# EDGAR Filing Document

**Accession Number:** 0001003239
**File Stem:** 0001193125-25-166489
**Filing Date:** 2025-7
**Character Count:** 25845
**Document Hash:** 4a7c89506ad58a3bf204554bf9fbf3cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-166489.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001193125-25-166489

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**EFFECTIVENESS DATE**: 20250728

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-08653
- **FILM NUMBER:** 251156080

**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      |  |

![](g320770seasons_logo.jpg)

**Summary Prospectus**

**July 29, 2025**

**Seasons Series Trust**

**SA Multi-Managed International Equity Portfolio**

**(Class 1, Class 2 and Class 3 Shares)**

Seasons Series Trust's [Statutory Prospectus and Statement of Additional Information](https://www.sec.gov/ix?doc=/Archives/edgar/data/1003239/000119312525165372/d852434d485bpos.htm), each dated July 29, 2025, as amended and supplemented from time to time, and the [most recent shareholder reports](https://www.sec.gov/ix?doc=/Archives/edgar/data/1003239/000114554925038916/8dda505bb10db83.htm) are incorporated into and made part of this Summary Prospectus by reference. The Portfolio is offered only to the separate accounts of certain affiliated and unaffiliated life insurance companies and to other mutual funds. This Summary Prospectus is not intended for use by other investors.

Before you invest, you may want to review Seasons Series Trust's Statutory Prospectus, which contains more information about the Portfolio and its risks. You can find the Statutory Prospectus and the above-incorporated information online at https://www.corebridgefinancial.com/getprospectus. You can also get this information at no cost by calling (800) 445-7862 or by sending an e-mail request to fundprospectus@corebridgefinancial.com.

The Securities and Exchange Commission has not approved or disapproved these securities, nor has it determined that this Summary Prospectus is accurate or complete. It is a criminal offense to state otherwise.

------

***Investment Goal***

------

The Portfolio's investment goal is long-term growth of capital.

***Fees and Expenses of the Portfolio***

------

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. **The table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy ("Variable Contracts") in which the Portfolio is offered.** If separate account fees were shown, the Portfolio's annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.

**<u>Annual Portfolio Operating Expenses</u>** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | | |
|:---|:---|:---|:---|
|  | **Class 1** | **Class 2** | **Class 3** |
| Management Fees | 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% |
| Service (12b-1) Fees |  | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.25% |
| Other Expenses | 0.13% | &nbsp;&nbsp; 0.13% | &nbsp;&nbsp; 0.13% |
| &nbsp;&nbsp;&nbsp; Total Annual Portfolio <br> Operating Expenses <br> Before Fee Waivers and/<br> or Expense <br> Reimbursements<br>| 1.08% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.33% |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Class 1** | **Class 2** | **Class 3** |
| &nbsp;&nbsp;&nbsp; Fee Waivers and/or <br> Expense <br> Reimbursements<sup>1</sup><br>| 0.04% | &nbsp;&nbsp; 0.04% | &nbsp;&nbsp; 0.04% |
| &nbsp;&nbsp;&nbsp; Total Annual Portfolio <br> Operating Expenses <br> After Fee Waivers and/or <br> Expense <br> Reimbursements<sup>1</sup><br>| 1.04% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.29% |

---

<sup>1</sup>

Pursuant to a Master Advisory Fee Waiver Agreement, SunAmerica Asset Management, LLC ("SunAmerica") contractually agreed to waive a portion of its advisory fee for the Portfolio so that the advisory fee on average daily net assets payable to SunAmerica equals 0.91% on the first $250 million, 0.86% on the next $250 million, and 0.81% above $500 million. This agreement may be modified or discontinued prior to July 31, 2026 only with the approval of the Board of Trustees (the "Board") of Seasons Series Trust (the "Trust"), including a majority of the trustees of the Board who are not "interested persons" of the Trust as defined in the Investment Company Act of 1940, as amended.

**<u>Expense Example</u>**

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract fees were

Seasons Series Trust

------

**SA Multi-Managed International Equity Portfolio**

reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class 1 Shares | $106 | &nbsp;&nbsp; $340 | &nbsp;&nbsp; $592 | &nbsp;&nbsp; $1314 |
| Class 2 Shares | 121 | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 1485 |
| Class 3 Shares | 131 | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 1598 |

---

**<u>Portfolio Turnover</u>** 

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio's performance.

During the most recent fiscal year, the Portfolio's portfolio turnover rate was 16% of the average value of its portfolio.

***Principal Investment Strategies of the Portfolio***

------

The Portfolio attempts to achieve its investment goal by investing, under normal circumstances, at least 80% of net assets in equity securities of issuers in at least three countries other than the United States. Although the Portfolio invests primarily in issuers located in developed countries, the Portfolio may invest in companies located in developing or emerging markets. The Portfolio invests primarily in large-capitalization companies, though it may invest in companies of any market capitalization.

The Portfolio may invest in foreign currency hedges and other currency transactions. The Portfolio may at times invest significantly in certain sectors.

The Portfolio is actively managed by two subadvisers and, to balance the risks of the Portfolio, a portion of the Portfolio is passively managed by a third subadviser. The passively managed portion of the Portfolio invests in all or substantially all of the stocks included in the MSCI EAFE Index (the "Index"), a strategy known as "replication." The subadviser may, however, utilize an "optimization" strategy in circumstances in which replication is difficult or impossible, such as if the Portfolio has low asset levels and cannot replicate, to reduce trading costs or to gain exposure to securities that the Portfolio cannot access directly. The goal of optimization is to select stocks which ensure that characteristics such as industry weightings, average market capitalizations and fundamental characteristics (e.g., price-to-book, price-to-earnings, debt-to-asset ratios and dividend yields) closely approximate those of the Index. Stocks not in the Index

may be held before or after changes in the composition of the Index or if they have characteristics similar to stocks in the Index. The subadviser may also invest the Portfolio's assets in investments with economic characteristics that are comparable to the economic characteristics of securities included in the Index, including derivatives, such as contracts for difference.

As part of the investment strategy utilized by Schroder Investment Management North America Inc. ("SIMNA") with respect to the portion of the Portfolio it manages, SIMNA evaluates certain factors as part of the investment process, including environmental, social and governance ("ESG") characteristics. ESG characteristics are not the only factors considered and as a result, the companies (or issuers) in which the Portfolio invests may not be companies (or issuers) with favorable ESG characteristics or high ESG ratings.

***Principal Risks of Investing in the Portfolio***

------

As with any mutual fund, there can be no assurance that the Portfolio's investment goal will be met or that the net return on an investment in the Portfolio will exceed what could have been obtained through other investment or savings vehicles. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Portfolio goes down, you could lose money.

The following is a summary of the principal risks of investing in the Portfolio.

**Foreign Investment Risk.** The Portfolio's investments in the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when investing in issuers in emerging market countries.

**Emerging Markets Risk.** Risks associated with investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate

Seasons Series Trust

------

**SA Multi-Managed International Equity Portfolio**

volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to be more volatile than investments in developed countries.

**Equity Securities Risk.** The Portfolio invests principally in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day-to-day and may decline significantly.

**Country, Sector or Industry Focus Risk.** To the extent the Portfolio invests a significant portion of its assets in one or only a few countries, sectors or industries at a time, the Portfolio will face a greater risk of loss due to factors affecting that single or those few countries, sectors or industries than if the Portfolio always maintained wide diversity among the countries, sectors and industries in which it invests.

**ESG Investment Risk.** The portfolio manager(s) may utilize ESG criteria, integrate ESG considerations and/or use related analyses to select investments for the Portfolio. These strategies may impact the Portfolio's performance, including relative to similar funds that do not adhere to such ESG criteria, ESG integration and/or related analyses as part of the investment process. Additionally, the Portfolio's adherence to these strategies in connection with identifying and selecting investments may require subjective and qualitative analysis and may be more difficult if data about a particular company or market is limited, such as with respect to issuers in emerging markets countries. The Portfolio may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms differ by country and region, and a company's ESG practices or a portfolio manager's assessment of such may change over time. ESG characteristics may not be the only factors considered in selecting investments and as a result, the Portfolio's investments may not have favorable ESG characteristics or high ESG ratings.

**Foreign Currency Risk.** The value of the Portfolio's foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio's non-U.S. dollar-denominated securities.

**Large-Cap Companies Risk.** Large-cap companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio's value may not rise as much as the value of portfolios that emphasize smaller companies. Larger,

more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during extended periods of economic expansion.

**Small- and Mid-Cap Companies Risk.** Companies with smaller market capitalization (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements. Securities of small- and mid-cap companies are usually more volatile and entail greater risks than securities of large-cap companies.

**Hedging Risk.** While hedging strategies can be very useful and inexpensive ways of reducing risk, they are sometimes ineffective due to unexpected changes in the market or exchange rates. Hedging also involves the risk that changes in the value of the related security will not match those of the instruments being hedged as expected, in which case any losses on the instruments being hedged may not be reduced. For gross currency hedges, there is an additional risk, to the extent that these transactions create exposure to currencies in which the Portfolio's securities (or other positions) are not denominated.

**Failure to Match Index Performance Risk.** The ability of the Portfolio to match the performance of the Index may be affected by, among other things, changes in securities markets, the manner in which performance of the Index is calculated, changes in the composition of the Index, the amount and timing of cash flows into and out of the Portfolio, commissions, portfolio expenses, and any differences in the pricing of securities by the Portfolio and the Index. When the Portfolio employs an "optimization" strategy, the Portfolio is subject to an increased risk of tracking error, in that the securities selected in the aggregate for the Portfolio may perform differently than the underlying index.

**Index Risk.** The passively-managed index portion of the Portfolio generally will not sell securities in its portfolio and buy different securities over the course of a year other than in conjunction with changes in its target index, even if there are adverse developments concerning a particular security, company or industry. As a result, you may suffer

Seasons Series Trust

------

**SA Multi-Managed International Equity Portfolio**

losses that you would not experience with an actively-managed mutual fund.

**Affiliated Fund Rebalancing Risk.** The Portfolio may be an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as "funds of funds." From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when it is not advantageous to do so.

**Management Risk.** The Portfolio is subject to management risk because it is an actively-managed investment portfolio. The Portfolio's portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the portfolio managers will produce the desired results.

**Market Risk.** The Portfolio's share price or the market as a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse social, political, regulatory or economic developments in the United States or abroad; changes in investor psychology; technological disruptions; heavy institutional selling; military confrontations, war, terrorism, sanctions and other armed conflicts; trade wars and similar conflicts; disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rates and price fluctuations; and other conditions or events. In addition, the adviser's or a subadviser's assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in a rising market.

**Issuer Risk.** The value of a security may decline for a number of reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods and services.

**Derivatives Risk.** A derivative is any financial instrument whose value is based on, and determined by, another security, index, rate or benchmark (*i.e.*, stock options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used with the goal of enhancing return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio's use of

derivatives may be substantially greater than the amount of the Portfolio's investment. Certain derivatives have the potential for unlimited loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio's use of derivatives are market risk, counterparty risk and hedging risk.

***Performance Information***

------

The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio's performance from calendar year to calendar year and the table compares the Portfolio's average annual returns to those of the MSCI EAFE Index (net) (a broad-based securities market index), which is relevant to the Portfolio because it has characteristics similar to the Portfolio's investment strategies. Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown. Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.

BlackRock Investment Management, LLC ("BlackRock") assumed subadvisory duties of the passively managed portion of the Portfolio effective April 30, 2025. Prior to that, SunAmerica managed that portion of the Portfolio. Effective February 6, 2017, SIMNA assumed management of a portion of the Portfolio.

**(Class 1 Shares)**

![](g320770intlequity.jpg)

Seasons Series Trust

------

**SA Multi-Managed International Equity Portfolio**

During the period shown in the bar chart:

---

| | | |
|:---|:---|:---|
| Highest Quarterly <br> Return:<br>| December 31, 2022 | 18.46% |
| Lowest Quarterly <br> Return:<br>| March 31, 2020 | -22.71% |
| Year to Date Most <br> Recent Quarter:<br>| June 30, 2025 | 18.36% |

---

**Average Annual Total Returns** (For the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
|  | 1<br> Year<br>| 5<br> Years<br>| 10<br> Years<br>|
| Class 1 Shares | 3.03% | 4.42% | 4.86% |
| Class 2 Shares | 2.84% | 4.28% | 4.70% |
| Class 3 Shares | 2.76% | 4.16% | 4.60% |
| MSCI EAFE Index (net) | 3.82% | 4.73% | 5.20% |

---

***Investment Adviser***

------

The Portfolio's investment adviser is SunAmerica. The Portfolio is subadvised by BlackRock, SIMNA and T. Rowe Price Associates, Inc. ("T. Rowe Price"). The Portfolio is sub-subadvised by Schroder Investment Management North America Limited and T. Rowe International Ltd. The portfolio managers are noted below.

**<u>Portfolio Managers</u>** 

---

| | |
|:---|:---|
| **Name and Title** | **Portfolio**<br> **Manager of the**<br> **Portfolio Since**<br>|
| *<u>BlackRock</u>* |  |
| &nbsp;&nbsp;&nbsp; Jennifer Hsui, CFA<br> Managing Director<br>| 2025 |
| &nbsp;&nbsp;&nbsp; Peter Sietsema, CFA<br> Director<br>| 2025 |
| &nbsp;&nbsp;&nbsp; Matt Waldron, CFA<br> Managing Director<br>| 2025 |
| &nbsp;&nbsp;&nbsp; Steven White<br> Director<br>| 2025 |
| *<u>SIMNA</u>* |  |
| &nbsp;&nbsp;&nbsp; Simon Webber, CFA<br> Lead Portfolio Manager and Head of <br> Global and International Equities<br>| 2017 |
| &nbsp;&nbsp;&nbsp; James Gautrey, CFA<br> Portfolio Manager, Global and <br> International Equities<br>| 2017 |
| *<u>T. Rowe Price</u>* |  |
| &nbsp;&nbsp;&nbsp; Elias Chrysostomou, CFA<br> Vice President and Portfolio Manager<br>| 2024 |

---

***Purchases and Sales of Portfolio Shares***

------

Shares of the Portfolios may only be purchased or redeemed through Variable Contracts offered by the separate accounts of participating life insurance companies and by other portfolios of the Trust and SunAmerica Series Trust. Shares of a Portfolio may be purchased and redeemed each day the New York Stock Exchange is open, at the Portfolio's net asset value determined after receipt of a request in good order.

The Portfolios do not have any initial or subsequent investment minimums. However, your insurance company may impose investment or account minimums. Please consult the prospectus (or other offering document) for your Variable Contract which may contain additional information about purchases and redemptions of Portfolio shares.

***Tax Information***

------

The Portfolios will not be subject to U.S. federal income tax so long as they qualify as regulated investment companies and distribute their income and gains each year to their shareholders. However, contractholders may be subject to U.S. federal income tax (and a U.S. federal Medicare tax of 3.8% that applies to net investment income, including taxable annuity payments, if applicable) upon withdrawal from a Variable Contract. Contractholders should consult the prospectus (or other offering document) for the Variable Contract for additional information regarding taxation.

***Payments to Broker-Dealers and*** <br> ***Other Financial Intermediaries***

------

The Portfolios are not sold directly to the general public but instead are offered as an underlying investment option for Variable Contracts and to other portfolios of the Trust and SunAmerica Series Trust. A Portfolio and its related companies may make payments to the sponsoring insurance company (or its affiliates) for distribution and/or other services. These payments may create a conflict of interest as they may be a factor that the insurance company considers in including a Portfolio as an underlying investment option in the Variable Contract. The prospectus (or other offering document) for your Variable Contract may contain additional information about these payments.

Seasons Series Trust

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CSP-812546570_588_844.9 (7/25)

------