsp;&nbsp; 13343 |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;&nbsp;&nbsp; 38036 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 5322 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12362 | &nbsp;&nbsp;&nbsp;&nbsp; 101986 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2833 | &nbsp;&nbsp;&nbsp;&nbsp; 118193 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2045 | &nbsp;&nbsp;&nbsp;&nbsp; 55951 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755 | &nbsp;&nbsp;&nbsp;&nbsp; 134804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220330 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp; 48832 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148 | &nbsp;&nbsp;&nbsp;&nbsp; 52865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101697 |
| **Water — 0.3%** | **Water — 0.3%** | **Water — 0.3%** |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp; 131855 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955 | &nbsp;&nbsp;&nbsp;&nbsp; 88913 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4691 | &nbsp;&nbsp;&nbsp;&nbsp; 140824 |

---

------

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio<br>

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

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |  |
| **Water (continued)** | **Water (continued)** |  |
| &nbsp;&nbsp;&nbsp;H2O America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 | &nbsp;&nbsp;$52698 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp; 32129 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446419 |
| **Total Long-Term Investment Securities<br> (cost $112,503,045)** |  | &nbsp;&nbsp;&nbsp;&nbsp;127928078 |
| **SHORT-TERM INVESTMENTS — 2.1%** | **SHORT-TERM INVESTMENTS — 2.1%** |  |
| **Unaffiliated Investment Companies — 2.1%** | **Unaffiliated Investment Companies — 2.1%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.27%(1)<br> (cost $2,790,329) | 2790329 | &nbsp;&nbsp;&nbsp;&nbsp; 2790329 |
| **TOTAL INVESTMENTS<br> (cost $115,293,374)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.6% | &nbsp;&nbsp;&nbsp;&nbsp;130718407 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1807270 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$132525677 |

---

† Non-income producing security

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Savings & Loans** |  |  |  |  |  |  |  |  |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;1880 | &nbsp;&nbsp;4.53% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;$96482 | &nbsp;&nbsp;$6918 | &nbsp;&nbsp;$6918 |
| HSBC Holdings | &nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | &nbsp;&nbsp;1475 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 37155 | &nbsp;&nbsp;&nbsp;&nbsp; (221) | &nbsp;&nbsp;&nbsp;&nbsp; (221) |
| HSBC Holdings | &nbsp;&nbsp;WaFd, Inc. | &nbsp;&nbsp;2655 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 77075 | &nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp; 664 |
| JPMorgan Securities, LLC | &nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp;4374 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/11/2026 | &nbsp;&nbsp;&nbsp; 73789 | &nbsp;&nbsp;&nbsp; 2887 | &nbsp;&nbsp;&nbsp; 2887 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;10248 | &nbsp;&nbsp;&nbsp;10248 |
| **Banks** |  |  |  |  |  |  |  |  |
| Bank of America Merrill Lynch | &nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;6061 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;&nbsp;104128 | &nbsp;&nbsp;&nbsp; 5212 | &nbsp;&nbsp;&nbsp; 5212 |
| BNP Paribas | &nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp; 857 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 22920 | &nbsp;&nbsp;&nbsp; 1101 | &nbsp;&nbsp;&nbsp; 1101 |
| BNP Paribas | &nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp; 13 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 568 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 24 |
| BNP Paribas | &nbsp;&nbsp;First BanCorp | &nbsp;&nbsp;5192 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp;105741 | &nbsp;&nbsp;&nbsp; 2409 | &nbsp;&nbsp;&nbsp; 2409 |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp; 367 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp; 29668 | &nbsp;&nbsp;&nbsp; 2094 | &nbsp;&nbsp;&nbsp; 2094 |
| HSBC Holdings | &nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;1487 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 62157 | &nbsp;&nbsp;&nbsp; 1487 | &nbsp;&nbsp;&nbsp; 1487 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;12327 | &nbsp;&nbsp;&nbsp;12327 |
| **Office/Business Equipment** |  |  |  |  |  |  |  |  |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Pitney Bowes, Inc. | &nbsp;&nbsp;5299 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp; 55799 | &nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; 2013 |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;1542 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 79102 | &nbsp;&nbsp;&nbsp; 8977 | &nbsp;&nbsp;&nbsp; 8977 |
| BNP Paribas | &nbsp;&nbsp;Moelis & Co., Class A | &nbsp;&nbsp;2457 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp;139477 | &nbsp;&nbsp;&nbsp;13643 | &nbsp;&nbsp;&nbsp;13643 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;22620 | &nbsp;&nbsp;&nbsp;22620 |
| **REITS** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Arbor Realty Trust, Inc. | &nbsp;&nbsp;6322 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 57457 | &nbsp;&nbsp;&nbsp;10188 | &nbsp;&nbsp;&nbsp;10188 |
| BNP Paribas | &nbsp;&nbsp;JBG SMITH Properties | &nbsp;&nbsp;2419 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 39667 | &nbsp;&nbsp;&nbsp; 2182 | &nbsp;&nbsp;&nbsp; 2182 |
| HSBC Holdings | &nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp; 594 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 8684 | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 250 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;12620 | &nbsp;&nbsp;&nbsp;12620 |
| **Insurance** |  |  |  |  |  |  |  |  |
| Bank of America Merrill Lynch | &nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;2366 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;&nbsp;198129 | &nbsp;&nbsp;&nbsp;11948 | &nbsp;&nbsp;&nbsp;11948 |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Employers Holdings, Inc. | &nbsp;&nbsp; 800 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp; 37480 | &nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp; 264 |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;5663 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp;187445 | &nbsp;&nbsp;&nbsp; 8495 | &nbsp;&nbsp;&nbsp; 8495 |
| HSBC Holdings | &nbsp;&nbsp;SiriusPoint, Ltd. | &nbsp;&nbsp;3093 | &nbsp;&nbsp;4.73 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 59571 | &nbsp;&nbsp;&nbsp; 3495 | &nbsp;&nbsp;&nbsp; 3495 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;24202 | &nbsp;&nbsp;&nbsp;24202 |
| **Commercial Services** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;2008 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 62154 | &nbsp;&nbsp;&nbsp; 3487 | &nbsp;&nbsp;&nbsp; 3487 |

---

------

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio<br>

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Packaging & Containers** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;4.53% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;$413 | &nbsp;&nbsp;$(10) | &nbsp;&nbsp;$(10) |
| **Chemicals** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Rogers Corp. | &nbsp;&nbsp; 129 | &nbsp;&nbsp;4.53 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 8596 | &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; 238 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$87745 | &nbsp;&nbsp;$87745 |

---

#### 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;E-Mini Russell 2000 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1300456 | &nbsp;&nbsp;&nbsp;&nbsp;$1315020 | &nbsp;&nbsp;&nbsp;&nbsp;$14564 |
| 19 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Micro E-mini Russell 2000 Index | &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1688 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$16252 |

---

\* 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 June 30, 2025 (see Note 1):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;$127928078 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$127928078 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2790329 |
| **Total Investments at Value** | &nbsp;&nbsp;$130718407 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$130718407 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$87976 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87976 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16252 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16252 | &nbsp;&nbsp;$87976 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$104228 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$231 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$231 |

---

---

| | |
|:---|:---|
| \* | &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 Portfolio of Investments

------

#### NOTES TO PORTFOLIO OF INVESTMENTS — June 30, 2025 — (unaudited)

------

#### Note 1 — Security Valuation
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Portfolios would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 — Unadjusted quoted prices in active markets for identical securities

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;The summary of the Portfolios' assets and liabilities classified in the fair value hierarchy as of June 30, 2025, is reported on a schedule at the end of each Portfolio's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by an independent pricing service, and are generally categorized as Level 1. Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services, which are derived using daily swap curves and models that incorporate market data and discounted cash flows and are generally categorized as

------

#### NOTES TO PORTFOLIO OF INVESTMENTS — June 30, 2025 — (unaudited) — (continued)

------

Level 2. Total return and contracts for difference swap agreements are valued utilizing quotes received daily by independent pricing services, which are derived using models that incorporate market trades and fair value of the underlying reference instrument and are generally categorized as Level 2. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by an independent pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1. Option contracts traded in the over-the-counter ("OTC") market are valued at the mid valuation provided by an independent pricing service, and are generally categorized as Level 2. Forward foreign currency contracts ("forward contracts") are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. Because there is no single standard for making fair value determinations, the Portfolios' fair determinations may vary from fair value determinations made by other funds for the same securities.

&nbsp;&nbsp;&nbsp;&nbsp;&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 SunAmerica Asset Management, LLC ("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.

#### Note 2 — Repurchase Agreements
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June 30, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with Bank of America Securities LLC:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Percentage<br> Ownership** | &nbsp;&nbsp;**Principal<br> Amount** |
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp;9.36% | &nbsp;&nbsp;$900000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;180000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;380000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Securities LLC, dated June 30, 2025, bearing interest at a rate of 4.38% per annum, with a principal amount of $9,614,000, a repurchase price of $9,615,170, and a maturity date of July 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;3.80% | &nbsp;&nbsp;12/31/2029 | &nbsp;&nbsp;$9770000 | &nbsp;&nbsp;$9795454 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June 30, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with Barclays Capital, Inc.:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Percentage<br> Ownership** | &nbsp;&nbsp;**Principal<br> Amount** |
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp;9.50% | &nbsp;&nbsp;$950000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;190000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;410000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital, Inc., dated June 30, 2025, bearing interest at a rate of 4.39% per annum, with a principal amount of $10,000,000, a repurchase price of $10,001,219, and a maturity date of July 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;2.88% | &nbsp;&nbsp;08/15/2028 | &nbsp;&nbsp;$10350000 | &nbsp;&nbsp;$10196573 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June 30, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with BNP Paribas SA:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Percentage<br> Ownership** | &nbsp;&nbsp;**Principal<br> Amount** |
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp;9.35% | &nbsp;&nbsp;$935000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;185000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;395000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

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#### NOTES TO PORTFOLIO OF INVESTMENTS — June 30, 2025 — (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA, dated June 30, 2025, bearing interest at a rate of 4.39% per annum, with a principal amount of $10,000,000, a repurchase price of $10,001,219, and a maturity date of July 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;3.38% | &nbsp;&nbsp;08/15/2042 | &nbsp;&nbsp;$12069800 | &nbsp;&nbsp;$10204920 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June 30, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with Deutsche Bank AG:

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| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Percentage<br> Ownership** | &nbsp;&nbsp;**Principal<br> Amount** |
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp;9.36% | &nbsp;&nbsp;$900000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;180000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;380000 |

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&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG, dated June 30, 2025, bearing interest at a rate of 4.39% per annum, with a principal amount of $9,613,000, a repurchase price of $9,614,172, and a maturity date of July 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 Notes | &nbsp;&nbsp;4.25% | &nbsp;&nbsp;06/30/2029 | &nbsp;&nbsp;$9631000 | &nbsp;&nbsp;$9797645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of June 30, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with RBS Securities, Inc.:

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| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Percentage<br> Ownership** | &nbsp;&nbsp;**Principal<br> Amount** |
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp;9.36% | &nbsp;&nbsp;$900000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;180000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;380000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;RBS Securities, Inc., dated June 30, 2025, bearing interest at a rate of 4.38% per annum, with a principal amount of $9,613,000 a repurchase price of $9,614,170, and a maturity date of July 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 Notes | &nbsp;&nbsp;4.13% | &nbsp;&nbsp;02/29/2032 | &nbsp;&nbsp;$9620000 | &nbsp;&nbsp;$9814263 |

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#### Note 3 — Derivative Instruments
**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;&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 Portfolio of Investments. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

**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. 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.

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#### NOTES TO PORTFOLIO OF INVESTMENTS — June 30, 2025 — (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&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. 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;&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.

**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. If a Portfolio purchases a call or a put option, it pays a premium which reflects the current market value of the option. 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;&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. 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;&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.

**Swap Contracts:** Certain Portfolios may enter into contract for difference, credit default, inflation, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract ("centrally cleared swaps"). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and a Portfolio faces the CCP through a broker. Upon entering into a centrally cleared swap, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments. 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).

***Contracts for Difference:*** A contract for difference ("CFD") is a privately negotiated over-the-counter derivative contract between two parties, buyer and seller, stipulating that the seller will pay to or receive from the buyer the difference between the nominal value of the underlying instrument at the opening of the contract and that instrument's value at the end of the contract. As an over-the-counter derivative contract, CFDs are not traded on an exchange. A CFD offers exposure to price changes in an underlying security without ownership of such security, typically by providing investors the ability to trade on margin. When entering into a CFD, the Portfolio attempts to predict either that the price of the underlying security will fall (taking a short position) or that the price of the security will rise (taking a long position). CFDs are subject to illiquidity risk because the liquidity of contracts for difference is based on the liquidity of the underlying instrument. CFDs are also subject to the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the Portfolio to deposit additional sums to maintain proper margin coverage, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss to the Portfolio. As is the case with owning any financial instrument, there is the risk of loss associated with buying a CFD. For example, if the Portfolio buys a long CFD and the underlying security is worth less at the end of the contract, the Portfolio would be required to make a payment to the seller and would suffer a loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CFD contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

***Credit Default Swap Agreements:*** Credit default swaps are generally contracts in which one party makes periodic fixed-rate payments or a one time premium payment (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified payment in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. If a Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a buyer of protection on credit default swaps, a Portfolio will make periodic payments, similar to an insurance premium and the seller of protection agrees to compensate the Portfolio for future potential losses as a result of a credit event on the reference bond or other asset. A Portfolio effectively transfers the credit event risk of the reference bond or asset from it to the seller of

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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;&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;&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;&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;&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;&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.

***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;&nbsp;&nbsp;&nbsp;&nbsp;The counterparty to an equity swap will typically be a bank, investment banking firm or broker/dealer. Equity swaps may be structured in different ways. The counterparty will generally agree to pay a Portfolio the amount, if any, by which the notional amount of the equity swap contract would have increased in value had it been invested in particular stocks (or an index of stocks), plus the dividends that would have been received on those stocks. In these cases, a Portfolio may agree to pay to the counterparty a floating rate of interest on the notional amount of the equity swap contract plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&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).

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&nbsp;&nbsp;&nbsp;&nbsp;&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;&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.

***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;&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.

***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;&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;&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;&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.

***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.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table represents the Portfolio's objectives for using derivative instruments for the period ended June 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** |
| **Portfolio** | &nbsp;&nbsp;**Futures<br> Contracts** | &nbsp;&nbsp;**Forward<br> Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Options<br> Contracts** | &nbsp;&nbsp;**Inflation<br> Swap<br> Contracts** | &nbsp;&nbsp;**Interest<br> Rate Swap<br> Contracts** | &nbsp;&nbsp;**Equity<br> Swap<br> Contracts** | &nbsp;&nbsp;**Contracts For<br> Difference<br> 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; 5 | &nbsp;&nbsp;— |
| SA Multi-Managed Diversified Fixed Income . . .<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** |
| **Portfolio** | &nbsp;&nbsp;**Futures<br> Contracts** | &nbsp;&nbsp;**Forward<br> Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Options<br> Contracts** | &nbsp;&nbsp;**Inflation<br> Swap<br> Contracts** | &nbsp;&nbsp;**Interest<br> Rate Swap<br> Contracts** | &nbsp;&nbsp;**Equity<br> Swap<br> Contracts** | &nbsp;&nbsp;**Contracts For<br> Difference<br> Swap<br> Contracts** |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| SA Multi-Managed Small Cap | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

------

(1) To manage interest rate risk and the duration of the portfolio.

(2) To manage foreign currency exchange rate risk.

(3) To manage inflation risk and the duration of the portfolio.

(4) To manage exposures in certain securities markets.

(5) To manage against or gain exposure to certain securities and/or sectors.

(6) To manage foreign currency risk resulting directly or indirectly from investments in equity holdings.

#### Note 4 — Transactions with Affiliates
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions in shares of Underlying Portfolios and affiliated companies for the period ended June 30, 2025 are shown in the tables below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> March 31,<br> 2025** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> June 30,<br> 2025** |
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $— | $— | &nbsp;&nbsp;&nbsp;$4250854 | &nbsp;&nbsp;&nbsp;&nbsp;$376587 | &nbsp;&nbsp;&nbsp;&nbsp;$170259 | &nbsp;&nbsp;&nbsp;&nbsp;$(19411) | &nbsp;&nbsp;&nbsp;&nbsp;$35700 | &nbsp;&nbsp;&nbsp;$4473471 |
| SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8879148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9901663 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18202054 | &nbsp;&nbsp;&nbsp;&nbsp;1724372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779611 | &nbsp;&nbsp;&nbsp;&nbsp;(196274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405432 | &nbsp;&nbsp;&nbsp;&nbsp;19355973 |
| SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25091165 | &nbsp;&nbsp;&nbsp;&nbsp;2540599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50785 | &nbsp;&nbsp;&nbsp;&nbsp;2847723 | &nbsp;&nbsp;&nbsp;&nbsp;29562480 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11167645 | &nbsp;&nbsp;&nbsp;&nbsp;1094331 | &nbsp;&nbsp;&nbsp;&nbsp;1928708 | &nbsp;&nbsp;&nbsp;&nbsp;(598888) | &nbsp;&nbsp;&nbsp;&nbsp;2825069 | &nbsp;&nbsp;&nbsp;&nbsp;12559449 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9732720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367403 | &nbsp;&nbsp;&nbsp;&nbsp;(110124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402074 | &nbsp;&nbsp;&nbsp;&nbsp;10469902 |
| SA Multi-Managed Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170260 | &nbsp;&nbsp;&nbsp;&nbsp;(124982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5304962 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4677203 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4577423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985868 | &nbsp;&nbsp;&nbsp;&nbsp;(437710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4193338 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864446 | &nbsp;&nbsp;&nbsp;&nbsp;2353166 | &nbsp;&nbsp;&nbsp;6141836(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48366) | &nbsp;&nbsp;&nbsp;(2027410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18033470 | &nbsp;&nbsp;&nbsp;&nbsp;2040799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55452 | &nbsp;&nbsp;&nbsp;&nbsp;3239801 | &nbsp;&nbsp;&nbsp;&nbsp;22592212 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161315 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4079498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771199 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10016897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273206 | &nbsp;&nbsp;&nbsp;&nbsp;10704383 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15603381 | &nbsp;&nbsp;&nbsp;&nbsp;2928444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134518 | &nbsp;&nbsp;&nbsp;&nbsp;2703387 | &nbsp;&nbsp;&nbsp;&nbsp;20746790 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7102490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7287929 |
| SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9453404 | &nbsp;&nbsp;&nbsp;&nbsp;1010839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184610 | &nbsp;&nbsp;&nbsp;&nbsp;10121321 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314347 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17200547 | &nbsp;&nbsp;&nbsp;&nbsp;1446887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348690 | &nbsp;&nbsp;&nbsp;&nbsp;18427861 |
| SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217783 | &nbsp;&nbsp;&nbsp;&nbsp;1687297 | &nbsp;&nbsp;&nbsp;&nbsp;(131281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961832 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7709893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8949602 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13961664 | &nbsp;&nbsp;&nbsp;&nbsp;1189221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578583 | &nbsp;&nbsp;&nbsp;&nbsp;15228616 |
| SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18717412 | &nbsp;&nbsp;&nbsp;&nbsp;1506348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225337 | &nbsp;&nbsp;&nbsp;&nbsp;1997821 | &nbsp;&nbsp;&nbsp;&nbsp;21765879 |
| SA Invesco Growth Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415869 | &nbsp;&nbsp;&nbsp;&nbsp;2171270 | &nbsp;&nbsp;&nbsp;(1644383) | &nbsp;&nbsp;&nbsp;&nbsp;1893380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937868 |
| SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593077 | &nbsp;&nbsp;&nbsp;&nbsp;1378262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83842) | &nbsp;&nbsp;&nbsp;&nbsp;1590911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9148990 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425969 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12969583 | &nbsp;&nbsp;&nbsp;&nbsp;1090122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568946 | &nbsp;&nbsp;&nbsp;&nbsp;14064618 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12287538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971198 | &nbsp;&nbsp;&nbsp;&nbsp;1039091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19683 | &nbsp;&nbsp;&nbsp;&nbsp;1444834 | &nbsp;&nbsp;&nbsp;&nbsp;13684162 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21398951 | &nbsp;&nbsp;&nbsp;&nbsp;3141498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922987 | &nbsp;&nbsp;&nbsp;&nbsp;(170800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463150 | &nbsp;&nbsp;&nbsp;&nbsp;23909812 |
| SA JPMorgan Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6130972 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494377 |
| SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22312983 | &nbsp;&nbsp;&nbsp;&nbsp;1942396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171719 | &nbsp;&nbsp;&nbsp;&nbsp;4296046 | &nbsp;&nbsp;&nbsp;&nbsp;27844962 |
| SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35031773 | &nbsp;&nbsp;&nbsp;&nbsp;3091977 | &nbsp;&nbsp;&nbsp;&nbsp;1397922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557773 | &nbsp;&nbsp;&nbsp;&nbsp;3545403 | &nbsp;&nbsp;&nbsp;&nbsp;40829004 |
| SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20293850 | &nbsp;&nbsp;&nbsp;&nbsp;1744192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571047 | &nbsp;&nbsp;&nbsp;&nbsp;21945956 |
| SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15585658 | &nbsp;&nbsp;&nbsp;6825722(1) | &nbsp;&nbsp;&nbsp;&nbsp;1625956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12951) | &nbsp;&nbsp;&nbsp;&nbsp;3933225 | &nbsp;&nbsp;&nbsp;&nbsp;24705698 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5929777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6741347 |
| SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4931885 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14345230 | &nbsp;&nbsp;&nbsp;&nbsp;1189221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152710 | &nbsp;&nbsp;&nbsp;&nbsp;1492559 | &nbsp;&nbsp;&nbsp;&nbsp;16642059 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190334 |
| SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5448936 | &nbsp;&nbsp;&nbsp;&nbsp;1436328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7354762 |

---

------

#### NOTES TO PORTFOLIO OF INVESTMENTS — June 30, 2025 — (unaudited) — (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> 2025** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> June 30,<br> 2025** |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | $— | $— | &nbsp;&nbsp;&nbsp;$5043383 | &nbsp;&nbsp;&nbsp;&nbsp;$455868 | &nbsp;&nbsp;&nbsp;&nbsp;$206104 | &nbsp;&nbsp;&nbsp;&nbsp;$(13217) | &nbsp;&nbsp;&nbsp;&nbsp;$220392 | &nbsp;&nbsp;&nbsp;$5500322 |
| SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9816836 | &nbsp;&nbsp;&nbsp;&nbsp;2373234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58770 | &nbsp;&nbsp;&nbsp;&nbsp;1117501 | &nbsp;&nbsp;&nbsp;&nbsp;13005586 |
| SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335860 | &nbsp;&nbsp;&nbsp;&nbsp;(116915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339567 |
| SA Wellington Capital Appreciation Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9122634 | &nbsp;&nbsp;&nbsp;&nbsp;1791106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146053 | &nbsp;&nbsp;&nbsp;&nbsp;1886134 | &nbsp;&nbsp;&nbsp;&nbsp;12508977 |
| SA Wellington Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11789429 | &nbsp;&nbsp;&nbsp;&nbsp;1050481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474936 | &nbsp;&nbsp;&nbsp;&nbsp;(122713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225395 | &nbsp;&nbsp;&nbsp;&nbsp;12467656 |
|  | $— | $— | $458321163 | $55635676 | $31790442 | $(2330202) | $44500415 | $524336610 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Includes reinvestment of distributions paid. |
| <sup>(1)</sup> | Includes amounts relating to fund mergers. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> March 31,<br> 2025** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> June 30,<br> 2025** |
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $— | $— | &nbsp;&nbsp;&nbsp;$6955291 | &nbsp;&nbsp;&nbsp;&nbsp;$849502 | &nbsp;&nbsp;&nbsp;&nbsp;$283405 | &nbsp;&nbsp;&nbsp;&nbsp;$(35559) | &nbsp;&nbsp;&nbsp;&nbsp;$62780 | &nbsp;&nbsp;&nbsp;$7548609 |
| SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2611025 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30091011 | &nbsp;&nbsp;&nbsp;&nbsp;3925284 | &nbsp;&nbsp;&nbsp;&nbsp;1309524 | &nbsp;&nbsp;&nbsp;&nbsp;(258065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607448 | &nbsp;&nbsp;&nbsp;&nbsp;33056154 |
| SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6938681 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3260174 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2847300 |
| SA Multi-Managed Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301110 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1254903 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256488 | &nbsp;&nbsp;&nbsp;&nbsp;(115480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199357 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428213 | &nbsp;&nbsp;&nbsp;1232741(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5182123 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002910 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626737 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15395702 | &nbsp;&nbsp;&nbsp;&nbsp;1962643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376629 | &nbsp;&nbsp;&nbsp;&nbsp;17013012 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350684 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2338082 |
| SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14269959 | &nbsp;&nbsp;&nbsp;&nbsp;2050522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255659 | &nbsp;&nbsp;&nbsp;&nbsp;15810048 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5984263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6584121 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4746280 |
| SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342299 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821307 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3555673 |
| SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3849329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4623328 |
| SA Invesco Growth Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592545 | &nbsp;&nbsp;&nbsp;&nbsp;(227305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455737 |
| SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706302 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018219 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4007494 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3240455 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34084778 | &nbsp;&nbsp;&nbsp;&nbsp;5423270 | &nbsp;&nbsp;&nbsp;&nbsp;1475659 | &nbsp;&nbsp;&nbsp;&nbsp;(188851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645910 | &nbsp;&nbsp;&nbsp;&nbsp;38489448 |
| SA JPMorgan Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1989006 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511491 |
| SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5693444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11606 | &nbsp;&nbsp;&nbsp;&nbsp;1150447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7363033 |
| SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9285732 | &nbsp;&nbsp;&nbsp;&nbsp;1230313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990124 | &nbsp;&nbsp;&nbsp;&nbsp;11217223 |
| SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6228842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6957301 |
| SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946624 | &nbsp;&nbsp;&nbsp;1287701(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5654396 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518829 |
| SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605801 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683954 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648639 |
| SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2392902 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7467636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8423533 |
| SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338825 |
| SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2905) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809478 |
| SA Wellington Capital Appreciation Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3210910 |
| SA Wellington Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18322123 | &nbsp;&nbsp;&nbsp;&nbsp;2416688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806238 | &nbsp;&nbsp;&nbsp;&nbsp;(183455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345244 | &nbsp;&nbsp;&nbsp;&nbsp;20094362 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> March 31,<br> 2025** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> June 30,<br> 2025** |
|  | $— | $— | $229207188 | $33529687 | $13585710 | $(1131721) | $13331811 | $261351255 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Includes reinvestment of distributions paid. |
| <sup>(1)</sup> | Includes amounts relating to fund mergers. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> March 31,<br> 2025** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> June 30,<br> 2025** |
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $— | $— | &nbsp;&nbsp;&nbsp;$5639683 | &nbsp;&nbsp;&nbsp;&nbsp;$819618 | &nbsp;&nbsp;&nbsp;&nbsp;$228868 | $(42524) | &nbsp;&nbsp;&nbsp;&nbsp;$65844 | &nbsp;&nbsp;&nbsp;$6253753 |
| SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4380881 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25794068 | &nbsp;&nbsp;&nbsp;&nbsp;3725535 | &nbsp;&nbsp;&nbsp;&nbsp;1040307 | &nbsp;&nbsp;&nbsp;(109487) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415692 | &nbsp;&nbsp;&nbsp;&nbsp;28785501 |
| SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8157724 | &nbsp;&nbsp;&nbsp;&nbsp;1404916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322495 | &nbsp;&nbsp;&nbsp;&nbsp;30016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952621 | &nbsp;&nbsp;&nbsp;&nbsp;10222782 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736902 | &nbsp;&nbsp;&nbsp;&nbsp;1546501 | &nbsp;&nbsp;&nbsp;(430233) | &nbsp;&nbsp;&nbsp;&nbsp;1158921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270117 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156046 | &nbsp;&nbsp;&nbsp;&nbsp;(23404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4567889 |
| SA Multi-Managed Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57217 | &nbsp;&nbsp;&nbsp;&nbsp;(18923) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846057 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2032587 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254902 | &nbsp;&nbsp;&nbsp;(111577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2173330 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730468 | &nbsp;&nbsp;&nbsp;2111038(1) | &nbsp;&nbsp;&nbsp;&nbsp;(11734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(704297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7146279 | &nbsp;&nbsp;&nbsp;&nbsp;1609210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325028 | &nbsp;&nbsp;&nbsp;&nbsp;46909 | &nbsp;&nbsp;&nbsp;&nbsp;1378062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9855432 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450428 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57217 | &nbsp;&nbsp;&nbsp;&nbsp;14818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098251 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13568369 | &nbsp;&nbsp;&nbsp;&nbsp;1862768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520154 | &nbsp;&nbsp;&nbsp;(103202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380939 | &nbsp;&nbsp;&nbsp;&nbsp;15188720 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008695 | &nbsp;&nbsp;&nbsp;&nbsp;1207852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201887 | &nbsp;&nbsp;&nbsp;&nbsp;37481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6940921 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124837 | &nbsp;&nbsp;&nbsp;&nbsp;(32704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36345) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3288024 |
| SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12425424 | &nbsp;&nbsp;&nbsp;&nbsp;2067672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577370 | &nbsp;&nbsp;&nbsp;&nbsp;(17805) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172753 | &nbsp;&nbsp;&nbsp;&nbsp;14070674 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176852 | &nbsp;&nbsp;&nbsp;&nbsp;(10719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5001193 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275681 | &nbsp;&nbsp;&nbsp;&nbsp;78622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7926925 |
| SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530504 | &nbsp;&nbsp;&nbsp;&nbsp;23239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331300 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150845 | &nbsp;&nbsp;&nbsp;&nbsp;46216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4414437 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223666 | &nbsp;&nbsp;&nbsp;&nbsp;13541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6366943 |
| SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6708608 | &nbsp;&nbsp;&nbsp;&nbsp;1026873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239271 | &nbsp;&nbsp;&nbsp;&nbsp;49128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8332669 |
| SA Invesco Growth Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867886 | &nbsp;&nbsp;&nbsp;(459705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094667 |
| SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153377 | &nbsp;&nbsp;&nbsp;&nbsp;(37198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4552185 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72822 | &nbsp;&nbsp;&nbsp;&nbsp;17955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1959731 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6668803 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5265210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882053 | &nbsp;&nbsp;&nbsp;&nbsp;135909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5673818 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28288946 | &nbsp;&nbsp;&nbsp;&nbsp;5709855 | &nbsp;&nbsp;&nbsp;&nbsp;1175547 | &nbsp;&nbsp;&nbsp;(139067) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538245 | &nbsp;&nbsp;&nbsp;&nbsp;33222432 |
| SA JPMorgan Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72822 | &nbsp;&nbsp;&nbsp;&nbsp;(44747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2970050 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589984 | &nbsp;&nbsp;&nbsp;&nbsp;1223532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2776010 |
| SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8545389 | &nbsp;&nbsp;&nbsp;&nbsp;1603937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464107 | &nbsp;&nbsp;&nbsp;&nbsp;41158 | &nbsp;&nbsp;&nbsp;&nbsp;1807290 | &nbsp;&nbsp;&nbsp;&nbsp;11533667 |
| SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13252534 | &nbsp;&nbsp;&nbsp;&nbsp;1937278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540960 | &nbsp;&nbsp;&nbsp;&nbsp;213640 | &nbsp;&nbsp;&nbsp;&nbsp;1415091 | &nbsp;&nbsp;&nbsp;&nbsp;16277583 |
| SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8724418 | &nbsp;&nbsp;&nbsp;&nbsp;1117661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9443801 |
| SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006049 | &nbsp;&nbsp;&nbsp;2833448(1) | &nbsp;&nbsp;&nbsp;&nbsp;1044007 | &nbsp;&nbsp;&nbsp;&nbsp;42114 | &nbsp;&nbsp;&nbsp;&nbsp;1498053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9335657 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119635 | &nbsp;&nbsp;&nbsp;&nbsp;(22140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818922 |
| SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57217 | &nbsp;&nbsp;&nbsp;&nbsp;12164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389965 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5885197 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756978 |
| SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3502842 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9972) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300433 |
| SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128361 | &nbsp;&nbsp;&nbsp;&nbsp;32259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5830721 |
| SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299901 | &nbsp;&nbsp;&nbsp;&nbsp;(32651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060080 |
| SA Wellington Capital Appreciation Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189788 | &nbsp;&nbsp;&nbsp;&nbsp;61006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5464831 |
| SA Wellington Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15287083 | &nbsp;&nbsp;&nbsp;&nbsp;2291204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639789 | &nbsp;&nbsp;&nbsp;(145312) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283245 | &nbsp;&nbsp;&nbsp;&nbsp;17076431 |
|  | $— | $— | $261581081 | $45698838 | $18116091 | $(903692) | $19133482 | $307393618 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Includes reinvestment of distributions paid. |
| <sup>(1)</sup> | Includes amounts relating to fund mergers. |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> March 31,<br> 2025** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> June 30,<br> 2025** |
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $— | $— | &nbsp;&nbsp;&nbsp;$7725266 | &nbsp;&nbsp;&nbsp;&nbsp;$982317 | &nbsp;&nbsp;&nbsp;&nbsp;$317190 | $(38458) | &nbsp;&nbsp;&nbsp;&nbsp;$68927 | &nbsp;&nbsp;&nbsp;$8420862 |
| SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289202 | &nbsp;&nbsp;&nbsp;&nbsp;(14197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8568523 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33653529 | &nbsp;&nbsp;&nbsp;&nbsp;5478211 | &nbsp;&nbsp;&nbsp;&nbsp;1446010 | &nbsp;&nbsp;&nbsp;(210393) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618658 | &nbsp;&nbsp;&nbsp;&nbsp;38093995 |
| SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19480938 | &nbsp;&nbsp;&nbsp;&nbsp;2848010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774315 | &nbsp;&nbsp;&nbsp;&nbsp;30140 | &nbsp;&nbsp;&nbsp;&nbsp;2272872 | &nbsp;&nbsp;&nbsp;&nbsp;23857645 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7690951 | &nbsp;&nbsp;&nbsp;&nbsp;1290031 | &nbsp;&nbsp;&nbsp;&nbsp;2084752 | &nbsp;&nbsp;&nbsp;(526325) | &nbsp;&nbsp;&nbsp;&nbsp;1970941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8340846 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8833149 | &nbsp;&nbsp;&nbsp;&nbsp;1011210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326519 | &nbsp;&nbsp;&nbsp;(130459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9795767 |
| SA Multi-Managed Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130607 | &nbsp;&nbsp;&nbsp;&nbsp;(55146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117016 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4099727 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537229 | &nbsp;&nbsp;&nbsp;(221689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233748 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4342247 | &nbsp;&nbsp;&nbsp;&nbsp;1512819 | &nbsp;&nbsp;&nbsp;4373387(1) | &nbsp;&nbsp;&nbsp;&nbsp;(27212) | &nbsp;&nbsp;&nbsp;(1454467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14781646 | &nbsp;&nbsp;&nbsp;&nbsp;3171514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685562 | &nbsp;&nbsp;&nbsp;&nbsp;89424 | &nbsp;&nbsp;&nbsp;&nbsp;2840441 | &nbsp;&nbsp;&nbsp;&nbsp;20197463 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83962 | &nbsp;&nbsp;&nbsp;&nbsp;(46691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558475 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130607 | &nbsp;&nbsp;&nbsp;&nbsp;10396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410316 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18378738 | &nbsp;&nbsp;&nbsp;&nbsp;2224660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718341 | &nbsp;&nbsp;&nbsp;&nbsp;(97419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467739 | &nbsp;&nbsp;&nbsp;&nbsp;20255377 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12366258 | &nbsp;&nbsp;&nbsp;&nbsp;2331776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500757 | &nbsp;&nbsp;&nbsp;&nbsp;125196 | &nbsp;&nbsp;&nbsp;&nbsp;2110239 | &nbsp;&nbsp;&nbsp;&nbsp;16432712 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6243709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261215 | &nbsp;&nbsp;&nbsp;&nbsp;(30539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6648712 |
| SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17192790 | &nbsp;&nbsp;&nbsp;&nbsp;2513577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811632 | &nbsp;&nbsp;&nbsp;&nbsp;(42937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252784 | &nbsp;&nbsp;&nbsp;&nbsp;19104582 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242557 | &nbsp;&nbsp;&nbsp;&nbsp;(14874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6714551 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13760984 | &nbsp;&nbsp;&nbsp;&nbsp;1675718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541089 | &nbsp;&nbsp;&nbsp;&nbsp;151807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224136 | &nbsp;&nbsp;&nbsp;&nbsp;15271556 |
| SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740585 | &nbsp;&nbsp;&nbsp;(164538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889041 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6641150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279873 | &nbsp;&nbsp;&nbsp;&nbsp;90278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7991088 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11076419 | &nbsp;&nbsp;&nbsp;&nbsp;1386800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447797 | &nbsp;&nbsp;&nbsp;&nbsp;25544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486929 | &nbsp;&nbsp;&nbsp;&nbsp;12527895 |
| SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14837947 | &nbsp;&nbsp;&nbsp;&nbsp;1733503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559746 | &nbsp;&nbsp;&nbsp;&nbsp;175497 | &nbsp;&nbsp;&nbsp;&nbsp;1612750 | &nbsp;&nbsp;&nbsp;&nbsp;17799951 |
| SA Invesco Growth Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461750 | &nbsp;&nbsp;&nbsp;&nbsp;1592951 | &nbsp;&nbsp;&nbsp;(992909) | &nbsp;&nbsp;&nbsp;&nbsp;1177439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287296 |
| SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5544626 | &nbsp;&nbsp;&nbsp;&nbsp;1318922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294081 | &nbsp;&nbsp;&nbsp;&nbsp;(69946) | &nbsp;&nbsp;&nbsp;&nbsp;1346326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7845847 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167924 | &nbsp;&nbsp;&nbsp;&nbsp;17401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5129864 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12911635 | &nbsp;&nbsp;&nbsp;&nbsp;1357910 | &nbsp;&nbsp;&nbsp;&nbsp;1238469 | &nbsp;&nbsp;&nbsp;&nbsp;131718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360329 | &nbsp;&nbsp;&nbsp;&nbsp;13523123 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10178934 | &nbsp;&nbsp;&nbsp;&nbsp;1213451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891822 | &nbsp;&nbsp;&nbsp;&nbsp;143930 | &nbsp;&nbsp;&nbsp;&nbsp;1109677 | &nbsp;&nbsp;&nbsp;&nbsp;11754170 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42038562 | &nbsp;&nbsp;&nbsp;&nbsp;5613830 | &nbsp;&nbsp;&nbsp;&nbsp;1651251 | &nbsp;&nbsp;&nbsp;(160769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711133 | &nbsp;&nbsp;&nbsp;&nbsp;46551505 |
| SA JPMorgan Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139937 | &nbsp;&nbsp;&nbsp;&nbsp;(95114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5470772 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3184069 |
| SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18886935 | &nbsp;&nbsp;&nbsp;&nbsp;2311336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746328 | &nbsp;&nbsp;&nbsp;&nbsp;279060 | &nbsp;&nbsp;&nbsp;&nbsp;3587897 | &nbsp;&nbsp;&nbsp;&nbsp;24318900 |
| SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27866214 | &nbsp;&nbsp;&nbsp;&nbsp;3582570 | &nbsp;&nbsp;&nbsp;&nbsp;1156811 | &nbsp;&nbsp;&nbsp;&nbsp;524949 | &nbsp;&nbsp;&nbsp;&nbsp;2841261 | &nbsp;&nbsp;&nbsp;&nbsp;33658183 |
| SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17150642 | &nbsp;&nbsp;&nbsp;&nbsp;2109094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681027 | &nbsp;&nbsp;&nbsp;&nbsp;141613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479976 | &nbsp;&nbsp;&nbsp;&nbsp;19200298 |
| SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12060049 | &nbsp;&nbsp;&nbsp;5588956(1) | &nbsp;&nbsp;&nbsp;&nbsp;1317013 | &nbsp;&nbsp;&nbsp;&nbsp;39013 | &nbsp;&nbsp;&nbsp;&nbsp;3051630 | &nbsp;&nbsp;&nbsp;&nbsp;19422635 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5821073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233226 | &nbsp;&nbsp;&nbsp;&nbsp;(44179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6859717 |
| SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102620 | &nbsp;&nbsp;&nbsp;&nbsp;21997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4188859 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11259812 | &nbsp;&nbsp;&nbsp;&nbsp;1329019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429139 | &nbsp;&nbsp;&nbsp;&nbsp;39440 | &nbsp;&nbsp;&nbsp;&nbsp;1272469 | &nbsp;&nbsp;&nbsp;&nbsp;13471601 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298673 |
| SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218300 | &nbsp;&nbsp;&nbsp;&nbsp;1207021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6839999 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8689315 | &nbsp;&nbsp;&nbsp;&nbsp;1126776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9818659 |
| SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500696 | &nbsp;&nbsp;&nbsp;&nbsp;1517047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283481 | &nbsp;&nbsp;&nbsp;&nbsp;71437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987123 | &nbsp;&nbsp;&nbsp;&nbsp;11792822 |
| SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2837104 |
| SA Wellington Capital Appreciation Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723385 | &nbsp;&nbsp;&nbsp;&nbsp;1578947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378043 | &nbsp;&nbsp;&nbsp;&nbsp;117539 | &nbsp;&nbsp;&nbsp;&nbsp;1577733 | &nbsp;&nbsp;&nbsp;&nbsp;10619561 |
| SA Wellington Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20825854 | &nbsp;&nbsp;&nbsp;&nbsp;2744711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886265 | &nbsp;&nbsp;&nbsp;(157786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341432 | &nbsp;&nbsp;&nbsp;&nbsp;22867946 |
|  | $— | $— | $465122413 | $70026133 | $29389378 | $(914502) | $37426785 | $542271451 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Includes reinvestment of distributions paid. |
| <sup>(1)</sup> | Includes amounts relating to fund mergers. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional information is available in the Trust's Annual and Semiannual financial statements which may be obtained without charge from the EDGAR database on the Securities and Exchange Commission's website at <u>www.sec.gov.</u>

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SEASONS SERIES TRUST

- **b. Investment Company Act file number:** 811-07725

- **c. CIK number of Registrant:** 0001003239

- **d. LEI of Registrant:** 549300O318N6OBWGKN57

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 21650 Oxnard Street

  - **City:** Woodland Hills

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 91367

  - **Telephone number:** 800-445-7862

**Item A.2. Information about the Series.**

- **a. Name of Series:** SA Multi-Managed International Equity Portfolio

- **b. EDGAR series identifier (if any):** S000008039

- **c. LEI of Series:** 549300OG1GPY70GZ1040

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $292789642.79

**Total Liabilities:** $437299.12

**Net Assets:** $292352343.67

**Cash Not Reported:** $1044594.80

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000021820 | 3.33%                | 4.83%                | 2.36%                |
| Class ID C000021822 | 3.33%                | 4.83%                | 2.36%                |
| Class ID C000021821 | 3.31%                | 4.81%                | 2.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1682658.13              | $4973904.49                                |
| Month 2  | $880491.07               | $10869707.87                               |
| Month 3  | $1696451.11              | $4763998.61                                |

### Schedule of Portfolio Investments

| Name                                                       | Title                                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Tokyu Corp                                                 | Tokyu Corp                                                   | CUSIP: 000000000<br>LEI: 3538005PGNIBTZYXAE45 | Long             | EC               | CORP              | JP        |      2500 | NS      | $29710.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong Exchanges & Clearing Ltd                         | Hong Kong Exchanges & Clearing Ltd                           | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |      6100 | NS      | $326383.11    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedish Orphan Biovitrum AB                                | Swedish Orphan Biovitrum AB                                  | CUSIP: 000000000<br>LEI: 549300124Y3MQI87PT35 | Long             | EC               | CORP              | SE        |      1033 | NS      | $31520.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nemetschek SE                                              | Nemetschek SE                                                | CUSIP: 000000000<br>LEI: 529900R0S2IX1S358J38 | Long             | EC               | CORP              | DE        |       291 | NS      | $42176.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ZOZO, Ltd.                                                 | ZOZO, Ltd.                                                   | CUSIP: 000000000<br>LEI: 549300GC7XPQMZA0OW13 | Long             | EC               | CORP              | JP        |      1900 | NS      | $20510.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Universal Music Group NV                                   | Universal Music Group NV                                     | CUSIP: 000000000<br>LEI: 724500GJBUL3D9TW9Y18 | Long             | EC               | CORP              | NL        |      5702 | NS      | $185036.39    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitton SE                        | LVMH Moet Hennessy Louis Vuitton SE                          | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |      2455 | NS      | $1287528.75   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingfisher PLC                                             | Kingfisher PLC                                               | CUSIP: 000000000<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |    383264 | NS      | $1531420.39   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                                  | Shell PLC                                                    | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     14078 | NS      | $991231.98    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| BOC Hong Kong Holdings Ltd                                 | BOC Hong Kong Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 254900JB98W77JDJMW15 | Long             | EC               | CORP              | HK        |    157000 | NS      | $682944.81    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP SA                                                     | EDP SA                                                       | CUSIP: 000000000<br>LEI: 529900CLC3WDMGI9VH80 | Long             | EC               | CORP              | PT        |     16743 | NS      | $72692.11     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| L E Lundbergforetagen AB                                   | L E Lundbergforetagen AB                                     | CUSIP: 000000000<br>LEI: 529900BPSFZS6O3A9R04 | Long             | EC               | CORP              | SE        |       417 | NS      | $20800.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| OMV AG                                                     | OMV AG                                                       | CUSIP: 000000000<br>LEI: 549300V62YJ9HTLRI486 | Long             | EC               | CORP              | AT        |       731 | NS      | $39738.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                                              | BHP Group Ltd                                                | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     16106 | NS      | $386872.72    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Imperial Brands PLC                                        | Imperial Brands PLC                                          | CUSIP: 000000000<br>LEI: 549300DFVPOB67JL3A42 | Long             | EC               | CORP              | GB        |      4054 | NS      | $160042.77    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Washington H Soul Pattinson & Co Ltd                       | Washington H Soul Pattinson & Co Ltd                         | CUSIP: 000000000<br>LEI: 549300G2Q3P6ZVNC1465 | Long             | EC               | CORP              | AU        |      1231 | NS      | $34071.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| LEG Immobilien SE                                          | LEG Immobilien SE                                            | CUSIP: 000000000<br>LEI: 391200SO40AKONBO0Z96 | Long             | EC               | CORP              | DE        |       364 | NS      | $32294.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sigma Healthcare Ltd                                       | Sigma Healthcare Ltd                                         | CUSIP: 000000000<br>LEI: 529900BZSP3BK7GYAO50 | Long             | EC               | CORP              | AU        |     23931 | NS      | $47037.02     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kone Oyj                                                   | Kone Oyj                                                     | CUSIP: 000000000<br>LEI: 2138001CNF45JP5XZK38 | Long             | EC               | CORP              | FI        |      1766 | NS      | $116307.05    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| BT Group PLC                                               | BT Group PLC                                                 | CUSIP: 000000000<br>LEI: 213800LRO7NS5CYQMN21 | Long             | EC               | CORP              | GB        |    297858 | NS      | $792270.45    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Nokia Oyj                                                  | Nokia Oyj                                                    | CUSIP: 000000000<br>LEI: 549300A0JPRWG1KI7U06 | Long             | EC               | CORP              | FI        |     27600 | NS      | $142722.81    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Galderma Group AG                                          | Galderma Group AG                                            | CUSIP: 000000000<br>LEI: 89450001OK6O8ELQ4584 | Long             | EC               | CORP              | CH        |       551 | NS      | $80272.90     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp                                                | ITOCHU Corp                                                  | CUSIP: 000000000<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |     25100 | NS      | $1319126.11   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| SoftBank Corp                                              | SoftBank Corp                                                | CUSIP: 000000000<br>LEI: 353800M1YCTS9JRBJ535 | Long             | EC               | CORP              | JP        |    147600 | NS      | $228095.76    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd                     | Contemporary Amperex Technology Co Ltd                       | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |      9100 | NS      | $320353.25    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| L'Oreal SA                                                 | L'Oreal SA                                                   | CUSIP: 000000000<br>LEI: 529900JI1GG6F7RKVI53 | Long             | EC               | CORP              | FR        |      2841 | NS      | $1216463.28   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Telecom Italia SpA/Milano                                  | Telecom Italia SpA/Milano                                    | CUSIP: 000000000<br>LEI: 549300W384M3RI3VXU42 | Long             | EC               | CORP              | IT        |     55559 | NS      | $27404.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| T. Rowe Price Government Reserve Fund                      | T. Rowe Price Government Reserve Fund                        | CUSIP: 76105Y109<br>LEI: 5493007QR86JJLYO6D96 | Long             | EC               | RF                | US        |         2 | NS      | $1.70         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Saab AB                                                    | Saab AB                                                      | CUSIP: 000000000<br>LEI: 549300ZHO4JCQQI13M69 | Long             | EC               | CORP              | SE        |      1664 | NS      | $92939.62     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SMC Corp                                                   | SMC Corp                                                     | CUSIP: 000000000<br>LEI: 353800O40V08DOZ70X62 | Long             | EC               | CORP              | JP        |      2200 | NS      | $792270.79    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Boliden AB                                                 | Boliden AB                                                   | CUSIP: 000000000<br>LEI: 21380059QU7IM1ONDJ56 | Long             | EC               | CORP              | SE        |      1478 | NS      | $46232.71     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MS&AD Insurance Group Holdings Inc                         | MS&AD Insurance Group Holdings Inc                           | CUSIP: 000000000<br>LEI: 529900CXROT5S2HMMP26 | Long             | EC               | CORP              | JP        |     68100 | NS      | $1519054.50   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG                     | Chocoladefabriken Lindt & Spruengli AG                       | CUSIP: 000000000<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |         1 | NS      | $166617.15    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Amundi SA                                                  | Amundi SA                                                    | CUSIP: 000000000<br>LEI: 96950010FL2T1TJKR531 | Long             | EC               | CORP              | FR        |       319 | NS      | $25858.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Yakult Honsha Co Ltd                                       | Yakult Honsha Co Ltd                                         | CUSIP: 000000000<br>LEI: 353800YJPSPGG7KI0S71 | Long             | EC               | CORP              | JP        |      1300 | NS      | $24455.46     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Metro Co Ltd                                         | Tokyo Metro Co Ltd                                           | CUSIP: 000000000<br>LEI: 35380049N9IQPZ74JY58 | Long             | EC               | CORP              | JP        |      1500 | NS      | $17471.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Chugai Pharmaceutical Co Ltd                               | Chugai Pharmaceutical Co Ltd                                 | CUSIP: 000000000<br>LEI: 529900T9LAII161DCN95 | Long             | EC               | CORP              | JP        |     17400 | NS      | $909560.23    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| KBC Group NV                                               | KBC Group NV                                                 | CUSIP: 000000000<br>LEI: 213800X3Q9LSAKRUWY91 | Long             | EC               | CORP              | BE        |      1203 | NS      | $123737.92    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Yamaha Motor Co Ltd                                        | Yamaha Motor Co Ltd                                          | CUSIP: 000000000<br>LEI: 3538004LR5NXILJDHY88 | Long             | EC               | CORP              | JP        |      4800 | NS      | $35798.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SKF AB                                                     | SKF AB                                                       | CUSIP: 000000000<br>LEI: 549300B6HWYEE57O8J84 | Long             | EC               | CORP              | SE        |      1828 | NS      | $41986.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| FDJ UNITED                                                 | FDJ UNITED                                                   | CUSIP: 000000000<br>LEI: 969500R4CLSQFTYYI535 | Long             | EC               | CORP              | FR        |       473 | NS      | $18562.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Volvo AB                                                   | Volvo AB                                                     | CUSIP: 000000000<br>LEI: 549300HGV012CNC8JD22 | Long             | EC               | CORP              | SE        |      8169 | NS      | $229357.92    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Beiersdorf AG                                              | Beiersdorf AG                                                | CUSIP: 000000000<br>LEI: L47NHHI0Z9X22DV46U41 | Long             | EC               | CORP              | DE        |      7474 | NS      | $938836.15    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                                  | Argenx SE                                                    | CUSIP: 000000000<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       316 | NS      | $174213.58    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Skanska AB                                                 | Skanska AB                                                   | CUSIP: 000000000<br>LEI: 549300UINV5RINHGMG07 | Long             | EC               | CORP              | SE        |      1639 | NS      | $38176.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Aristocrat Leisure Ltd                                     | Aristocrat Leisure Ltd                                       | CUSIP: 000000000<br>LEI: 529900TE2HO3OZKYKC27 | Long             | EC               | CORP              | AU        |      2916 | NS      | $125088.55    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Marubeni Corp                                              | Marubeni Corp                                                | CUSIP: 000000000<br>LEI: 4P4N3ORD02UGQT1T1W12 | Long             | EC               | CORP              | JP        |      7300 | NS      | $146900.36    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| REA Group Ltd                                              | REA Group Ltd                                                | CUSIP: 000000000<br>LEI: 894500KA4UBDATOFPN36 | Long             | EC               | CORP              | AU        |       282 | NS      | $44639.73     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ASX Ltd                                                    | ASX Ltd                                                      | CUSIP: 000000000<br>LEI: 549300VSBVYUCBIQKT71 | Long             | EC               | CORP              | AU        |      1007 | NS      | $46236.76     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                                   | Rolls-Royce Holdings PLC                                     | CUSIP: 000000000<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |     43562 | NS      | $578776.63    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| BAE Systems PLC                                            | BAE Systems PLC                                              | CUSIP: 000000000<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | EC               | CORP              | GB        |     70600 | NS      | $1827780.03   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken Holding NV                                        | Heineken Holding NV                                          | CUSIP: 000000000<br>LEI: 724500M1WJLFM9TYBS04 | Long             | EC               | CORP              | NL        |       672 | NS      | $50119.43     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Snam SpA                                                   | Snam SpA                                                     | CUSIP: 000000000<br>LEI: 8156002278562044AF79 | Long             | EC               | CORP              | IT        |     10085 | NS      | $61254.58     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Aisin Corp                                                 | Aisin Corp                                                   | CUSIP: 000000000<br>LEI: 3538004IOK08PDY6I723 | Long             | EC               | CORP              | JP        |      2700 | NS      | $34443.53     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ricoh Co Ltd                                               | Ricoh Co Ltd                                                 | CUSIP: 000000000<br>LEI: 549300HFIB2GRUMDID72 | Long             | EC               | CORP              | JP        |      2600 | NS      | $24547.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BP PLC                                                     | BP PLC                                                       | CUSIP: 000000000<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |     82663 | NS      | $412361.08    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| TOPPAN Holdings Inc                                        | TOPPAN Holdings Inc                                          | CUSIP: 000000000<br>LEI: 3538003H9W4KIDODQY20 | Long             | EC               | CORP              | JP        |      1200 | NS      | $32566.62     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| National Bank of Canada                                    | National Bank of Canada                                      | CUSIP: 633067103<br>LEI: BSGEFEIOM18Y80CKCV46 | Long             | EC               | CORP              | CA        |      7139 | NS      | $736678.74    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Stora Enso Oyj                                             | Stora Enso Oyj                                               | CUSIP: 000000000<br>LEI: 7437000ZP669LKUTZ738 | Long             | EC               | CORP              | FI        |     31356 | NS      | $339966.24    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Cochlear Ltd                                               | Cochlear Ltd                                                 | CUSIP: 000000000<br>LEI: 5493001OLLWY8KV5UC08 | Long             | EC               | CORP              | AU        |       348 | NS      | $68812.24     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ASML Holding NV                                            | ASML Holding NV                                              | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      6493 | NS      | $5198603.11   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Brookfield Corp                                            | Brookfield Corp                                              | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     10898 | NS      | $674487.56    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                                                   | Kia Corp                                                     | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |      6902 | NS      | $494176.43    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Cellulosa AB SCA                                   | Svenska Cellulosa AB SCA                                     | CUSIP: 000000000<br>LEI: 549300FW5JDRV1IJ0M67 | Long             | EC               | CORP              | SE        |      3140 | NS      | $40839.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| British American Tobacco PLC                               | British American Tobacco PLC                                 | CUSIP: 000000000<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |     10206 | NS      | $482971.69    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Chocoladefabriken Lindt & Spruengli AG                     | Chocoladefabriken Lindt & Spruengli AG                       | CUSIP: 000000000<br>LEI: 529900JYJNNOKKAGK736 | Long             | EC               | CORP              | CH        |        66 | NS      | $1110486.94   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Land Securities Group PLC                                  | Land Securities Group PLC                                    | CUSIP: 000000000<br>LEI: 213800V8IAVKS37D6B88 | Long             | EC               |  | GB        |      3086 | NS      | $26734.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd                                        | Macquarie Group Ltd                                          | CUSIP: 000000000<br>LEI: ACMHD8HWFMFUIQQ8Y590 | Long             | EC               | CORP              | AU        |      5837 | NS      | $878845.50    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Persimmon PLC                                              | Persimmon PLC                                                | CUSIP: 000000000<br>LEI: 213800XI72Y57UWN6F31 | Long             | EC               | CORP              | GB        |     16473 | NS      | $293342.76    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi UFJ Financial Group Inc                         | Mitsubishi UFJ Financial Group Inc                           | CUSIP: 000000000<br>LEI: 353800V2V8PUY9TK3E06 | Long             | EC               | CORP              | JP        |    314700 | NS      | $4308755.99   | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Scentre Group                                              | Scentre Group                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |    253794 | NS      | $596501.84    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Straumann Holding AG                                       | Straumann Holding AG                                         | CUSIP: 000000000<br>LEI: 50670046ML5FVIM60Z37 | Long             | EC               | CORP              | CH        |       580 | NS      | $75979.99     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Telecommunications Ltd                           | Singapore Telecommunications Ltd                             | CUSIP: 000000000<br>LEI: 2549003XJKIQO8YDYD89 | Long             | EC               | CORP              | SG        |     38600 | NS      | $115994.65    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Partners Group Holding AG                                  | Partners Group Holding AG                                    | CUSIP: 000000000<br>LEI: 549300I3IVVWZWDHI788 | Long             | EC               | CORP              | CH        |       118 | NS      | $154715.91    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BPER Banca SPA                                             | BPER Banca SPA                                               | CUSIP: 000000000<br>LEI: N747OI7JINV7RUUH6190 | Long             | EC               | CORP              | IT        |      5219 | NS      | $47456.76     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesco PLC                                                  | Tesco PLC                                                    | CUSIP: 000000000<br>LEI: 2138002P5RNKC5W2JZ46 | Long             | EC               | CORP              | GB        |     35025 | NS      | $192939.95    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                                             | Continental AG                                               | CUSIP: 000000000<br>LEI: 529900A7YD9C0LLXM621 | Long             | EC               | CORP              | DE        |       569 | NS      | $49652.41     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Terna - Rete Elettrica Nazionale                           | Terna - Rete Elettrica Nazionale                             | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |      6881 | NS      | $70777.77     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mowi ASA                                                   | Mowi ASA                                                     | CUSIP: 000000000<br>LEI: 549300W1OGQF5LZIH349 | Long             | EC               | CORP              | NO        |      2416 | NS      | $46680.96     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sembcorp Industries Ltd                                    | Sembcorp Industries Ltd                                      | CUSIP: 000000000<br>LEI: 254900J0FF14U6TPQM96 | Long             | EC               | CORP              | SG        |      4600 | NS      | $24790.82     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Otsuka Corp                                                | Otsuka Corp                                                  | CUSIP: 000000000<br>LEI: 529900RG9DJ58J3UIE72 | Long             | EC               | CORP              | JP        |      1100 | NS      | $22399.01     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Lufthansa AG                                      | Deutsche Lufthansa AG                                        | CUSIP: 000000000<br>LEI: 529900PH63HYJ86ASW55 | Long             | EC               | CORP              | DE        |      3225 | NS      | $27267.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Airlines Ltd                                     | Singapore Airlines Ltd                                       | CUSIP: 000000000<br>LEI: 549300ZG62N2599PWR15 | Long             | EC               | CORP              | SG        |      7700 | NS      | $42238.49     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lotus Bakeries NV                                          | Lotus Bakeries NV                                            | CUSIP: 000000000<br>LEI: 5493004C0K34IFI67I03 | Long             | EC               | CORP              | BE        |         2 | NS      | $19267.99     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Insurance Australia Group Ltd                              | Insurance Australia Group Ltd                                | CUSIP: 000000000<br>LEI: 549300PFEWKNHRG25N08 | Long             | EC               | CORP              | AU        |     12164 | NS      | $72298.11     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Group Holdings Ltd                                   | Asahi Group Holdings Ltd                                     | CUSIP: 000000000<br>LEI: 353800KAJ02XNHLCJW79 | Long             | EC               | CORP              | JP        |      7500 | NS      | $100376.80    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Publicis Groupe SA                                         | Publicis Groupe SA                                           | CUSIP: 000000000<br>LEI: 2138004KW8BV57III342 | Long             | EC               | CORP              | FR        |      1189 | NS      | $134226.91    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Mandatum Oyj                                               | Mandatum Oyj                                                 | CUSIP: 000000000<br>LEI: 743700OAJK6L28Y2NN56 | Long             | EC               | CORP              | FI        |     50091 | NS      | $327378.99    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Wesfarmers Ltd                                             | Wesfarmers Ltd                                               | CUSIP: 000000000<br>LEI: 5493003L32ZX9557ST85 | Long             | EC               | CORP              | AU        |      5874 | NS      | $327666.88    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Check Point Software Technologies Ltd                      | Check Point Software Technologies Ltd                        | CUSIP: 000000000<br>LEI: 2549003ZVBH73EPNS513 | Long             | EC               | CORP              | IL        |      2675 | NS      | $591843.75    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                               | Unilever PLC                                                 | CUSIP: 000000000<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     71460 | NS      | $4352567.94   | 1.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Commonwealth Bank of Australia                             | Commonwealth Bank of Australia                               | CUSIP: 000000000<br>LEI: MSFSBD3QN1GSN7Q6C537 | Long             | EC               | CORP              | AU        |      8609 | NS      | $1046892.60   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Insurance Co Ltd                                | Japan Post Insurance Co Ltd                                  | CUSIP: 000000000<br>LEI: 54930042SK2Z708BA841 | Long             | EC               | CORP              | JP        |      1000 | NS      | $22552.90     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Disco Corp                                                 | Disco Corp                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |       400 | NS      | $118355.48    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Ltd                                     | Singapore Exchange Ltd                                       | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |      4400 | NS      | $51467.79     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto Ltd                                              | Rio Tinto Ltd                                                | CUSIP: 000000000<br>LEI: 529900X2VMAQT2PE0V24 | Long             | EC               | CORP              | AU        |     11439 | NS      | $806620.67    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonova Holding AG                                          | Sonova Holding AG                                            | CUSIP: 000000000<br>LEI: 5299004A0QNX7FBNHS61 | Long             | EC               | CORP              | CH        |      1047 | NS      | $312755.13    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| SAP SE                                                     | SAP SE                                                       | CUSIP: 000000000<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |     21619 | NS      | $6576233.89   | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Amadeus IT Group SA                                        | Amadeus IT Group SA                                          | CUSIP: 000000000<br>LEI: 9598004A3FTY3TEHHN09 | Long             | EC               | CORP              | ES        |      9980 | NS      | $844290.65    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Olympus Corp                                               | Olympus Corp                                                 | CUSIP: 000000000<br>LEI: 5299000Y52IFDI1I2A21 | Long             | EC               | CORP              | JP        |      5900 | NS      | $70006.70     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantest Corp                                             | Advantest Corp                                               | CUSIP: 000000000<br>LEI: 353800EMK32PDKS9XR54 | Long             | EC               | CORP              | JP        |      3900 | NS      | $288895.61    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Acciona SA                                                 | Acciona SA                                                   | CUSIP: 000000000<br>LEI: 54930002KP75TLLLNO21 | Long             | EC               | CORP              | ES        |       129 | NS      | $23221.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Life Holding AG                                      | Swiss Life Holding AG                                        | CUSIP: 000000000<br>LEI: 5493000KUC3Z24U77V93 | Long             | EC               | CORP              | CH        |       149 | NS      | $151214.27    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| ASR Nederland NV                                           | ASR Nederland NV                                             | CUSIP: 000000000<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |       764 | NS      | $50745.05     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Metal Mining Co Ltd                               | Sumitomo Metal Mining Co Ltd                                 | CUSIP: 000000000<br>LEI: 353800CF81IXL9974H84 | Long             | EC               | CORP              | JP        |      1300 | NS      | $31937.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Holcim AG                                                  | Holcim AG                                                    | CUSIP: 000000000<br>LEI: 529900EHPFPYHV6IQO98 | Long             | EC               | CORP              | CH        |      6745 | NS      | $502759.99    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Endesa SA                                                  | Endesa SA                                                    | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |      1642 | NS      | $52013.21     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Carrefour SA                                               | Carrefour SA                                                 | CUSIP: 000000000<br>LEI: 549300B8P6MUJ1YWTS08 | Long             | EC               | CORP              | FR        |      2665 | NS      | $37569.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MTR Corp Ltd                                               | MTR Corp Ltd                                                 | CUSIP: 000000000<br>LEI: 254900IH4U9NHH9AQM97 | Long             | EC               | CORP              | HK        |      8000 | NS      | $28764.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa House Industry Co Ltd                                | Daiwa House Industry Co Ltd                                  | CUSIP: 000000000<br>LEI: 353800K9WXR9XRZJZI46 | Long             | EC               | CORP              | JP        |      2800 | NS      | $96463.43     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeroports de Paris SA                                      | Aeroports de Paris SA                                        | CUSIP: 000000000<br>LEI: 969500PJMBSFHYC37989 | Long             | EC               | CORP              | FR        |       166 | NS      | $20834.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CLP Holdings Ltd                                           | CLP Holdings Ltd                                             | CUSIP: 000000000<br>LEI: 25490002BUTSMP94GO68 | Long             | EC               | CORP              | HK        |      8500 | NS      | $71600.97     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexel SA                                                   | Rexel SA                                                     | CUSIP: 000000000<br>LEI: 969500N6AVPA51648T62 | Long             | EC               | CORP              | FR        |      1104 | NS      | $34068.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| BKW AG                                                     | BKW AG                                                       | CUSIP: 000000000<br>LEI: 549300IE30SKTUO98Q38 | Long             | EC               | CORP              | CH        |       105 | NS      | $22984.65     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AddTech AB                                                 | AddTech AB                                                   | CUSIP: 000000000<br>LEI: 549300QZ5U2IDRHPWL60 | Long             | EC               | CORP              | SE        |      1335 | NS      | $45475.69     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas SA                                             | BNP Paribas SA                                               | CUSIP: 000000000<br>LEI: R0MUWSFPU8MPRO8K5P83 | Long             | EC               | CORP              | FR        |     20364 | NS      | $1834171.39   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Tsusho Corp                                         | Toyota Tsusho Corp                                           | CUSIP: 000000000<br>LEI: 549300CEE2ENIUJNXB84 | Long             | EC               | CORP              | JP        |      3200 | NS      | $72277.84     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Hapoalim BM                                           | Bank Hapoalim BM                                             | CUSIP: 000000000<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |      6528 | NS      | $125369.81    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| M&G PLC                                                    | M&G PLC                                                      | CUSIP: 000000000<br>LEI: 254900TWUJUQ44TQJY84 | Long             | EC               | CORP              | GB        |     12102 | NS      | $42704.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sony Group Corp                                            | Sony Group Corp                                              | CUSIP: 000000000<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |    150300 | NS      | $3918248.17   | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Airbus SE                                                  | Airbus SE                                                    | CUSIP: 000000000<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |      8581 | NS      | $1795521.89   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Heavy Industries Ltd                            | Mitsubishi Heavy Industries Ltd                              | CUSIP: 000000000<br>LEI: 353800TJ98PCAZROVE69 | Long             | EC               | CORP              | JP        |     16500 | NS      | $413482.98    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                                  | Shell PLC                                                    | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     30794 | NS      | $1079107.75   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurex Deutschland                                          | EURO STOXX 50 SEP25                                          | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               |  | DE        |         1 | NC      | $669.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Covivio SA/France                                          | Covivio SA/France                                            | CUSIP: 000000000<br>LEI: 969500P8M3W2XX376054 | Long             | EC               |  | FR        |       212 | NS      | $13385.92     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Jeronimo Martins SGPS SA                                   | Jeronimo Martins SGPS SA                                     | CUSIP: 000000000<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |     36217 | NS      | $917105.72    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB                                          | Industrivarden AB                                            | CUSIP: 000000000<br>LEI: 549300TM1DLIQI3B3T37 | Long             | EC               | CORP              | SE        |       487 | NS      | $17679.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| VAT Group AG                                               | VAT Group AG                                                 | CUSIP: 000000000<br>LEI: 529900MVFK7NVALR7Y83 | Long             | EC               | CORP              | CH        |       140 | NS      | $59279.49     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Renesas Electronics Corp                                   | Renesas Electronics Corp                                     | CUSIP: 000000000<br>LEI: 5299000EPC47VJQOFB81 | Long             | EC               | CORP              | JP        |     32000 | NS      | $393798.89    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Daifuku Co Ltd                                             | Daifuku Co Ltd                                               | CUSIP: 000000000<br>LEI: 3538006FG1W4X3MYHL36 | Long             | EC               | CORP              | JP        |      1700 | NS      | $43945.56     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui Fudosan Co Ltd                                      | Mitsui Fudosan Co Ltd                                        | CUSIP: 000000000<br>LEI: 353800ND4ZKNZDYKMF33 | Long             | EC               | CORP              | JP        |     87700 | NS      | $847222.00    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Investment AB Latour                                       | Investment AB Latour                                         | CUSIP: 000000000<br>LEI: 5493006GFBLNB3Y0Y789 | Long             | EC               | CORP              | SE        |       761 | NS      | $20061.67     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Boerse AG                                         | Deutsche Boerse AG                                           | CUSIP: 000000000<br>LEI: 529900G3SW56SHYNPR95 | Long             | EC               | CORP              | DE        |       968 | NS      | $315860.72    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution Mining Ltd                                       | Evolution Mining Ltd                                         | CUSIP: 000000000<br>LEI: 254900BCFW5QO5LW8F27 | Long             | EC               | CORP              | AU        |     10378 | NS      | $54127.65     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Leumi Le-Israel BM                                    | Bank Leumi Le-Israel BM                                      | CUSIP: 000000000<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |      7793 | NS      | $145013.67    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Randstad NV                                                | Randstad NV                                                  | CUSIP: 000000000<br>LEI: 7245009EAAUUQJ0U4T57 | Long             | EC               | CORP              | NL        |       551 | NS      | $25447.90     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Capcom Co Ltd                                              | Capcom Co Ltd                                                | CUSIP: 000000000<br>LEI: 529900JJWQKXS3TC8744 | Long             | EC               | CORP              | JP        |      1800 | NS      | $61451.76     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Syensqo SA                                                 | Syensqo SA                                                   | CUSIP: 000000000<br>LEI: 549300060XNJ90PLNS10 | Long             | EC               | CORP              | BE        |       377 | NS      | $29166.95     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rational AG                                                | Rational AG                                                  | CUSIP: 000000000<br>LEI: 529900K139N6UFJ1A758 | Long             | EC               | CORP              | DE        |        26 | NS      | $21805.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                                                    | Sea Ltd                                                      | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | KY        |      4403 | NS      | $704215.82    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent PLC                                           | Severn Trent PLC                                             | CUSIP: 000000000<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |      1354 | NS      | $50925.63     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                                 | Samsung Electronics Co Ltd                                   | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     16144 | NS      | $715738.38    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| ROCKWOOL A/S                                               | ROCKWOOL A/S                                                 | CUSIP: 000000000<br>LEI: 213800QRC7LNX935OZ09 | Long             | EC               | CORP              | DK        |       546 | NS      | $25544.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizrahi Tefahot Bank Ltd                                   | Mizrahi Tefahot Bank Ltd                                     | CUSIP: 000000000<br>LEI: YZO9YEGEO4VYDZMDWF93 | Long             | EC               | CORP              | IL        |       822 | NS      | $53593.89     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hang Seng Bank Ltd                                         | Hang Seng Bank Ltd                                           | CUSIP: 000000000<br>LEI: 5493009Z5F07LWZYMK62 | Long             | EC               | CORP              | HK        |      4000 | NS      | $60013.36     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Porsche Automobil Holding SE                               | Porsche Automobil Holding SE                                 | CUSIP: 000000000<br>LEI: 52990053Z17ZYM1KFV27 | Long             | EC               | CORP              | DE        |       719 | NS      | $28510.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Spotify Technology SA                                      | Spotify Technology SA                                        | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      2847 | NS      | $2184616.98   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Iberdrola SA                                               | Iberdrola SA                                                 | CUSIP: 000000000<br>LEI: 5QK37QC7NWOJ8D7WVQ45 | Long             | EC               | CORP              | ES        |    100267 | NS      | $1927479.68   | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Northern Star Resources Ltd                                | Northern Star Resources Ltd                                  | CUSIP: 000000000<br>LEI: 254900XFXCRYYZAX6M78 | Long             | EC               | CORP              | AU        |      6779 | NS      | $83847.62     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| DBS Group Holdings Ltd                                     | DBS Group Holdings Ltd                                       | CUSIP: 000000000<br>LEI: 5493007FKT78NKPM5V55 | Long             | EC               | CORP              | SG        |     56430 | NS      | $1995325.58   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Bollore SE                                                 | Bollore SE                                                   | CUSIP: 000000000<br>LEI: 969500LEKCHH6VV86P94 | Long             | EC               | CORP              | FR        |      3543 | NS      | $22263.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kawasaki Kisen Kaisha Ltd                                  | Kawasaki Kisen Kaisha Ltd                                    | CUSIP: 000000000<br>LEI: 353800FL04R73DS5P870 | Long             | EC               | CORP              | JP        |      1800 | NS      | $25418.35     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Helvetia Holding AG                                        | Helvetia Holding AG                                          | CUSIP: 000000000<br>LEI: 529900SUJBXTORH0LT80 | Long             | EC               | CORP              | CH        |       192 | NS      | $45171.49     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| KION Group AG                                              | KION Group AG                                                | CUSIP: 000000000<br>LEI: 5299005KY91C4C6U9H17 | Long             | EC               | CORP              | DE        |      6831 | NS      | $380322.70    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujitsu Ltd                                                | Fujitsu Ltd                                                  | CUSIP: 000000000<br>LEI: 3538000246DHJLRTUZ24 | Long             | EC               | CORP              | JP        |      9100 | NS      | $221094.12    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Kikkoman Corp                                              | Kikkoman Corp                                                | CUSIP: 000000000<br>LEI: 529900T9K5UH9HXOND47 | Long             | EC               | CORP              | JP        |      3500 | NS      | $32434.01     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Toronto-Dominion Bank/The                                  | Toronto-Dominion Bank/The                                    | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |     10759 | NS      | $791350.42    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| James Hardie Industries PLC                                | James Hardie Industries PLC                                  | CUSIP: 000000000<br>LEI: 635400NSGXKTVOO7JU45 | Long             | EC               | CORP              | IE        |      2287 | NS      | $63131.58     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| ICL Group Ltd                                              | ICL Group Ltd                                                | CUSIP: 000000000<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |      4209 | NS      | $28836.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Talanx AG                                                  | Talanx AG                                                    | CUSIP: 000000000<br>LEI: 5299006ZIILJ6VJVSJ32 | Long             | EC               | CORP              | DE        |       335 | NS      | $43379.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ACS Actividades de Construccion y Servicios SA             | ACS Actividades de Construccion y Servicios SA               | CUSIP: 000000000<br>LEI: 95980020140005558665 | Long             | EC               | CORP              | ES        |       932 | NS      | $64724.41     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Toray Industries Inc                                       | Toray Industries Inc                                         | CUSIP: 000000000<br>LEI: 35380099TCYR5FHT0A11 | Long             | EC               | CORP              | JP        |      7200 | NS      | $49178.14     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Xero Ltd                                                   | Xero Ltd                                                     | CUSIP: 000000000<br>LEI: 254900UG5D8YST164N14 | Long             | EC               | CORP              | NZ        |      3815 | NS      | $451513.23    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Akzo Nobel NV                                              | Akzo Nobel NV                                                | CUSIP: 000000000<br>LEI: 724500XYIJUGXAA5QD70 | Long             | EC               | CORP              | NL        |      6845 | NS      | $479032.70    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Orange SA                                                  | Orange SA                                                    | CUSIP: 000000000<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |      9675 | NS      | $147693.90    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| GEA Group AG                                               | GEA Group AG                                                 | CUSIP: 000000000<br>LEI: 549300PHUU0ZZWO8EO07 | Long             | EC               | CORP              | DE        |       757 | NS      | $52957.06     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| KT Corp                                                    | KT Corp                                                      | CUSIP: 000000000<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | CORP              | KR        |     13531 | NS      | $558550.05    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| ABB Ltd                                                    | ABB Ltd                                                      | CUSIP: 000000000<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |     24864 | NS      | $1486411.32   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Societe Generale SA                                        | Societe Generale SA                                          | CUSIP: 000000000<br>LEI: O2RNE8IBXP4R0TD8PU41 | Long             | EC               | CORP              | FR        |     17623 | NS      | $1009802.83   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| ASM International NV                                       | ASM International NV                                         | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |       976 | NS      | $624900.33    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Hitachi Ltd                                                | Hitachi Ltd                                                  | CUSIP: 000000000<br>LEI: 549300T6IPOCDWLKC615 | Long             | EC               | CORP              | JP        |     76700 | NS      | $2221910.43   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeon Co Ltd                                                | Aeon Co Ltd                                                  | CUSIP: 000000000<br>LEI: 5299009MXFL34SA71416 | Long             | EC               | CORP              | JP        |      3800 | NS      | $116547.48    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Next PLC                                                   | Next PLC                                                     | CUSIP: 000000000<br>LEI: 213800WQD8ECPZP9PH98 | Long             | EC               | CORP              | GB        |      5384 | NS      | $919807.67    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| T. Rowe Price Government Reserve Fund                      | T. Rowe Price Government Reserve Fund                        | CUSIP: 76105Y109<br>LEI: 5493007QR86JJLYO6D96 | Long             | STIV             | RF                | US        |    408016 | NS      | $408016.39    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Reckitt Benckiser Group PLC                                | Reckitt Benckiser Group PLC                                  | CUSIP: 000000000<br>LEI: 5493003JFSMOJG48V108 | Long             | EC               | CORP              | GB        |     20526 | NS      | $1396321.49   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Jardine Matheson Holdings Ltd                              | Jardine Matheson Holdings Ltd                                | CUSIP: 000000000<br>LEI: 2138009KENVUNWOLPK41 | Long             | EC               | CORP              | BM        |       800 | NS      | $38458.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hamamatsu Photonics KK                                     | Hamamatsu Photonics KK                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     18200 | NS      | $220677.72    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| T&D Holdings Inc                                           | T&D Holdings Inc                                             | CUSIP: 000000000<br>LEI: 3538008ARJ1MACEWA242 | Long             | EC               | CORP              | JP        |      2500 | NS      | $54683.85     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai Nippon Printing Co Ltd                                 | Dai Nippon Printing Co Ltd                                   | CUSIP: 000000000<br>LEI: 529900S7NFNQ4FT6OP83 | Long             | EC               | CORP              | JP        |      2000 | NS      | $30314.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lifco AB                                                   | Lifco AB                                                     | CUSIP: 000000000<br>LEI: 549300RTLL4VDQRCTW41 | Long             | EC               | CORP              | SE        |      1092 | NS      | $44216.40     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Thales SA                                                  | Thales SA                                                    | CUSIP: 000000000<br>LEI: 529900FNDVTQJOVVPZ19 | Long             | EC               | CORP              | FR        |      1759 | NS      | $518209.34    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Electron Ltd                                         | Tokyo Electron Ltd                                           | CUSIP: 000000000<br>LEI: 549300H5LSF8DP3RIJ34 | Long             | EC               | CORP              | JP        |      5700 | NS      | $1088241.89   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimizu Corp                                               | Shimizu Corp                                                 | CUSIP: 000000000<br>LEI: 353800BRAE0QFP3ZLY22 | Long             | EC               | CORP              | JP        |     26900 | NS      | $300067.21    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Getlink SE                                                 | Getlink SE                                                   | CUSIP: 000000000<br>LEI: 9695007ZEQ7M0OE74G82 | Long             | EC               | CORP              | FR        |      1375 | NS      | $26573.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Renault SA                                                 | Renault SA                                                   | CUSIP: 000000000<br>LEI: 969500F7JLTX36OUI695 | Long             | EC               | CORP              | FR        |       937 | NS      | $43242.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Avolta AG                                                  | Avolta AG                                                    | CUSIP: 000000000<br>LEI: 549300X53WDBVW7TIF57 | Long             | EC               | CORP              | CH        |       457 | NS      | $24870.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Meridian Energy Ltd                                        | Meridian Energy Ltd                                          | CUSIP: 000000000<br>LEI: 254900IFKXIGNCY3A092 | Long             | EC               | CORP              | NZ        |      6741 | NS      | $24245.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Barry Callebaut AG                                         | Barry Callebaut AG                                           | CUSIP: 000000000<br>LEI: 213800Y5RWKLDPUTT265 | Long             | EC               | CORP              | CH        |        19 | NS      | $20656.83     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ICE Futures Europe - Financial Products Division           | FTSE 100 IDX FUT SEP25                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               |  | GB        |         1 | NC      | $128.78       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tele2 AB                                                   | Tele2 AB                                                     | CUSIP: 000000000<br>LEI: 213800EKD193RVI9HL76 | Long             | EC               | CORP              | SE        |      2825 | NS      | $41292.48     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexon Co Ltd                                               | Nexon Co Ltd                                                 | CUSIP: 000000000<br>LEI: 5299005SFO0GAJFLKN43 | Long             | EC               | CORP              | JP        |      1700 | NS      | $34213.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Daito Trust Construction Co Ltd                            | Daito Trust Construction Co Ltd                              | CUSIP: 000000000<br>LEI: 353800QQ4DRI3KXS3038 | Long             | EC               | CORP              | JP        |       300 | NS      | $32700.21     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                                        | Henkel AG & Co KGaA                                          | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |       872 | NS      | $68470.25     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TechnoPro Holdings Inc                                     | TechnoPro Holdings Inc                                       | CUSIP: 000000000<br>LEI: 3538001DJ8I5PJQNHU53 | Long             | EC               | CORP              | JP        |     17200 | NS      | $501996.41    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Lloyds Banking Group PLC                                   | Lloyds Banking Group PLC                                     | CUSIP: 000000000<br>LEI: 549300PPXHEU2JF0AM85 | Long             | EC               | CORP              | GB        |   2469453 | NS      | $2600566.37   | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Hong Kong & China Gas Co Ltd                               | Hong Kong & China Gas Co Ltd                                 | CUSIP: 000000000<br>LEI: 254900P7BETXGC7YU827 | Long             | EC               | CORP              | HK        |     58000 | NS      | $48732.87     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Genmab A/S                                                 | Genmab A/S                                                   | CUSIP: 000000000<br>LEI: 529900MTJPDPE4MHJ122 | Long             | EC               | CORP              | DK        |       333 | NS      | $68904.88     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kubota Corp                                                | Kubota Corp                                                  | CUSIP: 000000000<br>LEI: 549300CSY4INHEHQQT13 | Long             | EC               | CORP              | JP        |      4800 | NS      | $53816.74     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortum Oyj                                                 | Fortum Oyj                                                   | CUSIP: 000000000<br>LEI: 635400IUIZZIUJSAMF76 | Long             | EC               | CORP              | FI        |      2444 | NS      | $45809.12     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                                                | REDEIA CORPORACION SA                                        | CUSIP: 000000000<br>LEI: 549300FWX3HQBUJIR891 | N/A              | DE               |  | ES        |     39066 | OU      | $1102.19      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Ageas SA/NV                                                | Ageas SA/NV                                                  | CUSIP: 000000000<br>LEI: 5493005DJBML6LY3RV36 | Long             | EC               | CORP              | BE        |       771 | NS      | $52060.37     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Metso Oyj                                                  | Metso Oyj                                                    | CUSIP: 000000000<br>LEI: 549300R0VN9C371W0E07 | Long             | EC               | CORP              | FI        |      3195 | NS      | $41379.46     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pandora A/S                                                | Pandora A/S                                                  | CUSIP: 000000000<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |      2981 | NS      | $523228.24    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Legal & General Group PLC                                  | Legal & General Group PLC                                    | CUSIP: 000000000<br>LEI: 213800JH9QQWHLO99821 | Long             | EC               | CORP              | GB        |     30398 | NS      | $106259.06    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Orkla ASA                                                  | Orkla ASA                                                    | CUSIP: 000000000<br>LEI: 549300PZS8G8RG6RVZ52 | Long             | EC               | CORP              | NO        |      3642 | NS      | $39585.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sodexo SA                                                  | Sodexo SA                                                    | CUSIP: 000000000<br>LEI: 969500LCBOG12HXPYM84 | Long             | EC               | CORP              | FR        |       435 | NS      | $26770.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                           | Roche Holding AG                                             | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |     15057 | NS      | $4922290.49   | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Woolworths Group Ltd                                       | Woolworths Group Ltd                                         | CUSIP: 000000000<br>LEI: QNWEWQBS7HP85QHXQL92 | Long             | EC               | CORP              | AU        |      6276 | NS      | $128510.94    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Informa PLC                                                | Informa PLC                                                  | CUSIP: 000000000<br>LEI: 5493006VM2LKUPSEDU20 | Long             | EC               | CORP              | GB        |      6652 | NS      | $73597.70     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Securitas AB                                               | Securitas AB                                                 | CUSIP: 000000000<br>LEI: 635400TTYKE8EIWDS617 | Long             | EC               | CORP              | SE        |      2363 | NS      | $35359.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                                  | Alibaba Group Holding Ltd                                    | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |       790 | NS      | $89593.90     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Canon Inc                                                  | Canon Inc                                                    | CUSIP: 000000000<br>LEI: 529900JH1GSC035SSP77 | Long             | EC               | CORP              | JP        |      4700 | NS      | $136131.94    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens Healthineers AG                                    | Siemens Healthineers AG                                      | CUSIP: 000000000<br>LEI: 529900QBVWXMWANH7H45 | Long             | EC               | CORP              | DE        |     25538 | NS      | $1416667.92   | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Sampo Oyj                                                  | Sampo Oyj                                                    | CUSIP: 000000000<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |     81784 | NS      | $880094.46    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Futu Holdings Ltd                                          | Futu Holdings Ltd                                            | CUSIP: 36118L106<br>LEI: 213800X4W4ZRESFPTQ37 | Long             | EC               | CORP              | KY        |       291 | NS      | $35964.69     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Otsuka Holdings Co Ltd                                     | Otsuka Holdings Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2300 | NS      | $113873.61    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Daimler Truck Holding AG                                   | Daimler Truck Holding AG                                     | CUSIP: 000000000<br>LEI: 529900PW78JIYOUBSR24 | Long             | EC               | CORP              | DE        |      2443 | NS      | $115627.22    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Daikin Industries Ltd                                      | Daikin Industries Ltd                                        | CUSIP: 000000000<br>LEI: 549300Y7FWSTSHMW5Y57 | Long             | EC               | CORP              | JP        |      6300 | NS      | $744271.93    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Swedbank AB                                                | Swedbank AB                                                  | CUSIP: 000000000<br>LEI: M312WZV08Y7LYUC71685 | Long             | EC               | CORP              | SE        |      4279 | NS      | $113370.42    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokyo Gas Co Ltd                                           | Tokyo Gas Co Ltd                                             | CUSIP: 000000000<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |      1700 | NS      | $56516.40     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Telegraph & Telephone Corp                          | Nippon Telegraph & Telephone Corp                            | CUSIP: 000000000<br>LEI: 353800VHQU5VIXVUA841 | Long             | EC               | CORP              | JP        |    155300 | NS      | $165848.11    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| NXP Semiconductors NV                                      | NXP Semiconductors NV                                        | CUSIP: 000000000<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |      3066 | NS      | $669890.34    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Essity AB                                                  | Essity AB                                                    | CUSIP: 000000000<br>LEI: 549300G8E6YUVJ1DA153 | Long             | EC               | CORP              | SE        |      3098 | NS      | $85794.91     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| HKT Trust & HKT Ltd                                        | HKT Trust & HKT Ltd                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | XX        |     20000 | NS      | $29867.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| 3i Group PLC                                               | 3i Group PLC                                                 | CUSIP: 000000000<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |      5045 | NS      | $285378.63    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Brenntag SE                                                | Brenntag SE                                                  | CUSIP: 000000000<br>LEI: NNROIXVWJ7CPSR27SV97 | Long             | EC               | CORP              | DE        |       625 | NS      | $41394.63     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WPP PLC                                                    | WPP PLC                                                      | CUSIP: 000000000<br>LEI: 549300LSGBXPYHXGDT93 | Long             | EC               | CORP              | JE        |     54095 | NS      | $378128.37    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Realty & Development Co Ltd                       | Sumitomo Realty & Development Co Ltd                         | CUSIP: 000000000<br>LEI: 353800SO2DCLOI3LNZ64 | Long             | EC               | CORP              | JP        |      1600 | NS      | $61687.15     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| TotalEnergies SE                                           | TotalEnergies SE                                             | CUSIP: 000000000<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |     31622 | NS      | $1944985.39   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Unibail-Rodamco-Westfield                                  | Unibail-Rodamco-Westfield                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | XX        |       589 | NS      | $56366.74     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Reece Ltd                                                  | Reece Ltd                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      1110 | NS      | $10484.69     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikari Tsushin Inc                                         | Hikari Tsushin Inc                                           | CUSIP: 000000000<br>LEI: 3538001SOIIV8U3OXH94 | Long             | EC               | CORP              | JP        |       100 | NS      | $29474.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                                           | Novo Nordisk A/S                                             | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     52025 | NS      | $3630199.21   | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Goodman Group                                              | Goodman Group                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |     10449 | NS      | $235515.96    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Lottery Corp Ltd/The                                       | Lottery Corp Ltd/The                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     10133 | NS      | $35547.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| H & M Hennes & Mauritz AB                                  | H & M Hennes & Mauritz AB                                    | CUSIP: 000000000<br>LEI: 529900O5RR7R39FRDM42 | Long             | EC               | CORP              | SE        |      2819 | NS      | $39662.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NatWest Group PLC                                          | NatWest Group PLC                                            | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     39683 | NS      | $278633.58    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Delivery Hero SE                                           | Delivery Hero SE                                             | CUSIP: 000000000<br>LEI: 529900C3EX1FZGE48X78 | Long             | EC               | CORP              | DE        |       983 | NS      | $26615.42     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Medibank Pvt Ltd                                           | Medibank Pvt Ltd                                             | CUSIP: 000000000<br>LEI: BDYVSUPTML83OLINBJ17 | Long             | EC               | CORP              | AU        |     14920 | NS      | $49665.65     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Trelleborg AB                                              | Trelleborg AB                                                | CUSIP: 000000000<br>LEI: 213800XY16PAWG2PAD14 | Long             | EC               | CORP              | SE        |      1085 | NS      | $40494.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiichi Sankyo Co Ltd                                      | Daiichi Sankyo Co Ltd                                        | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |     32900 | NS      | $766098.52    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| RELX PLC                                                   | RELX PLC                                                     | CUSIP: 000000000<br>LEI: 549300WSX3VBUFFJOO66 | Long             | EC               | CORP              | GB        |     38220 | NS      | $2073237.97   | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Philips NV                                     | Koninklijke Philips NV                                       | CUSIP: 000000000<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | EC               | CORP              | NL        |     31074 | NS      | $746045.55    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller - Maersk A/S                                     | AP Moller - Maersk A/S                                       | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |        12 | NS      | $22161.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Oriental Land Co Ltd/Japan                                 | Oriental Land Co Ltd/Japan                                   | CUSIP: 000000000<br>LEI: 353800PIFKBZ6KTU5994 | Long             | EC               | CORP              | JP        |      5600 | NS      | $129072.94    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| LY Corp                                                    | LY Corp                                                      | CUSIP: 000000000<br>LEI: 52990078MD2OL792YM35 | Long             | EC               | CORP              | JP        |     14700 | NS      | $54132.29     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius AG                                               | Sartorius AG                                                 | CUSIP: 000000000<br>LEI: 529900EQV2DY4FOAMU38 | Long             | EC               | CORP              | DE        |       139 | NS      | $35377.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kao Corp                                                   | Kao Corp                                                     | CUSIP: 000000000<br>LEI: 353800HM38HFCB8RGL63 | Long             | EC               | CORP              | JP        |      2400 | NS      | $107421.59    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Azrieli Group Ltd                                          | Azrieli Group Ltd                                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |       176 | NS      | $16215.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Scout24 SE                                                 | Scout24 SE                                                   | CUSIP: 000000000<br>LEI: 5493007EIKM2ENQS7U66 | Long             | EC               | CORP              | DE        |       376 | NS      | $51851.73     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MINEBEA MITSUMI Inc                                        | MINEBEA MITSUMI Inc                                          | CUSIP: 000000000<br>LEI: 353800CCB0CZ75YZ4010 | Long             | EC               | CORP              | JP        |      1900 | NS      | $27781.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujikura Ltd                                               | Fujikura Ltd                                                 | CUSIP: 000000000<br>LEI: 353800PSDZ8VRCKVPL51 | Long             | EC               | CORP              | JP        |      1300 | NS      | $68311.87     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Magna International Inc                                    | Magna International Inc                                      | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |      3754 | NS      | $144941.94    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Nomura Holdings Inc                                        | Nomura Holdings Inc                                          | CUSIP: 000000000<br>LEI: 549300B3CEAHYG7K8164 | Long             | EC               | CORP              | JP        |     15500 | NS      | $101792.27    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Enel SpA                                                   | Enel SpA                                                     | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |     41925 | NS      | $397917.05    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurazeo SE                                                 | Eurazeo SE                                                   | CUSIP: 000000000<br>LEI: 969500C656AA39O94N60 | Long             | EC               | CORP              | FR        |       196 | NS      | $14006.25     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Dowlais Group PLC                                          | Dowlais Group PLC                                            | CUSIP: 000000000<br>LEI: 213800XM8WOFLY6VPC92 | Long             | EC               | CORP              | GB        |     98023 | NS      | $89748.37     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dr Ing hc F Porsche AG                                     | Dr Ing hc F Porsche AG                                       | CUSIP: 000000000<br>LEI: 529900EWEX125AULXI58 | Long             | EP               | CORP              | DE        |       587 | NS      | $29003.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Industria de Diseno Textil SA                              | Industria de Diseno Textil SA                                | CUSIP: 000000000<br>LEI: 549300TTCXZOGZM2EY83 | Long             | EC               | CORP              | ES        |     25576 | NS      | $1332751.59   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson Matthey PLC                                        | Johnson Matthey PLC                                          | CUSIP: 000000000<br>LEI: 2138001AVBSD1HSC6Z10 | Long             | EC               | CORP              | GB        |      7335 | NS      | $174817.93    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| STMicroelectronics NV                                      | STMicroelectronics NV                                        | CUSIP: 000000000<br>LEI: 213800Z8NOHIKRI42W10 | Long             | EC               | CORP              | NL        |      3524 | NS      | $107233.90    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Bank Co Ltd                                     | Japan Post Bank Co Ltd                                       | CUSIP: 000000000<br>LEI: 5493006JVO6N2HC2XZ76 | Long             | EC               | CORP              | JP        |      9400 | NS      | $101474.39    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Neste Oyj                                                  | Neste Oyj                                                    | CUSIP: 000000000<br>LEI: 5493009GY1X8GQ66AM14 | Long             | EC               | CORP              | FI        |      2240 | NS      | $30226.71     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kering SA                                                  | Kering SA                                                    | CUSIP: 000000000<br>LEI: 549300VGEJKB7SVUZR78 | Long             | EC               | CORP              | FR        |      2165 | NS      | $472279.22    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Evolution AB                                               | Evolution AB                                                 | CUSIP: 000000000<br>LEI: 549300SUH6ZR1RF6TA88 | Long             | EC               | CORP              | SE        |       765 | NS      | $60841.90     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| APA Group                                                  | APA Group                                                    | CUSIP: 000000000<br>LEI: 549300T9RBSX164T8H40 | Long             | EC               | CORP              | AU        |      7071 | NS      | $38023.17     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Accor SA                                                   | Accor SA                                                     | CUSIP: 000000000<br>LEI: 969500QZC2Q0TK11NV07 | Long             | EC               | CORP              | FR        |       964 | NS      | $50431.81     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                              | HDFC Bank Ltd                                                | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     25157 | NS      | $586439.71    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Dai-ichi Life Holdings Inc                                 | Dai-ichi Life Holdings Inc                                   | CUSIP: 000000000<br>LEI: 549300ZUFXI7JXZVTZ25 | Long             | EC               | CORP              | JP        |     18200 | NS      | $137574.39    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Origin Energy Ltd                                          | Origin Energy Ltd                                            | CUSIP: 000000000<br>LEI: ZSN2LWNPYW6ISMRUC664 | Long             | EC               | CORP              | AU        |      8859 | NS      | $62918.46     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Keppel Ltd                                                 | Keppel Ltd                                                   | CUSIP: 000000000<br>LEI: 254900SQ7IPDOY6IDW33 | Long             | EC               | CORP              | SG        |      7500 | NS      | $43816.26     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Henkel AG & Co KGaA                                        | Henkel AG & Co KGaA                                          | CUSIP: 000000000<br>LEI: 549300VZCL1HTH4O4Y49 | Long             | EC               | CORP              | DE        |       475 | NS      | $34409.99     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Oyj                                                  | Orion Oyj                                                    | CUSIP: 000000000<br>LEI: 74370029VAHCXDR7B745 | Long             | EC               | CORP              | FI        |       574 | NS      | $43205.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tryg A/S                                                   | Tryg A/S                                                     | CUSIP: 000000000<br>LEI: 213800ZRS8AC4LSTCE39 | Long             | EC               | CORP              | DK        |      1662 | NS      | $42976.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rheinmetall AG                                             | Rheinmetall AG                                               | CUSIP: 000000000<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |       495 | NS      | $1047279.82   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Pearson PLC                                                | Pearson PLC                                                  | CUSIP: 000000000<br>LEI: 2138004JBXWWJKIURC57 | Long             | EC               | CORP              | GB        |      2872 | NS      | $42271.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa Securities Group Inc                                 | Daiwa Securities Group Inc                                   | CUSIP: 000000000<br>LEI: 353800WRC7Y23PWFJG38 | Long             | EC               | CORP              | JP        |      6900 | NS      | $49074.73     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Adyen NV                                                   | Adyen NV                                                     | CUSIP: 000000000<br>LEI: 724500973ODKK3IFQ447 | Long             | EC               | CORP              | NL        |       295 | NS      | $541652.78    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Investment Ltd/Singapore                        | CapitaLand Investment Ltd/Singapore                          | CUSIP: 000000000<br>LEI: 254900AT4UQDU7SNXX49 | Long             | EC               | CORP              | SG        |     12200 | NS      | $25436.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| M3 Inc                                                     | M3 Inc                                                       | CUSIP: 000000000<br>LEI: 3538001UOKRWIODYM055 | Long             | EC               | CORP              | JP        |      2300 | NS      | $31590.32     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Electric Power Development Co Ltd                          | Electric Power Development Co Ltd                            | CUSIP: 000000000<br>LEI: 549300KMHPUAQI8VEH90 | Long             | EC               | CORP              | JP        |     11200 | NS      | $190848.26    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Kerry Group PLC                                            | Kerry Group PLC                                              | CUSIP: 000000000<br>LEI: 635400TLVVBNXLFHWC59 | Long             | EC               | CORP              | IE        |       777 | NS      | $85807.63     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Dentsu Group Inc                                           | Dentsu Group Inc                                             | CUSIP: 000000000<br>LEI: 5299007PBBE83ZLJZG91 | Long             | EC               | CORP              | JP        |      1000 | NS      | $22189.12     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Monday.com Ltd                                             | Monday.com Ltd                                               | CUSIP: 000000000<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |       203 | NS      | $63839.44     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirax Group PLC                                           | Spirax Group PLC                                             | CUSIP: 000000000<br>LEI: 213800WFVZQMHOZP2W17 | Long             | EC               | CORP              | GB        |       376 | NS      | $30742.22     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimadzu Corp                                              | Shimadzu Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1300 | NS      | $32241.23     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Power Assets Holdings Ltd                                  | Power Assets Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 254900JOWYUW1ZX4DF47 | Long             | EC               | CORP              | HK        |      7000 | NS      | $44990.92     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Woodside Energy Group Ltd                                  | Woodside Energy Group Ltd                                    | CUSIP: 000000000<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |      9866 | NS      | $152050.76    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Sino Land Co Ltd                                           | Sino Land Co Ltd                                             | CUSIP: 000000000<br>LEI: 529900G5P51053HJVZ92 | Long             | EC               | CORP              | HK        |     18000 | NS      | $19157.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wharf Holdings Ltd/The                                     | Wharf Holdings Ltd/The                                       | CUSIP: 000000000<br>LEI: 254900JCV4TBBPX9IW91 | Long             | EC               | CORP              | HK        |      5000 | NS      | $15248.19     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| DEFINITY FINL CORP                                         | DEFINITY FINL CORP                                           | CUSIP: 000000000<br>LEI: 984500D5F3FC49D00C44 | Long             | EC               | CORP              | CA        |       699 | NS      | $38704.35     | 0.01%             |  |  |  | Yes           |                  2 | On Loan: No      |
| Sumitomo Mitsui Trust Group Inc                            | Sumitomo Mitsui Trust Group Inc                              | CUSIP: 000000000<br>LEI: 353800P843RLCDBLNT17 | Long             | EC               | CORP              | JP        |     20600 | NS      | $546073.88    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| AXA SA                                                     | AXA SA                                                       | CUSIP: 000000000<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | EC               | CORP              | FR        |     30197 | NS      | $1484222.44   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| SBI Holdings Inc                                           | SBI Holdings Inc                                             | CUSIP: 000000000<br>LEI: 353800L6LMHYIPSMRQ17 | Long             | EC               | CORP              | JP        |      1400 | NS      | $48638.97     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CVC Capital Partners PLC                                   | CVC Capital Partners PLC                                     | CUSIP: 000000000<br>LEI: 213800E8UQS1KA32YD39 | Long             | EC               | CORP              | JE        |     19120 | NS      | $391530.41    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| ARM Holdings PLC                                           | ARM Holdings PLC                                             | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      3216 | NS      | $520155.84    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                                                    | GSK PLC                                                      | CUSIP: 000000000<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     56572 | NS      | $1078418.08   | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Elisa Oyj                                                  | Elisa Oyj                                                    | CUSIP: 000000000<br>LEI: 743700TU2S3DXWGU7H32 | Long             | EC               | CORP              | FI        |       690 | NS      | $38434.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Danske Bank A/S                                            | Danske Bank A/S                                              | CUSIP: 000000000<br>LEI: MAES062Z21O4RZ2U7M96 | Long             | EC               | CORP              | DK        |      3584 | NS      | $146121.97    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Evonik Industries AG                                       | Evonik Industries AG                                         | CUSIP: 000000000<br>LEI: 41GUOJQTALQHLF39XJ34 | Long             | EC               | CORP              | DE        |      1359 | NS      | $28014.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                            | AstraZeneca PLC                                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     21210 | NS      | $1482154.80   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Smiths Group PLC                                           | Smiths Group PLC                                             | CUSIP: 000000000<br>LEI: 213800MJL6IPZS3ASA11 | Long             | EC               | CORP              | GB        |      1594 | NS      | $49154.90     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SITC International Holdings Co Ltd                         | SITC International Holdings Co Ltd                           | CUSIP: 000000000<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | KY        |      7000 | NS      | $22469.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Admiral Group PLC                                          | Admiral Group PLC                                            | CUSIP: 000000000<br>LEI: 213800FGVM7Z9EJB2685 | Long             | EC               | CORP              | GB        |     11369 | NS      | $510349.79    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie Financiere Richemont SA                                | Cie Financiere Richemont SA                                  | CUSIP: 000000000<br>LEI: 549300YIPGJ6UX2QPS51 | Long             | EC               | CORP              | CH        |     10479 | NS      | $1981801.65   | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Aviation SA                                       | Dassault Aviation SA                                         | CUSIP: 000000000<br>LEI: 969500CVFTUT88V8QN95 | Long             | EC               | CORP              | FR        |       106 | NS      | $37561.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Stockland                                                  | Stockland                                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |     11055 | NS      | $39106.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                                       | Ryanair Holdings PLC                                         | CUSIP: 000000000<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |      4406 | NS      | $124653.79    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Global Advisors                               | State Street Institutional U.S. Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    500153 | NS      | $500152.59    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Great-West Lifeco Inc                                      | Great-West Lifeco Inc                                        | CUSIP: 39138C106<br>LEI: 549300X81X4VZEESFU46 | Long             | EC               | CORP              | CA        |     13211 | NS      | $502440.01    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT                                   | Bank Central Asia Tbk PT                                     | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    844100 | NS      | $452269.01    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| IHI Corp                                                   | IHI Corp                                                     | CUSIP: 000000000<br>LEI: 549300ETQIESIUQ2OE26 | Long             | EC               | CORP              | JP        |       700 | NS      | $76001.87     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| adidas AG                                                  | adidas AG                                                    | CUSIP: 000000000<br>LEI: 549300JSX0Z4CW0V5023 | Long             | EC               | CORP              | DE        |       881 | NS      | $205360.50    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| MTU Aero Engines AG                                        | MTU Aero Engines AG                                          | CUSIP: 000000000<br>LEI: 529900807L67JY81RD65 | Long             | EC               | CORP              | DE        |       275 | NS      | $122291.82    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Wharf Real Estate Investment Co Ltd                        | Wharf Real Estate Investment Co Ltd                          | CUSIP: 000000000<br>LEI: 529900QLPKS8U9QOPB59 | Long             | EC               | CORP              | KY        |      9000 | NS      | $25487.06     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrovial SE                                               | Ferrovial SE                                                 | CUSIP: 000000000<br>LEI: 72450022R2ZFL41Y6I04 | Long             | EC               | CORP              | NL        |      2461 | NS      | $131216.10    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Bureau Veritas SA                                          | Bureau Veritas SA                                            | CUSIP: 000000000<br>LEI: 969500TPU5T3HA5D1F11 | Long             | EC               | CORP              | FR        |      1567 | NS      | $54059.41     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| CyberArk Software Ltd                                      | CyberArk Software Ltd                                        | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |       243 | NS      | $98871.84     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Telstra Group Ltd                                          | Telstra Group Ltd                                            | CUSIP: 000000000<br>LEI: 894500WRW54CVN62K416 | Long             | EC               | CORP              | AU        |     20726 | NS      | $66023.02     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DNB Bank ASA                                               | DNB Bank ASA                                                 | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |     86284 | NS      | $2387497.27   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Suntory Beverage & Food Ltd                                | Suntory Beverage & Food Ltd                                  | CUSIP: 000000000<br>LEI: 549300FONLMVK7YYYH41 | Long             | EC               | CORP              | JP        |       700 | NS      | $22407.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Santos Ltd                                                 | Santos Ltd                                                   | CUSIP: 000000000<br>LEI: 5299000RK70B5O2M7077 | Long             | EC               | CORP              | AU        |     16096 | NS      | $80980.51     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Subaru Corp                                                | Subaru Corp                                                  | CUSIP: 000000000<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |     20400 | NS      | $354433.68    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Sun Hung Kai Properties Ltd                                | Sun Hung Kai Properties Ltd                                  | CUSIP: 000000000<br>LEI: 529900LUMD393RD3S874 | Long             | EC               | CORP              | HK        |      7500 | NS      | $86118.78     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui & Co Ltd                                            | Mitsui & Co Ltd                                              | CUSIP: 000000000<br>LEI: 2NRSB4GOU9DD6CNW5R48 | Long             | EC               | CORP              | JP        |     12800 | NS      | $260792.32    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Symrise AG                                                 | Symrise AG                                                   | CUSIP: 000000000<br>LEI: 529900D82I6R9601CF26 | Long             | EC               | CORP              | DE        |       688 | NS      | $72241.95     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SCSK Corp                                                  | SCSK Corp                                                    | CUSIP: 000000000<br>LEI: 529900SNGFXMSUBB7864 | Long             | EC               | CORP              | JP        |       800 | NS      | $24090.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Compass Group PLC                                          | Compass Group PLC                                            | CUSIP: 000000000<br>LEI: 2138008M6MH9OZ6U2T68 | Long             | EC               | CORP              | GB        |     40099 | NS      | $1358160.13   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Astellas Pharma Inc                                        | Astellas Pharma Inc                                          | CUSIP: 000000000<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |      9200 | NS      | $90210.14     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Ascendas REIT                                   | CapitaLand Ascendas REIT                                     | CUSIP: 000000000<br>LEI: 549300ILIBAEMQZK3L20 | Long             | EC               |  | SG        |     19300 | NS      | $40690.90     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Smith & Nephew PLC                                         | Smith & Nephew PLC                                           | CUSIP: 000000000<br>LEI: 213800ZTMDN8S67S1H61 | Long             | EC               | CORP              | GB        |      4380 | NS      | $66928.89     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Eisai Co Ltd                                               | Eisai Co Ltd                                                 | CUSIP: 000000000<br>LEI: 353800HDEE0ZYEX4QV91 | Long             | EC               | CORP              | JP        |      1400 | NS      | $40215.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| International Consolidated Airlines Group SA               | International Consolidated Airlines Group SA                 | CUSIP: 000000000<br>LEI: 959800TZHQRUSH1ESL13 | Long             | EC               | CORP              | ES        |      6441 | NS      | $30246.19     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Zensho Holdings Co Ltd                                     | Zensho Holdings Co Ltd                                       | CUSIP: 000000000<br>LEI: 353800DYF3UDM49ITT03 | Long             | EC               | CORP              | JP        |       500 | NS      | $30284.89     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Airlines Co Ltd                                      | Japan Airlines Co Ltd                                        | CUSIP: 000000000<br>LEI: 3538002MH5L1QZZ93477 | Long             | EC               | CORP              | JP        |       800 | NS      | $16296.55     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rentokil Initial PLC                                       | Rentokil Initial PLC                                         | CUSIP: 000000000<br>LEI: 549300VN4WV7Z6T14K68 | Long             | EC               | CORP              | GB        |     12930 | NS      | $62579.39     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Techtronic Industries Co Ltd                               | Techtronic Industries Co Ltd                                 | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |     37500 | NS      | $413082.53    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Central Japan Railway Co                                   | Central Japan Railway Co                                     | CUSIP: 000000000<br>LEI: 353800YAR3OVUITHTG64 | Long             | EC               | CORP              | JP        |      3900 | NS      | $87349.46     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanrio Co Ltd                                              | Sanrio Co Ltd                                                | CUSIP: 000000000<br>LEI: 3538002Q5JQLOMSPH125 | Long             | EC               | CORP              | JP        |       900 | NS      | $43534.20     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cellnex Telecom SA                                         | Cellnex Telecom SA                                           | CUSIP: 000000000<br>LEI: 5493008T4YG3AQUI7P67 | Long             | EC               | CORP              | ES        |      2563 | NS      | $99813.38     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui Chemical Co Ltd                                    | Sekisui Chemical Co Ltd                                      | CUSIP: 000000000<br>LEI: 529900KQIVT7NWFNMI70 | Long             | EC               | CORP              | JP        |      1700 | NS      | $30733.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingspan Group PLC                                         | Kingspan Group PLC                                           | CUSIP: 000000000<br>LEI: 635400HM7V74SUB9OG75 | Long             | EC               | CORP              | IE        |     14694 | NS      | $1249568.37   | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Air Liquide SA                                             | Air Liquide SA                                               | CUSIP: 000000000<br>LEI: 969500MMPQVHK671GT54 | Long             | EC               | CORP              | FR        |      7322 | NS      | $1512328.33   | 0.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Nestle SA                                                  | Nestle SA                                                    | CUSIP: 000000000<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |     32635 | NS      | $3241367.76   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Concordia Financial Group Ltd                              | Concordia Financial Group Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5500 | NS      | $35567.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bridgepoint Group PLC                                      | Bridgepoint Group PLC                                        | CUSIP: 000000000<br>LEI: 213800KFNMVI8PDZX472 | Long             | EC               | CORP              | GB        |     71922 | NS      | $307677.97    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Galaxy Entertainment Group Ltd                             | Galaxy Entertainment Group Ltd                               | CUSIP: 000000000<br>LEI: 549300ZSEBV3HR826S10 | Long             | EC               | CORP              | HK        |     11000 | NS      | $48946.88     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Elia Group SA/NV                                           | Elia Group SA/NV                                             | CUSIP: 000000000<br>LEI: 549300S1MP1NFDIKT460 | Long             | EC               | CORP              | BE        |       254 | NS      | $29236.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Keyence Corp                                               | Keyence Corp                                                 | CUSIP: 000000000<br>LEI: 529900M7PQBS7A89DZ11 | Long             | EC               | CORP              | JP        |      3200 | NS      | $1284923.68   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Bank AG                                           | Deutsche Bank AG                                             | CUSIP: 000000000<br>LEI: 7LTWFZYICNSX8D621K86 | Long             | EC               | CORP              | DE        |      9518 | NS      | $282387.86    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| JDE Peet's NV                                              | JDE Peet's NV                                                | CUSIP: 000000000<br>LEI: 724500EHG519SE5ZRT89 | Long             | EC               | CORP              | NL        |       907 | NS      | $25916.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Kesko Oyj                                                  | Kesko Oyj                                                    | CUSIP: 000000000<br>LEI: 743700OX6HSVMCAHPB95 | Long             | EC               | CORP              | FI        |      1394 | NS      | $34411.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                                          | Wolters Kluwer NV                                            | CUSIP: 000000000<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |      1231 | NS      | $205851.88    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsonite Group SA                                         | Samsonite Group SA                                           | CUSIP: 000000000<br>LEI: 549300UULS5HYFJSEL12 | Long             | EC               | CORP              | LU        |    103200 | NS      | $191080.37    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Sagax AB                                                   | Sagax AB                                                     | CUSIP: 000000000<br>LEI: 549300LJX28T6OM8DT95 | Long             | EC               | CORP              | SE        |      1120 | NS      | $25603.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Geberit AG                                                 | Geberit AG                                                   | CUSIP: 000000000<br>LEI: 52990093Z5OHD6T7BS47 | Long             | EC               | CORP              | CH        |       175 | NS      | $137931.11    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Osaka Gas Co Ltd                                           | Osaka Gas Co Ltd                                             | CUSIP: 000000000<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |      1800 | NS      | $46065.85     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BE Semiconductor Industries NV                             | BE Semiconductor Industries NV                               | CUSIP: 000000000<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |      2625 | NS      | $392955.25    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Pan Pacific International Holdings Corp                    | Pan Pacific International Holdings Corp                      | CUSIP: 000000000<br>LEI: 529900QLHJM2E18A5763 | Long             | EC               | CORP              | JP        |      2000 | NS      | $68740.92     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| WiseTech Global Ltd                                        | WiseTech Global Ltd                                          | CUSIP: 000000000<br>LEI: 254900VE3AF301Q85K83 | Long             | EC               | CORP              | AU        |       961 | NS      | $68972.03     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Trend Micro Inc/Japan                                      | Trend Micro Inc/Japan                                        | CUSIP: 000000000<br>LEI: 3538005O5UJ5RNAGVE16 | Long             | EC               | CORP              | JP        |       600 | NS      | $41447.09     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CTS Eventim AG & Co KGaA                                   | CTS Eventim AG & Co KGaA                                     | CUSIP: 000000000<br>LEI: 529900FDHSN08UBJII80 | Long             | EC               | CORP              | DE        |       343 | NS      | $42714.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Isetan Mitsukoshi Holdings Ltd                             | Isetan Mitsukoshi Holdings Ltd                               | CUSIP: 000000000<br>LEI: 529900SY5RZO92EFG035 | Long             | EC               | CORP              | JP        |     35400 | NS      | $540414.67    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| JFE Holdings Inc                                           | JFE Holdings Inc                                             | CUSIP: 000000000<br>LEI: 3538002Y11Y03NA9B530 | Long             | EC               | CORP              | JP        |      2700 | NS      | $31341.60     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Secom Co Ltd                                               | Secom Co Ltd                                                 | CUSIP: 000000000<br>LEI: 529900TYCL9N3E9PGE47 | Long             | EC               | CORP              | JP        |      2100 | NS      | $75576.59     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandvik AB                                                 | Sandvik AB                                                   | CUSIP: 000000000<br>LEI: 5299008ZUAXN43LVZF54 | Long             | EC               | CORP              | SE        |     31146 | NS      | $714740.30    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Asahi Kasei Corp                                           | Asahi Kasei Corp                                             | CUSIP: 000000000<br>LEI: 353800GPI4Z3MGDGN142 | Long             | EC               | CORP              | JP        |      5900 | NS      | $41910.26     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Marks & Spencer Group PLC                                  | Marks & Spencer Group PLC                                    | CUSIP: 000000000<br>LEI: 213800EJP14A79ZG1X44 | Long             | EC               | CORP              | GB        |     10686 | NS      | $51984.69     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Link REIT                                                  | Link REIT                                                    | CUSIP: 000000000<br>LEI: 529900XUE70U36QX5M62 | Long             | EC               |  | HK        |     13500 | NS      | $71967.35     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Murata Manufacturing Co Ltd                                | Murata Manufacturing Co Ltd                                  | CUSIP: 000000000<br>LEI: 529900QZG6DL8ZRI7140 | Long             | EC               | CORP              | JP        |     24100 | NS      | $356485.91    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Assa Abloy AB                                              | Assa Abloy AB                                                | CUSIP: 000000000<br>LEI: 549300YECS8HKCIMMB67 | Long             | EC               | CORP              | SE        |      5208 | NS      | $162853.03    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| London Stock Exchange Group PLC                            | London Stock Exchange Group PLC                              | CUSIP: 000000000<br>LEI: 213800QAUUUP6I445N30 | Long             | EC               | CORP              | GB        |      2451 | NS      | $358136.83    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| DSM-Firmenich AG                                           | DSM-Firmenich AG                                             | CUSIP: 000000000<br>LEI: 506700G44V67MPM4BI12 | Long             | EC               | CORP              | CH        |       958 | NS      | $101864.55    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitto Denko Corp                                           | Nitto Denko Corp                                             | CUSIP: 000000000<br>LEI: 3538009GX5P09USH2J25 | Long             | EC               | CORP              | JP        |      3700 | NS      | $71359.27     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Engie SA                                                   | Engie SA                                                     | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |     42288 | NS      | $995818.75    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Hikma Pharmaceuticals PLC                                  | Hikma Pharmaceuticals PLC                                    | CUSIP: 000000000<br>LEI: 549300BNS685UXH4JI75 | Long             | EC               | CORP              | GB        |       787 | NS      | $21480.03     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sage Group PLC/The                                         | Sage Group PLC/The                                           | CUSIP: 000000000<br>LEI: 2138005RN5XYLTF8G138 | Long             | EC               | CORP              | GB        |     34193 | NS      | $587654.77    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Repsol SA                                                  | Repsol SA                                                    | CUSIP: 000000000<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |      6038 | NS      | $88449.35     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Nomura Research Institute Ltd                              | Nomura Research Institute Ltd                                | CUSIP: 000000000<br>LEI: 5299005F1HCVF4M4QN79 | Long             | EC               | CORP              | JP        |     16600 | NS      | $667052.22    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Wartsila OYJ Abp                                           | Wartsila OYJ Abp                                             | CUSIP: 000000000<br>LEI: 743700G7A9J1PHM3X223 | Long             | EC               | CORP              | FI        |      2690 | NS      | $63573.01     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Indutrade AB                                               | Indutrade AB                                                 | CUSIP: 000000000<br>LEI: 549300FISLQ6CEFP1867 | Long             | EC               | CORP              | SE        |      1368 | NS      | $37364.63     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Resona Holdings Inc                                        | Resona Holdings Inc                                          | CUSIP: 000000000<br>LEI: 52990067JE75XZCYYT81 | Long             | EC               | CORP              | JP        |     10800 | NS      | $99126.93     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Music Entertainment Group                          | Tencent Music Entertainment Group                            | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | KY        |     25003 | NS      | $487308.47    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nutrien Ltd                                                | Nutrien Ltd                                                  | CUSIP: 67077M108<br>LEI: 5493002QQ7GD21OWF963 | Long             | EC               | CORP              | CA        |     13595 | NS      | $792188.91    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Vestas Wind Systems A/S                                    | Vestas Wind Systems A/S                                      | CUSIP: 000000000<br>LEI: 549300DYMC8BGZZC8844 | Long             | EC               | CORP              | DK        |     45787 | NS      | $688002.07    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| DSV A/S                                                    | DSV A/S                                                      | CUSIP: 000000000<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |      1059 | NS      | $254392.18    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissin Foods Holdings Co Ltd                               | Nissin Foods Holdings Co Ltd                                 | CUSIP: 000000000<br>LEI: 529900YMZMNSHC1W6V41 | Long             | EC               | CORP              | JP        |      1000 | NS      | $20800.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hannover Rueck SE                                          | Hannover Rueck SE                                            | CUSIP: 000000000<br>LEI: 529900KIN5BE45V5KB18 | Long             | EC               | CORP              | DE        |       307 | NS      | $96605.35     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                                        | Intesa Sanpaolo SpA                                          | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |    182706 | NS      | $1053175.71   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Recruit Holdings Co Ltd                                    | Recruit Holdings Co Ltd                                      | CUSIP: 000000000<br>LEI: 353800R2LRSMVVC4I806 | Long             | EC               | CORP              | JP        |     25500 | NS      | $1501421.16   | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                             | Atlas Copco AB                                               | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |     13880 | NS      | $224848.73    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| East Japan Railway Co                                      | East Japan Railway Co                                        | CUSIP: 000000000<br>LEI: 353800SENYJ2DSM6PS44 | Long             | EC               | CORP              | JP        |      4600 | NS      | $99273.93     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius Medical Care AG                                  | Fresenius Medical Care AG                                    | CUSIP: 000000000<br>LEI: 549300CP8NY40UP89Q40 | Long             | EC               | CORP              | DE        |      1032 | NS      | $59170.93     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                            | AstraZeneca PLC                                              | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     21922 | NS      | $3057193.76   | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke KPN NV                                         | Koninklijke KPN NV                                           | CUSIP: 000000000<br>LEI: 549300YO0JZHAL7FVP81 | Long             | EC               | CORP              | NL        |     19756 | NS      | $96427.43     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena SME SA                                                | Aena SME SA                                                  | CUSIP: 000000000<br>LEI: 959800R7QMXKF0NFMT29 | Long             | EC               | CORP              | ES        |      3854 | NS      | $102877.80    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| ORIX Corp                                                  | ORIX Corp                                                    | CUSIP: 000000000<br>LEI: 35380016EMHNBOVYE123 | Long             | EC               | CORP              | JP        |      5800 | NS      | $130778.81    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| FANUC Corp                                                 | FANUC Corp                                                   | CUSIP: 000000000<br>LEI: 529900QTSW745LOKW705 | Long             | EC               | CORP              | JP        |      4900 | NS      | $133289.63    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Ireland Group PLC                                  | Bank of Ireland Group PLC                                    | CUSIP: 000000000<br>LEI: 635400C8EK6DRI12LJ39 | Long             | EC               | CORP              | IE        |      4905 | NS      | $69994.76     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BlueScope Steel Ltd                                        | BlueScope Steel Ltd                                          | CUSIP: 000000000<br>LEI: 529900H6UQI16XACWC95 | Long             | EC               | CORP              | AU        |      2370 | NS      | $36241.42     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sika AG                                                    | Sika AG                                                      | CUSIP: 000000000<br>LEI: 549300R3N69ECGYPU434 | Long             | EC               | CORP              | CH        |       792 | NS      | $214922.09    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Fresenius SE & Co KGaA                                     | Fresenius SE & Co KGaA                                       | CUSIP: 000000000<br>LEI: XDFJ0CYCOO1FXRFTQS51 | Long             | EC               | CORP              | DE        |      2174 | NS      | $109336.18    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Arkema SA                                                  | Arkema SA                                                    | CUSIP: 000000000<br>LEI: 9695000EHMS84KKP2785 | Long             | EC               | CORP              | FR        |       310 | NS      | $22884.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Schroders PLC                                              | Schroders PLC                                                | CUSIP: 000000000<br>LEI: 2138001YYBULX5SZ2H24 | Long             | EC               | CORP              | GB        |      3746 | NS      | $18587.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Salmar ASA                                                 | Salmar ASA                                                   | CUSIP: 000000000<br>LEI: 5967007LIEEXZXGDBK67 | Long             | EC               | CORP              | NO        |       344 | NS      | $14911.37     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pernod Ricard SA                                           | Pernod Ricard SA                                             | CUSIP: 000000000<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |      1049 | NS      | $104785.77    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| CAR Group Ltd                                              | CAR Group Ltd                                                | CUSIP: 000000000<br>LEI: 5299009TFWZGH2AN7D11 | Long             | EC               | CORP              | AU        |      1872 | NS      | $46109.62     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin-Etsu Chemical Co Ltd                                  | Shin-Etsu Chemical Co Ltd                                    | CUSIP: 000000000<br>LEI: 353800PX8Q64N86H5W41 | Long             | EC               | CORP              | JP        |     28300 | NS      | $932566.01    | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Kongsberg Gruppen ASA                                      | Kongsberg Gruppen ASA                                        | CUSIP: 000000000<br>LEI: 5967007LIEEXZXJ9HK73 | Long             | EC               | CORP              | NO        |      2280 | NS      | $88437.27     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                                               | Broadcom Inc                                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2782 | NS      | $766858.30    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NTT Data Group Corp                                        | NTT Data Group Corp                                          | CUSIP: 000000000<br>LEI: 353800SZGJGSLJRRWB43 | Long             | EC               | CORP              | JP        |      1280 | NS      | $35396.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Post Holdings Co Ltd                                 | Japan Post Holdings Co Ltd                                   | CUSIP: 000000000<br>LEI: 5299003D9N4JBS256X18 | Long             | EC               | CORP              | JP        |      9200 | NS      | $84918.53     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Autoliv Inc                                                | Autoliv Inc                                                  | CUSIP: 000000000<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | US        |      5225 | NS      | $586464.92    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Westpac Banking Corp                                       | Westpac Banking Corp                                         | CUSIP: 000000000<br>LEI: EN5TNI6CI43VEPAMHL14 | Long             | EC               | CORP              | AU        |     17592 | NS      | $392077.49    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Electric Co Ltd                                       | Fuji Electric Co Ltd                                         | CUSIP: 000000000<br>LEI: 5299000HVNGZZTYYM906 | Long             | EC               | CORP              | JP        |       700 | NS      | $32138.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Antofagasta PLC                                            | Antofagasta PLC                                              | CUSIP: 000000000<br>LEI: 213800MY6QVH4FVLD628 | Long             | EC               | CORP              | GB        |     55043 | NS      | $1367573.41   | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Credit Agricole SA                                         | Credit Agricole SA                                           | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EC               | CORP              | FR        |      5334 | NS      | $101050.15    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SSE PLC                                                    | SSE PLC                                                      | CUSIP: 000000000<br>LEI: 549300KI75VYLLMSK856 | Long             | EC               | CORP              | GB        |      5734 | NS      | $144136.77    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Nitori Holdings Co Ltd                                     | Nitori Holdings Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6400 | NS      | $618944.61    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| JD Sports Fashion PLC                                      | JD Sports Fashion PLC                                        | CUSIP: 000000000<br>LEI: 213800HROV6Y9MUU8375 | Long             | EC               | CORP              | GB        |     13312 | NS      | $16202.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Motor Corp                                          | Toyota Motor Corp                                            | CUSIP: 000000000<br>LEI: 5493006W3QUS5LMH6R84 | Long             | EC               | CORP              | JP        |    102500 | NS      | $1760658.94   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayerische Motoren Werke AG                                | Bayerische Motoren Werke AG                                  | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |     15112 | NS      | $1342557.81   | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Alfa Laval AB                                              | Alfa Laval AB                                                | CUSIP: 000000000<br>LEI: 549300UCKT2UK88AG251 | Long             | EC               | CORP              | SE        |      1490 | NS      | $62761.60     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Paint Holdings Co Ltd                               | Nippon Paint Holdings Co Ltd                                 | CUSIP: 000000000<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |      5200 | NS      | $41754.65     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TDK Corp                                                   | TDK Corp                                                     | CUSIP: 000000000<br>LEI: 3538005O8WNU39U8NX03 | Long             | EC               | CORP              | JP        |     10200 | NS      | $119301.25    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Volkswagen AG                                              | Volkswagen AG                                                | CUSIP: 000000000<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EC               | CORP              | DE        |      1057 | NS      | $111614.20    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Stellantis NV                                              | Stellantis NV                                                | CUSIP: 000000000<br>LEI: 549300LKT9PW7ZIBDF31 | Long             | EC               | CORP              | NL        |     10412 | NS      | $104409.38    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Building Fund Inc                                   | Nippon Building Fund Inc                                     | CUSIP: 000000000<br>LEI: 52990053R8NL2MB32172 | Long             | EC               |  | JP        |        35 | NS      | $32288.40     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Alcon AG                                                   | Alcon AG                                                     | CUSIP: 000000000<br>LEI: 549300LDT5AP8S0NBM78 | Long             | EC               | CORP              | CH        |     19601 | NS      | $1740278.59   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Novonesis Novozymes B                                      | Novonesis Novozymes B                                        | CUSIP: 000000000<br>LEI: 529900T6WNZXD2R3JW38 | Long             | EC               | CORP              | DK        |      1843 | NS      | $132338.16    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpex Corp                                                 | Inpex Corp                                                   | CUSIP: 000000000<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |      4300 | NS      | $60334.77     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc                                          | Japan Tobacco Inc                                            | CUSIP: 000000000<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |      6200 | NS      | $182542.68    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Swisscom AG                                                | Swisscom AG                                                  | CUSIP: 000000000<br>LEI: 5493005SL9HHOXS3B739 | Long             | EC               | CORP              | CH        |       135 | NS      | $95851.89     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Deutsche Telekom AG                                        | Deutsche Telekom AG                                          | CUSIP: 000000000<br>LEI: 549300V9QSIG4WX4GJ96 | Long             | EC               | CORP              | DE        |     17920 | NS      | $656090.77    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Aviva PLC                                                  | Aviva PLC                                                    | CUSIP: 000000000<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |     69185 | NS      | $588188.84    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| ING Groep NV                                               | ING Groep NV                                                 | CUSIP: 000000000<br>LEI: 549300NYKK9MWM7GGW15 | Long             | EC               | CORP              | NL        |     60327 | NS      | $1323867.07   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                                       | Schindler Holding AG                                         | CUSIP: 000000000<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |       122 | NS      | $44290.20     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Veolia Environnement SA                                    | Veolia Environnement SA                                      | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |      3263 | NS      | $116400.14    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Wilmar International Ltd                                   | Wilmar International Ltd                                     | CUSIP: 000000000<br>LEI: 549300H2EAI4YRLWBB20 | Long             | EC               | CORP              | SG        |     32100 | NS      | $72428.26     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto Trader Group PLC                                      | Auto Trader Group PLC                                        | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |      4678 | NS      | $52977.15     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Fisher & Paykel Healthcare Corp Ltd                        | Fisher & Paykel Healthcare Corp Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |      3030 | NS      | $66598.95     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsui OSK Lines Ltd                                       | Mitsui OSK Lines Ltd                                         | CUSIP: 000000000<br>LEI: 353800P8O843TMAZ6S09 | Long             | EC               | CORP              | JP        |      1800 | NS      | $60020.53     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Rio Tinto PLC                                              | Rio Tinto PLC                                                | CUSIP: 000000000<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      5774 | NS      | $336465.61    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| IMCD NV                                                    | IMCD NV                                                      | CUSIP: 000000000<br>LEI: 724500NSJPNFJPDAUP02 | Long             | EC               | CORP              | NL        |       297 | NS      | $39970.37     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ono Pharmaceutical Co Ltd                                  | Ono Pharmaceutical Co Ltd                                    | CUSIP: 000000000<br>LEI: 529900G26L4NG4GFJZ86 | Long             | EC               | CORP              | JP        |      1900 | NS      | $20595.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Galp Energia SGPS SA                                       | Galp Energia SGPS SA                                         | CUSIP: 000000000<br>LEI: 2138003319Y7NM75FG53 | Long             | EC               | CORP              | PT        |      2146 | NS      | $39397.38     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CapitaLand Integrated Commercial Trust                     | CapitaLand Integrated Commercial Trust                       | CUSIP: 000000000<br>LEI: 54930031292WUTXF0L29 | Long             | EC               |  | SG        |     30312 | NS      | $51740.69     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Bouygues SA                                                | Bouygues SA                                                  | CUSIP: 000000000<br>LEI: 969500MOCLNQFNZN0D63 | Long             | EC               | CORP              | FR        |       878 | NS      | $39745.19     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Honda Motor Co Ltd                                         | Honda Motor Co Ltd                                           | CUSIP: 000000000<br>LEI: 549300P7ZYCQJ36CCS16 | Long             | EC               | CORP              | JP        |     21900 | NS      | $211176.41    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Exchange Group Inc                                   | Japan Exchange Group Inc                                     | CUSIP: 000000000<br>LEI: 353800578ADEGIJTVW07 | Long             | EC               | CORP              | JP        |     80900 | NS      | $820323.61    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Anheuser-Busch InBev SA/NV                                 | Anheuser-Busch InBev SA/NV                                   | CUSIP: 000000000<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |      5083 | NS      | $349474.59    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV                                           | ABN AMRO Bank NV                                             | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |      2365 | NS      | $64753.97     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Wise PLC                                                   | Wise PLC                                                     | CUSIP: 000000000<br>LEI: 213800LD9XCHIC1C4V71 | Long             | EC               | CORP              | GB        |      3428 | NS      | $48948.36     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Koninklijke Ahold Delhaize NV                              | Koninklijke Ahold Delhaize NV                                | CUSIP: 000000000<br>LEI: 724500C9GNBV20UYRX36 | Long             | EC               | CORP              | NL        |      4731 | NS      | $197791.90    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Verbund AG                                                 | Verbund AG                                                   | CUSIP: 000000000<br>LEI: 5299006UDSEJCTTEJS30 | Long             | EC               | CORP              | AT        |       341 | NS      | $26189.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bandai Namco Holdings Inc                                  | Bandai Namco Holdings Inc                                    | CUSIP: 000000000<br>LEI: 3538008EFEM34VRJDQ95 | Long             | EC               | CORP              | JP        |      3100 | NS      | $110975.09    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Legrand SA                                                 | Legrand SA                                                   | CUSIP: 000000000<br>LEI: 969500XXRPGD7HCAFA90 | Long             | EC               | CORP              | FR        |     15723 | NS      | $2100179.72   | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Kajima Corp                                                | Kajima Corp                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2000 | NS      | $52110.98     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| West Japan Railway Co                                      | West Japan Railway Co                                        | CUSIP: 000000000<br>LEI: 353800QGUXHZ7EBCR121 | Long             | EC               | CORP              | JP        |      2200 | NS      | $50440.73     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| J Sainsbury PLC                                            | J Sainsbury PLC                                              | CUSIP: 000000000<br>LEI: 213800VGZAAJIKJ9Y484 | Long             | EC               | CORP              | GB        |      8518 | NS      | $33884.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Toho Co Ltd/Tokyo                                          | Toho Co Ltd/Tokyo                                            | CUSIP: 000000000<br>LEI: 529900IYHHYWU4O3H185 | Long             | EC               | CORP              | JP        |       600 | NS      | $35453.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Commerzbank AG                                             | Commerzbank AG                                               | CUSIP: 000000000<br>LEI: 851WYGNLUQLFZBSYGB56 | Long             | EC               | CORP              | DE        |      4605 | NS      | $145297.03    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| BASF SE                                                    | BASF SE                                                      | CUSIP: 000000000<br>LEI: 529900PM64WH8AF1E917 | Long             | EC               | CORP              | DE        |     12358 | NS      | $609553.34    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| CaixaBank SA                                               | CaixaBank SA                                                 | CUSIP: 000000000<br>LEI: 7CUNS533WID6K7DGFI87 | Long             | EC               | CORP              | ES        |     20452 | NS      | $177191.16    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Industrivarden AB                                          | Industrivarden AB                                            | CUSIP: 000000000<br>LEI: 549300TM1DLIQI3B3T37 | Long             | EC               | CORP              | SE        |       800 | NS      | $28916.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Lonza Group AG                                             | Lonza Group AG                                               | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |      1725 | NS      | $1232523.22   | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| United Utilities Group PLC                                 | United Utilities Group PLC                                   | CUSIP: 000000000<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |      3437 | NS      | $53967.18     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| NIDEC CORP                                                 | NIDEC CORP                                                   | CUSIP: 000000000<br>LEI: 353800IF171MZTNL6Y31 | Long             | EC               | CORP              | JP        |      4300 | NS      | $83234.69     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Worley Ltd                                                 | Worley Ltd                                                   | CUSIP: 000000000<br>LEI: 549300XDR86FY8OLGP97 | Long             | EC               | CORP              | AU        |     26476 | NS      | $227957.42    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Coca-Cola HBC AG                                           | Coca-Cola HBC AG                                             | CUSIP: 000000000<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |      1110 | NS      | $57627.20     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Leonardo SpA                                               | Leonardo SpA                                                 | CUSIP: 000000000<br>LEI: 529900X4EEX1U9LN3U39 | Long             | EC               | CORP              | IT        |      2103 | NS      | $118592.51    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Logitech International SA                                  | Logitech International SA                                    | CUSIP: 000000000<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |       790 | NS      | $71387.07     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sekisui House Ltd                                          | Sekisui House Ltd                                            | CUSIP: 000000000<br>LEI: 529900GMNDOYQSAJAE76 | Long             | EC               | CORP              | JP        |      2900 | NS      | $63949.61     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Copco AB                                             | Atlas Copco AB                                               | CUSIP: 000000000<br>LEI: 213800T8PC8Q4FYJZR07 | Long             | EC               | CORP              | SE        |      7778 | NS      | $110822.04    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                                | FinecoBank Banca Fineco SpA                                  | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |     59715 | NS      | $1325440.57   | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Bankinter SA                                               | Bankinter SA                                                 | CUSIP: 000000000<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | EC               | CORP              | ES        |     62286 | NS      | $813029.61    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Chemical Group Corp                             | Mitsubishi Chemical Group Corp                               | CUSIP: 000000000<br>LEI: 353800YNKX4RQUGAR072 | Long             | EC               | CORP              | JP        |      6300 | NS      | $33027.34     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ipsen SA                                                   | Ipsen SA                                                     | CUSIP: 000000000<br>LEI: 549300M6SGDPB4Z94P11 | Long             | EC               | CORP              | FR        |       194 | NS      | $23129.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Estate Co Ltd                                   | Mitsubishi Estate Co Ltd                                     | CUSIP: 000000000<br>LEI: 353800KOFMRGOXSJ5Z65 | Long             | EC               | CORP              | JP        |     37200 | NS      | $696012.86    | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| CSL Ltd                                                    | CSL Ltd                                                      | CUSIP: 000000000<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |      2499 | NS      | $393904.88    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| National Australia Bank Ltd                                | National Australia Bank Ltd                                  | CUSIP: 000000000<br>LEI: F8SB4JFBSYQFRQEH3Z21 | Long             | EC               | CORP              | AU        |     15736 | NS      | $407679.38    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Melrose Industries PLC                                     | Melrose Industries PLC                                       | CUSIP: 000000000<br>LEI: 213800RGNXXZY2M7TR85 | Long             | EC               | CORP              | GB        |    110976 | NS      | $808889.95    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| FUJIFILM Holdings Corp                                     | FUJIFILM Holdings Corp                                       | CUSIP: 000000000<br>LEI: 529900UBKMFM0ST6H474 | Long             | EC               | CORP              | JP        |     52700 | NS      | $1145156.88   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Mitsui Financial Group Inc                        | Sumitomo Mitsui Financial Group Inc                          | CUSIP: 000000000<br>LEI: 35380028MYWPB6AUO129 | Long             | EC               | CORP              | JP        |     19000 | NS      | $476330.38    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd                                    | QBE Insurance Group Ltd                                      | CUSIP: 000000000<br>LEI: 549300D2FBW76FPUSG65 | Long             | EC               | CORP              | AU        |      7774 | NS      | $119691.22    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Ashtead Group PLC                                          | Ashtead Group PLC                                            | CUSIP: 000000000<br>LEI: 2138007UTBN8X9K1A235 | Long             | EC               | CORP              | GB        |      4902 | NS      | $314235.33    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Julius Baer Group Ltd                                      | Julius Baer Group Ltd                                        | CUSIP: 000000000<br>LEI: 5299007MF0604ZGJER92 | Long             | EC               | CORP              | CH        |      6848 | NS      | $462084.01    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Sandoz Group AG                                            | Sandoz Group AG                                              | CUSIP: 000000000<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |      2172 | NS      | $119341.02    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Givaudan SA                                                | Givaudan SA                                                  | CUSIP: 000000000<br>LEI: 213800SVRMQA1TD91D41 | Long             | EC               | CORP              | CH        |        47 | NS      | $227969.12    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Prosus NV                                                  | Prosus NV                                                    | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |      6729 | NS      | $376937.76    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Yangzijiang Shipbuilding Holdings Ltd                      | Yangzijiang Shipbuilding Holdings Ltd                        | CUSIP: 000000000<br>LEI: 254900Z3JEM14YIGLM66 | Long             | EC               | CORP              | SG        |     13400 | NS      | $23419.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| WH Group Ltd                                               | WH Group Ltd                                                 | CUSIP: 000000000<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | KY        |     43000 | NS      | $41412.70     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Komatsu Ltd                                                | Komatsu Ltd                                                  | CUSIP: 000000000<br>LEI: 5493004LQ0B4T7QPQV17 | Long             | EC               | CORP              | JP        |      4700 | NS      | $153841.76    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| UniCredit SpA                                              | UniCredit SpA                                                | CUSIP: 000000000<br>LEI: 549300TRUWO2CD2G5692 | Long             | EC               | CORP              | IT        |     21183 | NS      | $1420745.63   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Carlsberg AS                                               | Carlsberg AS                                                 | CUSIP: 000000000<br>LEI: 5299001O0WJQYB5GYZ19 | Long             | EC               | CORP              | DK        |       492 | NS      | $69789.74     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| DiaSorin SpA                                               | DiaSorin SpA                                                 | CUSIP: 000000000<br>LEI: 8156002878BDF0EE4348 | Long             | EC               | CORP              | IT        |       120 | NS      | $12853.01     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Suzuki Motor Corp                                          | Suzuki Motor Corp                                            | CUSIP: 000000000<br>LEI: 353800D83H0V3ZV1SV24 | Long             | EC               | CORP              | JP        |     44800 | NS      | $539712.29    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Fastighets AB Balder                                       | Fastighets AB Balder                                         | CUSIP: 000000000<br>LEI: 549300GHKJCEZOAEUU82 | Long             | EC               | CORP              | SE        |      3675 | NS      | $27471.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Re AG                                                | Swiss Re AG                                                  | CUSIP: 000000000<br>LEI: 529900PS9YW3YY29F326 | Long             | EC               | CORP              | CH        |      1563 | NS      | $271238.69    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Zurich Insurance Group AG                                  | Zurich Insurance Group AG                                    | CUSIP: 000000000<br>LEI: 529900QVNRBND50TXP03 | Long             | EC               | CORP              | CH        |       754 | NS      | $528736.77    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubu Electric Power Co Inc                                | Chubu Electric Power Co Inc                                  | CUSIP: 000000000<br>LEI: 529900A76GOP0PGNHT63 | Long             | EC               | CORP              | JP        |      3000 | NS      | $37098.50     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Danone SA                                                  | Danone SA                                                    | CUSIP: 000000000<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |      3346 | NS      | $273379.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Roche Holding AG                                           | Roche Holding AG                                             | CUSIP: 000000000<br>LEI: 549300U41AUUVOAAOB37 | Long             | EC               | CORP              | CH        |       166 | NS      | $57757.14     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| EDP Renovaveis SA                                          | EDP Renovaveis SA                                            | CUSIP: 000000000<br>LEI: 529900MUFAH07Q1TAX06 | Long             | EC               | CORP              | ES        |      1630 | NS      | $18208.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonica SA                                              | Telefonica SA                                                | CUSIP: 000000000<br>LEI: 549300EEJH4FEPDBBR25 | Long             | EC               | CORP              | ES        |     19078 | NS      | $100643.21    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Allianz SE                                                 | Allianz SE                                                   | CUSIP: 000000000<br>LEI: 529900K9B0N5BT694847 | Long             | EC               | CORP              | DE        |      6748 | NS      | $2734089.04   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| AerCap Holdings NV                                         | AerCap Holdings NV                                           | CUSIP: 000000000<br>LEI: 549300SZYINBBLJQU475 | Long             | EC               | CORP              | NL        |      5426 | NS      | $634842.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoya Corp                                                  | Hoya Corp                                                    | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |      1700 | NS      | $201815.35    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| E.ON SE                                                    | E.ON SE                                                      | CUSIP: 000000000<br>LEI: Q9MAIUP40P25UFBFG033 | Long             | EC               | CORP              | DE        |     11596 | NS      | $213516.57    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Oracle Corp Japan                                          | Oracle Corp Japan                                            | CUSIP: 000000000<br>LEI: 529900MIMKY9RU60Z323 | Long             | EC               | CORP              | JP        |       200 | NS      | $23864.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SG Holdings Co Ltd                                         | SG Holdings Co Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1700 | NS      | $18963.47     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                                               | UBS Group AG                                                 | CUSIP: 000000000<br>LEI: 549300SZJ9VS8SGXAN81 | Long             | EC               | CORP              | CH        |     16933 | NS      | $575351.73    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Nibe Industrier AB                                         | Nibe Industrier AB                                           | CUSIP: 000000000<br>LEI: 549300ZQH0FIF1P0MX67 | Long             | EC               | CORP              | SE        |      8255 | NS      | $35301.97     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mediobanca Banca di Credito Finanziario SpA                | Mediobanca Banca di Credito Finanziario SpA                  | CUSIP: 000000000<br>LEI: PSNL19R2RXX5U3QWHI44 | Long             | EC               | CORP              | IT        |      2566 | NS      | $59677.09     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| BHP Group Ltd                                              | BHP Group Ltd                                                | CUSIP: 000000000<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |     37896 | NS      | $910812.19    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Generali                                                   | Generali                                                     | CUSIP: 000000000<br>LEI: 549300X5UKJVE386ZB61 | Long             | EC               | CORP              | IT        |      4474 | NS      | $159252.98    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Mondi PLC                                                  | Mondi PLC                                                    | CUSIP: 000000000<br>LEI: 213800LOZA69QFDC9N34 | Long             | EC               | CORP              | GB        |      2381 | NS      | $38883.36     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Associated British Foods PLC                               | Associated British Foods PLC                                 | CUSIP: 000000000<br>LEI: GBQKSY6W7G0OHCQ8OQ72 | Long             | EC               | CORP              | GB        |      1751 | NS      | $49470.46     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| UCB SA                                                     | UCB SA                                                       | CUSIP: 000000000<br>LEI: 2138008J191VLSGY5A09 | Long             | EC               | CORP              | BE        |      5006 | NS      | $983479.93    | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Lasertec Corp                                              | Lasertec Corp                                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5600 | NS      | $754535.40    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                     | Standard Chartered PLC                                       | CUSIP: 000000000<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | EC               | CORP              | GB        |     54553 | NS      | $904082.46    | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Experian PLC                                               | Experian PLC                                                 | CUSIP: 000000000<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |      4747 | NS      | $244549.04    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Makita Corp                                                | Makita Corp                                                  | CUSIP: 000000000<br>LEI: 529900CDR9E94BCM6294 | Long             | EC               | CORP              | JP        |      1300 | NS      | $39975.67     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Gecina SA                                                  | Gecina SA                                                    | CUSIP: 000000000<br>LEI: 9695003E4MMA10IBTR26 | Long             | EC               |  | FR        |       195 | NS      | $21455.76     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Alstom SA                                                  | Alstom SA                                                    | CUSIP: 000000000<br>LEI: 96950032TUYMW11FB530 | Long             | EC               | CORP              | FR        |      1858 | NS      | $43438.58     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EQT AB                                                     | EQT AB                                                       | CUSIP: 000000000<br>LEI: 213800U7P9GOIRKCTB34 | Long             | EC               | CORP              | SE        |      1965 | NS      | $65840.58     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Eni SpA                                                    | Eni SpA                                                      | CUSIP: 000000000<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |     11093 | NS      | $179671.29    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| EMS-Chemie Holding AG                                      | EMS-Chemie Holding AG                                        | CUSIP: 000000000<br>LEI: 529900G1XFTGSE0DIX60 | Long             | EC               | CORP              | CH        |        37 | NS      | $27985.10     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Argenx SE                                                  | Argenx SE                                                    | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       746 | NS      | $411210.12    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Eiffage SA                                                 | Eiffage SA                                                   | CUSIP: 000000000<br>LEI: 969500OQXKE5WDM9M994 | Long             | EC               | CORP              | FR        |       345 | NS      | $48519.12     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| QIAGEN NV                                                  | QIAGEN NV                                                    | CUSIP: 000000000<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |      1124 | NS      | $54118.34     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Steel Corp                                          | Nippon Steel Corp                                            | CUSIP: 000000000<br>LEI: 35380065QWQ4U2V3PA33 | Long             | EC               | CORP              | JP        |      4900 | NS      | $92979.34     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| D'ieteren Group                                            | D'ieteren Group                                              | CUSIP: 000000000<br>LEI: 549300DV5KJ23OKVTW34 | Long             | EC               | CORP              | BE        |        93 | NS      | $19968.75     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian SpA                                               | Prysmian SpA                                                 | CUSIP: 000000000<br>LEI: 529900X0H1IO3RS1A464 | Long             | EC               | CORP              | IT        |     14964 | NS      | $1055253.50   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Orsted AS                                                  | Orsted AS                                                    | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |       887 | NS      | $38084.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung SDI Co Ltd                                         | Samsung SDI Co Ltd                                           | CUSIP: 000000000<br>LEI: 9884002AESDO4YW87G32 | Long             | EC               | CORP              | KR        |      1750 | NS      | $224140.78    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| BioMerieux                                                 | BioMerieux                                                   | CUSIP: 000000000<br>LEI: 549300AK8Y0LBIQ4T071 | Long             | EC               | CORP              | FR        |       213 | NS      | $29476.21     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nexi SpA                                                   | Nexi SpA                                                     | CUSIP: 000000000<br>LEI: 5493000P70CQRQG8SN85 | Long             | EC               | CORP              | IT        |      2460 | NS      | $14709.18     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferrari NV                                                 | Ferrari NV                                                   | CUSIP: 000000000<br>LEI: 549300RIVY5EX8RCON76 | Long             | EC               | CORP              | NL        |       649 | NS      | $318201.29    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| MonotaRO Co Ltd                                            | MonotaRO Co Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1300 | NS      | $25660.48     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Moncler SpA                                                | Moncler SpA                                                  | CUSIP: 000000000<br>LEI: 815600EBD7FB00525B20 | Long             | EC               | CORP              | IT        |      8975 | NS      | $512435.02    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| ANA Holdings Inc                                           | ANA Holdings Inc                                             | CUSIP: 000000000<br>LEI: 5493008IRKIY0G3TE305 | Long             | EC               | CORP              | JP        |       700 | NS      | $13718.24     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Computershare Ltd                                          | Computershare Ltd                                            | CUSIP: 000000000<br>LEI: 21380085HOKTMGLV9G93 | Long             | EC               | CORP              | AU        |      2715 | NS      | $71286.75     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Konami Group Corp                                          | Konami Group Corp                                            | CUSIP: 000000000<br>LEI: 353800FC4A5QCMIZFV94 | Long             | EC               | CORP              | JP        |       500 | NS      | $78956.57     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Bridgestone Corp                                           | Bridgestone Corp                                             | CUSIP: 000000000<br>LEI: 549300DHPOF90OYYD780 | Long             | EC               | CORP              | JP        |     19600 | NS      | $800386.52    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Amrize Ltd                                                 | Amrize Ltd                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |      6745 | NS      | $336463.67    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Heidelberg Materials AG                                    | Heidelberg Materials AG                                      | CUSIP: 000000000<br>LEI: LZ2C6E0W5W7LQMX5ZI37 | Long             | EC               | CORP              | DE        |       694 | NS      | $163051.07    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| SoftBank Group Corp                                        | SoftBank Group Corp                                          | CUSIP: 000000000<br>LEI: 5493003BZYYYCDIO0R13 | Long             | EC               | CORP              | JP        |     16200 | NS      | $1174581.85   | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Euronext NV                                                | Euronext NV                                                  | CUSIP: 000000000<br>LEI: 724500QJ4QSZ3H9QU415 | Long             | EC               | CORP              | NL        |       405 | NS      | $69302.25     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings Inc                                         | Sompo Holdings Inc                                           | CUSIP: 000000000<br>LEI: 353800CWW4SRGEYEB512 | Long             | EC               | CORP              | JP        |      4600 | NS      | $137811.69    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Bayer AG                                                   | Bayer AG                                                     | CUSIP: 000000000<br>LEI: 549300J4U55H3WP1XT59 | Long             | EC               | CORP              | DE        |      5064 | NS      | $152275.12    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International SCA                                   | Hermes International SCA                                     | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |       163 | NS      | $442221.11    | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanofi SA                                                  | Sanofi SA                                                    | CUSIP: 000000000<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     26639 | NS      | $2577525.43   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Aegon Ltd                                                  | Aegon Ltd                                                    | CUSIP: 000000000<br>LEI: O4QK7KMMK83ITNTHUG69 | Long             | EC               | CORP              | BM        |      6874 | NS      | $49792.29     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Isuzu Motors Ltd                                           | Isuzu Motors Ltd                                             | CUSIP: 000000000<br>LEI: 529900C0QSXVCC7AR494 | Long             | EC               | CORP              | JP        |      2700 | NS      | $34183.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Electric Corp                                   | Mitsubishi Electric Corp                                     | CUSIP: 000000000<br>LEI: 549300TRXM9Y6561AX39 | Long             | EC               | CORP              | JP        |     55400 | NS      | $1196473.82   | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Capgemini SE                                               | Capgemini SE                                                 | CUSIP: 000000000<br>LEI: 96950077L0TN7BAROX36 | Long             | EC               | CORP              | FR        |       801 | NS      | $137098.66    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| AIB Group PLC                                              | AIB Group PLC                                                | CUSIP: 000000000<br>LEI: 635400AKJBGNS5WNQL34 | Long             | EC               | CORP              | IE        |     10221 | NS      | $84087.21     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| ENEOS Holdings Inc                                         | ENEOS Holdings Inc                                           | CUSIP: 000000000<br>LEI: 3538001KQ5SAOZSQTT44 | Long             | EC               | CORP              | JP        |     13500 | NS      | $66631.31     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| RWE AG                                                     | RWE AG                                                       | CUSIP: 000000000<br>LEI: 529900GB7KCA94ACC940 | Long             | EC               | CORP              | DE        |      3297 | NS      | $137779.32    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Vinci SA                                                   | Vinci SA                                                     | CUSIP: 000000000<br>LEI: 213800WFQ334R8UXUG83 | Long             | EC               | CORP              | FR        |      2549 | NS      | $376263.35    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays PLC                                               | Barclays PLC                                                 | CUSIP: 000000000<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |    191316 | NS      | $886116.00    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Omron Corp                                                 | Omron Corp                                                   | CUSIP: 000000000<br>LEI: 549300ZHW0TR2QZ0NY83 | Long             | EC               | CORP              | JP        |      1000 | NS      | $27032.72     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Barratt Redrow PLC                                         | Barratt Redrow PLC                                           | CUSIP: 000000000<br>LEI: 2138006R85VEOF5YNK29 | Long             | EC               | CORP              | GB        |      7051 | NS      | $44170.75     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Storebrand ASA                                             | Storebrand ASA                                               | CUSIP: 000000000<br>LEI: 5967007LIEEXZX7NA051 | Long             | EC               | CORP              | NO        |     35832 | NS      | $508216.25    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| AP Moller - Maersk A/S                                     | AP Moller - Maersk A/S                                       | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |        22 | NS      | $41011.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SCREEN Holdings Co Ltd                                     | SCREEN Holdings Co Ltd                                       | CUSIP: 000000000<br>LEI: 353800ND89FTQ9XQ0R07 | Long             | EC               | CORP              | JP        |       400 | NS      | $32481.72     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyota Industries Corp                                     | Toyota Industries Corp                                       | CUSIP: 000000000<br>LEI: 35380000WKGEAHEMW830 | Long             | EC               | CORP              | JP        |       800 | NS      | $90140.58     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Tenaris SA                                                 | Tenaris SA                                                   | CUSIP: 000000000<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |      2091 | NS      | $39056.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Corp                                              | Sumitomo Corp                                                | CUSIP: 000000000<br>LEI: V82KK8NH1P0JS71FJC05 | Long             | EC               | CORP              | JP        |     33800 | NS      | $871015.20    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Shiseido Co Ltd                                            | Shiseido Co Ltd                                              | CUSIP: 000000000<br>LEI: 5299008QCD0YDT5OF506 | Long             | EC               | CORP              | JP        |      2200 | NS      | $39160.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Schindler Holding AG                                       | Schindler Holding AG                                         | CUSIP: 000000000<br>LEI: 5299007DRLI319H7Q933 | Long             | EC               | CORP              | CH        |       211 | NS      | $78592.74     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Infrastrutture Wireless Italiane SpA                       | Infrastrutture Wireless Italiane SpA                         | CUSIP: 000000000<br>LEI: 81560066183FE361C071 | Long             | EC               | CORP              | IT        |      1560 | NS      | $19077.05     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA                                            | Norsk Hydro ASA                                              | CUSIP: 000000000<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |     89687 | NS      | $511130.54    | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Infratil Ltd                                               | Infratil Ltd                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | NZ        |      4754 | NS      | $30722.85     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Hutchison Holdings Ltd                                  | CK Hutchison Holdings Ltd                                    | CUSIP: 000000000<br>LEI: 254900Z8HM1VEPOQ2G79 | Long             | EC               | CORP              | KY        |     14000 | NS      | $86424.85     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Unicharm Corp                                              | Unicharm Corp                                                | CUSIP: 000000000<br>LEI: 353800UQ4BZIJTAQEG85 | Long             | EC               | CORP              | JP        |     82400 | NS      | $596813.79    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Shell PLC                                                  | Shell PLC                                                    | CUSIP: 000000000<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     68517 | NS      | $2405901.24   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Ferguson Enterprises Inc                                   | Ferguson Enterprises Inc                                     | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |      1954 | NS      | $425483.50    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Chiba Bank Ltd/The                                         | Chiba Bank Ltd/The                                           | CUSIP: 000000000<br>LEI: FGJPAKKCTZVSKZXNBS63 | Long             | EC               | CORP              | JP        |      3100 | NS      | $28564.94     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nice Ltd                                                   | Nice Ltd                                                     | CUSIP: 000000000<br>LEI: 254900YTY4EF5Z4W0A51 | Long             | EC               | CORP              | IL        |       327 | NS      | $55413.07     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Goldman Sachs Bank USA                                     | SINGAPORE EXCHANGE LTD                                       | CUSIP: 000000000<br>LEI: KD3XUN7C6T14HNAYLU02 | N/A              | DE               |  | SG        |      1407 | OU      | $71.14        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Klepierre SA                                               | Klepierre SA                                                 | CUSIP: 000000000<br>LEI: 969500PB4U31KEFHZ621 | Long             | EC               |  | FR        |       989 | NS      | $39184.96     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| AGC Inc                                                    | AGC Inc                                                      | CUSIP: 000000000<br>LEI: JE4WFFEELMVPFZ0G1E77 | Long             | EC               | CORP              | JP        |       900 | NS      | $26333.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Infrastructure Holdings Ltd                             | CK Infrastructure Holdings Ltd                               | CUSIP: 000000000<br>LEI: 5299005U11RQ1C27MR12 | Long             | EC               | CORP              | BM        |      3500 | NS      | $23176.56     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                                  | Epiroc AB                                                    | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |      3405 | NS      | $74098.99     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fortescue Ltd                                              | Fortescue Ltd                                                | CUSIP: 000000000<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |      8914 | NS      | $89706.43     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Technologies Engineering Ltd                     | Singapore Technologies Engineering Ltd                       | CUSIP: 000000000<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |      8100 | NS      | $49637.94     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Square Co Ltd                                           | SK Square Co Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1610 | NS      | $218550.36    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd                                        | Nissan Motor Co Ltd                                          | CUSIP: 000000000<br>LEI: 353800DRBDH1LUTNAY26 | Long             | EC               | CORP              | JP        |     11500 | NS      | $27933.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Santander SA                                         | Banco Santander SA                                           | CUSIP: 000000000<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |    175603 | NS      | $1453742.76   | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuehne + Nagel International AG                            | Kuehne + Nagel International AG                              | CUSIP: 000000000<br>LEI: 529900Q0YED3805QXQ66 | Long             | EC               | CORP              | CH        |       243 | NS      | $52767.13     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordea Bank Abp                                            | Nordea Bank Abp                                              | CUSIP: 000000000<br>LEI: 529900ODI3047E2LIV03 | Long             | EC               | CORP              | FI        |     16285 | NS      | $242154.08    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Hexagon AB                                                 | Hexagon AB                                                   | CUSIP: 000000000<br>LEI: 549300WJFW6ILNI4TA80 | Long             | EC               | CORP              | SE        |     10683 | NS      | $107351.06    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Baloise Holding AG                                         | Baloise Holding AG                                           | CUSIP: 000000000<br>LEI: 529900G5XKBZN48T6283 | Long             | EC               | CORP              | CH        |       214 | NS      | $50647.41     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Oversea-Chinese Banking Corp Ltd                           | Oversea-Chinese Banking Corp Ltd                             | CUSIP: 000000000<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |     17500 | NS      | $224680.32    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Henderson Land Development Co Ltd                          | Henderson Land Development Co Ltd                            | CUSIP: 000000000<br>LEI: 529900SYQB7IVR9QGN76 | Long             | EC               | CORP              | HK        |      8000 | NS      | $28021.87     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Merck KGaA                                                 | Merck KGaA                                                   | CUSIP: 000000000<br>LEI: 529900OAREIS0MOPTW25 | Long             | EC               | CORP              | DE        |       664 | NS      | $85988.56     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd                                  | Alibaba Group Holding Ltd                                    | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | KY        |      6320 | NS      | $89690.43     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Sysmex Corp                                                | Sysmex Corp                                                  | CUSIP: 000000000<br>LEI: 5299001ZO4CKWACMZI55 | Long             | EC               | CORP              | JP        |     16600 | NS      | $288862.80    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Diageo PLC                                                 | Diageo PLC                                                   | CUSIP: 000000000<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |     56938 | NS      | $1432192.05   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Siemens AG                                                 | Siemens AG                                                   | CUSIP: 000000000<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |     20907 | NS      | $5362129.22   | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd                                     | ANZ Group Holdings Ltd                                       | CUSIP: 000000000<br>LEI: 9845005D9C6BAA10BK72 | Long             | EC               | CORP              | AU        |     39789 | NS      | $763692.53    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Definity Financial Corp                                    | Definity Financial Corp                                      | CUSIP: 24477T100<br>LEI: 984500D5F3FC49D00C44 | Long             | EC               | CORP              | CA        |     10113 | NS      | $589439.18    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cie Generale des Etablissements Michelin SCA               | Cie Generale des Etablissements Michelin SCA                 | CUSIP: 000000000<br>LEI: 549300SOSI58J6VIW052 | Long             | EC               | CORP              | FR        |      3484 | NS      | $129637.44    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| NN Group NV                                                | NN Group NV                                                  | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |      1382 | NS      | $91857.97     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Swire Pacific Ltd                                          | Swire Pacific Ltd                                            | CUSIP: 000000000<br>LEI: 549300KZOZHII0DGF611 | Long             | EC               | CORP              | HK        |      2000 | NS      | $17154.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Asics Corp                                                 | Asics Corp                                                   | CUSIP: 000000000<br>LEI: 3538002LJMRZ83SU0B85 | Long             | EC               | CORP              | JP        |     11500 | NS      | $293775.24    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd                                   | United Overseas Bank Ltd                                     | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |     33800 | NS      | $957613.47    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Covestro AG                                                | Covestro AG                                                  | CUSIP: 000000000<br>LEI: 3912005AWHKLQ1CPLV11 | Long             | EC               | CORP              | DE        |      6608 | NS      | $470168.59    | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands                             | NU Holdings Ltd/Cayman Islands                               | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | KY        |     21234 | NS      | $291330.48    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EssilorLuxottica SA                                        | EssilorLuxottica SA                                          | CUSIP: 000000000<br>LEI: 549300M3VH1A3ER1TB49 | Long             | EC               | CORP              | FR        |      6850 | NS      | $1881768.17   | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Panasonic Holdings Corp                                    | Panasonic Holdings Corp                                      | CUSIP: 000000000<br>LEI: 254900GE1G59KGWPHX32 | Long             | EC               | CORP              | JP        |     57800 | NS      | $620926.10    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Genting Singapore Ltd                                      | Genting Singapore Ltd                                        | CUSIP: 000000000<br>LEI: 254900Y2N3AK93K1O866 | Long             | EC               | CORP              | SG        |     31300 | NS      | $17611.15     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Haleon PLC                                                 | Haleon PLC                                                   | CUSIP: 000000000<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |    315766 | NS      | $1624618.20   | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen    | CUSIP: 000000000<br>LEI: 529900MUF4C20K50JS49 | Long             | EC               | CORP              | DE        |      2923 | NS      | $1895671.23   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Hulic Co Ltd                                               | Hulic Co Ltd                                                 | CUSIP: 000000000<br>LEI: 3538002E12E7IHAKTB10 | Long             | EC               | CORP              | JP        |      2000 | NS      | $20136.86     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Media Corp-Liberty Formula One                     | Liberty Media Corp-Liberty Formula One                       | CUSIP: 531229755<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7933 | NS      | $828998.50    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG                                           | Deutsche Post AG                                             | CUSIP: 000000000<br>LEI: 8ER8GIG7CSMVD8VUFE78 | Long             | EC               | CORP              | DE        |      4933 | NS      | $228030.41    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi HC Capital Inc                                  | Mitsubishi HC Capital Inc                                    | CUSIP: 000000000<br>LEI: 353800MZ3QX9RLMH7B09 | Long             | EC               | CORP              | JP        |      4600 | NS      | $33926.08     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Terumo Corp                                                | Terumo Corp                                                  | CUSIP: 000000000<br>LEI: 353800JX1R4582QVK932 | Long             | EC               | CORP              | JP        |     44700 | NS      | $820479.68    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Transurban Group                                           | Transurban Group                                             | CUSIP: 000000000<br>LEI: 549300ZR71SUQ4VUTM79 | Long             | EC               | CORP              | AU        |     16128 | NS      | $148501.23    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Glencore PLC                                               | Glencore PLC                                                 | CUSIP: 000000000<br>LEI: 2138002658CPO9NBH955 | Long             | EC               | CORP              | JE        |     53140 | NS      | $206920.67    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Telefonaktiebolaget LM Ericsson                            | Telefonaktiebolaget LM Ericsson                              | CUSIP: 000000000<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |     76039 | NS      | $651683.76    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Ajinomoto Co Inc                                           | Ajinomoto Co Inc                                             | CUSIP: 000000000<br>LEI: 353800UT0TLROREPIC92 | Long             | EC               | CORP              | JP        |     23300 | NS      | $621854.15    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd                               | Takeda Pharmaceutical Co Ltd                                 | CUSIP: 000000000<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |      8200 | NS      | $253122.93    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco BPM SpA                                              | Banco BPM SpA                                                | CUSIP: 000000000<br>LEI: 815600E4E6DCD2D25E30 | Long             | EC               | CORP              | IT        |      5882 | NS      | $68706.23     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Shimano Inc                                                | Shimano Inc                                                  | CUSIP: 000000000<br>LEI: 529900L32YT3P9DECR10 | Long             | EC               | CORP              | JP        |      3800 | NS      | $551574.92    | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Idemitsu Kosan Co Ltd                                      | Idemitsu Kosan Co Ltd                                        | CUSIP: 000000000<br>LEI: 549300P0R46FF6DUA630 | Long             | EC               | CORP              | JP        |      4600 | NS      | $27836.24     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB                           | Skandinaviska Enskilda Banken AB                             | CUSIP: 000000000<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |     43220 | NS      | $754834.75    | 0.26%             |  |  |  | No            |                  2 | On Loan: No      |
| SGS SA                                                     | SGS SA                                                       | CUSIP: 000000000<br>LEI: 2138007JNS19JHNA2336 | Long             | EC               | CORP              | CH        |       775 | NS      | $78820.47     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Knorr-Bremse AG                                            | Knorr-Bremse AG                                              | CUSIP: 000000000<br>LEI: 5299001GRRO0Z25YZT52 | Long             | EC               | CORP              | DE        |       374 | NS      | $36148.71     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| SIG Group AG                                               | SIG Group AG                                                 | CUSIP: 000000000<br>LEI: 5493004Z6P7TSVB1L042 | Long             | EC               | CORP              | CH        |      1585 | NS      | $29354.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TIS Inc                                                    | TIS Inc                                                      | CUSIP: 000000000<br>LEI: 35380064HYEZXBQHDF07 | Long             | EC               | CORP              | JP        |      1100 | NS      | $36890.91     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hoshizaki Corp                                             | Hoshizaki Corp                                               | CUSIP: 000000000<br>LEI: 5299001QAMLGU3SRBG20 | Long             | EC               | CORP              | JP        |       600 | NS      | $20734.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pro Medicus Ltd                                            | Pro Medicus Ltd                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |       304 | NS      | $57049.66     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| SGH Ltd                                                    | SGH Ltd                                                      | CUSIP: 000000000<br>LEI: 254900DME8O9GCK94794 | Long             | EC               | CORP              | AU        |      1097 | NS      | $39043.94     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Mizuho Financial Group Inc                                 | Mizuho Financial Group Inc                                   | CUSIP: 000000000<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     12300 | NS      | $338608.46    | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Epiroc AB                                                  | Epiroc AB                                                    | CUSIP: 000000000<br>LEI: 5493004Q73OEYW1SPE91 | Long             | EC               | CORP              | SE        |      1784 | NS      | $34204.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Cie de Saint-Gobain SA                                     | Cie de Saint-Gobain SA                                       | CUSIP: 000000000<br>LEI: NFONVGN05Z0FMN5PEC35 | Long             | EC               | CORP              | FR        |      5799 | NS      | $682183.56    | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| UPM-Kymmene Oyj                                            | UPM-Kymmene Oyj                                              | CUSIP: 000000000<br>LEI: 213800EC6PW5VU4J9U64 | Long             | EC               | CORP              | FI        |      2684 | NS      | $73279.27     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Rakuten Group Inc                                          | Rakuten Group Inc                                            | CUSIP: 000000000<br>LEI: 529900IMXUCQKUL1H943 | Long             | EC               | CORP              | JP        |      7800 | NS      | $42931.29     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                                            | Nintendo Co Ltd                                              | CUSIP: 000000000<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |     19800 | NS      | $1899156.84   | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                                        | Erste Group Bank AG                                          | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     23599 | NS      | $2005804.78   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Eurofins Scientific SE                                     | Eurofins Scientific SE                                       | CUSIP: 000000000<br>LEI: 529900JEHFM47DYY3S57 | Long             | EC               | CORP              | LU        |       612 | NS      | $43611.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Dassault Systemes SE                                       | Dassault Systemes SE                                         | CUSIP: 000000000<br>LEI: 96950065LBWY0APQIM86 | Long             | EC               | CORP              | FR        |      3477 | NS      | $126034.59    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co Ltd                  | Taiwan Semiconductor Manufacturing Co Ltd                    | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     82000 | NS      | $2960692.41   | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MatsukiyoCocokara & Co                                     | MatsukiyoCocokara & Co                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1800 | NS      | $37090.31     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| KDDI Corp                                                  | KDDI Corp                                                    | CUSIP: 000000000<br>LEI: 5299003FU7V4I45FU310 | Long             | EC               | CORP              | JP        |    118000 | NS      | $2027280.60   | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Banca Mediolanum SpA                                       | Banca Mediolanum SpA                                         | CUSIP: 000000000<br>LEI: 7LVZJ6XRIE7VNZ4UBX81 | Long             | EC               | CORP              | IT        |      1159 | NS      | $19968.54     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Poste Italiane SpA                                         | Poste Italiane SpA                                           | CUSIP: 000000000<br>LEI: 815600354DEDBD0BA991 | Long             | EC               | CORP              | IT        |      2363 | NS      | $50781.96     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Hongkong Land Holdings Ltd                                 | Hongkong Land Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 213800XCHYNRPAYGXW28 | Long             | EC               | CORP              | BM        |      5700 | NS      | $32912.68     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Vodafone Group PLC                                         | Vodafone Group PLC                                           | CUSIP: 000000000<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |    102576 | NS      | $109542.13    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| EXOR NV                                                    | EXOR NV                                                      | CUSIP: 000000000<br>LEI: 5493002ENHZ6NYET7405 | Long             | EC               | CORP              | NL        |       457 | NS      | $46087.02     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Seven & i Holdings Co Ltd                                  | Seven & i Holdings Co Ltd                                    | CUSIP: 000000000<br>LEI: 52990037G8JRM3TWGY86 | Long             | EC               | CORP              | JP        |     54500 | NS      | $878996.04    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Shionogi & Co Ltd                                          | Shionogi & Co Ltd                                            | CUSIP: 000000000<br>LEI: 35380049VXDTHZI3DY35 | Long             | EC               | CORP              | JP        |      3900 | NS      | $70371.93     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sofina SA                                                  | Sofina SA                                                    | CUSIP: 000000000<br>LEI: 5493000GMVR38VUO5D39 | Long             | EC               | CORP              | BE        |        82 | NS      | $27028.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Demant A/S                                                 | Demant A/S                                                   | CUSIP: 000000000<br>LEI: 213800RM6L9LN78BVA56 | Long             | EC               | CORP              | DK        |       370 | NS      | $15451.34     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Vonovia SE                                                 | Vonovia SE                                                   | CUSIP: 000000000<br>LEI: 5299005A2ZEP6AP7KM81 | Long             | EC               | CORP              | DE        |      3799 | NS      | $133816.42    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Edenred SE                                                 | Edenred SE                                                   | CUSIP: 000000000<br>LEI: 9695006LOD5B2D7Y0N70 | Long             | EC               | CORP              | FR        |      7494 | NS      | $232431.45    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyocera Corp                                               | Kyocera Corp                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6700 | NS      | $80442.11     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| MercadoLibre Inc                                           | MercadoLibre Inc                                             | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | US        |       128 | NS      | $334544.64    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd                                                | South32 Ltd                                                  | CUSIP: 000000000<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |     23669 | NS      | $45372.20     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd                                            | Sands China Ltd                                              | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | KY        |     12800 | NS      | $26709.39     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ArcelorMittal SA                                           | ArcelorMittal SA                                             | CUSIP: 000000000<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |      2418 | NS      | $76428.25     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker BP ASA                                                | Aker BP ASA                                                  | CUSIP: 000000000<br>LEI: 549300NFTY73920OYK69 | Long             | EC               | CORP              | NO        |      1521 | NS      | $38805.63     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Yokogawa Electric Corp                                     | Yokogawa Electric Corp                                       | CUSIP: 000000000<br>LEI: 529900MV0U7C9WWF4L22 | Long             | EC               | CORP              | JP        |      1200 | NS      | $31975.79     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Telia Co AB                                                | Telia Co AB                                                  | CUSIP: 000000000<br>LEI: 213800FSR9RNDUOTXO25 | Long             | EC               | CORP              | SE        |     12379 | NS      | $44701.61     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Grifols SA                                                 | Grifols SA                                                   | CUSIP: 000000000<br>LEI: 959800HSSNXWRKBK4N60 | Long             | EC               | CORP              | ES        |      1541 | NS      | $18789.07     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| InPost SA                                                  | InPost SA                                                    | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | LU        |      1134 | NS      | $18838.13     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sartorius Stedim Biotech                                   | Sartorius Stedim Biotech                                     | CUSIP: 000000000<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |       152 | NS      | $36377.27     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Prudential PLC                                             | Prudential PLC                                               | CUSIP: 000000000<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |     13523 | NS      | $169773.61    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Novartis AG                                                | Novartis AG                                                  | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |     19166 | NS      | $2318607.99   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Segro PLC                                                  | Segro PLC                                                    | CUSIP: 000000000<br>LEI: 213800XC35KGM9NFC641 | Long             | EC               |  | GB        |     32102 | NS      | $299535.64    | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| National Grid PLC                                          | National Grid PLC                                            | CUSIP: 000000000<br>LEI: 8R95QZMKZLJX5Q2XR704 | Long             | EC               | CORP              | GB        |    153604 | NS      | $2245902.76   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| DCC PLC                                                    | DCC PLC                                                      | CUSIP: 000000000<br>LEI: 213800UPS1QEE4TD3T45 | Long             | EC               | CORP              | IE        |      6160 | NS      | $399872.63    | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Electric Industries Ltd                           | Sumitomo Electric Industries Ltd                             | CUSIP: 000000000<br>LEI: 5493005SP87FL5TOS202 | Long             | EC               | CORP              | JP        |      3700 | NS      | $78882.19     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                                              | AIA Group Ltd                                                | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    118400 | NS      | $1064744.42   | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| NEC Corp                                                   | NEC Corp                                                     | CUSIP: 000000000<br>LEI: 5493000QYMPFRTEY4K28 | Long             | EC               | CORP              | JP        |     27200 | NS      | $796651.50    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Temenos AG                                                 | Temenos AG                                                   | CUSIP: 000000000<br>LEI: 5067007NW6550481FH64 | Long             | EC               | CORP              | CH        |       273 | NS      | $19560.04     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sonic Healthcare Ltd                                       | Sonic Healthcare Ltd                                         | CUSIP: 000000000<br>LEI: 549300NQQ5L2NONWR862 | Long             | EC               | CORP              | AU        |      2166 | NS      | $38192.94     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| CK Asset Holdings Ltd                                      | CK Asset Holdings Ltd                                        | CUSIP: 000000000<br>LEI: 5299006GJZSGP78B8S35 | Long             | EC               | CORP              | KY        |     10000 | NS      | $44142.83     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Industries Ltd                         | Teva Pharmaceutical Industries Ltd                           | CUSIP: 881624209<br>LEI: 549300BAFGM4RC74ZJ94 | Long             | EC               | CORP              | IL        |     40347 | NS      | $676215.72    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayerische Motoren Werke AG                                | Bayerische Motoren Werke AG                                  | CUSIP: 000000000<br>LEI: YEH5ZCD6E441RHVHD759 | Long             | EC               | CORP              | DE        |       291 | NS      | $24113.43     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd                                       | Tencent Holdings Ltd                                         | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | KY        |      3900 | NS      | $250485.70    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Vicinity Ltd                                               | Vicinity Ltd                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               |  | AU        |     17041 | NS      | $27808.69     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Puig Brands SA                                             | Puig Brands SA                                               | CUSIP: 000000000<br>LEI: 549300OVHNSX30L1AQ94 | Long             | EC               | CORP              | ES        |     13814 | NS      | $273229.78    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Taisei Corp                                                | Taisei Corp                                                  | CUSIP: 000000000<br>LEI: 529900TF7XJKIOWMLQ79 | Long             | EC               | CORP              | JP        |       800 | NS      | $46558.37     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Groupe Bruxelles Lambert NV                                | Groupe Bruxelles Lambert NV                                  | CUSIP: 000000000<br>LEI: 549300KV0ZEHT2KVU152 | Long             | EC               | CORP              | BE        |       375 | NS      | $31917.80     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Bunzl PLC                                                  | Bunzl PLC                                                    | CUSIP: 000000000<br>LEI: 213800Q1Q9DV4L78UM09 | Long             | EC               | CORP              | GB        |     35813 | NS      | $1140646.11   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Booking Holdings Inc                                       | Booking Holdings Inc                                         | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |       167 | NS      | $966803.08    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco de Sabadell SA                                       | Banco de Sabadell SA                                         | CUSIP: 000000000<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | EC               | CORP              | ES        |     27849 | NS      | $88682.49     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryanair Holdings PLC                                       | Ryanair Holdings PLC                                         | CUSIP: 783513203<br>LEI: 635400BR2ROC1FVEBQ56 | Long             | EC               | CORP              | IE        |      6800 | NS      | $392156.00    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners PLC                         | Coca-Cola Europacific Partners PLC                           | CUSIP: 000000000<br>LEI: 549300LTH67W4GWMRF57 | Long             | EC               | CORP              | GB        |      1035 | NS      | $95965.20     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Safran SA                                                  | Safran SA                                                    | CUSIP: 000000000<br>LEI: 969500UIC89GT3UL7L24 | Long             | EC               | CORP              | FR        |      5482 | NS      | $1785399.42   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyowa Kirin Co Ltd                                         | Kyowa Kirin Co Ltd                                           | CUSIP: 000000000<br>LEI: 529900TBXKVTQGYA3582 | Long             | EC               | CORP              | JP        |      1200 | NS      | $20573.33     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Elbit Systems Ltd                                          | Elbit Systems Ltd                                            | CUSIP: 000000000<br>LEI: 529900Q9CB1REUMZSS32 | Long             | EC               | CORP              | IL        |       139 | NS      | $61806.20     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Entain PLC                                                 | Entain PLC                                                   | CUSIP: 000000000<br>LEI: 213800GNI3K45LQR8L28 | Long             | EC               | CORP              | IM        |      2962 | NS      | $36713.23     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Hankyu Hanshin Holdings Inc                                | Hankyu Hanshin Holdings Inc                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1100 | NS      | $29898.28     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Coloplast A/S                                              | Coloplast A/S                                                | CUSIP: 000000000<br>LEI: 529900NN7SOJ5QG82X67 | Long             | EC               | CORP              | DK        |       620 | NS      | $59006.85     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| MEIJI Holdings Co Ltd                                      | MEIJI Holdings Co Ltd                                        | CUSIP: 000000000<br>LEI: 5299002D52YIP6DWMV49 | Long             | EC               | CORP              | JP        |      1300 | NS      | $28764.77     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Swiss Prime Site AG                                        | Swiss Prime Site AG                                          | CUSIP: 000000000<br>LEI: 506700XI9H64OPR34158 | Long             | EC               | CORP              | CH        |       402 | NS      | $60395.11     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Kobe Bussan Co Ltd                                         | Kobe Bussan Co Ltd                                           | CUSIP: 000000000<br>LEI: 353800CJIFNHN2DXRD59 | Long             | EC               | CORP              | JP        |       800 | NS      | $24883.88     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                                              | HDFC Bank Ltd                                                | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      5683 | NS      | $435715.61    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Croda International PLC                                    | Croda International PLC                                      | CUSIP: 000000000<br>LEI: 2138004WCNBFJEEOXV26 | Long             | EC               | CORP              | GB        |       714 | NS      | $28700.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Israel Discount Bank Ltd                                   | Israel Discount Bank Ltd                                     | CUSIP: 000000000<br>LEI: 549300XWZ7BG5G23OF51 | Long             | EC               | CORP              | IL        |      6394 | NS      | $63758.24     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Unipol Assicurazioni SpA                                   | Unipol Assicurazioni SpA                                     | CUSIP: 000000000<br>LEI: 8156005CE5E7340CCA86 | Long             | EC               | CORP              | IT        |      1859 | NS      | $36858.25     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Davide Campari-Milano NV                                   | Davide Campari-Milano NV                                     | CUSIP: 000000000<br>LEI: 213800ED5AN2J56N6Z02 | Long             | EC               | CORP              | NL        |      3172 | NS      | $21339.94     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Group Holdings PLC                                 | Phoenix Group Holdings PLC                                   | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | EC               | CORP              | GB        |      3372 | NS      | $30485.66     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Brambles Ltd                                               | Brambles Ltd                                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |      7214 | NS      | $111203.27    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Kansai Electric Power Co Inc/The                           | Kansai Electric Power Co Inc/The                             | CUSIP: 000000000<br>LEI: 353800PFUKP5ONPJNZ86 | Long             | EC               | CORP              | JP        |      4800 | NS      | $56804.90     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tokio Marine Holdings Inc                                  | Tokio Marine Holdings Inc                                    | CUSIP: 000000000<br>LEI: 5299009QN2NZ191KLS29 | Long             | EC               | CORP              | JP        |     40100 | NS      | $1691602.19   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| InterContinental Hotels Group PLC                          | InterContinental Hotels Group PLC                            | CUSIP: 000000000<br>LEI: 2138007ZFQYRUSLU3J98 | Long             | EC               | CORP              | GB        |       766 | NS      | $87462.12     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC                                         | Anglo American PLC                                           | CUSIP: 000000000<br>LEI: 549300S9XF92D1X8ME43 | Long             | EC               | CORP              | GB        |      5801 | NS      | $171252.84    | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Exchange Derivatives Clearing Ltd.               | NIKKEI 225 (SGX) SEP25                                       | CUSIP: 000000000<br>LEI: 549300ZLWT3FK3F0FW61 | N/A              | DE               |  | SG        |         1 | NC      | $8273.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG                                          | Siemens Energy AG                                            | CUSIP: 000000000<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |      3335 | NS      | $385401.36    | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Obic Co Ltd                                                | Obic Co Ltd                                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1700 | NS      | $66241.79     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Wix.com Ltd                                                | Wix.com Ltd                                                  | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |       277 | NS      | $43893.42     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Gjensidige Forsikring ASA                                  | Gjensidige Forsikring ASA                                    | CUSIP: 000000000<br>LEI: 5967007LIEEXZX6FAO47 | Long             | EC               | CORP              | NO        |      1037 | NS      | $26293.64     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Holmen AB                                                  | Holmen AB                                                    | CUSIP: 000000000<br>LEI: 52990080SH3454F0QE68 | Long             | EC               | CORP              | SE        |       447 | NS      | $17734.78     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Schneider Electric SE                                      | Schneider Electric SE                                        | CUSIP: 000000000<br>LEI: 969500A1YF1XUYYXS284 | Long             | EC               | CORP              | FR        |      8970 | NS      | $2391923.87   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Swatch Group AG/The                                        | Swatch Group AG/The                                          | CUSIP: 000000000<br>LEI: 529900NTES2LEON1JZ55 | Long             | EC               | CORP              | CH        |       150 | NS      | $24480.74     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinor ASA                                                | Equinor ASA                                                  | CUSIP: 000000000<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |     40808 | NS      | $1030369.99   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Infineon Technologies AG                                   | Infineon Technologies AG                                     | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     39761 | NS      | $1691860.32   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Yara International ASA                                     | Yara International ASA                                       | CUSIP: 000000000<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | EC               | CORP              | NO        |       902 | NS      | $33319.57     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Recordati Industria Chimica e Farmaceutica SpA             | Recordati Industria Chimica e Farmaceutica SpA               | CUSIP: 000000000<br>LEI: 815600FBF92FD3531704 | Long             | EC               | CORP              | IT        |       565 | NS      | $35547.84     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Telenor ASA                                                | Telenor ASA                                                  | CUSIP: 000000000<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               | CORP              | NO        |      3186 | NS      | $49762.80     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Zalando SE                                                 | Zalando SE                                                   | CUSIP: 000000000<br>LEI: 529900YRFFGH5AXU4S86 | Long             | EC               | CORP              | DE        |      1189 | NS      | $39146.81     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Contact Energy Ltd                                         | Contact Energy Ltd                                           | CUSIP: 000000000<br>LEI: 549300FT5JOXS1PZ1I32 | Long             | EC               | CORP              | NZ        |      4150 | NS      | $22768.46     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Centrica PLC                                               | Centrica PLC                                                 | CUSIP: 000000000<br>LEI: E26EDV109X6EEPBKVH76 | Long             | EC               | CORP              | GB        |     26985 | NS      | $59849.89     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Obayashi Corp                                              | Obayashi Corp                                                | CUSIP: 000000000<br>LEI: 529900YT4O5S0LCXWD54 | Long             | EC               | CORP              | JP        |      3200 | NS      | $48425.60     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Yusen KK                                            | Nippon Yusen KK                                              | CUSIP: 000000000<br>LEI: 353800YPW4XM0ZN5I149 | Long             | EC               | CORP              | JP        |      2300 | NS      | $82575.64     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Fast Retailing Co Ltd                                      | Fast Retailing Co Ltd                                        | CUSIP: 000000000<br>LEI: 353800ZCXKHDPY0N5218 | Long             | EC               | CORP              | JP        |      3300 | NS      | $1130823.29   | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| State Street Institutional US Government Money Market Fund | State Street Institutional US Government Money Market Fund   | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | EC               | RF                | US        |     16155 | NS      | $16154.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Grab Holdings Ltd                                          | Grab Holdings Ltd                                            | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | KY        |     12224 | NS      | $61486.72     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Intertek Group PLC                                         | Intertek Group PLC                                           | CUSIP: 000000000<br>LEI: 2138003GAT25WW1RN369 | Long             | EC               | CORP              | GB        |       827 | NS      | $53822.50     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Coles Group Ltd                                            | Coles Group Ltd                                              | CUSIP: 000000000<br>LEI: 549300OHQRG2HN8LZ793 | Long             | EC               | CORP              | AU        |      6838 | NS      | $93800.52     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Denso Corp                                                 | Denso Corp                                                   | CUSIP: 000000000<br>LEI: 549300RYPA10CQM3QK38 | Long             | EC               | CORP              | JP        |     42400 | NS      | $571827.93    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Banque Cantonale Vaudoise                                  | Banque Cantonale Vaudoise                                    | CUSIP: 000000000<br>LEI: K1MOBB3OPSBBQO554R76 | Long             | EC               | CORP              | CH        |       134 | NS      | $15475.93     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Suncorp Group Ltd                                          | Suncorp Group Ltd                                            | CUSIP: 000000000<br>LEI: 549300BVOKRTHDIWVT46 | Long             | EC               | CORP              | AU        |      5596 | NS      | $79596.26     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Teleperformance SE                                         | Teleperformance SE                                           | CUSIP: 000000000<br>LEI: 9695004GI61FHFFNRG61 | Long             | EC               | CORP              | FR        |      2295 | NS      | $222840.71    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Mercedes-Benz Group AG                                     | Mercedes-Benz Group AG                                       | CUSIP: 000000000<br>LEI: 529900R27DL06UVNT076 | Long             | EC               | CORP              | DE        |      3737 | NS      | $218651.68    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Element Fleet Management Corp                              | Element Fleet Management Corp                                | CUSIP: 286181201<br>LEI: 5493000PGBS1C22ELQ16 | Long             | EC               | CORP              | CA        |     31883 | NS      | $798626.13    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd                                         | Qantas Airways Ltd                                           | CUSIP: 000000000<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |      3891 | NS      | $27507.73     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Investor AB                                                | Investor AB                                                  | CUSIP: 000000000<br>LEI: 549300VEBQPHRZBKUX38 | Long             | EC               | CORP              | SE        |      8894 | NS      | $263210.83    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Halma PLC                                                  | Halma PLC                                                    | CUSIP: 000000000<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |      1950 | NS      | $85675.26     | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA                         | Banco Bilbao Vizcaya Argentaria SA                           | CUSIP: 000000000<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |    138694 | NS      | $2133127.26   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Kirin Holdings Co Ltd                                      | Kirin Holdings Co Ltd                                        | CUSIP: 000000000<br>LEI: 353800GBVL72LLMTYM96 | Long             | EC               | CORP              | JP        |      3900 | NS      | $54614.68     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Mitsubishi Corp                                            | Mitsubishi Corp                                              | CUSIP: 000000000<br>LEI: KVIPTY4PULAPGC1VVD26 | Long             | EC               | CORP              | JP        |     36700 | NS      | $732889.70    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB                                   | Svenska Handelsbanken AB                                     | CUSIP: 000000000<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |     63832 | NS      | $853660.79    | 0.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Whitbread PLC                                              | Whitbread PLC                                                | CUSIP: 000000000<br>LEI: 21380099VMZKRMN3EX36 | Long             | EC               | CORP              | GB        |     16259 | NS      | $630931.78    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijer Ref AB                                              | Beijer Ref AB                                                | CUSIP: 000000000<br>LEI: 549300PZZEUVH08H4G75 | Long             | EC               | CORP              | SE        |      1839 | NS      | $29055.41     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Sanso Holdings Corp                                 | Nippon Sanso Holdings Corp                                   | CUSIP: 000000000<br>LEI: 353800F1K6653B4VPY57 | Long             | EC               | CORP              | JP        |       900 | NS      | $34031.98     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC Holdings PLC                                          | HSBC Holdings PLC                                            | CUSIP: 000000000<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |     90821 | NS      | $1099575.52   | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Heineken NV                                                | Heineken NV                                                  | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |     24210 | NS      | $2119758.67   | 0.73%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-25

**Name of Applicant:** SEASONS SERIES TRUST

**Signature:** Donna McManus

**Name of Signer:** Donna McManus

**Title:** Assistant Treasurer