# EDGAR Filing Document

**Accession Number:** 0001003239
**File Stem:** 0001193125-26-261220
**Filing Date:** 2026-6
**Character Count:** 1589128
**Document Hash:** d0043541f6b967840d79f981ec439e78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-261220.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001193125-26-261220

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 99

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**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
- **LEGAL ENTITY IDENTIFIER:** 549300O318N6OBWGKN57

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07725
- **FILM NUMBER:** 261072055

**BUSINESS ADDRESS:**
- **STREET 1:** 5300 MEMORIAL DRIVE
- **STREET 2:** SUITE 1150
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77007
- **BUSINESS PHONE:** 551-235-3560

**MAIL ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER, SUITE J
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-07725

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

------

5300 Memorial Drive, Suite 1150 Houston, TX 77007

(Address of principal executive offices)

John T. Genoy, President

5300 Memorial Drive, Suite 1150 Houston, TX 77007

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 366-0066

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### March 31, 2026

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

### Seasons Series Trust SA Allocation Aggressive

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Aggressive Portfolio (Class 1)\* | $15 | 0.14% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 15.07% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 16.12% for the Blended Index (the "Performance Index") comprised of 57% Russell 3000<sup>®</sup> Index; 20% Bloomberg U.S. Aggregate Bond Index; 23% MSCI EAFE Index (net). Over the period, emerging market equities outperformed both international developed market and U.S. equities. The bond market experienced positive returns during the period helped by the Federal Reserve's reduction in the Federal Funds Rate.

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

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap growth equities; international value equities. Allocations in the following funds: SA Columbia Focused Value Portfolio; SA PIMCO RAE International Value Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; corporate bonds. Allocations in the following funds: SA PineBridge High-Yield Bond Portfolio

**Asset Allocation** \| tactical

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap value equities; international equities. Allocations to the following funds: SA Fidelity Institutional AM<sup>®</sup> International Growth Portfolio; SA BlackRock Advantage International Portfolio (formerly SA Morgan Stanley International Equities Portfolio); SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: inflation protection. Allocations to the following funds: SA Federated Hermes Corporate Bond Portfolio

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102471.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br>9/26/2016** |
| **SA Allocation Aggressive Portfolio <br>(Class 1)** | 15.07% | 6.86% | 9.30% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.66% |
| **57% Russell 3000<sup>®</sup> Index; 23% MSCI EAFE Index (net); 20% Bloomberg U.S. Aggregate Bond Index** | 16.12% | 8.20% | 10.11% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$509M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102884.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546281 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Allocation Aggressive

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Aggressive Portfolio (Class 3)\* | $42 | 0.39% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 14.79% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 16.12% for the Blended Index (the "Performance Index") comprised of 57% Russell 3000<sup>®</sup> Index; 20% Bloomberg U.S. Aggregate Bond Index; 23% MSCI EAFE Index (net). Over the period, emerging market equities outperformed both international developed market and U.S. equities. The bond market experienced positive returns during the period helped by the Federal Reserve's reduction in the Federal Funds Rate.

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

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap growth equities; international value equities. Allocations in the following funds: SA Columbia Focused Value Portfolio; SA PIMCO RAE International Value Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; corporate bonds. Allocations in the following funds: SA PineBridge High-Yield Bond Portfolio

**Asset Allocation** \| tactical

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap value equities; international equities. Allocations to the following funds: SA Fidelity Institutional AM<sup>®</sup> International Growth Portfolio; SA BlackRock Advantage International Portfolio (formerly SA Morgan Stanley International Equities Portfolio); SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: inflation protection. Allocations to the following funds: SA Federated Hermes Corporate Bond Portfolio

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102472.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Allocation Aggressive Portfolio <br>(Class 3)** | 14.79% | 6.61% | 9.13% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **57% Russell 3000<sup>®</sup> Index; 23% MSCI EAFE Index (net); 20% Bloomberg U.S. Aggregate Bond Index** | 16.12% | 8.20% | 10.22% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$509M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102885.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546786 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Allocation Balanced

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Balanced Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Balanced Portfolio (Class 1)\* | $18 | 0.17% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 9.46% for the year ended March 31, 2026, compared to 4.35% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 10.11% for the Blended Index (the "Performance Index") comprised of 30% Russell 3000<sup>®</sup> Index; 60% Bloomberg U.S. Aggregate Bond Index; 10% MSCI EAFE Index (net). Over the period, emerging market equities outperformed both international developed market and U.S. equities. The bond market experienced positive returns during the period helped by the Federal Reserve's reduction in the Federal Funds Rate.

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

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap growth equities; international value equities. Allocations in the following funds: SA Columbia Focused Value Portfolio; SA PIMCO RAE International Value Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; corporate bonds. Allocations in the following funds: SA PineBridge High-Yield Bond Portfolio

**Asset Allocation** \| tactical

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap value equities; real estate. Allocations to the following funds: SA Fidelity Institutional AM<sup>®</sup> International Growth Portfolio; SA BlackRock Advantage International Portfolio (formerly SA Morgan Stanley International Equities Portfolio); SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: inflation protection. Allocations to the following funds: SA Federated Hermes Corporate Bond Portfolio

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102467.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br>9/26/2016** |
| **SA Allocation Balanced Portfolio <br>(Class 1)** | 9.46% | 3.74% | 5.60% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.51% |
| **30% Russell 3000<sup>®</sup> Index; 10% MSCI EAFE Index (net); 60% Bloomberg U.S. Aggregate Bond Index** | 10.11% | 4.33% | 5.97% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$244M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102853.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546299 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Allocation Balanced

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Balanced Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Balanced Portfolio (Class 3)\* | $44 | 0.42% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 9.18% for the year ended March 31, 2026, compared to 4.35% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 10.11% for the Blended Index (the "Performance Index") comprised of 30% Russell 3000<sup>®</sup> Index; 60% Bloomberg U.S. Aggregate Bond Index; 10% MSCI EAFE Index (net). Over the period, emerging market equities outperformed both international developed market and U.S. equities. The bond market experienced positive returns during the period helped by the Federal Reserve's reduction in the Federal Funds Rate.

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

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap growth equities; international value equities. Allocations in the following funds: SA Columbia Focused Value Portfolio; SA PIMCO RAE International Value Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; corporate bonds. Allocations in the following funds: SA PineBridge High-Yield Bond Portfolio

**Asset Allocation** \| tactical

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap value equities; real estate. Allocations to the following funds: SA Fidelity Institutional AM<sup>®</sup> International Growth Portfolio; SA BlackRock Advantage International Portfolio (formerly SA Morgan Stanley International Equities Portfolio); SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: inflation protection. Allocations to the following funds: SA Federated Hermes Corporate Bond Portfolio

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102468.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Allocation Balanced Portfolio <br>(Class 3)** | 9.18% | 3.48% | 5.53% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |
| **30% Russell 3000<sup>®</sup> Index; 10% MSCI EAFE Index (net); 60% Bloomberg U.S. Aggregate Bond Index** | 10.11% | 4.33% | 6.11% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$244M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102854.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546752 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Allocation Moderate

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Moderate Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Moderate Portfolio (Class 1)\* | $17 | 0.16% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 11.54% for the year ended March 31, 2026, compared to 4.35% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 12.31% for the Blended Index (the "Performance Index") comprised of 41% Russell 3000<sup>®</sup> Index; 45% Bloomberg U.S. Aggregate Bond Index; 14% MSCI EAFE Index (net). Over the period, emerging market equities outperformed both international developed market and U.S. equities. The bond market experienced positive returns during the period helped by the Federal Reserve's reduction in the Federal Funds Rate.

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

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap growth equities; international value equities. Allocations in the following funds: SA Columbia Focused Value Portfolio; SA PIMCO RAE International Value Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; corporate bonds. Allocations in the following funds: SA PineBridge High-Yield Bond Portfolio

**Asset Allocation** \| tactical

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap value equities; international equities. Allocations to the following funds: SA Fidelity Institutional AM<sup>®</sup> International Growth Portfolio; SA BlackRock Advantage International Portfolio (formerly SA Morgan Stanley International Equities Portfolio); SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: inflation protection. Allocations to the following funds: SA Federated Hermes Corporate Bond Portfolio

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102469.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br>9/26/2016** |
| **SA Allocation Moderate Portfolio <br>(Class 1)** | 11.54% | 4.94% | 7.07% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.51% |
| **41% Russell 3000<sup>®</sup> Index; 14% MSCI EAFE Index (net); 45% Bloomberg U.S. Aggregate Bond Index** | 12.31% | 5.82% | 7.59% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$296M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102855.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546265 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Allocation Moderate

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Moderate Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Moderate Portfolio (Class 3)\* | $43 | 0.41% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 11.20% for the year ended March 31, 2026, compared to 4.35% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 12.31% for the Blended Index (the "Performance Index") comprised of 41% Russell 3000<sup>®</sup> Index; 45% Bloomberg U.S. Aggregate Bond Index; 14% MSCI EAFE Index (net). Over the period, emerging market equities outperformed both international developed market and U.S. equities. The bond market experienced positive returns during the period helped by the Federal Reserve's reduction in the Federal Funds Rate.

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

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap growth equities; international value equities. Allocations in the following funds: SA Columbia Focused Value Portfolio; SA PIMCO RAE International Value Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; corporate bonds. Allocations in the following funds: SA PineBridge High-Yield Bond Portfolio

**Asset Allocation** \| tactical

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap value equities; international equities. Allocations to the following funds: SA Fidelity Institutional AM<sup>®</sup> International Growth Portfolio; SA BlackRock Advantage International Portfolio (formerly SA Morgan Stanley International Equities Portfolio); SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: inflation protection. Allocations to the following funds: SA Federated Hermes Corporate Bond Portfolio

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102470.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Allocation Moderate Portfolio <br>(Class 3)** | 11.20% | 4.67% | 6.94% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |
| **41% Russell 3000<sup>®</sup> Index; 14% MSCI EAFE Index (net); 45% Bloomberg U.S. Aggregate Bond Index** | 12.31% | 5.82% | 7.71% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$296M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102856.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546760 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Allocation Moderately Aggressive

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Moderately Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| SA Allocation Moderately Aggressive Portfolio (Class 1)\* | $15 | 0.14% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 12.85% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 13.84% for the Blended Index (the "Performance Index") comprised of 47% Russell 3000<sup>®</sup> Index; 35% Bloomberg U.S. Aggregate Bond Index; 18% MSCI EAFE Index (net). Over the period, emerging market equities outperformed both international developed market and U.S. equities. The bond market experienced positive returns during the period helped by the Federal Reserve's reduction in the Federal Funds Rate.

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

#### TOP PERFORMANCE CONTRIBUTORS
 **For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap growth equities; international value equities. Allocations in the following funds: SA Columbia Focused Value Portfolio; SA PIMCO RAE International Value Portfolio

 **For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; corporate bonds. Allocations in the following funds: SA PineBridge High-Yield Bond Portfolio

 **Asset Allocation** \| tactical

#### TOP PERFORMANCE DETRACTORS
 **For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap value equities; international equities. Allocations to the following funds: SA Fidelity Institutional AM<sup>®</sup> International Growth Portfolio; SA BlackRock Advantage International Portfolio (formerly SA Morgan Stanley International Equities Portfolio); SA AB Growth Portfolio

 **For the fixed income segment of the fund** \| Allocations in the following asset classes: inflation protection. Allocations to the following funds: SA Federated Hermes Corporate Bond Portfolio

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102498.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **Since Inception<br> 9/26/2016** |
| **SA Allocation Moderately Aggressive Portfolio <br> (Class 1)** | 12.85% | 5.74% | 7.98% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.66% |
| **47% Russell 3000<sup>®</sup> Index; 18% MSCI EAFE Index (net); 35% Bloomberg U.S. Aggregate Bond Index** | 13.84% | 6.76% | 8.59% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$515M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

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

 **Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102886.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546273 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Allocation Moderately Aggressive

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Allocation Moderately Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Moderately Aggressive Portfolio (Class 3)\* | $41 | 0.39% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 12.53% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 13.84% for the Blended Index (the "Performance Index") comprised of 47% Russell 3000<sup>®</sup> Index; 35% Bloomberg U.S. Aggregate Bond Index; 18% MSCI EAFE Index (net). Over the period, emerging market equities outperformed both international developed market and U.S. equities. The bond market experienced positive returns during the period helped by the Federal Reserve's reduction in the Federal Funds Rate.

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

#### TOP PERFORMANCE CONTRIBUTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap growth equities; international value equities. Allocations in the following funds: SA Columbia Focused Value Portfolio; SA PIMCO RAE International Value Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: high-yield bonds; corporate bonds. Allocations in the following funds: SA PineBridge High-Yield Bond Portfolio

**Asset Allocation** \| tactical

#### TOP PERFORMANCE DETRACTORS
**For the equity segment of the fund** \| Allocations in the following asset classes: U.S. large cap value equities; international equities. Allocations to the following funds: SA Fidelity Institutional AM<sup>®</sup> International Growth Portfolio; SA BlackRock Advantage International Portfolio (formerly SA Morgan Stanley International Equities Portfolio); SA AB Growth Portfolio

**For the fixed income segment of the fund** \| Allocations in the following asset classes: inflation protection. Allocations to the following funds: SA Federated Hermes Corporate Bond Portfolio

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102499.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Allocation Moderately Aggressive Portfolio <br>(Class 3)** | 12.53% | 5.46% | 7.82% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **47% Russell 3000<sup>®</sup> Index; 18% MSCI EAFE Index (net); 35% Bloomberg U.S. Aggregate Bond Index** | 13.84% | 6.76% | 8.70% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$515M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

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

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102887.jpg)

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546778 (05/26)

Seasons Series Trust

### Seasons Series Trust SA American Century Inflation Managed

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA American Century Inflation Managed Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Century Inflation Managed Portfolio (Class 1)\* | $62 | 0.61% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 2.68% for the year ended March 31, 2026, compared to 4.35% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 3.00% for the Bloomberg U.S. TIPS Index (the "Performance Index"). Over the period, Treasury Inflation Protected Securities advanced along with the broad U.S. Treasury market, but they lagged nominal Treasuries as inflation expectations (measured by five- and ten-year break-even rates) ended the 12 months modestly lower.

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

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

**In aggregate:** \| sector selection

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

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

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102479.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA American Century Inflation Managed Portfolio <br>(Class 1)** | 2.68% | 1.04% | 2.09% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. TIPS Index** | 3.00% | 1.48% | 2.66% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$513M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;91% |

---

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

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

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 54.8% |
| Collateralized Mortgage Obligations | 13.5% |
| Banks | 5.8% |
| Short-Term Investments | 3.9% |
| Foreign Government Obligations | 3.7% |
| Home Equity | 3.0% |
| Electric | 2.9% |
| Other Asset Backed Securities | 2.8% |
| Diversified Financial Services | 1.7% |
| Insurance | 1.0% |
| Software | 0.9% |
| Pharmaceuticals | 0.9% |
| REITS | 0.8% |
| Healthcare-Products | 0.8% |
| Biotechnology | 0.7% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_1102858.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_1102711.jpg)

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

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546315 (05/26)

Seasons Series Trust

### Seasons Series Trust SA American Century Inflation Managed

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA American Century Inflation Managed Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Century Inflation Managed Portfolio (Class 3)\* | $87 | 0.86% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 2.43% for the year ended March 31, 2026, compared to 4.35% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index) and 3.00% for the Bloomberg U.S. TIPS Index (the "Performance Index"). Over the period, Treasury Inflation Protected Securities advanced along with the broad U.S. Treasury market, but they lagged nominal Treasuries as inflation expectations (measured by five- and ten-year break-even rates) ended the 12 months modestly lower.

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

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

**In aggregate:** \| sector selection

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

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

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102473.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA American Century Inflation Managed Portfolio <br>(Class 3)** | 2.43% | 0.79% | 1.85% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |
| **Bloomberg U.S. TIPS Index** | 3.00% | 1.48% | 2.66% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$513M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;91% |

---

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

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

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 54.8% |
| Collateralized Mortgage Obligations | 13.5% |
| Banks | 5.8% |
| Short-Term Investments | 3.9% |
| Foreign Government Obligations | 3.7% |
| Home Equity | 3.0% |
| Electric | 2.9% |
| Other Asset Backed Securities | 2.8% |
| Diversified Financial Services | 1.7% |
| Insurance | 1.0% |
| Software | 0.9% |
| Pharmaceuticals | 0.9% |
| REITS | 0.8% |
| Healthcare-Products | 0.8% |
| Biotechnology | 0.7% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_1102859.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_1102705.jpg)

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

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546794 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Columbia Focused Value

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Columbia Focused Value Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Columbia Focused Value Portfolio (Class 1)\* | $83 | 0.73% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 28.76% for the year ended March 31, 2026, compared to 17.80% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 15.87% for the Russell 1000<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities underperformed small-cap indices, according to the Russell<sup>®</sup> family of indices. Style performance was mixed, with large-cap growth outperforming large-cap value but small-cap value outperforming small-cap growth.

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

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors:** \| information technology; energy; consumer discretionary

**Security selection in the following sectors:** \| financials; materials; industrials

**Position weightings:** \| Corning, Inc.; Applied Materials, Inc.; TechnipFMC PLC

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors:** \| industrials; communication services; cash

**Security selection in the following sectors:** \| real estate; consumer staples; utilities

**Position weightings:** \| Centene Corp.; American Tower Corp.; Micron Technology, Inc. (lack of exposure)

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102500.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Columbia Focused Value Portfolio <br>(Class 1)** | 28.76% | 11.01% | 12.96% |
| **S&P 500<sup>®</sup> Index** | 17.80% | 12.06% | 14.16% |
| **Russell 1000<sup>®</sup> Value Index** | 15.87% | 9.43% | 10.58% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$308M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 13.0% |
| Telecommunications | 7.1% |
| Healthcare-Services | 6.7% |
| Electric | 6.1% |
| Mining | 5.8% |
| Pharmaceuticals | 5.7% |
| Aerospace/Defense | 5.5% |
| Oil & Gas | 4.8% |
| Semiconductors | 4.3% |
| Software | 4.2% |
| Beverages | 3.8% |
| REITS | 3.6% |
| Retail | 3.4% |
| Computers | 3.2% |
| Agriculture | 2.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102888.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546323 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Columbia Focused Value

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Columbia Focused Value Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Columbia Focused Value Portfolio (Class 2)\* | $101 | 0.88% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 28.53% for the year ended March 31, 2026, compared to 17.80% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 15.87% for the Russell 1000<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities underperformed small-cap indices, according to the Russell<sup>®</sup> family of indices. Style performance was mixed, with large-cap growth outperforming large-cap value but small-cap value outperforming small-cap growth.

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

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors:** \| information technology; energy; consumer discretionary

**Security selection in the following sectors:** \| financials; materials; industrials

**Position weightings:** \| Corning, Inc.; Applied Materials, Inc.; TechnipFMC PLC

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors:** \| industrials; communication services; cash

**Security selection in the following sectors:** \| real estate; consumer staples; utilities

**Position weightings:** \| Centene Corp.; American Tower Corp.; Micron Technology, Inc. (lack of exposure)

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102501.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Columbia Focused Value Portfolio <br>(Class 2)** | 28.53% | 10.86% | 12.80% |
| **S&P 500<sup>®</sup> Index** | 17.80% | 12.06% | 14.16% |
| **Russell 1000<sup>®</sup> Value Index** | 15.87% | 9.43% | 10.58% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$308M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 13.0% |
| Telecommunications | 7.1% |
| Healthcare-Services | 6.7% |
| Electric | 6.1% |
| Mining | 5.8% |
| Pharmaceuticals | 5.7% |
| Aerospace/Defense | 5.5% |
| Oil & Gas | 4.8% |
| Semiconductors | 4.3% |
| Software | 4.2% |
| Beverages | 3.8% |
| REITS | 3.6% |
| Retail | 3.4% |
| Computers | 3.2% |
| Agriculture | 2.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102889.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546612 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Columbia Focused Value

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Columbia Focused Value Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Columbia Focused Value Portfolio (Class 3)\* | $112 | 0.98% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 28.45% for the year ended March 31, 2026, compared to 17.80% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 15.87% for the Russell 1000<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. large-cap equities underperformed small-cap indices, according to the Russell<sup>®</sup> family of indices. Style performance was mixed, with large-cap growth outperforming large-cap value but small-cap value outperforming small-cap growth.

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

#### TOP PERFORMANCE CONTRIBUTORS
**Allocations in the following sectors:** \| information technology; energy; consumer discretionary

**Security selection in the following sectors:** \| financials; materials; industrials

**Position weightings:** \| Corning, Inc.; Applied Materials, Inc.; TechnipFMC PLC

#### TOP PERFORMANCE DETRACTORS
**Allocations in the following sectors:** \| industrials; communication services; cash

**Security selection in the following sectors:** \| real estate; consumer staples; utilities

**Position weightings:** \| Centene Corp.; American Tower Corp.; Micron Technology, Inc. (lack of exposure)

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102502.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Columbia Focused Value Portfolio <br>(Class 3)** | 28.45% | 10.75% | 12.69% |
| **S&P 500<sup>®</sup> Index** | 17.80% | 12.06% | 14.16% |
| **Russell 1000<sup>®</sup> Value Index** | 15.87% | 9.43% | 10.58% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$308M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.0M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 13.0% |
| Telecommunications | 7.1% |
| Healthcare-Services | 6.7% |
| Electric | 6.1% |
| Mining | 5.8% |
| Pharmaceuticals | 5.7% |
| Aerospace/Defense | 5.5% |
| Oil & Gas | 4.8% |
| Semiconductors | 4.3% |
| Software | 4.2% |
| Beverages | 3.8% |
| REITS | 3.6% |
| Retail | 3.4% |
| Computers | 3.2% |
| Agriculture | 2.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102878.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546596 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Franklin Allocation Moderately Aggressive

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Franklin Allocation Moderately Aggressive Portfolio (Class 1)\* | $102 | 0.93% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 18.28% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 16.60% for the Blended Index (the "Performance Index") comprised of 60% Russell 3000<sup>®</sup> Index; 15% Bloomberg U.S. Aggregate Bond Index; 15% MSCI EAFE Index (net); 5% JP Morgan Developed Market High Yield Index; 5% MSCI Emerging Markets Index (net). Over the 12-month period, emerging market equities led performance on a regional basis, followed by international developed-market equities and U.S. equities. The Treasury market delivered relatively flat returns, as measured by the Bloomberg U.S. Treasury Index. Ten-year U.S. Treasury yields finished the 12-month period slightly higher.

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

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

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

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

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102476.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Franklin Allocation Moderately Aggressive Portfolio <br>(Class 1)** | 18.28% | 9.48% | 10.37% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **60% Russell 3000<sup>®</sup> Index; 15% Bloomberg U.S. Aggregate Bond Index; 15% MSCI EAFE Index (net); 5% JP Morgan Developed Market High Yield Index; 5% MSCI Emerging Markets Index (net)** | 16.60% | 8.31% | 10.59% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$199M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 10.3% |
| Semiconductors | 9.8% |
| Banks | 7.5% |
| U.S. Government & Agency Obligations | 6.6% |
| Software | 5.5% |
| Computers | 4.9% |
| Pharmaceuticals | 4.9% |
| Diversified Financial Services | 3.1% |
| Insurance | 3.1% |
| Telecommunications | 3.0% |
| Electric | 2.4% |
| Aerospace/Defense | 2.2% |
| Machinery-Construction & Mining | 2.2% |
| Oil & Gas | 2.0% |
| Repurchase Agreements | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102864.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546505 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Franklin Allocation Moderately Aggressive

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Franklin Allocation Moderately Aggressive Portfolio (Class 2)\* | $118 | 1.08% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 18.06% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 16.60% for the Blended Index (the "Performance Index") comprised of 60% Russell 3000<sup>®</sup> Index; 15% Bloomberg U.S. Aggregate Bond Index; 15% MSCI EAFE Index (net); 5% JP Morgan Developed Market High Yield Index; 5% MSCI Emerging Markets Index (net). Over the 12-month period, emerging market equities led performance on a regional basis, followed by international developed-market equities and U.S. equities. The Treasury market delivered relatively flat returns, as measured by the Bloomberg U.S. Treasury Index. Ten-year U.S. Treasury yields finished the 12-month period slightly higher.

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

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

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

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

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102477.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Franklin Allocation Moderately Aggressive Portfolio <br>(Class 2)** | 18.06% | 9.30% | 10.21% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **60% Russell 3000<sup>®</sup> Index; 15% Bloomberg U.S. Aggregate Bond Index; 15% MSCI EAFE Index (net); 5% JP Morgan Developed Market High Yield Index; 5% MSCI Emerging Markets Index (net)** | 16.60% | 8.31% | 10.59% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$199M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 10.3% |
| Semiconductors | 9.8% |
| Banks | 7.5% |
| U.S. Government & Agency Obligations | 6.6% |
| Software | 5.5% |
| Computers | 4.9% |
| Pharmaceuticals | 4.9% |
| Diversified Financial Services | 3.1% |
| Insurance | 3.1% |
| Telecommunications | 3.0% |
| Electric | 2.4% |
| Aerospace/Defense | 2.2% |
| Machinery-Construction & Mining | 2.2% |
| Oil & Gas | 2.0% |
| Repurchase Agreements | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102865.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546745 (05/26)

Seasons Series Trust

### Seasons Series Trust SA Franklin Allocation Moderately Aggressive

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Franklin Allocation Moderately Aggressive Portfolio (Class 3)\* | $129 | 1.18% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 17.94% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 16.60% for the Blended Index (the "Performance Index") comprised of 60% Russell 3000<sup>®</sup> Index; 15% Bloomberg U.S. Aggregate Bond Index; 15% MSCI EAFE Index (net); 5% JP Morgan Developed Market High Yield Index; 5% MSCI Emerging Markets Index (net). Over the 12-month period, emerging market equities led performance on a regional basis, followed by international developed-market equities and U.S. equities. The Treasury market delivered relatively flat returns, as measured by the Bloomberg U.S. Treasury Index. Ten-year U.S. Treasury yields finished the 12-month period slightly higher.

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

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

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

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

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102478.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Franklin Allocation Moderately Aggressive Portfolio <br>(Class 3)** | 17.94% | 9.19% | 10.10% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **60% Russell 3000<sup>®</sup> Index; 15% Bloomberg U.S. Aggregate Bond Index; 15% MSCI EAFE Index (net); 5% JP Morgan Developed Market High Yield Index; 5% MSCI Emerging Markets Index (net)** | 16.60% | 8.31% | 10.59% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$199M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1814 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 10.3% |
| Semiconductors | 9.8% |
| Banks | 7.5% |
| U.S. Government & Agency Obligations | 6.6% |
| Software | 5.5% |
| Computers | 4.9% |
| Pharmaceuticals | 4.9% |
| Diversified Financial Services | 3.1% |
| Insurance | 3.1% |
| Telecommunications | 3.0% |
| Electric | 2.4% |
| Aerospace/Defense | 2.2% |
| Machinery-Construction & Mining | 2.2% |
| Oil & Gas | 2.0% |
| Repurchase Agreements | 2.0% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102857.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546737 (05/26)

Seasons Series Trust

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| SA Multi-Managed Diversified Fixed Income Portfolio (Class 1)\* | $72 | 0.71% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 4.16% for the year ended March 31, 2026, compared to 4.35% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index & "Performance Index"). Over the period, U.S. rates stayed elevated as inflationary pressure remained sticky, first from tariff-driven price increases and then from the Iran conflict lifting energy costs.

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

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

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

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

#### TOP PERFORMANCE DETRACTORS
 **Wellington Management Company LLP** \| Allocations in the following sectors: U.S. government (using Treasury derivatives); commercial mortgage-backed securities; asset-backed securities. In aggregate: yield curve and duration positioning

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

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

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102503.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Diversified Fixed Income Portfolio <br> (Class 1)** | 4.16% | 0.16% | 1.76% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$704M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

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

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 73.3% |
| Collateralized Mortgage Obligations | 9.1% |
| Electric | 4.3% |
| Banks | 4.1% |
| Other Asset Backed Securities | 2.8% |
| Repurchase Agreements | 2.4% |
| Pipelines | 1.7% |
| Software | 1.6% |
| Foreign Government Obligations | 1.3% |
| Media | 1.1% |
| Oil & Gas | 1.1% |
| Internet | 1.1% |
| Food | 1.0% |
| Semiconductors | 0.8% |
| Telecommunications | 0.8% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_1102879.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_1102735.jpg)

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

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546828 (05/26)

Seasons Series Trust

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| SA Multi-Managed Diversified Fixed Income Portfolio (Class 2)\* | $88 | 0.86% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 3.88% for the year ended March 31, 2026, compared to 4.35% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index & "Performance Index"). Over the period, U.S. rates stayed elevated as inflationary pressure remained sticky, first from tariff-driven price increases and then from the Iran conflict lifting energy costs.

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

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

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

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

#### TOP PERFORMANCE DETRACTORS
 **Wellington Management Company LLP** \| Allocations in the following sectors: U.S. government (using Treasury derivatives); commercial mortgage-backed securities; asset-backed securities. In aggregate: yield curve and duration positioning

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

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

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102492.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Diversified Fixed Income Portfolio <br> (Class 2)** | 3.88% | 0.01% | 1.59% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$704M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

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

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 73.3% |
| Collateralized Mortgage Obligations | 9.1% |
| Electric | 4.3% |
| Banks | 4.1% |
| Other Asset Backed Securities | 2.8% |
| Repurchase Agreements | 2.4% |
| Pipelines | 1.7% |
| Software | 1.6% |
| Foreign Government Obligations | 1.3% |
| Media | 1.1% |
| Oil & Gas | 1.1% |
| Internet | 1.1% |
| Food | 1.0% |
| Semiconductors | 0.8% |
| Telecommunications | 0.8% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_1102880.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_1102724.jpg)

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

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546695 (05/26)

Seasons Series Trust

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Diversified Fixed Income Portfolio (Class 3)\* | $98 | 0.96% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 3.88% for the year ended March 31, 2026, compared to 4.35% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index & "Performance Index"). Over the period, U.S. rates stayed elevated as inflationary pressure remained sticky, first from tariff-driven price increases and then from the Iran conflict lifting energy costs.

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

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

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

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

#### TOP PERFORMANCE DETRACTORS
**Wellington Management Company LLP** \| Allocations in the following sectors: U.S. government (using Treasury derivatives); commercial mortgage-backed securities; asset-backed securities. In aggregate: yield curve and duration positioning

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

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

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102493.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Diversified Fixed Income Portfolio <br>(Class 3)** | 3.88% | (0.08)% | 1.50% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.35% | 0.31% | 1.70% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$704M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1937 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;63% |

---

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

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

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 73.3% |
| Collateralized Mortgage Obligations | 9.1% |
| Electric | 4.3% |
| Banks | 4.1% |
| Other Asset Backed Securities | 2.8% |
| Repurchase Agreements | 2.4% |
| Pipelines | 1.7% |
| Software | 1.6% |
| Foreign Government Obligations | 1.3% |
| Media | 1.1% |
| Oil & Gas | 1.1% |
| Internet | 1.1% |
| Food | 1.0% |
| Semiconductors | 0.8% |
| Telecommunications | 0.8% |

---

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

![Graphical Representation - Allocation 1 Chart](chartimages_1102881.jpg)

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

![Graphical Representation - Allocation 2 Chart](chartimages_1102725.jpg)

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

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546687 (05/26)

Seasons Series Trust

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed International Equity Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed International Equity Portfolio (Class 1)\* | $124 | 1.13% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 20.14% for the year ended March 31, 2026, compared to 21.27% for the MSCI EAFE Index (net) (a broad-based securities market index & "Performance Index"). Over the period, based on MSCI Indices for developed and emerging markets stocks, U.S. stocks trailed European and Japanese stocks. Emerging markets stocks outpaced those in developed markets.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: financials; industrials; energy. On an absolute basis, position weightings: ASML Holding NV; HSBC Holdings PLC; Shell PLC. On an absolute basis, exposure to the following countries/regions: Japan; United Kingdom; Netherlands

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: industrials; financials; consumer staples. On an absolute basis, position weightings: SAP SE; Toyota Motor Corp.; Nestle SA. On an absolute basis, exposure to the following countries/regions: Japan; Germany; Australia

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: information technology. Security selection in the following sectors: materials; consumer discretionary; real estate. Position weightings: Banco Bilbao Vizcaya Argentaria SA; Erste Group Bank AG.; Taiwan Semiconductor Manufacturing Co., Ltd. Countries/regions: North America

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: energy; information technology; communication services. Security selection in the following sectors: information technology; industrials and business services; materials. Position weightings: Taiwan Semiconductor Manufacturing Co., Ltd.; Samsung Electronics Co., Ltd.; Prysmian SpA. Countries/regions: South Korea; France; Taiwan

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: consumer discretionary; consumer staples; communication services. On an absolute basis, position weightings: RELX PLC; Novo Nordisk A/S, Class B; SAP SE. On an absolute basis, exposure to the following countries/regions: Denmark; Germany; New Zealand

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: real estate; health care; energy. On an absolute basis, position weightings: LVMH Moet Hennessy Louis Vuitton SE; BP PLC; Shell PLC. On an absolute basis, exposure to the following countries/regions: Hong Kong; Denmark; Singapore

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: consumer discretionary; health care; utilities. Security selection in the following sectors: industrials; consumer staples; information technology. Position weightings: Siemens AG. (lack of exposure); Banco Santander SA (lack of exposure); Novartis AG (lack of exposure). Countries/regions: Japan; United Kingdom; Continental Europe

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: utilities; cash; consumer discretionary. Security selection in the following sectors: financials; consumer staples; health care. Position weightings: Unilever PLC; Siemens, Ltd.; Compass Group PLC. Countries/regions: Japan; United Kingdom; Germany

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102494.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed International Equity Portfolio <br>(Class 1)** | 20.14% | 6.59% | 8.08% |
| **MSCI EAFE Index (net)** | 21.27% | 7.91% | 8.38% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$273M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;737 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 16.4% |
| Pharmaceuticals | 8.8% |
| Semiconductors | 6.7% |
| Insurance | 5.1% |
| Oil & Gas | 4.6% |
| Aerospace/Defense | 3.5% |
| Electric | 3.1% |
| Retail | 3.1% |
| Telecommunications | 3.0% |
| Food | 2.9% |
| Electrical Components & Equipment | 2.5% |
| Cosmetics/Personal Care | 2.4% |
| Mining | 2.3% |
| Building Materials | 2.2% |
| Machinery-Construction & Mining | 2.2% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102882.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_1102726.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546844 (05/26)

Seasons Series Trust

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed International Equity Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| SA Multi-Managed International Equity Portfolio (Class 2)\* | $141 | 1.28% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 19.97% for the year ended March 31, 2026, compared to 21.27% for the MSCI EAFE Index (net) (a broad-based securities market index & "Performance Index"). Over the period, based on MSCI Indices for developed and emerging markets stocks, U.S. stocks trailed European and Japanese stocks. Emerging markets stocks outpaced those in developed markets.

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

#### TOP PERFORMANCE CONTRIBUTORS
 **BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: financials; industrials; energy. On an absolute basis, position weightings: ASML Holding NV; HSBC Holdings PLC; Shell PLC. On an absolute basis, exposure to the following countries/regions: Japan; United Kingdom; Netherlands

 **SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: industrials; financials; consumer staples. On an absolute basis, position weightings: SAP SE; Toyota Motor Corp.; Nestle SA. On an absolute basis, exposure to the following countries/regions: Japan; Germany; Australia

 **Schroder Investment Management North America Inc.** \| Allocations in the following sectors: information technology. Security selection in the following sectors: materials; consumer discretionary; real estate. Position weightings: Banco Bilbao Vizcaya Argentaria SA; Erste Group Bank AG.; Taiwan Semiconductor Manufacturing Co., Ltd. Countries/regions: North America

 **T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: energy; information technology; communication services. Security selection in the following sectors: information technology; industrials and business services; materials. Position weightings: Taiwan Semiconductor Manufacturing Co., Ltd.; Samsung Electronics Co., Ltd.; Prysmian SpA. Countries/regions: South Korea; France; Taiwan

#### TOP PERFORMANCE DETRACTORS
 **BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: consumer discretionary; consumer staples; communication services. On an absolute basis, position weightings: RELX PLC; Novo Nordisk A/S, Class B; SAP SE. On an absolute basis, exposure to the following countries/regions: Denmark; Germany; New Zealand

 **SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: real estate; health care; energy. On an absolute basis, position weightings: LVMH Moet Hennessy Louis Vuitton SE; BP PLC; Shell PLC. On an absolute basis, exposure to the following countries/regions: Hong Kong; Denmark; Singapore

 **Schroder Investment Management North America Inc.** \| Allocations in the following sectors: consumer discretionary; health care; utilities. Security selection in the following sectors: industrials; consumer staples; information technology. Position weightings: Siemens AG. (lack of exposure); Banco Santander SA (lack of exposure); Novartis AG (lack of exposure). Countries/regions: Japan; United Kingdom; Continental Europe

 **T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: utilities; cash; consumer discretionary. Security selection in the following sectors: financials; consumer staples; health care. Position weightings: Unilever PLC; Siemens, Ltd.; Compass Group PLC. Countries/regions: Japan; United Kingdom; Germany

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102495.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed International Equity Portfolio <br> (Class 2)** | 19.97% | 6.43% | 7.93% |
| **MSCI EAFE Index (net)** | 21.27% | 7.91% | 8.38% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$273M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;737 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

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

 **Top Industries\***

---

| | |
|:---|:---|
| Banks | 16.4% |
| Pharmaceuticals | 8.8% |
| Semiconductors | 6.7% |
| Insurance | 5.1% |
| Oil & Gas | 4.6% |
| Aerospace/Defense | 3.5% |
| Electric | 3.1% |
| Retail | 3.1% |
| Telecommunications | 3.0% |
| Food | 2.9% |
| Electrical Components & Equipment | 2.5% |
| Cosmetics/Personal Care | 2.4% |
| Mining | 2.3% |
| Building Materials | 2.2% |
| Machinery-Construction & Mining | 2.2% |

---

 **Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102883.jpg)

 **Country**

![Graphical Representation - Allocation 2 Chart](chartimages_1102727.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546588 (05/26)

Seasons Series Trust

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed International Equity Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed International Equity Portfolio (Class 3)\* | $152 | 1.38% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 19.85% for the year ended March 31, 2026, compared to 21.27% for the MSCI EAFE Index (net) (a broad-based securities market index & "Performance Index"). Over the period, based on MSCI Indices for developed and emerging markets stocks, U.S. stocks trailed European and Japanese stocks. Emerging markets stocks outpaced those in developed markets.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: financials; industrials; energy. On an absolute basis, position weightings: ASML Holding NV; HSBC Holdings PLC; Shell PLC. On an absolute basis, exposure to the following countries/regions: Japan; United Kingdom; Netherlands

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: industrials; financials; consumer staples. On an absolute basis, position weightings: SAP SE; Toyota Motor Corp.; Nestle SA. On an absolute basis, exposure to the following countries/regions: Japan; Germany; Australia

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: information technology. Security selection in the following sectors: materials; consumer discretionary; real estate. Position weightings: Banco Bilbao Vizcaya Argentaria SA; Erste Group Bank AG.; Taiwan Semiconductor Manufacturing Co., Ltd. Countries/regions: North America

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: energy; information technology; communication services. Security selection in the following sectors: information technology; industrials and business services; materials. Position weightings: Taiwan Semiconductor Manufacturing Co., Ltd.; Samsung Electronics Co., Ltd.; Prysmian SpA. Countries/regions: South Korea; France; Taiwan

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: consumer discretionary; consumer staples; communication services. On an absolute basis, position weightings: RELX PLC; Novo Nordisk A/S, Class B; SAP SE. On an absolute basis, exposure to the following countries/regions: Denmark; Germany; New Zealand

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: real estate; health care; energy. On an absolute basis, position weightings: LVMH Moet Hennessy Louis Vuitton SE; BP PLC; Shell PLC. On an absolute basis, exposure to the following countries/regions: Hong Kong; Denmark; Singapore

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: consumer discretionary; health care; utilities. Security selection in the following sectors: industrials; consumer staples; information technology. Position weightings: Siemens AG. (lack of exposure); Banco Santander SA (lack of exposure); Novartis AG (lack of exposure). Countries/regions: Japan; United Kingdom; Continental Europe

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: utilities; cash; consumer discretionary. Security selection in the following sectors: financials; consumer staples; health care. Position weightings: Unilever PLC; Siemens, Ltd.; Compass Group PLC. Countries/regions: Japan; United Kingdom; Germany

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102496.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed International Equity Portfolio <br>(Class 3)** | 19.85% | 6.30% | 7.81% |
| **MSCI EAFE Index (net)** | 21.27% | 7.91% | 8.38% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$273M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;737 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 16.4% |
| Pharmaceuticals | 8.8% |
| Semiconductors | 6.7% |
| Insurance | 5.1% |
| Oil & Gas | 4.6% |
| Aerospace/Defense | 3.5% |
| Electric | 3.1% |
| Retail | 3.1% |
| Telecommunications | 3.0% |
| Food | 2.9% |
| Electrical Components & Equipment | 2.5% |
| Cosmetics/Personal Care | 2.4% |
| Mining | 2.3% |
| Building Materials | 2.2% |
| Machinery-Construction & Mining | 2.2% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102872.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_1102728.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546570 (05/26)

Seasons Series Trust

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| SA Multi-Managed Large Cap Growth Portfolio (Class 1)\* | $87 | 0.80% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 18.12% for the year ended March 31, 2026, compared to 17.80% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 22.67% for the S&P 500<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid-cap equities and underperformed small-cap equities, as measured by their respective Russell<sup>®</sup> indexes. Growth-oriented stocks outperformed value stocks in the large-cap universe, but growth trailed value across the mid- and small-cap spectrum, based on Russell<sup>®</sup> index performance.

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

#### TOP PERFORMANCE CONTRIBUTORS
 **BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: information technology; communication services; industrials. On an absolute basis, position weightings: NVIDIA Corp.; Alphabet, Inc., Class A; Alphabet, Inc., Class C

 **SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: information technology; consumer cyclicals; business services. On an absolute basis, position weightings: Broadcom, Inc.; Netflix, Inc.; Tesla, Inc.

 **Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: consumer staples; health care; materials. Security selection in the following sectors: health care. Position weightings: Cloudflare, Inc., Class A; Royalty Pharma PLC, Class A; Roivant Sciences, Ltd.

 **Goldman Sachs Asset Management, L.P.** \| Allocations in the following sectors: financials; information technology; consumer staples. Security selection in the following sectors: industrials; energy; health care. Position weightings: Targa Resources Corp.; AppLovin Corp., Class A; GE Vernova, Inc.

#### TOP PERFORMANCE DETRACTORS
 **BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: financials. On an absolute basis, position weightings: ServiceNow, Inc.; Netflix, Inc.; Microsoft Corp.

 **SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: telecommunication services; energy; financials. On an absolute basis, position weightings: Apple, Inc.; Meta Platforms, Inc., Class A; Fiserv, Inc.

 **Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; consumer discretionary; financials. Security selection in the following sectors: communication services; information technology; consumer discretionary. Position weightings: NVIDIA Corp. (lack of exposure); Broadcom, Inc. (lack of exposure); Strategy, Inc., Class A

 **Goldman Sachs Asset Management, L.P.** \| Allocations in the following sectors: health care; communication services; consumer discretionary. Security selection in the following sectors: information technology; communication services; consumer discretionary. Position weightings: Alphabet, Inc., Class A; Oracle Corp.; Apple, Inc.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102497.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Large Cap Growth Portfolio <br> (Class 1)** | 18.12% | 7.79% | 13.93% |
| **S&P 500<sup>®</sup> Index** | 17.80% | 12.06% | 14.16% |
| **S&P 500<sup>®</sup> Growth Index** | 22.67% | 12.63% | 15.94% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$229M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;189 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

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

 **Top Industries\***

---

| | |
|:---|:---|
| Internet | 20.9% |
| Semiconductors | 18.1% |
| Software | 17.0% |
| Computers | 6.2% |
| Biotechnology | 4.5% |
| Auto Manufacturers | 3.8% |
| Pharmaceuticals | 3.3% |
| Diversified Financial Services | 3.1% |
| Healthcare-Products | 2.8% |
| Commercial Services | 2.2% |
| Retail | 2.2% |
| Banks | 1.9% |
| Aerospace/Defense | 1.7% |
| Machinery-Construction & Mining | 1.2% |
| Insurance | 1.2% |

---

 **Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102873.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546703 (05/26)

Seasons Series Trust

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| SA Multi-Managed Large Cap Growth Portfolio (Class 2)\* | $104 | 0.95% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 17.97% for the year ended March 31, 2026, compared to 17.80% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 22.67% for the S&P 500<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid-cap equities and underperformed small-cap equities, as measured by their respective Russell<sup>®</sup> indexes. Growth-oriented stocks outperformed value stocks in the large-cap universe, but growth trailed value across the mid- and small-cap spectrum, based on Russell<sup>®</sup> index performance.

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

#### TOP PERFORMANCE CONTRIBUTORS
 **BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: information technology; communication services; industrials. On an absolute basis, position weightings: NVIDIA Corp.; Alphabet, Inc., Class A; Alphabet, Inc., Class C

 **SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: information technology; consumer cyclicals; business services. On an absolute basis, position weightings: Broadcom, Inc.; Netflix, Inc.; Tesla, Inc.

 **Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: consumer staples; health care; materials. Security selection in the following sectors: health care. Position weightings: Cloudflare, Inc., Class A; Royalty Pharma PLC, Class A; Roivant Sciences, Ltd.

 **Goldman Sachs Asset Management, L.P.** \| Allocations in the following sectors: financials; information technology; consumer staples. Security selection in the following sectors: industrials; energy; health care. Position weightings: Targa Resources Corp.; AppLovin Corp., Class A; GE Vernova, Inc.

#### TOP PERFORMANCE DETRACTORS
 **BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: financials. On an absolute basis, position weightings: ServiceNow, Inc.; Netflix, Inc.; Microsoft Corp.

 **SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: telecommunication services; energy; financials. On an absolute basis, position weightings: Apple, Inc.; Meta Platforms, Inc., Class A; Fiserv, Inc.

 **Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; consumer discretionary; financials. Security selection in the following sectors: communication services; information technology; consumer discretionary. Position weightings: NVIDIA Corp. (lack of exposure); Broadcom, Inc. (lack of exposure); Strategy, Inc., Class A

 **Goldman Sachs Asset Management, L.P.** \| Allocations in the following sectors: health care; communication services; consumer discretionary. Security selection in the following sectors: information technology; communication services; consumer discretionary. Position weightings: Alphabet, Inc., Class A; Oracle Corp.; Apple, Inc.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102486.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Large Cap Growth Portfolio <br> (Class 2)** | 17.97% | 7.63% | 13.76% |
| **S&P 500<sup>®</sup> Index** | 17.80% | 12.06% | 14.16% |
| **S&P 500<sup>®</sup> Growth Index** | 22.67% | 12.63% | 15.94% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$229M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;189 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

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

 **Top Industries\***

---

| | |
|:---|:---|
| Internet | 20.9% |
| Semiconductors | 18.1% |
| Software | 17.0% |
| Computers | 6.2% |
| Biotechnology | 4.5% |
| Auto Manufacturers | 3.8% |
| Pharmaceuticals | 3.3% |
| Diversified Financial Services | 3.1% |
| Healthcare-Products | 2.8% |
| Commercial Services | 2.2% |
| Retail | 2.2% |
| Banks | 1.9% |
| Aerospace/Defense | 1.7% |
| Machinery-Construction & Mining | 1.2% |
| Insurance | 1.2% |

---

 **Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102874.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546547 (05/26)

Seasons Series Trust

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| SA Multi-Managed Large Cap Growth Portfolio (Class 3)\* | $114 | 1.05% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 17.91% for the year ended March 31, 2026, compared to 17.80% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 22.67% for the S&P 500<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed mid-cap equities and underperformed small-cap equities, as measured by their respective Russell<sup>®</sup> indexes. Growth-oriented stocks outperformed value stocks in the large-cap universe, but growth trailed value across the mid- and small-cap spectrum, based on Russell<sup>®</sup> index performance.

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

#### TOP PERFORMANCE CONTRIBUTORS
 **BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: information technology; communication services; industrials. On an absolute basis, position weightings: NVIDIA Corp.; Alphabet, Inc., Class A; Alphabet, Inc., Class C

 **SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: information technology; consumer cyclicals; business services. On an absolute basis, position weightings: Broadcom, Inc.; Netflix, Inc.; Tesla, Inc.

 **Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: consumer staples; health care; materials. Security selection in the following sectors: health care. Position weightings: Cloudflare, Inc., Class A; Royalty Pharma PLC, Class A; Roivant Sciences, Ltd.

 **Goldman Sachs Asset Management, L.P.** \| Allocations in the following sectors: financials; information technology; consumer staples. Security selection in the following sectors: industrials; energy; health care. Position weightings: Targa Resources Corp.; AppLovin Corp., Class A; GE Vernova, Inc.

#### TOP PERFORMANCE DETRACTORS
 **BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: financials. On an absolute basis, position weightings: ServiceNow, Inc.; Netflix, Inc.; Microsoft Corp.

 **SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: telecommunication services; energy; financials. On an absolute basis, position weightings: Apple, Inc.; Meta Platforms, Inc., Class A; Fiserv, Inc.

 **Morgan Stanley Investment Management Inc.** \| Allocations in the following sectors: information technology; consumer discretionary; financials. Security selection in the following sectors: communication services; information technology; consumer discretionary. Position weightings: NVIDIA Corp. (lack of exposure); Broadcom, Inc. (lack of exposure); Strategy, Inc., Class A

 **Goldman Sachs Asset Management, L.P.** \| Allocations in the following sectors: health care; communication services; consumer discretionary. Security selection in the following sectors: information technology; communication services; consumer discretionary. Position weightings: Alphabet, Inc., Class A; Oracle Corp.; Apple, Inc.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102487.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Large Cap Growth Portfolio <br> (Class 3)** | 17.91% | 7.54% | 13.66% |
| **S&P 500<sup>®</sup> Index** | 17.80% | 12.06% | 14.16% |
| **S&P 500<sup>®</sup> Growth Index** | 22.67% | 12.63% | 15.94% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$229M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;189 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

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

 **Top Industries\***

---

| | |
|:---|:---|
| Internet | 20.9% |
| Semiconductors | 18.1% |
| Software | 17.0% |
| Computers | 6.2% |
| Biotechnology | 4.5% |
| Auto Manufacturers | 3.8% |
| Pharmaceuticals | 3.3% |
| Diversified Financial Services | 3.1% |
| Healthcare-Products | 2.8% |
| Commercial Services | 2.2% |
| Retail | 2.2% |
| Banks | 1.9% |
| Aerospace/Defense | 1.7% |
| Machinery-Construction & Mining | 1.2% |
| Insurance | 1.2% |

---

 **Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102875.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546539 (05/26)

Seasons Series Trust

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Large Cap Value Portfolio (Class 1)\* | $92 | 0.87% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 11.32% for the year ended March 31, 2026, compared to 17.80% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 12.91% for the S&P 500<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. small-cap equities outperformed large- and mid-cap equities, according to the Russell<sup>®</sup> family of indices. For small- and mid-cap stocks, value-oriented stocks outperformed growth stocks, but growth outperformed value among large-cap stocks.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: information technology; energy; industrials. On an absolute basis, position weightings: Apple, Inc.; Microsoft Corp.; Exxon Mobil Corp.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: none. On an absolute basis, position weightings: Microsoft Corp.; Walmart, Inc.; Boeing Co.

**Wellington Management Company LLP** \| Allocations in the following sectors: consumer discretionary; communication services; industrials. Security selection in the following sectors: health care; industrials; communication services. Position weightings: Corning, Inc.; Broadcom, Inc.; Alphabet, Inc., Class C

**American Century Investment Management, Inc.** \| Allocations in the following sectors: consumer discretionary; energy; real estate. Security selection in the following sectors: financials; communication services; health care. Position weightings: Estee Lauder Cos., Inc., Class A; Analog Devices, Inc.; Berkshire Hathaway, Inc., Class B

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: none. On an absolute basis, position weightings: Salesforce, Inc.; Tesla, Inc.; UnitedHealth Group, Inc.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: information technology; energy; health care. On an absolute basis, position weightings: UnitedHealth Group, Inc.; Apple, Inc.; Chevron Corp.

**Wellington Management Company LLP** \| Allocations in the following sectors: health care; energy; information technology. Security selection in the following sectors: information technology; consumer discretionary; financials. Position weightings: UnitedHealth Group, Inc.; Micron Technology, Inc. (lack of exposure); H&R Block, Inc.

**American Century Investment Management, Inc.** \| Allocations in the following sectors: health care; cash; consumer staples. Security selection in the following sectors: information technology; consumer staples; materials. Position weightings: Graphic Packaging Holding Co.; Micron Technology, Inc. (lack of exposure); Zimmer Biomet Holdings, Inc.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102488.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Large Cap Value Portfolio <br>(Class 1)** | 11.32% | 8.89% | 9.97% |
| **S&P 500<sup>®</sup> Index** | 17.80% | 12.06% | 14.16% |
| **S&P 500<sup>®</sup> Value Index** | 12.91% | 10.68% | 11.49% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$295M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;487 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Pharmaceuticals | 8.7% |
| Banks | 7.8% |
| Oil & Gas | 5.3% |
| Diversified Financial Services | 5.2% |
| Computers | 5.2% |
| Insurance | 5.1% |
| Retail | 4.9% |
| Electric | 4.5% |
| Internet | 4.0% |
| Semiconductors | 3.8% |
| Healthcare-Services | 3.3% |
| Telecommunications | 3.2% |
| REITS | 2.9% |
| Software | 2.8% |
| Beverages | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102876.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. Additionally, effective April 30, 2026 (the "Effective Date"), Federated MDTA LLC ("Federated") replaced American Century Investment Management, Inc. as one of the subadvisers to the actively managed portion of the Portfolio. On the Effective Date, a contractual advisory fee waiver was implemented in the amount of 0.02% of average daily net assets at each of the Portfolio's advisory fee breakpoint levels. Additionally, on the Effective Date, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by Federated. As a result of these changes, REITs risk, sector risk and quantitative investment risk were added as principal risks. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546885 (05/26)

Seasons Series Trust

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Large Cap Value Portfolio (Class 2)\* | $108 | 1.02% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 11.24% for the year ended March 31, 2026, compared to 17.80% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 12.91% for the S&P 500<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. small-cap equities outperformed large- and mid-cap equities, according to the Russell<sup>®</sup> family of indices. For small- and mid-cap stocks, value-oriented stocks outperformed growth stocks, but growth outperformed value among large-cap stocks.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: information technology; energy; industrials. On an absolute basis, position weightings: Apple, Inc.; Microsoft Corp.; Exxon Mobil Corp.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: none. On an absolute basis, position weightings: Microsoft Corp.; Walmart, Inc.; Boeing Co.

**Wellington Management Company LLP** \| Allocations in the following sectors: consumer discretionary; communication services; industrials. Security selection in the following sectors: health care; industrials; communication services. Position weightings: Corning, Inc.; Broadcom, Inc.; Alphabet, Inc., Class C

**American Century Investment Management, Inc.** \| Allocations in the following sectors: consumer discretionary; energy; real estate. Security selection in the following sectors: financials; communication services; health care. Position weightings: Estee Lauder Cos., Inc., Class A; Analog Devices, Inc.; Berkshire Hathaway, Inc., Class B

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: none. On an absolute basis, position weightings: Salesforce, Inc.; Tesla, Inc.; UnitedHealth Group, Inc.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: information technology; energy; health care. On an absolute basis, position weightings: UnitedHealth Group, Inc.; Apple, Inc.; Chevron Corp.

**Wellington Management Company LLP** \| Allocations in the following sectors: health care; energy; information technology. Security selection in the following sectors: information technology; consumer discretionary; financials. Position weightings: UnitedHealth Group, Inc.; Micron Technology, Inc. (lack of exposure); H&R Block, Inc.

**American Century Investment Management, Inc.** \| Allocations in the following sectors: health care; cash; consumer staples. Security selection in the following sectors: information technology; consumer staples; materials. Position weightings: Graphic Packaging Holding Co.; Micron Technology, Inc. (lack of exposure); Zimmer Biomet Holdings, Inc.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102489.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Large Cap Value Portfolio <br>(Class 2)** | 11.24% | 8.74% | 9.81% |
| **S&P 500<sup>®</sup> Index** | 17.80% | 12.06% | 14.16% |
| **S&P 500<sup>®</sup> Value Index** | 12.91% | 10.68% | 11.49% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$295M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;487 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Pharmaceuticals | 8.7% |
| Banks | 7.8% |
| Oil & Gas | 5.3% |
| Diversified Financial Services | 5.2% |
| Computers | 5.2% |
| Insurance | 5.1% |
| Retail | 4.9% |
| Electric | 4.5% |
| Internet | 4.0% |
| Semiconductors | 3.8% |
| Healthcare-Services | 3.3% |
| Telecommunications | 3.2% |
| REITS | 2.9% |
| Software | 2.8% |
| Beverages | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102877.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. Additionally, effective April 30, 2026 (the "Effective Date"), Federated MDTA LLC ("Federated") replaced American Century Investment Management, Inc. as one of the subadvisers to the actively managed portion of the Portfolio. On the Effective Date, a contractual advisory fee waiver was implemented in the amount of 0.02% of average daily net assets at each of the Portfolio's advisory fee breakpoint levels. Additionally, on the Effective Date, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by Federated. As a result of these changes, REITs risk, sector risk and quantitative investment risk were added as principal risks. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546521 (05/26)

Seasons Series Trust

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Large Cap Value Portfolio (Class 3)\* | $118 | 1.12% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 11.10% for the year ended March 31, 2026, compared to 17.80% for the S&P 500<sup>®</sup> Index (a broad-based securities market index) and 12.91% for the S&P 500<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. small-cap equities outperformed large- and mid-cap equities, according to the Russell<sup>®</sup> family of indices. For small- and mid-cap stocks, value-oriented stocks outperformed growth stocks, but growth outperformed value among large-cap stocks.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: information technology; energy; industrials. On an absolute basis, position weightings: Apple, Inc.; Microsoft Corp.; Exxon Mobil Corp.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: none. On an absolute basis, position weightings: Microsoft Corp.; Walmart, Inc.; Boeing Co.

**Wellington Management Company LLP** \| Allocations in the following sectors: consumer discretionary; communication services; industrials. Security selection in the following sectors: health care; industrials; communication services. Position weightings: Corning, Inc.; Broadcom, Inc.; Alphabet, Inc., Class C

**American Century Investment Management, Inc.** \| Allocations in the following sectors: consumer discretionary; energy; real estate. Security selection in the following sectors: financials; communication services; health care. Position weightings: Estee Lauder Cos., Inc., Class A; Analog Devices, Inc.; Berkshire Hathaway, Inc., Class B

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: none. On an absolute basis, position weightings: Salesforce, Inc.; Tesla, Inc.; UnitedHealth Group, Inc.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: information technology; energy; health care. On an absolute basis, position weightings: UnitedHealth Group, Inc.; Apple, Inc.; Chevron Corp.

**Wellington Management Company LLP** \| Allocations in the following sectors: health care; energy; information technology. Security selection in the following sectors: information technology; consumer discretionary; financials. Position weightings: UnitedHealth Group, Inc.; Micron Technology, Inc. (lack of exposure); H&R Block, Inc.

**American Century Investment Management, Inc.** \| Allocations in the following sectors: health care; cash; consumer staples. Security selection in the following sectors: information technology; consumer staples; materials. Position weightings: Graphic Packaging Holding Co.; Micron Technology, Inc. (lack of exposure); Zimmer Biomet Holdings, Inc.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102490.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Large Cap Value Portfolio <br>(Class 3)** | 11.10% | 8.62% | 9.70% |
| **S&P 500<sup>®</sup> Index** | 17.80% | 12.06% | 14.16% |
| **S&P 500<sup>®</sup> Value Index** | 12.91% | 10.68% | 11.49% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$295M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;487 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.5M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;46% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Pharmaceuticals | 8.7% |
| Banks | 7.8% |
| Oil & Gas | 5.3% |
| Diversified Financial Services | 5.2% |
| Computers | 5.2% |
| Insurance | 5.1% |
| Retail | 4.9% |
| Electric | 4.5% |
| Internet | 4.0% |
| Semiconductors | 3.8% |
| Healthcare-Services | 3.3% |
| Telecommunications | 3.2% |
| REITS | 2.9% |
| Software | 2.8% |
| Beverages | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102866.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. Additionally, effective April 30, 2026 (the "Effective Date"), Federated MDTA LLC ("Federated") replaced American Century Investment Management, Inc. as one of the subadvisers to the actively managed portion of the Portfolio. On the Effective Date, a contractual advisory fee waiver was implemented in the amount of 0.02% of average daily net assets at each of the Portfolio's advisory fee breakpoint levels. Additionally, on the Effective Date, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by Federated. As a result of these changes, REITs risk, sector risk and quantitative investment risk were added as principal risks. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546513 (05/26)

Seasons Series Trust

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment** |
| SA Multi-Managed Mid Cap Growth Portfolio (Class 1)\* | $107 | 1.01% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 11.48% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 9.56% for the Russell Midcap<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. small-cap equities outperformed large- and mid-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value in the large-cap space, while value held up better than growth in mid- and small-caps.

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

#### TOP PERFORMANCE CONTRIBUTORS
 **BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: industrials; energy; health care. On an absolute basis, position weightings: Vertiv Holdings Co., Class A; Comfort Systems USA, Inc.; Palantir Technologies, Inc., Class A

 **SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: business services; information technology; industrials. On an absolute basis, position weightings: Palantir Technologies, Inc., Class A; NU Holdings, Ltd., Class A; Axon Enterprise, Inc.

 **Wellington Management Company LLP** \| Allocations in the following sectors: financials; consumer discretionary; materials. Security selection in the following sectors: information technology; industrials; health care. Position weightings: Celestica, Inc.; Exact Sciences Corp.; Corning, Inc.

 **T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: communication services; materials; financials. Security selection in the following sectors: information technology; industrials and business services; health care. Position weightings: Databricks, Inc.; Celestica, Inc.; Trade Desk, Inc.

#### TOP PERFORMANCE DETRACTORS
 **BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: communication services; financials; consumer discretionary. On an absolute basis, position weightings: HubSpot, Inc.; Gartner, Inc.; Flutter Entertainment PLC

 **SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: energy; consumer services; consumer cyclicals. On an absolute basis, position weightings: Hess Corp.; Targa Resources Corp.; Tractor Supply Co.

 **Wellington Management Company LLP** \| Allocations in the following sectors: industrials; information technology; communication services. Security selection in the following sectors: consumer discretionary; communication services; real estate. Position weightings: BellRing Brands, Inc.; Comfort Systems USA, Inc. (lack of exposure); ROBLOX Corp., Class A

 **T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: information technology; industrials and business services; health care. Security selection in the following sectors: real estate; materials; consumer discretionary. Position weightings: Astera Labs, Inc.; Primo Brands Corp.; Viper Energy, Inc., Class A

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102491.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Mid Cap Growth Portfolio <br> (Class 1)** | 11.48% | 3.55% | 11.74% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **Russell Midcap<sup>®</sup> Growth Index** | 9.56% | 5.37% | 11.69% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$144M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;431 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;81% |

---

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

 **Top Industries\***

---

| | |
|:---|:---|
| Software | 13.4% |
| Retail | 7.9% |
| Aerospace/Defense | 7.0% |
| Commercial Services | 5.2% |
| Leisure Time | 4.5% |
| Biotechnology | 4.2% |
| Machinery-Construction & Mining | 4.1% |
| Internet | 4.1% |
| Healthcare-Products | 4.0% |
| Diversified Financial Services | 3.9% |
| Pharmaceuticals | 2.9% |
| Electronics | 2.9% |
| Lodging | 2.8% |
| Telecommunications | 2.7% |
| Electric | 2.6% |

---

 **Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102867.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546877 (05/26)

Seasons Series Trust

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Mid Cap Growth Portfolio (Class 2)\* | $123 | 1.16% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 11.31% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 9.56% for the Russell Midcap<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. small-cap equities outperformed large- and mid-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value in the large-cap space, while value held up better than growth in mid- and small-caps.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: industrials; energy; health care. On an absolute basis, position weightings: Vertiv Holdings Co., Class A; Comfort Systems USA, Inc.; Palantir Technologies, Inc., Class A

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: business services; information technology; industrials. On an absolute basis, position weightings: Palantir Technologies, Inc., Class A; NU Holdings, Ltd., Class A; Axon Enterprise, Inc.

**Wellington Management Company LLP** \| Allocations in the following sectors: financials; consumer discretionary; materials. Security selection in the following sectors: information technology; industrials; health care. Position weightings: Celestica, Inc.; Exact Sciences Corp.; Corning, Inc.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: communication services; materials; financials. Security selection in the following sectors: information technology; industrials and business services; health care. Position weightings: Databricks, Inc.; Celestica, Inc.; Trade Desk, Inc., Class A

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: communication services; financials; consumer discretionary. On an absolute basis, position weightings: HubSpot, Inc.; Gartner, Inc.; Flutter Entertainment PLC

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: energy; consumer services; consumer cyclicals. On an absolute basis, position weightings: Hess Corp.; Targa Resources Corp.; Tractor Supply Co.

**Wellington Management Company LLP** \| Allocations in the following sectors: industrials; information technology; communication services. Security selection in the following sectors: consumer discretionary; communication services; real estate. Position weightings: BellRing Brands, Inc.; Comfort Systems USA, Inc. (lack of exposure); ROBLOX Corp., Class A

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: information technology; industrials and business services; health care. Security selection in the following sectors: real estate; materials; consumer discretionary. Position weightings: Astera Labs, Inc.; Primo Brands Corp.; Viper Energy, Inc., Class A

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102480.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Mid Cap Growth Portfolio <br>(Class 2)** | 11.31% | 3.39% | 11.57% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **Russell Midcap<sup>®</sup> Growth Index** | 9.56% | 5.37% | 11.69% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$144M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;431 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;81% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Software | 13.4% |
| Retail | 7.9% |
| Aerospace/Defense | 7.0% |
| Commercial Services | 5.2% |
| Leisure Time | 4.5% |
| Biotechnology | 4.2% |
| Machinery-Construction & Mining | 4.1% |
| Internet | 4.1% |
| Healthcare-Products | 4.0% |
| Diversified Financial Services | 3.9% |
| Pharmaceuticals | 2.9% |
| Electronics | 2.9% |
| Lodging | 2.8% |
| Telecommunications | 2.7% |
| Electric | 2.6% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102868.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546497 (05/26)

Seasons Series Trust

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Mid Cap Growth Portfolio (Class 3)\* | $134 | 1.27% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 11.18% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 9.56% for the Russell Midcap<sup>®</sup> Growth Index (the "Performance Index"). Over the period, U.S. small-cap equities outperformed large- and mid-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value in the large-cap space, while value held up better than growth in mid- and small-caps.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: industrials; energy; health care. On an absolute basis, position weightings: Vertiv Holdings Co., Class A; Comfort Systems USA, Inc.; Palantir Technologies, Inc., Class A

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: business services; information technology; industrials. On an absolute basis, position weightings: Palantir Technologies, Inc., Class A; NU Holdings, Ltd., Class A; Axon Enterprise, Inc.

**Wellington Management Company LLP** \| Allocations in the following sectors: financials; consumer discretionary; materials. Security selection in the following sectors: information technology; industrials; health care. Position weightings: Celestica, Inc.; Exact Sciences Corp.; Corning, Inc.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: communication services; materials; financials. Security selection in the following sectors: information technology; industrials and business services; health care. Position weightings: Databricks, Inc.; Celestica, Inc.; Trade Desk, Inc., Class A

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: communication services; financials; consumer discretionary. On an absolute basis, position weightings: HubSpot, Inc.; Gartner, Inc.; Flutter Entertainment PLC

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: energy; consumer services; consumer cyclicals. On an absolute basis, position weightings: Hess Corp.; Targa Resources Corp.; Tractor Supply Co.

**Wellington Management Company LLP** \| Allocations in the following sectors: industrials; information technology; communication services. Security selection in the following sectors: consumer discretionary; communication services; real estate. Position weightings: BellRing Brands, Inc.; Comfort Systems USA, Inc. (lack of exposure); ROBLOX Corp., Class A

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: information technology; industrials and business services; health care. Security selection in the following sectors: real estate; materials; consumer discretionary. Position weightings: Astera Labs, Inc.; Primo Brands Corp.; Viper Energy, Inc., Class A

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102481.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Mid Cap Growth Portfolio <br>(Class 3)** | 11.18% | 3.28% | 11.46% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **Russell Midcap<sup>®</sup> Growth Index** | 9.56% | 5.37% | 11.69% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$144M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;431 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;81% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Software | 13.4% |
| Retail | 7.9% |
| Aerospace/Defense | 7.0% |
| Commercial Services | 5.2% |
| Leisure Time | 4.5% |
| Biotechnology | 4.2% |
| Machinery-Construction & Mining | 4.1% |
| Internet | 4.1% |
| Healthcare-Products | 4.0% |
| Diversified Financial Services | 3.9% |
| Pharmaceuticals | 2.9% |
| Electronics | 2.9% |
| Lodging | 2.8% |
| Telecommunications | 2.7% |
| Electric | 2.6% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102869.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546489 (05/26)

Seasons Series Trust

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Mid Cap Value Portfolio (Class 1)\* | $107 | 1.00% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 13.37% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 17.62% for the Russell Midcap<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. small-cap equities outperformed large- and mid-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value in the large-cap space, while value held up better than growth in mid- and small-caps.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: information technology; industrials; energy. On an absolute basis, position weightings: Sandisk Corp.; Western Digital Corp.; Corning, Inc.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: information technology; telecommunication services; utilities. On an absolute basis, position weightings: Strategy, Inc., Class A; Robinhood Markets, Inc., Class A; Digital Realty Trust, Inc.

**Massachusetts Financial Services Company** \| Allocations in the following sectors: real estate; energy. Security selection in the following sectors: real estate; energy . Position weightings: Flex, Ltd; Corning, Inc; Coinbase Global, Inc., Class A (lack of exposure)

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: information technology; consumer staples; real estate. Security selection in the following sectors: information technology; consumer discretionary; energy. Position weightings: Sandisk Corp.; Corning, Inc.; MKS, Inc.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: real estate; consumer staples. On an absolute basis, position weightings: Charter Communications, Inc., Class A.; Fidelity National Information Services, Inc.; Coinbase Global, Inc., Class A

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: health care; energy; financials. On an absolute basis, position weightings: Baker Hughes Co.; ONEOK, Inc.; Arthur J. Gallagher & Co.

**Massachusetts Financial Services Company** \| Allocations in the following sectors: information technology. Security selection in the following sectors: materials; information technology; health care. Position weightings: Sandisk Corp (lack of exposure); Western Digital Corp. (lack of exposure); Graphic Packaging Holding Co.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: financials; health care; materials. Security selection in the following sectors: health care; industrials and business services; consumer staples. Position weightings: Perrigo Co. PLC; GoDaddy, Inc., Class A; Baxter International, Inc.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102482.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Mid Cap Value Portfolio <br>(Class 1)** | 13.37% | 7.99% | 9.58% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **Russell Midcap<sup>®</sup> Value Index** | 17.62% | 7.94% | 9.75% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$182M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;783 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| REITS | 7.3% |
| Electric | 7.0% |
| Oil & Gas | 5.7% |
| Insurance | 5.6% |
| Banks | 4.6% |
| Electronics | 4.3% |
| Machinery-Diversified | 3.7% |
| Diversified Financial Services | 3.7% |
| Commercial Services | 3.4% |
| Computers | 3.3% |
| Retail | 3.1% |
| Healthcare-Products | 3.1% |
| Food | 2.5% |
| Software | 2.4% |
| Aerospace/Defense | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102870.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546869 (05/26)

Seasons Series Trust

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Mid Cap Value Portfolio (Class 2)\* | $123 | 1.15% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 13.17% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 17.62% for the Russell Midcap<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. small-cap equities outperformed large- and mid-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value in the large-cap space, while value held up better than growth in mid- and small-caps.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: information technology; industrials; energy. On an absolute basis, position weightings: Sandisk Corp.; Western Digital Corp.; Corning, Inc.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: information technology; telecommunication services; utilities. On an absolute basis, position weightings: Strategy, Inc., Class A; Robinhood Markets, Inc., Class A; Digital Realty Trust, Inc.

**Massachusetts Financial Services Company** \| Allocations in the following sectors: real estate; energy. Security selection in the following sectors: real estate; energy . Position weightings: Flex, Ltd; Corning, Inc; Coinbase Global, Inc., Class A (lack of exposure)

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: information technology; consumer staples; real estate. Security selection in the following sectors: information technology; consumer discretionary; energy. Position weightings: Sandisk Corp.; Corning, Inc.; MKS, Inc.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: real estate; consumer staples. On an absolute basis, position weightings: Charter Communications, Inc., Class A.; Fidelity National Information Services, Inc.; Coinbase Global, Inc., Class A

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: health care; energy; financials. On an absolute basis, position weightings: Baker Hughes Co.; ONEOK, Inc.; Arthur J. Gallagher & Co.

**Massachusetts Financial Services Company** \| Allocations in the following sectors: information technology. Security selection in the following sectors: materials; information technology; health care. Position weightings: Sandisk Corp (lack of exposure); Western Digital Corp. (lack of exposure); Graphic Packaging Holding Co.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: financials; health care; materials. Security selection in the following sectors: health care; industrials and business services; consumer staples. Position weightings: Perrigo Co. PLC; GoDaddy, Inc., Class A; Baxter International, Inc.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102483.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Mid Cap Value Portfolio <br>(Class 2)** | 13.17% | 7.83% | 9.41% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **Russell Midcap<sup>®</sup> Value Index** | 17.62% | 7.94% | 9.75% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$182M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;783 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| REITS | 7.3% |
| Electric | 7.0% |
| Oil & Gas | 5.7% |
| Insurance | 5.6% |
| Banks | 4.6% |
| Electronics | 4.3% |
| Machinery-Diversified | 3.7% |
| Diversified Financial Services | 3.7% |
| Commercial Services | 3.4% |
| Computers | 3.3% |
| Retail | 3.1% |
| Healthcare-Products | 3.1% |
| Food | 2.5% |
| Software | 2.4% |
| Aerospace/Defense | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102871.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546471 (05/26)

Seasons Series Trust

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Mid Cap Value Portfolio (Class 3)\* | $134 | 1.26% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 13.02% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 17.62% for the Russell Midcap<sup>®</sup> Value Index (the "Performance Index"). Over the period, U.S. small-cap equities outperformed large- and mid-cap equities, according to the Russell<sup>®</sup> family of indices. Growth-oriented stocks outperformed value in the large-cap space, while value held up better than growth in mid- and small-caps.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: information technology; industrials; energy. On an absolute basis, position weightings: Sandisk Corp.; Western Digital Corp.; Corning, Inc.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: information technology; telecommunication services; utilities. On an absolute basis, position weightings: Strategy, Inc., Class A; Robinhood Markets, Inc., Class A; Digital Realty Trust, Inc.

**Massachusetts Financial Services Company** \| Allocations in the following sectors: real estate; energy. Security selection in the following sectors: real estate; energy . Position weightings: Flex, Ltd; Corning, Inc; Coinbase Global, Inc., Class A (lack of exposure)

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: information technology; consumer staples; real estate. Security selection in the following sectors: information technology; consumer discretionary; energy. Position weightings: Sandisk Corp.; Corning, Inc.; MKS, Inc.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: real estate; consumer staples. On an absolute basis, position weightings: Charter Communications, Inc., Class A.; Fidelity National Information Services, Inc.; Coinbase Global, Inc., Class A

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: health care; energy; financials. On an absolute basis, position weightings: Baker Hughes Co.; ONEOK, Inc.; Arthur J. Gallagher & Co.

**Massachusetts Financial Services Company** \| Allocations in the following sectors: information technology. Security selection in the following sectors: materials; information technology; health care. Position weightings: Sandisk Corp (lack of exposure); Western Digital Corp. (lack of exposure); Graphic Packaging Holding Co.

**T. Rowe Price Associates, Inc.** \| Allocations in the following sectors: financials; health care; materials. Security selection in the following sectors: health care; industrials and business services; consumer staples. Position weightings: Perrigo Co. PLC; GoDaddy, Inc., Class A; Baxter International, Inc.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102484.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Mid Cap Value Portfolio <br>(Class 3)** | 13.02% | 7.71% | 9.30% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **Russell Midcap<sup>®</sup> Value Index** | 17.62% | 7.94% | 9.75% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$182M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;783 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| REITS | 7.3% |
| Electric | 7.0% |
| Oil & Gas | 5.7% |
| Insurance | 5.6% |
| Banks | 4.6% |
| Electronics | 4.3% |
| Machinery-Diversified | 3.7% |
| Diversified Financial Services | 3.7% |
| Commercial Services | 3.4% |
| Computers | 3.3% |
| Retail | 3.1% |
| Healthcare-Products | 3.1% |
| Food | 2.5% |
| Software | 2.4% |
| Aerospace/Defense | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102860.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546463 (05/26)

Seasons Series Trust

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

### Class 1

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Small Cap Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Small Cap Portfolio (Class 1)\* | $118 | 1.08% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 1 shares posted a return of 19.17% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 25.72% for the Russell 2000<sup>®</sup> Index (the "Performance Index"). Over the period, the small cap Russell 2000<sup>®</sup> Index outperformed large cap stocks as represented by the S&P 500<sup>®</sup> Index, returning 25.72% versus 17.80%, respectively for the trailing 12 months period. Value underperformed growth, with the Russell 3000<sup>®</sup> Value Index returning 16.37% and the Russell 3000<sup>®</sup> Growth Index returning 18.75%.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: information technology; industrials; energy. On an absolute basis, position weightings: Sandisk Corp.; TTM Technologies, Inc.; Kratos Defense & Security Solutions, Inc.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: utilities; industrials. On an absolute basis, position weightings: AeroVironment, Inc.; ADMA Biologics, Inc.; MARA Holdings, Inc.

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: industrials; real estate; materials. Security selection in the following sectors: information technology; utilities. Position weightings: Lumentum Holdings, Inc.; Ciena Corp.; Viavi Solutions, Inc.

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: systems hardware; software & services; basic materials. Security selection in the following sectors: finance; software & services; industrial cyclical. Position weightings: Cipher Digital, Inc.; Terns Pharmaceuticals, Inc.; Modine Manufacturing Co.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: consumer staples. On an absolute basis, position weightings: Inspire Medical Systems, Inc.; SPS Commerce, Inc.; ADMA Biologics, Inc.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: financials; health care; energy. On an absolute basis, position weightings: Corcept Therapeutics, Inc.; Sandisk Corp.; Celanese Corp.

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: energy; cash; health care. Security selection in the following sectors: health care; financials; industrials. Position weightings: Compass Diversified Holdings; Phreesia, Inc.; ASGN, Inc.

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: industrial cyclical; retail; semiconductors. Security selection in the following sectors: systems hardware; health services & systems; pharmaceuticals. Position weightings: Bloom Energy Corp., Class A; Treace Medical Concepts, Inc.; Frequency Therapeutics, Inc.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102485.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Small Cap Portfolio <br>(Class 1)** | 19.17% | 3.74% | 8.60% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **Russell 2000<sup>®</sup> Index** | 25.72% | 3.77% | 9.88% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$128M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 8.7% |
| REITS | 5.4% |
| Software | 5.0% |
| Biotechnology | 4.4% |
| Healthcare-Products | 4.2% |
| Diversified Financial Services | 3.8% |
| Telecommunications | 3.6% |
| Commercial Services | 3.4% |
| Electronics | 3.2% |
| Oil & Gas | 3.0% |
| Chemicals | 2.9% |
| Retail | 2.8% |
| Semiconductors | 2.8% |
| Engineering & Construction | 2.8% |
| Insurance | 2.5% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102861.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546851 (05/26)

Seasons Series Trust

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

### Class 2

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Small Cap Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Small Cap Portfolio (Class 2)\* | $134 | 1.22% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 2 shares posted a return of 18.97% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 25.72% for the Russell 2000<sup>®</sup> Index (the "Performance Index"). Over the period, the small cap Russell 2000<sup>®</sup> Index outperformed large cap stocks as represented by the S&P 500<sup>®</sup> Index, returning 25.72% versus 17.80%, respectively for the trailing 12 months period. Value underperformed growth, with the Russell 3000<sup>®</sup> Value Index returning 16.37% and the Russell 3000<sup>®</sup> Growth Index returning 18.75%.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: information technology; industrials; energy. On an absolute basis, position weightings: Sandisk Corp.; TTM Technologies, Inc.; Kratos Defense & Security Solutions, Inc.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: utilities; industrials. On an absolute basis, position weightings: AeroVironment, Inc.; ADMA Biologics, Inc.; MARA Holdings, Inc.

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: industrials; real estate; materials. Security selection in the following sectors: information technology; utilities. Position weightings: Lumentum Holdings, Inc.; Ciena Corp.; Viavi Solutions, Inc.

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: systems hardware; software & services; basic materials. Security selection in the following sectors: finance; software & services; industrial cyclical. Position weightings: Cipher Digital, Inc.; Terns Pharmaceuticals, Inc.; Modine Manufacturing Co.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: consumer staples. On an absolute basis, position weightings: Inspire Medical Systems, Inc.; SPS Commerce, Inc.; ADMA Biologics, Inc.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: financials; health care; energy. On an absolute basis, position weightings: Corcept Therapeutics, Inc.; Sandisk Corp.; Celanese Corp.

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: energy; cash; health care. Security selection in the following sectors: health care; financials; industrials. Position weightings: Compass Diversified Holdings; Phreesia, Inc.; ASGN, Inc.

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: industrial cyclical; retail; semiconductors. Security selection in the following sectors: systems hardware; health services & systems; pharmaceuticals. Position weightings: Bloom Energy Corp., Class A; Treace Medical Concepts, Inc.; Frequency Therapeutics, Inc.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102474.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Small Cap Portfolio <br>(Class 2)** | 18.97% | 3.57% | 8.44% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **Russell 2000<sup>®</sup> Index** | 25.72% | 3.77% | 9.88% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$128M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 8.7% |
| REITS | 5.4% |
| Software | 5.0% |
| Biotechnology | 4.4% |
| Healthcare-Products | 4.2% |
| Diversified Financial Services | 3.8% |
| Telecommunications | 3.6% |
| Commercial Services | 3.4% |
| Electronics | 3.2% |
| Oil & Gas | 3.0% |
| Chemicals | 2.9% |
| Retail | 2.8% |
| Semiconductors | 2.8% |
| Engineering & Construction | 2.8% |
| Insurance | 2.5% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102862.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546364 (05/26)

Seasons Series Trust

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

### Class 3

#### ANNUAL SHAREHOLDER REPORT \| March 31, 2026
This annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Small Cap Portfolio (the "Portfolio") for the period of April 1, 2025 to March 31, 2026. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. As shares of the Portfolio are issued and redeemed in connection with investments in and payments under variable annuity contracts and/or variable life policies (collectively, the "Variable Contracts") offered by third-party life insurance companies affiliated with Corebridge Financial, Inc. ("Corebridge"), you can also request this information by calling Corebridge at 1-800-448-2542.

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

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

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

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Small Cap Portfolio (Class 3)\* | $146 | 1.33% |

---

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

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Class 3 shares posted a return of 18.89% for the year ended March 31, 2026, compared to 18.09% for the Russell 3000<sup>®</sup> Index (a broad-based securities market index) and 25.72% for the Russell 2000<sup>®</sup> Index (the "Performance Index"). Over the period, the small cap Russell 2000<sup>®</sup> Index outperformed large cap stocks as represented by the S&P 500<sup>®</sup> Index, returning 25.72% versus 17.80%, respectively for the trailing 12 months period. Value underperformed growth, with the Russell 3000<sup>®</sup> Value Index returning 16.37% and the Russell 3000<sup>®</sup> Growth Index returning 18.75%.

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

#### TOP PERFORMANCE CONTRIBUTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: information technology; industrials; energy. On an absolute basis, position weightings: Sandisk Corp.; TTM Technologies, Inc.; Kratos Defense & Security Solutions, Inc.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: utilities; industrials. On an absolute basis, position weightings: AeroVironment, Inc.; ADMA Biologics, Inc.; MARA Holdings, Inc.

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: industrials; real estate; materials. Security selection in the following sectors: information technology; utilities. Position weightings: Lumentum Holdings, Inc.; Ciena Corp.; Viavi Solutions, Inc.

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: systems hardware; software & services; basic materials. Security selection in the following sectors: finance; software & services; industrial cyclical. Position weightings: Cipher Digital, Inc.; Terns Pharmaceuticals, Inc.; Modine Manufacturing Co.

#### TOP PERFORMANCE DETRACTORS
**BlackRock Investment Management, LLC – April 30, 2025 to March 31, 2026** \| On an absolute basis, allocations in the following sectors: consumer staples. On an absolute basis, position weightings: Inspire Medical Systems, Inc.; SPS Commerce, Inc.; ADMA Biologics, Inc.

**SunAmerica Asset Management, LLC - April 1, 2025 to April 29, 2025** \| On an absolute basis, allocations in the following sectors: financials; health care; energy. On an absolute basis, position weightings: Corcept Therapeutics, Inc.; Sandisk Corp.; Celanese Corp.

**Schroder Investment Management North America Inc.** \| Allocations in the following sectors: energy; cash; health care. Security selection in the following sectors: health care; financials; industrials. Position weightings: Compass Diversified Holdings; Phreesia, Inc.; ASGN, Inc.

**J.P. Morgan Investment Management Inc.** \| Allocations in the following sectors: industrial cyclical; retail; semiconductors. Security selection in the following sectors: systems hardware; health services & systems; pharmaceuticals. Position weightings: Bloom Energy Corp., Class A; Treace Medical Concepts, Inc.; Frequency Therapeutics, Inc.

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

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_1102475.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN** | **1 Year** | **5 Year** | **10 Year** |
| **SA Multi-Managed Small Cap Portfolio <br>(Class 3)** | 18.89% | 3.48% | 8.34% |
| **Russell 3000<sup>®</sup> Index** | 18.09% | 10.87% | 13.72% |
| **Russell 2000<sup>®</sup> Index** | 25.72% | 3.77% | 9.88% |

---

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

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$128M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1050 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;67% |

---

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

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 8.7% |
| REITS | 5.4% |
| Software | 5.0% |
| Biotechnology | 4.4% |
| Healthcare-Products | 4.2% |
| Diversified Financial Services | 3.8% |
| Telecommunications | 3.6% |
| Commercial Services | 3.4% |
| Electronics | 3.2% |
| Oil & Gas | 3.0% |
| Chemicals | 2.9% |
| Retail | 2.8% |
| Semiconductors | 2.8% |
| Engineering & Construction | 2.8% |
| Insurance | 2.5% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1102863.jpg)

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

#### Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc. at 1-800-448-2542.

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

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.

![QR Code_LA Annuity](images_459.jpg)

812546356 (05/26)

Seasons Series Trust

------

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
Seasons Series Trust (the "registrant") has adopted a Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the "Code"). During the fiscal year ended March 31, 2026, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant's Principal Executive and Principal Financial Officers (the "Covered Officers").

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that Tracey C. Doi, Jane Jelenko and Charles H. Self III each qualify as an audit committee financial expert, as defined in Item 3(b) of Form N-CSR. Ms. Doi, Ms. Jelenko and Mr. Self III are considered "independent" for purposes of Item3(a)(2) of Form N-CSR.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | 2026 | 2025 |
| (a) Audit Fees | $687992 | $887252 |
| (b) Audit-Related Fees | $0 | $79050 |
| (c) Tax Fees | $140891 | $244995 |
| (d) All Other Fees | $0 | $0 |

---

Audit Fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | 2026 | 2025 |
| (b) Audit-Related Fees | $0 | $103488 |
| (c) Tax Fees | $0 | $0 |
| (d) All Other Fees | $488000 | $556000 |

---

All other fees are for professional services rendered by the registrant's principal accountant for services associated with issuing a SSAE18 report.

(e) (1) The registrant's audit committee pre-approves all audit services provided by the registrant's principal accountant for the registrant and all non-audit services provided by the registrant's principal accountant for the registrant, its investment adviser and any entities controlling, controlled by, or under common control with the investment adviser ("Adviser Affiliates") that provide ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the preapproval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter .

(2) No services included in (b)-(d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provide ongoing services to the registrant for 2026 and 2025 were $628,891 and $983,533 respectively.

(h) Non-audit services rendered to the registrant's investment adviser and any Adviser Affiliates that provide ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant's audit committee as to whether they were compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not Applicable.

------

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

------

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

(b) Not applicable.

------

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

------

Seasons Series Trust

------

Annual Financial Statements and Other Information

March 31, 2026

------

**Seasons Series Trust**

**Annual Financial Statements and Other Information March 31, 2026**

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| [Portfolio of Investments:](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_1) |  |
| [SA Allocation Aggressive Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_1) | 3 |
| [SA Allocation Balanced Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_3) | 5 |
| [SA Allocation Moderate Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_5) | 7 |
| [SA Allocation Moderately Aggressive Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_7) | 9 |
| [SA American Century Inflation Managed Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_9) | 11 |
| [SA Columbia Focused Value Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_15) | 17 |
| [SA Franklin Allocation Moderately Aggressive Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_17) | 19 |
| [SA Multi-Managed Diversified Fixed Income Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_44) | 46 |
| [SA Multi-Managed International Equity Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_69) | 71 |
| [SA Multi-Managed Large Cap Growth Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_78) | 80 |
| [SA Multi-Managed Large Cap Value Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_82) | 84 |
| [SA Multi-Managed Mid Cap Growth Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_89) | 91 |
| [SA Multi-Managed Mid Cap Value Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_97) | 99 |
| [SA Multi-Managed Small Cap Portfolio](#xx_47900567-650d-4242-a287-385e39375ec4_SOI-TOC-ScheduleofInvestments-6_107) | 109 |
| [Statements of Assets and Liabilities](#xx_47900567-650d-4242-a287-385e39375ec4_FS-continued-FS-6_1) | 121 |
| [Statements of Operations](#xx_47900567-650d-4242-a287-385e39375ec4_FS-continued-FS-6_7) | 127 |
| [Statements of Changes in Net Assets](#xx_47900567-650d-4242-a287-385e39375ec4_FS-continued-FS-6_10) | 130 |
| [Notes to Financial Statements](#xx_47900567-650d-4242-a287-385e39375ec4_NTF-AnnualReportingCtagroll-forward_NTF-6_1) | 133 |
| [Financial Highlights](#xx_47900567-650d-4242-a287-385e39375ec4_FIHPIV-TOC-PivotedFinancialHighlights-6_1) | 162 |
| [Report of Independent Registered Public Accounting Firm](#xx_47900567-650d-4242-a287-385e39375ec4_AUD-TOC-AuditorsReport-6_1) | 170 |
| [Shareholder Tax Information](#xx_47900567-650d-4242-a287-385e39375ec4_STI-TOCShareholderTaxInformation-6_1) | 171 |
| [Changes in and Disagreements with Accountants (Item 8 Form N-CSR)](#xx_47900567-650d-4242-a287-385e39375ec4_CDA-TOC-ChangesinandDisagreementswithAccountants-6_1) | 172 |
| [Results of Special Shareholder Meeting (Item 9 Form N-CSR)](#xx_47900567-650d-4242-a287-385e39375ec4_RSSSM-TOC-ResultsofSpecialShareholderMeeting-6_1) | 173 |
| [Remuneration Paid to Directors, Officers, and Others (Item 10 Form N-CSR)](#xx_47900567-650d-4242-a287-385e39375ec4_RPDOO-TOC-PaidtoDirectorsOfficersandOthers-6_1) | 174 |
| [Approval of Advisory and Subadvisory Agreements (Item 11 Form N-CSR)](#xx_47900567-650d-4242-a287-385e39375ec4_AAA-TOC-ApprovalofAdvisoryAgreements-6_1) | 175 |

---

------

**Seasons Series Trust SA Allocation Aggressive Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** |
| **Domestic Equity Investment Companies — 56.5%** | **Domestic Equity Investment Companies — 56.5%** | **Domestic Equity Investment Companies — 56.5%** |
| Seasons Series Trust SA Columbia Focused Value <br> Portfolio, Class 1<br>| 612980 | &nbsp;&nbsp; $12541570 |
| Seasons Series Trust SA Multi-Managed Large Cap Growth <br> Portfolio, Class 1<br>| 595750 | &nbsp;&nbsp; 6434101 |
| Seasons Series Trust SA Multi-Managed Large Cap Value <br> Portfolio, Class 1<br>| 1004939 | &nbsp;&nbsp; 11215116 |
| Seasons Series Trust SA Multi-Managed Mid Cap Growth <br> Portfolio, Class 1<br>| 336081 | &nbsp;&nbsp; 4614399 |
| Seasons Series Trust SA Multi-Managed Mid Cap Value <br> Portfolio, Class 1<br>| 302407 | &nbsp;&nbsp; 4753831 |
| Seasons Series Trust SA Multi-Managed Small Cap <br> Portfolio, Class 1<br>| 398985 | &nbsp;&nbsp; 4380850 |
| SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | 386777 | &nbsp;&nbsp; 21102571 |
| SunAmerica Series Trust SA AB Small & Mid Cap Value <br> Portfolio, Class 1<br>| 174131 | &nbsp;&nbsp; 2129623 |
| SunAmerica Series Trust SA Fidelity Institutional AM® Real <br> Estate Portfolio, Class 1<br>| 576755 | &nbsp;&nbsp; 7053712 |
| SunAmerica Series Trust SA Franklin BW U.S. Large Cap <br> Value Portfolio, Class 1<br>| 903634 | &nbsp;&nbsp; 18858849 |
| SunAmerica Series Trust SA Franklin Small Company <br> Value Portfolio, Class 1<br>| 56893 | &nbsp;&nbsp; 975149 |
| SunAmerica Series Trust SA Franklin Systematic U.S. Large <br> Cap Core Portfolio, Class 1<br>| 412590 | &nbsp;&nbsp; 9782517 |
| SunAmerica Series Trust SA Franklin Systematic U.S. Large <br> Cap Value Portfolio, Class 1<br>| 1015739 | &nbsp;&nbsp; 14992303 |
| SunAmerica Series Trust SA Invesco Growth Opportunities <br> Portfolio, Class 1<br>| 384756 | &nbsp;&nbsp; 2958777 |
| SunAmerica Series Trust SA Janus Focused Growth <br> Portfolio, Class 1<br>| 450310 | &nbsp;&nbsp; 7916453 |
| SunAmerica Series Trust SA JPMorgan Equity-Income <br> Portfolio, Class 1<br>| 357525 | &nbsp;&nbsp; 11086839 |
| SunAmerica Series Trust SA JPMorgan Large Cap Core <br> Portfolio, Class 1<br>| 533052 | &nbsp;&nbsp; 11679160 |
| SunAmerica Series Trust SA JPMorgan Mid Cap Growth <br> Portfolio, Class 1<br>| 271088 | &nbsp;&nbsp; 4982602 |
| SunAmerica Series Trust SA Large Cap Growth Index <br> Portfolio, Class 1<br>| 860859 | &nbsp;&nbsp; 23992142 |
| SunAmerica Series Trust SA Large Cap Index Portfolio, <br> Class 1<br>| 960270 | &nbsp;&nbsp; 37258469 |
| SunAmerica Series Trust SA Large Cap Value Index <br> Portfolio, Class 1<br>| 1423648 | &nbsp;&nbsp; 27191686 |
| SunAmerica Series Trust SA MFS Large Cap Growth, <br> Class 1<br>| 1097611 | &nbsp;&nbsp; 16244638 |
| SunAmerica Series Trust SA MFS Massachusetts Investors <br> Trust Portfolio, Class 1<br>| 420376 | &nbsp;&nbsp; 6427552 |
| SunAmerica Series Trust SA Mid Cap Index Portfolio, <br> Class 1<br>| 262125 | &nbsp;&nbsp; 4089145 |
| SunAmerica Series Trust SA Small Cap Index Portfolio, <br> Class 1<br>| 256295 | &nbsp;&nbsp; 3583007 |
| SunAmerica Series Trust SA Wellington Capital <br> Appreciation Portfolio, Class 1<br>| 240043 | &nbsp;&nbsp; 11164389 |
| **Total Domestic Equity Investment Companies** <br>(cost $281,514,740)<br>|  | &nbsp;&nbsp; 287409450 |
| **International Equity Investment Companies — 24.2%** | **International Equity Investment Companies — 24.2%** | **International Equity Investment Companies — 24.2%** |
| Seasons Series Trust SA Multi-Managed International <br> Equity Portfolio, Class 1<br>| 2927512 | &nbsp;&nbsp; 29509318 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **International Equity Investment Companies (continued)** | **International Equity Investment Companies (continued)** | **International Equity Investment Companies (continued)** |
| SunAmerica Series Trust SA Emerging Markets Equity <br> Index Portfolio, Class 1<br>| 273185 | &nbsp;&nbsp; $5209640 |
| SunAmerica Series Trust SA Fidelity Institutional AM® <br> Global Equities Portfolio, Class 1<br>| 253052 | &nbsp;&nbsp; 5157194 |
| SunAmerica Series Trust SA Fidelity Institutional AM® <br> International Growth Portfolio, Class 1<br>| 1005567 | &nbsp;&nbsp; 17889045 |
| SunAmerica Series Trust SA International Index Portfolio, <br> Class 1<br>| 1258872 | &nbsp;&nbsp; 20821746 |
| SunAmerica Series Trust SA JPMorgan Emerging Markets <br> Portfolio, Class 1<br>| 651940 | &nbsp;&nbsp; 7158301 |
| SunAmerica Series Trust SA Morgan Stanley International <br> Equities Portfolio, Class 1<br>| 1490775 | &nbsp;&nbsp; 15310261 |
| SunAmerica Series Trust SA PIMCO RAE International <br> Value Portfolio, Class 1<br>| 456875 | &nbsp;&nbsp; 8529852 |
| SunAmerica Series Trust SA Putnam International Value <br> Portfolio, Class 1<br>| 974247 | &nbsp;&nbsp; 13581004 |
| **Total International Equity Investment Companies** <br>(cost $108,898,447)<br>|  | &nbsp;&nbsp; 123166361 |
| **Domestic Fixed Income Investment Companies — 18.9%** | **Domestic Fixed Income Investment Companies — 18.9%** | **Domestic Fixed Income Investment Companies — 18.9%** |
| Seasons Series Trust SA American Century Inflation <br> Managed Portfolio, Class 1<br>| 612444 | &nbsp;&nbsp; 5340514 |
| Seasons Series Trust SA Multi-Managed Diversified Fixed <br> Income Portfolio, Class 1<br>| 2027179 | &nbsp;&nbsp; 20616410 |
| SunAmerica Series Trust SA Federated Hermes Corporate <br> Bond Portfolio, Class 1<br>| 989457 | &nbsp;&nbsp; 11655801 |
| SunAmerica Series Trust SA Fixed Income Index Portfolio, <br> Class 1<br>| 972348 | &nbsp;&nbsp; 9324814 |
| SunAmerica Series Trust SA Fixed Income Intermediate <br> Index Portfolio, Class 1<br>| 298542 | &nbsp;&nbsp; 3057065 |
| SunAmerica Series Trust SA Goldman Sachs Government <br> & Quality Bond Portfolio, Class 1<br>| 1038768 | &nbsp;&nbsp; 13639028 |
| SunAmerica Series Trust SA JPMorgan MFS Core Bond <br> Portfolio, Class 1<br>| 3109773 | &nbsp;&nbsp; 25717824 |
| SunAmerica Series Trust SA JPMorgan Ultra-Short Bond <br> Portfolio, Class 1<br>| 133933 | &nbsp;&nbsp; 1445136 |
| SunAmerica Series Trust SA PineBridge High-Yield Bond <br> Portfolio, Class 1<br>| 989123 | &nbsp;&nbsp; 5173112 |
| **Total Domestic Fixed Income Investment Companies** <br>(cost $97,568,454)<br>|  | &nbsp;&nbsp; 95969704 |
| **International Fixed Income Investment Companies — 0.5%** | **International Fixed Income Investment Companies — 0.5%** | **International Fixed Income Investment Companies — 0.5%** |
| SunAmerica Series Trust SA PIMCO Global Bond <br> Opportunities Portfolio, Class 1 <br>(cost $2,420,254)<br>| 261685 | &nbsp;&nbsp; 2423205 |
| **TOTAL INVESTMENTS** <br>(cost $490,401,895)(2)<br>| 100.1<br> %<br>| &nbsp;&nbsp; 508968720 |
| Other assets less liabilities | (0.1)<br>| &nbsp;&nbsp; (317567)<br>|
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $508651153 |

---

# 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.venerable.onlineprospectus.net/funds/sast_sst 

(1) See Note 8.

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

------

**Seasons Series Trust SA Allocation Aggressive Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $508968720 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $508968720 |

---

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

See Notes to Financial Statements

------

**Seasons Series Trust SA Allocation Balanced Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** |
| **Domestic Fixed Income Investment Companies — 59.0%** | **Domestic Fixed Income Investment Companies — 59.0%** | **Domestic Fixed Income Investment Companies — 59.0%** |
| Seasons Series Trust SA American Century Inflation <br> Managed Portfolio, Class 1<br>| 846201 | &nbsp;&nbsp; $7378870 |
| Seasons Series Trust SA Multi-Managed Diversified Fixed <br> Income Portfolio, Class 1<br>| 3181408 | &nbsp;&nbsp; 32354922 |
| SunAmerica Series Trust SA Federated Hermes Corporate <br> Bond Portfolio, Class 1<br>| 1417761 | &nbsp;&nbsp; 16701228 |
| SunAmerica Series Trust SA Fixed Income Index Portfolio, <br> Class 1<br>| 1486047 | &nbsp;&nbsp; 14251188 |
| SunAmerica Series Trust SA Fixed Income Intermediate <br> Index Portfolio, Class 1<br>| 585191 | &nbsp;&nbsp; 5992360 |
| SunAmerica Series Trust SA Goldman Sachs Government <br> & Quality Bond Portfolio, Class 1<br>| 1517717 | &nbsp;&nbsp; 19927625 |
| SunAmerica Series Trust SA JPMorgan MFS Core Bond <br> Portfolio, Class 1<br>| 4481407 | &nbsp;&nbsp; 37061231 |
| SunAmerica Series Trust SA JPMorgan Ultra-Short Bond <br> Portfolio, Class 1<br>| 218969 | &nbsp;&nbsp; 2362677 |
| SunAmerica Series Trust SA PineBridge High-Yield Bond <br> Portfolio, Class 1<br>| 1483983 | &nbsp;&nbsp; 7761231 |
| **Total Domestic Fixed Income Investment Companies** <br>(cost $149,849,866)<br>|  | &nbsp;&nbsp; 143791332 |
| **Domestic Equity Investment Companies — 29.3%** | **Domestic Equity Investment Companies — 29.3%** | **Domestic Equity Investment Companies — 29.3%** |
| Seasons Series Trust SA Columbia Focused Value <br> Portfolio, Class 1<br>| 138508 | &nbsp;&nbsp; 2833877 |
| Seasons Series Trust SA Multi-Managed Large Cap Growth <br> Portfolio, Class 1<br>| 169900 | &nbsp;&nbsp; 1834924 |
| Seasons Series Trust SA Multi-Managed Large Cap Value <br> Portfolio, Class 1<br>| 239700 | &nbsp;&nbsp; 2675054 |
| Seasons Series Trust SA Multi-Managed Mid Cap Growth <br> Portfolio, Class 1<br>| 80661 | &nbsp;&nbsp; 1107470 |
| Seasons Series Trust SA Multi-Managed Mid Cap Value <br> Portfolio, Class 1<br>| 72737 | &nbsp;&nbsp; 1143419 |
| Seasons Series Trust SA Multi-Managed Small Cap <br> Portfolio, Class 1<br>| 115717 | &nbsp;&nbsp; 1270570 |
| SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | 77593 | &nbsp;&nbsp; 4233495 |
| SunAmerica Series Trust SA AB Small & Mid Cap Value <br> Portfolio, Class 1<br>| 81475 | &nbsp;&nbsp; 996444 |
| SunAmerica Series Trust SA Fidelity Institutional AM® Real <br> Estate Portfolio, Class 1<br>| 180255 | &nbsp;&nbsp; 2204518 |
| SunAmerica Series Trust SA Franklin BW U.S. Large Cap <br> Value Portfolio, Class 1<br>| 214531 | &nbsp;&nbsp; 4477260 |
| SunAmerica Series Trust SA Franklin Small Company <br> Value Portfolio, Class 1<br>| 18333 | &nbsp;&nbsp; 314224 |
| SunAmerica Series Trust SA Franklin Systematic U.S. Large <br> Cap Core Portfolio, Class 1<br>| 100697 | &nbsp;&nbsp; 2387518 |
| SunAmerica Series Trust SA Franklin Systematic U.S. Large <br> Cap Value Portfolio, Class 1<br>| 267408 | &nbsp;&nbsp; 3946941 |
| SunAmerica Series Trust SA Invesco Growth Opportunities <br> Portfolio, Class 1<br>| 55765 | &nbsp;&nbsp; 428830 |
| SunAmerica Series Trust SA Janus Focused Growth <br> Portfolio, Class 1<br>| 129456 | &nbsp;&nbsp; 2275838 |
| SunAmerica Series Trust SA JPMorgan Equity-Income <br> Portfolio, Class 1<br>| 79409 | &nbsp;&nbsp; 2462467 |
| SunAmerica Series Trust SA JPMorgan Large Cap Core <br> Portfolio, Class 1<br>| 117700 | &nbsp;&nbsp; 2578812 |
| SunAmerica Series Trust SA JPMorgan Mid Cap Growth <br> Portfolio, Class 1<br>| 61209 | &nbsp;&nbsp; 1125031 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Domestic Equity Investment Companies (continued)** | **Domestic Equity Investment Companies (continued)** | **Domestic Equity Investment Companies (continued)** |
| SunAmerica Series Trust SA Large Cap Growth Index <br> Portfolio, Class 1<br>| 224125 | &nbsp;&nbsp; $6246363 |
| SunAmerica Series Trust SA Large Cap Index Portfolio, <br> Class 1<br>| 248960 | &nbsp;&nbsp; 9659646 |
| SunAmerica Series Trust SA Large Cap Value Index <br> Portfolio, Class 1<br>| 348417 | &nbsp;&nbsp; 6654759 |
| SunAmerica Series Trust SA MFS Large Cap Growth, <br> Class 1<br>| 274981 | &nbsp;&nbsp; 4069722 |
| SunAmerica Series Trust SA MFS Massachusetts Investors <br> Trust Portfolio, Class 1<br>| 110484 | &nbsp;&nbsp; 1689308 |
| SunAmerica Series Trust SA Mid Cap Index Portfolio, <br> Class 1<br>| 66725 | &nbsp;&nbsp; 1040905 |
| SunAmerica Series Trust SA Small Cap Index Portfolio, <br> Class 1<br>| 60614 | &nbsp;&nbsp; 847387 |
| SunAmerica Series Trust SA Wellington Capital <br> Appreciation Portfolio, Class 1<br>| 59658 | &nbsp;&nbsp; 2774705 |
| **Total Domestic Equity Investment Companies** <br>(cost $68,742,382)<br>|  | &nbsp;&nbsp; 71279487 |
| **International Equity Investment Companies — 11.3%** | **International Equity Investment Companies — 11.3%** | **International Equity Investment Companies — 11.3%** |
| Seasons Series Trust SA Multi-Managed International <br> Equity Portfolio, Class 1<br>| 649545 | &nbsp;&nbsp; 6547412 |
| SunAmerica Series Trust SA Emerging Markets Equity <br> Index Portfolio, Class 1<br>| 33313 | &nbsp;&nbsp; 635284 |
| SunAmerica Series Trust SA Fidelity Institutional AM® <br> Global Equities Portfolio, Class 1<br>| 68738 | &nbsp;&nbsp; 1400871 |
| SunAmerica Series Trust SA Fidelity Institutional AM® <br> International Growth Portfolio, Class 1<br>| 206126 | &nbsp;&nbsp; 3666987 |
| SunAmerica Series Trust SA International Index Portfolio, <br> Class 1<br>| 277880 | &nbsp;&nbsp; 4596128 |
| SunAmerica Series Trust SA JPMorgan Emerging Markets <br> Portfolio, Class 1<br>| 97766 | &nbsp;&nbsp; 1073476 |
| SunAmerica Series Trust SA Morgan Stanley International <br> Equities Portfolio, Class 1<br>| 324105 | &nbsp;&nbsp; 3328563 |
| SunAmerica Series Trust SA PIMCO RAE International <br> Value Portfolio, Class 1<br>| 148457 | &nbsp;&nbsp; 2771686 |
| SunAmerica Series Trust SA Putnam International Value <br> Portfolio, Class 1<br>| 248723 | &nbsp;&nbsp; 3467192 |
| **Total International Equity Investment Companies** <br>(cost $24,274,532)<br>|  | &nbsp;&nbsp; 27487599 |
| **International Fixed Income Investment Companies — 0.5%** | **International Fixed Income Investment Companies — 0.5%** | **International Fixed Income Investment Companies — 0.5%** |
| SunAmerica Series Trust SA PIMCO Global Bond <br> Opportunities Portfolio, Class 1 <br>(cost $1,201,884)<br>| 130049 | &nbsp;&nbsp; 1204257 |
| **TOTAL INVESTMENTS** <br>(cost $244,068,664)(2)<br>| 100.1<br> %<br>| &nbsp;&nbsp; 243762675 |
| Other assets less liabilities | (0.1)<br>| &nbsp;&nbsp; (217428)<br>|
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $243545247 |

---

# 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.venerable.onlineprospectus.net/funds/sast_sst 

(1) See Note 8.

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

------

**Seasons Series Trust SA Allocation Balanced Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $243762675 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $243762675 |

---

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

See Notes to Financial Statements

------

**Seasons Series Trust SA Allocation Moderate Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** |
| **Domestic Fixed Income Investment Companies — 44.1%** | **Domestic Fixed Income Investment Companies — 44.1%** | **Domestic Fixed Income Investment Companies — 44.1%** |
| Seasons Series Trust SA American Century Inflation <br> Managed Portfolio, Class 1<br>| 799774 | &nbsp;&nbsp; $6974032 |
| Seasons Series Trust SA Multi-Managed Diversified Fixed <br> Income Portfolio, Class 1<br>| 2885455 | &nbsp;&nbsp; 29345079 |
| SunAmerica Series Trust SA Federated Hermes Corporate <br> Bond Portfolio, Class 1<br>| 1301892 | &nbsp;&nbsp; 15336285 |
| SunAmerica Series Trust SA Fixed Income Index Portfolio, <br> Class 1<br>| 1358971 | &nbsp;&nbsp; 13032532 |
| SunAmerica Series Trust SA Fixed Income Intermediate <br> Index Portfolio, Class 1<br>| 457693 | &nbsp;&nbsp; 4686778 |
| SunAmerica Series Trust SA Goldman Sachs Government <br> & Quality Bond Portfolio, Class 1<br>| 1349142 | &nbsp;&nbsp; 17714239 |
| SunAmerica Series Trust SA JPMorgan MFS Core Bond <br> Portfolio, Class 1<br>| 4093556 | &nbsp;&nbsp; 33853703 |
| SunAmerica Series Trust SA JPMorgan Ultra-Short Bond <br> Portfolio, Class 1<br>| 250037 | &nbsp;&nbsp; 2697902 |
| SunAmerica Series Trust SA PineBridge High-Yield Bond <br> Portfolio, Class 1<br>| 1321567 | &nbsp;&nbsp; 6911794 |
| **Total Domestic Fixed Income Investment Companies** <br>(cost $136,214,420)<br>|  | &nbsp;&nbsp; 130552344 |
| **Domestic Equity Investment Companies — 40.1%** | **Domestic Equity Investment Companies — 40.1%** | **Domestic Equity Investment Companies — 40.1%** |
| Seasons Series Trust SA Columbia Focused Value <br> Portfolio, Class 1<br>| 249522 | &nbsp;&nbsp; 5105216 |
| Seasons Series Trust SA Multi-Managed Large Cap Growth <br> Portfolio, Class 1<br>| 256373 | &nbsp;&nbsp; 2768829 |
| Seasons Series Trust SA Multi-Managed Large Cap Value <br> Portfolio, Class 1<br>| 409182 | &nbsp;&nbsp; 4566467 |
| Seasons Series Trust SA Multi-Managed Mid Cap Growth <br> Portfolio, Class 1<br>| 117461 | &nbsp;&nbsp; 1612743 |
| Seasons Series Trust SA Multi-Managed Mid Cap Value <br> Portfolio, Class 1<br>| 131394 | &nbsp;&nbsp; 2065514 |
| Seasons Series Trust SA Multi-Managed Small Cap <br> Portfolio, Class 1<br>| 209877 | &nbsp;&nbsp; 2304451 |
| SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | 153452 | &nbsp;&nbsp; 8372334 |
| SunAmerica Series Trust SA AB Small & Mid Cap Value <br> Portfolio, Class 1<br>| 119670 | &nbsp;&nbsp; 1463562 |
| SunAmerica Series Trust SA Fidelity Institutional AM® Real <br> Estate Portfolio, Class 1<br>| 261636 | &nbsp;&nbsp; 3199812 |
| SunAmerica Series Trust SA Franklin BW U.S. Large Cap <br> Value Portfolio, Class 1<br>| 374242 | &nbsp;&nbsp; 7810419 |
| SunAmerica Series Trust SA Franklin Small Company <br> Value Portfolio, Class 1<br>| 18055 | &nbsp;&nbsp; 309455 |
| SunAmerica Series Trust SA Franklin Systematic U.S. Large <br> Cap Core Portfolio, Class 1<br>| 176500 | &nbsp;&nbsp; 4184811 |
| SunAmerica Series Trust SA Franklin Systematic U.S. Large <br> Cap Value Portfolio, Class 1<br>| 430874 | &nbsp;&nbsp; 6359703 |
| SunAmerica Series Trust SA Invesco Growth Opportunities <br> Portfolio, Class 1<br>| 144811 | &nbsp;&nbsp; 1113599 |
| SunAmerica Series Trust SA Janus Focused Growth <br> Portfolio, Class 1<br>| 211924 | &nbsp;&nbsp; 3725624 |
| SunAmerica Series Trust SA JPMorgan Equity-Income <br> Portfolio, Class 1<br>| 126510 | &nbsp;&nbsp; 3923067 |
| SunAmerica Series Trust SA JPMorgan Large Cap Core <br> Portfolio, Class 1<br>| 187076 | &nbsp;&nbsp; 4098838 |
| SunAmerica Series Trust SA JPMorgan Mid Cap Growth <br> Portfolio, Class 1<br>| 120448 | &nbsp;&nbsp; 2213830 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Domestic Equity Investment Companies (continued)** | **Domestic Equity Investment Companies (continued)** | **Domestic Equity Investment Companies (continued)** |
| SunAmerica Series Trust SA Large Cap Growth Index <br> Portfolio, Class 1<br>| 355175 | &nbsp;&nbsp; $9898726 |
| SunAmerica Series Trust SA Large Cap Index Portfolio, <br> Class 1<br>| 387252 | &nbsp;&nbsp; 15025391 |
| SunAmerica Series Trust SA Large Cap Value Index <br> Portfolio, Class 1<br>| 622252 | &nbsp;&nbsp; 11885013 |
| SunAmerica Series Trust SA MFS Large Cap Growth, <br> Class 1<br>| 449270 | &nbsp;&nbsp; 6649198 |
| SunAmerica Series Trust SA MFS Massachusetts Investors <br> Trust Portfolio, Class 1<br>| 177893 | &nbsp;&nbsp; 2719989 |
| SunAmerica Series Trust SA Mid Cap Index Portfolio, <br> Class 1<br>| 107664 | &nbsp;&nbsp; 1679551 |
| SunAmerica Series Trust SA Small Cap Index Portfolio, <br> Class 1<br>| 81056 | &nbsp;&nbsp; 1133164 |
| SunAmerica Series Trust SA Wellington Capital <br> Appreciation Portfolio, Class 1<br>| 101841 | &nbsp;&nbsp; 4736632 |
| **Total Domestic Equity Investment Companies** <br>(cost $114,971,839)<br>|  | &nbsp;&nbsp; 118925938 |
| **International Equity Investment Companies — 15.4%** | **International Equity Investment Companies — 15.4%** | **International Equity Investment Companies — 15.4%** |
| Seasons Series Trust SA Multi-Managed International <br> Equity Portfolio, Class 1<br>| 1016924 | &nbsp;&nbsp; 10250592 |
| SunAmerica Series Trust SA Emerging Markets Equity <br> Index Portfolio, Class 1<br>| 60286 | &nbsp;&nbsp; 1149661 |
| SunAmerica Series Trust SA Fidelity Institutional AM® <br> Global Equities Portfolio, Class 1<br>| 116669 | &nbsp;&nbsp; 2377715 |
| SunAmerica Series Trust SA Fidelity Institutional AM® <br> International Growth Portfolio, Class 1<br>| 338195 | &nbsp;&nbsp; 6016494 |
| SunAmerica Series Trust SA International Index Portfolio, <br> Class 1<br>| 486050 | &nbsp;&nbsp; 8039259 |
| SunAmerica Series Trust SA JPMorgan Emerging Markets <br> Portfolio, Class 1<br>| 197448 | &nbsp;&nbsp; 2167981 |
| SunAmerica Series Trust SA Morgan Stanley International <br> Equities Portfolio, Class 1<br>| 530062 | &nbsp;&nbsp; 5443737 |
| SunAmerica Series Trust SA PIMCO RAE International <br> Value Portfolio, Class 1<br>| 220216 | &nbsp;&nbsp; 4111430 |
| SunAmerica Series Trust SA Putnam International Value <br> Portfolio, Class 1<br>| 443032 | &nbsp;&nbsp; 6175871 |
| **Total International Equity Investment Companies** <br>(cost $40,910,806)<br>|  | &nbsp;&nbsp; 45732740 |
| **International Fixed Income Investment Companies — 0.5%** | **International Fixed Income Investment Companies — 0.5%** | **International Fixed Income Investment Companies — 0.5%** |
| SunAmerica Series Trust SA PIMCO Global Bond <br> Opportunities Portfolio, Class 1 <br>(cost $1,467,823)<br>| 158767 | &nbsp;&nbsp; 1470180 |
| **TOTAL INVESTMENTS** <br>(cost $293,564,888)(2)<br>| 100.1<br> %<br>| &nbsp;&nbsp; 296681202 |
| Other assets less liabilities | (0.1)<br>| &nbsp;&nbsp; (234749)<br>|
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $296446453 |

---

# 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.venerable.onlineprospectus.net/funds/sast_sst 

(1) See Note 8.

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

------

**Seasons Series Trust SA Allocation Moderate Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $296681202 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $296681202 |

---

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

See Notes to Financial Statements

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** |
| **Domestic Equity Investment Companies — 46.2%** | **Domestic Equity Investment Companies — 46.2%** | **Domestic Equity Investment Companies — 46.2%** |
| Seasons Series Trust SA Columbia Focused Value <br> Portfolio, Class 1<br>| 517985 | &nbsp;&nbsp; $10597970 |
| Seasons Series Trust SA Multi-Managed Large Cap Growth <br> Portfolio, Class 1<br>| 506790 | &nbsp;&nbsp; 5473336 |
| Seasons Series Trust SA Multi-Managed Large Cap Value <br> Portfolio, Class 1<br>| 864671 | &nbsp;&nbsp; 9649732 |
| Seasons Series Trust SA Multi-Managed Mid Cap Growth <br> Portfolio, Class 1<br>| 257167 | &nbsp;&nbsp; 3530903 |
| Seasons Series Trust SA Multi-Managed Mid Cap Value <br> Portfolio, Class 1<br>| 258422 | &nbsp;&nbsp; 4062390 |
| Seasons Series Trust SA Multi-Managed Small Cap <br> Portfolio, Class 1<br>| 302962 | &nbsp;&nbsp; 3326524 |
| SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | 319554 | &nbsp;&nbsp; 17434844 |
| SunAmerica Series Trust SA AB Small & Mid Cap Value <br> Portfolio, Class 1<br>| 205668 | &nbsp;&nbsp; 2515317 |
| SunAmerica Series Trust SA Fidelity Institutional AM® Real <br> Estate Portfolio, Class 1<br>| 517094 | &nbsp;&nbsp; 6324065 |
| SunAmerica Series Trust SA Franklin BW U.S. Large Cap <br> Value Portfolio, Class 1<br>| 739913 | &nbsp;&nbsp; 15441985 |
| SunAmerica Series Trust SA Franklin Small Company <br> Value Portfolio, Class 1<br>| 113594 | &nbsp;&nbsp; 1946995 |
| SunAmerica Series Trust SA Franklin Systematic U.S. Large <br> Cap Core Portfolio, Class 1<br>| 327313 | &nbsp;&nbsp; 7760586 |
| SunAmerica Series Trust SA Franklin Systematic U.S. Large <br> Cap Value Portfolio, Class 1<br>| 745393 | &nbsp;&nbsp; 11001995 |
| SunAmerica Series Trust SA Invesco Growth Opportunities <br> Portfolio, Class 1<br>| 294725 | &nbsp;&nbsp; 2266433 |
| SunAmerica Series Trust SA Janus Focused Growth <br> Portfolio, Class 1<br>| 376938 | &nbsp;&nbsp; 6626575 |
| SunAmerica Series Trust SA JPMorgan Equity-Income <br> Portfolio, Class 1<br>| 286059 | &nbsp;&nbsp; 8870697 |
| SunAmerica Series Trust SA JPMorgan Large Cap Core <br> Portfolio, Class 1<br>| 370736 | &nbsp;&nbsp; 8122822 |
| SunAmerica Series Trust SA JPMorgan Mid Cap Growth <br> Portfolio, Class 1<br>| 233633 | &nbsp;&nbsp; 4294176 |
| SunAmerica Series Trust SA Large Cap Growth Index <br> Portfolio, Class 1<br>| 721243 | &nbsp;&nbsp; 20101048 |
| SunAmerica Series Trust SA Large Cap Index Portfolio, <br> Class 1<br>| 810339 | &nbsp;&nbsp; 31441169 |
| SunAmerica Series Trust SA Large Cap Value Index <br> Portfolio, Class 1<br>| 1190670 | &nbsp;&nbsp; 22741798 |
| SunAmerica Series Trust SA MFS Large Cap Growth, <br> Class 1<br>| 878077 | &nbsp;&nbsp; 12995538 |
| SunAmerica Series Trust SA MFS Massachusetts Investors <br> Trust Portfolio, Class 1<br>| 391092 | &nbsp;&nbsp; 5979805 |
| SunAmerica Series Trust SA Mid Cap Index Portfolio, <br> Class 1<br>| 198094 | &nbsp;&nbsp; 3090275 |
| SunAmerica Series Trust SA Small Cap Index Portfolio, <br> Class 1<br>| 214462 | &nbsp;&nbsp; 2998177 |
| SunAmerica Series Trust SA Wellington Capital <br> Appreciation Portfolio, Class 1<br>| 202732 | &nbsp;&nbsp; 9429045 |
| **Total Domestic Equity Investment Companies** <br>(cost $228,865,799)<br>|  | &nbsp;&nbsp; 238024200 |
| **Domestic Fixed Income Investment Companies — 34.0%** | **Domestic Fixed Income Investment Companies — 34.0%** | **Domestic Fixed Income Investment Companies — 34.0%** |
| Seasons Series Trust SA American Century Inflation <br> Managed Portfolio, Class 1<br>| 1097430 | &nbsp;&nbsp; 9569589 |
| Seasons Series Trust SA Multi-Managed Diversified Fixed <br> Income Portfolio, Class 1<br>| 3814066 | &nbsp;&nbsp; 38789052 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Domestic Fixed Income Investment Companies (continued)** | **Domestic Fixed Income Investment Companies (continued)** | **Domestic Fixed Income Investment Companies (continued)** |
| SunAmerica Series Trust SA Federated Hermes Corporate <br> Bond Portfolio, Class 1<br>| 1769993 | &nbsp;&nbsp; $20850516 |
| SunAmerica Series Trust SA Fixed Income Index Portfolio, <br> Class 1<br>| 1807269 | &nbsp;&nbsp; 17331707 |
| SunAmerica Series Trust SA Fixed Income Intermediate <br> Index Portfolio, Class 1<br>| 602130 | &nbsp;&nbsp; 6165814 |
| SunAmerica Series Trust SA Goldman Sachs Government <br> & Quality Bond Portfolio, Class 1<br>| 1801203 | &nbsp;&nbsp; 23649793 |
| SunAmerica Series Trust SA JPMorgan MFS Core Bond <br> Portfolio, Class 1<br>| 5591295 | &nbsp;&nbsp; 46240013 |
| SunAmerica Series Trust SA JPMorgan Ultra-Short Bond <br> Portfolio, Class 1<br>| 277692 | &nbsp;&nbsp; 2996301 |
| SunAmerica Series Trust SA PineBridge High-Yield Bond <br> Portfolio, Class 1<br>| 1833314 | &nbsp;&nbsp; 9588229 |
| **Total Domestic Fixed Income Investment Companies** <br>(cost $184,073,170)<br>|  | &nbsp;&nbsp; 175181014 |
| **International Equity Investment Companies — 19.4%** | **International Equity Investment Companies — 19.4%** | **International Equity Investment Companies — 19.4%** |
| Seasons Series Trust SA Multi-Managed International <br> Equity Portfolio, Class 1<br>| 2328520 | &nbsp;&nbsp; 23471483 |
| SunAmerica Series Trust SA Emerging Markets Equity <br> Index Portfolio, Class 1<br>| 190184 | &nbsp;&nbsp; 3626809 |
| SunAmerica Series Trust SA Fidelity Institutional AM® <br> Global Equities Portfolio, Class 1<br>| 198250 | &nbsp;&nbsp; 4040333 |
| SunAmerica Series Trust SA Fidelity Institutional AM® <br> International Growth Portfolio, Class 1<br>| 783977 | &nbsp;&nbsp; 13946959 |
| SunAmerica Series Trust SA International Index Portfolio, <br> Class 1<br>| 1006619 | &nbsp;&nbsp; 16649482 |
| SunAmerica Series Trust SA JPMorgan Emerging Markets <br> Portfolio, Class 1<br>| 514716 | &nbsp;&nbsp; 5651583 |
| SunAmerica Series Trust SA Morgan Stanley International <br> Equities Portfolio, Class 1<br>| 1190942 | &nbsp;&nbsp; 12230971 |
| SunAmerica Series Trust SA PIMCO RAE International <br> Value Portfolio, Class 1<br>| 419913 | &nbsp;&nbsp; 7839773 |
| SunAmerica Series Trust SA Putnam International Value <br> Portfolio, Class 1<br>| 881786 | &nbsp;&nbsp; 12292094 |
| **Total International Equity Investment Companies** <br>(cost $87,284,549)<br>|  | &nbsp;&nbsp; 99749487 |
| **International Fixed Income Investment Companies — 0.5%** | **International Fixed Income Investment Companies — 0.5%** | **International Fixed Income Investment Companies — 0.5%** |
| SunAmerica Series Trust SA PIMCO Global Bond <br> Opportunities Portfolio, Class 1 <br>(cost $2,614,614)<br>| 282710 | &nbsp;&nbsp; 2617893 |
| **TOTAL INVESTMENTS** <br>(cost $502,838,132)(2)<br>| 100.1<br> %<br>| &nbsp;&nbsp; 515572594 |
| Other assets less liabilities | (0.1)<br>| &nbsp;&nbsp; (320277)<br>|
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $515252317 |

---

# 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.venerable.onlineprospectus.net/funds/sast_sst 

(1) See Note 8.

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

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp; $515572594 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $515572594 |

---

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

See Notes to Financial Statements

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES — 19.8%** | **CORPORATE BONDS & NOTES — 19.8%** | **CORPORATE BONDS & NOTES — 19.8%** |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |
| Honeywell Aerospace, Inc. |  |  |
| <br>4.95%, 03/16/2036\* | $1300000 | &nbsp;&nbsp; $1289864 |
| **Banks — 5.8%** | **Banks — 5.8%** | **Banks — 5.8%** |
| ABN AMRO Bank NV |  |  |
| 3.32%, 03/13/2037\* | 1400000 | &nbsp;&nbsp; 1249591 |
| Bank of New York Mellon Corp. |  |  |
| 4.03%, 01/22/2030 | 1585000 | &nbsp;&nbsp; 1569134 |
| Citibank, N.A. |  |  |
| 4.88%, 11/19/2027 | 4625000 | &nbsp;&nbsp; 4639999 |
| Citigroup, Inc. |  |  |
| 5.83%, 02/13/2035 | 655000 | &nbsp;&nbsp; 663605 |
| Credit Agricole SA |  |  |
| 4.66%, 01/12/2032\* | 1333000 | &nbsp;&nbsp; 1314672 |
| Goldman Sachs Group, Inc. |  |  |
| 4.52%, 01/21/2032 | 1150000 | &nbsp;&nbsp; 1132568 |
| 4.94%, 10/21/2036 | 1190000 | &nbsp;&nbsp; 1152415 |
| 5.07%, 01/21/2037 | 375000 | &nbsp;&nbsp; 366627 |
| JPMorgan Chase & Co. |  |  |
| 5.00%, 07/22/2030 | 1500000 | &nbsp;&nbsp; 1521295 |
| 5.30%, 07/24/2029 | 2735000 | &nbsp;&nbsp; 2786043 |
| Morgan Stanley |  |  |
| 4.89%, 10/22/2036 | 330000 | &nbsp;&nbsp; 319013 |
| Morgan Stanley Private Bank NA |  |  |
| 4.21%, 02/08/2030 | 1675000 | &nbsp;&nbsp; 1658039 |
| Royal Bank of Canada |  |  |
| 4.70%, 08/06/2031 | 1003000 | &nbsp;&nbsp; 1000769 |
| Toronto-Dominion Bank |  |  |
| 4.11%, 10/13/2028 | 2980000 | &nbsp;&nbsp; 2963973 |
| Truist Bank |  |  |
| 4.14%, 01/27/2029 | 1300000 | &nbsp;&nbsp; 1293026 |
| Wells Fargo & Co. |  |  |
| 4.18%, 01/23/2030 | 1641000 | &nbsp;&nbsp; 1626461 |
| 4.97%, 04/23/2029 | 2350000 | &nbsp;&nbsp; 2370376 |
| 5.61%, 04/23/2036 | 170000 | &nbsp;&nbsp; 173966 |
| 6.30%, 10/23/2029 | 250000 | &nbsp;&nbsp; 260373 |
| Zions Bancorp NA |  |  |
| 4.48%, 02/09/2029 | 1875000 | &nbsp;&nbsp; 1860999 |
|  |  | &nbsp;&nbsp; 29922944 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| Amgen, Inc. |  |  |
| 5.25%, 03/02/2033 | 2010000 | &nbsp;&nbsp; 2062718 |
| Royalty Pharma PLC |  |  |
| 4.45%, 03/25/2031 | 1619000 | &nbsp;&nbsp; 1597565 |
|  |  | &nbsp;&nbsp; 3660283 |
| **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** |
| Capital One Financial Corp. |  |  |
| 2.36%, 07/29/2032 | 1285000 | &nbsp;&nbsp; 1107785 |
| 7.62%, 10/30/2031 | 3845000 | &nbsp;&nbsp; 4246790 |
| Charles Schwab Corp. |  |  |
| 4.00%, 06/01/2026(1) | 1670000 | &nbsp;&nbsp; 1658639 |
| Jefferies Financial Group, Inc. |  |  |
| 5.50%, 02/15/2036 | 1125000 | &nbsp;&nbsp; 1079768 |
| Takeoff Merger Sub, Inc. |  |  |
| 4.85%, 03/24/2031\* | 895000 | &nbsp;&nbsp; 883808 |
|  |  | &nbsp;&nbsp; 8976790 |
| **Electric — 2.9%** | **Electric — 2.9%** | **Electric — 2.9%** |
| Black Hills Corp. |  |  |
| 4.55%, 01/31/2031 | 3638000 | &nbsp;&nbsp; 3598917 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Consumers Energy Co. |  |  |
| 4.50%, 01/15/2031 | $3153000 | &nbsp;&nbsp; $3156861 |
| Duke Energy Florida LLC |  |  |
| 4.20%, 12/01/2030 | 567000 | &nbsp;&nbsp; 560775 |
| Evergy Kansas Central, Inc. |  |  |
| 4.70%, 03/13/2028 | 1020000 | &nbsp;&nbsp; 1024706 |
| Jersey Central Power & Light Co. |  |  |
| 4.40%, 01/15/2031\* | 2517000 | &nbsp;&nbsp; 2480225 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.30%, 05/15/2028 | 2000000 | &nbsp;&nbsp; 1999489 |
| Wisconsin Electric Power Co. |  |  |
| 4.15%, 10/15/2030 | 1887000 | &nbsp;&nbsp; 1861692 |
|  |  | &nbsp;&nbsp; 14682665 |
| **Healthcare-Products — 0.8%** | **Healthcare-Products — 0.8%** | **Healthcare-Products — 0.8%** |
| Abbott Laboratories |  |  |
| 4.00%, 03/15/2031 | 2125000 | &nbsp;&nbsp; 2091336 |
| Augusta SpinCo Corp. |  |  |
| 4.95%, 03/23/2033 | 1900000 | &nbsp;&nbsp; 1893427 |
|  |  | &nbsp;&nbsp; 3984763 |
| **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** | **Healthcare-Services — 0.4%** |
| HCA, Inc. |  |  |
| <br>5.25%, 03/01/2030 | 2210000 | &nbsp;&nbsp; 2255249 |
| **Insurance — 1.0%** | **Insurance — 1.0%** | **Insurance — 1.0%** |
| Allianz SE |  |  |
| 6.35%, 09/06/2053\* | 800000 | &nbsp;&nbsp; 832894 |
| Fortitude Global Funding |  |  |
| 4.63%, 10/06/2028\* | 1177000 | &nbsp;&nbsp; 1165052 |
| GA Global Funding Trust |  |  |
| 5.20%, 12/09/2031\* | 1395000 | &nbsp;&nbsp; 1366524 |
| Loews Corp. |  |  |
| 4.94%, 04/01/2036 | 525000 | &nbsp;&nbsp; 513769 |
| MetLife, Inc. |  |  |
| 6.40%, 12/15/2066 | 1075000 | &nbsp;&nbsp; 1097616 |
|  |  | &nbsp;&nbsp; 4975855 |
| **Internet — 0.7%** | **Internet — 0.7%** | **Internet — 0.7%** |
| Alphabet, Inc. |  |  |
| 4.40%, 02/15/2033 | 975000 | &nbsp;&nbsp; 962856 |
| 4.80%, 02/15/2036 | 675000 | &nbsp;&nbsp; 672109 |
| Amazon.com, Inc. |  |  |
| 4.55%, 03/13/2033 | 635000 | &nbsp;&nbsp; 628888 |
| Meta Platforms, Inc. |  |  |
| 4.60%, 11/15/2032 | 1140000 | &nbsp;&nbsp; 1128816 |
|  |  | &nbsp;&nbsp; 3392669 |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| Goldman Sachs Private Credit Corp. |  |  |
| 5.05%, 02/23/2028\* | 825000 | &nbsp;&nbsp; 812412 |
| HPS Corp. Lending Fund |  |  |
| 4.90%, 09/11/2028\* | 685000 | &nbsp;&nbsp; 667323 |
| North Haven Private Income Fund LLC |  |  |
| 5.13%, 09/25/2028\* | 1387000 | &nbsp;&nbsp; 1350728 |
|  |  | &nbsp;&nbsp; 2830463 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| Glencore Funding LLC |  |  |
| <br>5.20%, 07/01/2033\* | 1900000 | &nbsp;&nbsp; 1902269 |
| **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** | **Miscellaneous Manufacturing — 0.5%** |
| Eaton Corp. |  |  |
| 4.20%, 03/06/2031 | 1845000 | &nbsp;&nbsp; 1818306 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** |
| Textron, Inc. |  |  |
| 4.95%, 03/15/2036 | $809000 | &nbsp;&nbsp; $786542 |
|  |  | &nbsp;&nbsp; 2604848 |
| **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** | **Oil & Gas — 0.5%** |
| EOG Resources, Inc. |  |  |
| <br>4.40%, 01/15/2031 | 2782000 | &nbsp;&nbsp; 2762182 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| AbbVie, Inc. |  |  |
| 4.13%, 03/15/2031 | 2280000 | &nbsp;&nbsp; 2246915 |
| CVS Health Corp. |  |  |
| 5.13%, 02/21/2030 | 1325000 | &nbsp;&nbsp; 1343581 |
| 5.25%, 02/21/2033 | 805000 | &nbsp;&nbsp; 814198 |
|  |  | &nbsp;&nbsp; 4404694 |
| **Pipelines — 0.2%** | **Pipelines — 0.2%** | **Pipelines — 0.2%** |
| Targa Resources Corp. |  |  |
| 4.35%, 01/15/2029 | 186000 | &nbsp;&nbsp; 185221 |
| Western Midstream Operating LP |  |  |
| 4.80%, 03/01/2031 | 1047000 | &nbsp;&nbsp; 1035702 |
|  |  | &nbsp;&nbsp; 1220923 |
| **REITS — 0.8%** | **REITS — 0.8%** | **REITS — 0.8%** |
| Equinix Asia Financing Corp. Pte, Ltd. |  |  |
| 4.40%, 03/15/2031 | 975000 | &nbsp;&nbsp; 954423 |
| Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp.<br>|  |  |
| 7.00%, 07/15/2031\* | 1370000 | &nbsp;&nbsp; 1416205 |
| Prologis Targeted US Logistics Fund LP |  |  |
| 4.63%, 03/15/2033\* | 1855000 | &nbsp;&nbsp; 1803933 |
|  |  | &nbsp;&nbsp; 4174561 |
| **Retail — 0.4%** | **Retail — 0.4%** | **Retail — 0.4%** |
| Lowe's Cos, Inc. |  |  |
| <br>4.25%, 03/15/2031 | 1967000 | &nbsp;&nbsp; 1930485 |
| **Semiconductors — 0.4%** | **Semiconductors — 0.4%** | **Semiconductors — 0.4%** |
| Intel Corp. |  |  |
| <br>2.45%, 11/15/2029 | 2070000 | &nbsp;&nbsp; 1923265 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| Oracle Corp. |  |  |
| 4.45%, 09/26/2030 | 3385000 | &nbsp;&nbsp; 3262061 |
| Salesforce, Inc. |  |  |
| 4.90%, 09/15/2031 | 890000 | &nbsp;&nbsp; 888739 |
| 5.20%, 03/15/2033 | 580000 | &nbsp;&nbsp; 579010 |
|  |  | &nbsp;&nbsp; 4729810 |
| **Total Corporate Bonds & Notes** <br>(cost $102,670,776)<br>|  | &nbsp;&nbsp; 101624582 |
| **ASSET BACKED SECURITIES — 5.8%** | **ASSET BACKED SECURITIES — 5.8%** | **ASSET BACKED SECURITIES — 5.8%** |
| **Home Equity — 3.0%** | **Home Equity — 3.0%** | **Home Equity — 3.0%** |
| EFMT |  |  |
| Series 2025-CES1, Class A1B <br>5.88%, 01/25/2060\*(2)<br>| 1309100 | &nbsp;&nbsp; 1316479 |
| Ellington Financial Mtg. Trust |  |  |
| Series 2026-CES1, Class A1B <br>5.12%, 12/25/2060\*(2)<br>| 2334999 | &nbsp;&nbsp; 2317970 |
| JPMorgan Mtg. Trust |  |  |
| Series 2026-CES1, Class A2 <br>5.18%, 06/25/2056\*(2)<br>| 2825000 | &nbsp;&nbsp; 2801090 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Home Equity (continued)** | **Home Equity (continued)** | **Home Equity (continued)** |
| RCKT Mtg. Trust |  |  |
| Series 2024-CES6, Class A1B <br>5.55%, 09/25/2044\*(2)<br>| $1378855 | &nbsp;&nbsp; $1381516 |
| Santander Mtg. Asset Receivable Trust |  |  |
| Series 2026-CES1, Class A1A <br>4.88%, 01/25/2056\*(2)<br>| 1966134 | &nbsp;&nbsp; 1951129 |
| Series 2026-CES1, Class A1B <br>4.98%, 01/25/2056\*(2)<br>| 3111408 | &nbsp;&nbsp; 3084118 |
| Series 2025-CES1, Class A1A <br>5.04%, 09/25/2055\*(2)<br>| 2240543 | &nbsp;&nbsp; 2230333 |
|  |  | &nbsp;&nbsp; 15082635 |
| **Other Asset Backed Securities — 2.8%** | **Other Asset Backed Securities — 2.8%** | **Other Asset Backed Securities — 2.8%** |
| Flexential Issuer LLC |  |  |
| Series 2026-4A, Class A2 <br>6.00%, 03/25/2061\*<br>| 1292000 | &nbsp;&nbsp; 1261602 |
| Instar Leasing V LLC |  |  |
| Series 2026-1A, Class A <br>5.25%, 04/17/2056\*<br>| 1295000 | &nbsp;&nbsp; 1294024 |
| MetroNet Infrastructure Issuer LLC |  |  |
| Series 2026-1A, Class A2 <br>5.27%, 04/20/2056\*<br>| 1507259 | &nbsp;&nbsp; 1507919 |
| RNL PH Owner LLC |  |  |
| Series 2026-1A, Class A <br>4.91%, 03/20/2056\*<br>| 1135282 | &nbsp;&nbsp; 1117456 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class A3 <br>5.52%, 01/20/2032\*<br>| 1150000 | &nbsp;&nbsp; 1168640 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2022-1A, Class C <br>3.94%, 10/20/2038\*<br>| 169343 | &nbsp;&nbsp; 168075 |
| Stack Infrastructure Issuer LLC |  |  |
| Series 2026-1A, Class A2 <br>5.00%, 03/27/2056\*<br>| 1768061 | &nbsp;&nbsp; 1701233 |
| Subway Funding LLC |  |  |
| Series 2024-1A, Class A2II <br>6.27%, 07/30/2054\*<br>| 731737 | &nbsp;&nbsp; 738094 |
| SVC ABS LLC |  |  |
| Series 2026-1A, Class A <br>5.16%, 03/20/2056\*<br>| 1160527 | &nbsp;&nbsp; 1150385 |
| Switch ABS Issuer LLC |  |  |
| Series 2024-2A, Class A2 <br>5.44%, 06/25/2054\*<br>| 825000 | &nbsp;&nbsp; 808697 |
| VB-S1 Issuer LLC |  |  |
| Series 2026-1A, Class C2 <br>4.69%, 03/15/2056\*<br>| 2163000 | &nbsp;&nbsp; 2125245 |
| Verdant Receivables LLC |  |  |
| Series 2024-1A, Class A2 <br>5.68%, 12/12/2031\*<br>| 1287150 | &nbsp;&nbsp; 1307017 |
|  |  | &nbsp;&nbsp; 14348387 |
| **Total Asset Backed Securities** <br>(cost $29,572,172)<br>|  | &nbsp;&nbsp; 29431022 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 13.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 13.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 13.5%** |
| **Commercial and Residential — 13.5%** | **Commercial and Residential — 13.5%** | **Commercial and Residential — 13.5%** |
| BANK VRS |  |  |
| Series 2020-BN29, Class XA <br>1.30%, 11/15/2053(3)(4)<br>| 6827033 | &nbsp;&nbsp; 327726 |
| BANK5 VRS |  |  |
| Series 2026-5YR21, Class AS <br>5.84%, 04/15/2059(4)<br>| 2031000 | &nbsp;&nbsp; 2093131 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **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)** |
| BANK5 Trust |  |  |
| Series 2024-5YR6, Class A3 <br>6.23%, 05/15/2057<br>| $1090000 | &nbsp;&nbsp; $1133830 |
| BBCMS Mtg. Trust |  |  |
| Series 2024-5C27, Class A3 <br>6.01%, 07/15/2057<br>| 533000 | &nbsp;&nbsp; 552920 |
| Benchmark Mtg. Trust VRS |  |  |
| Series 2024-V8, Class A3 <br>6.19%, 07/15/2057(4)<br>| 1886000 | &nbsp;&nbsp; 1961173 |
| Series 2023-V4, Class B <br>7.46%, 11/15/2056(4)<br>| 1449000 | &nbsp;&nbsp; 1521346 |
| BFLD Trust VRS |  |  |
| Series 2025-FPM, Class A <br>4.68%, 10/10/2040\*(4)<br>| 2240000 | &nbsp;&nbsp; 2247778 |
| BMO Mtg. Trust VRS |  |  |
| Series 2023-5C2, Class B <br>7.24%, 11/15/2056(4)<br>| 2176000 | &nbsp;&nbsp; 2270991 |
| BPR Commercial Mtg. Trust VRS |  |  |
| Series 2025-STAR, Class B <br>5.02%, 11/05/2042\*(4)<br>| 1521000 | &nbsp;&nbsp; 1511190 |
| Bravo Residential Funding Trust |  |  |
| Series 2025-NQM9, Class A3 <br>5.55%, 09/25/2065\*(2)<br>| 1667158 | &nbsp;&nbsp; 1664785 |
| Chase Home Lending Mtg. Trust VRS |  |  |
| Series 2024-9, Class A4 <br>5.50%, 09/25/2055\*(4)<br>| 639546 | &nbsp;&nbsp; 639935 |
| Series 2024-9, Class A6 <br>5.50%, 09/25/2055\*(4)<br>| 114759 | &nbsp;&nbsp; 114483 |
| Series 2025-9, Class A4A <br>5.50%, 06/25/2056\*(4)<br>| 2090171 | &nbsp;&nbsp; 2091706 |
| Series 2025-10, Class A4A <br>5.50%, 07/25/2056\*(4)<br>| 1523911 | &nbsp;&nbsp; 1525180 |
| Series 2024-2, Class A4A <br>6.00%, 02/25/2055\*(4)<br>| 417327 | &nbsp;&nbsp; 418874 |
| Series 2024-10, Class A4 <br>6.00%, 10/25/2055\*(4)<br>| 698020 | &nbsp;&nbsp; 700726 |
| Citigroup Mtg. Loan Trust, Inc. VRS |  |  |
| Series 2024-CMI1, Class A11 <br>5.50%, 06/25/2054\*(4)<br>| 1074069 | &nbsp;&nbsp; 1074836 |
| Cross Mtg. Trust |  |  |
| Series 2025-H5, Class A2 <br>5.76%, 07/25/2070\*(2)<br>| 1873952 | &nbsp;&nbsp; 1880005 |
| CSTL Commercial Mtg. Trust VRS |  |  |
| Series 2026-GATE3, Class B <br>4.94%, 02/10/2043\*(4)<br>| 2166000 | &nbsp;&nbsp; 2133902 |
| DBJPM Mtg. Trust |  |  |
| Series 2016-C1, Class AM <br>3.54%, 05/10/2049<br>| 2961000 | &nbsp;&nbsp; 2930555 |
| GCAT Trust VRS |  |  |
| Series 2024-INV3, Class A6 <br>5.50%, 09/25/2054\*(4)<br>| 654963 | &nbsp;&nbsp; 655679 |
| GGP Trust VRS |  |  |
| Series 2026-TY, Class B <br>4.89%, 03/05/2043\*(4)<br>| 1729000 | &nbsp;&nbsp; 1696500 |
| HOMES Trust VRS |  |  |
| Series 2025-AFC3, Class A1 <br>4.93%, 08/25/2060\*(4)<br>| 1166825 | &nbsp;&nbsp; 1162756 |
| JPMorgan Mtg. Trust |  |  |
| Series 2025-7MPR, Class A1D <br>5.32%, 02/25/2056\*(2)<br>| 1087131 | &nbsp;&nbsp; 1083708 |
| Series 2025-NQM3, Class A1B <br>5.50%, 11/25/2065\*(2)<br>| 2286424 | &nbsp;&nbsp; 2290010 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| JPMorgan Mtg. Trust VRS |  |  |
| Series 2026-ACES1, Class A2 <br>5.16%, 04/25/2066\*(4)<br>| $2279000 | &nbsp;&nbsp; $2256064 |
| Series 2024-9, Class A6 <br>5.50%, 02/25/2055\*(4)<br>| 165072 | &nbsp;&nbsp; 164649 |
| Series 2024-10, Class A4 <br>5.50%, 03/25/2055\*(4)<br>| 767476 | &nbsp;&nbsp; 768226 |
| Series 2024-10, Class A6 <br>5.50%, 03/25/2055\*(4)<br>| 410307 | &nbsp;&nbsp; 410060 |
| Series 2024-6, Class A6 <br>6.00%, 12/25/2054\*(4)<br>| 76689 | &nbsp;&nbsp; 76482 |
| Series 2024-INV1, Class A4 <br>6.00%, 04/25/2055\*(4)<br>| 792814 | &nbsp;&nbsp; 795645 |
| Morgan Stanley Residential Mtg. Loan Trust |  |  |
| Series 2025-SPL1, Class A2 <br>4.25%, 02/25/2065\*(2)<br>| 771008 | &nbsp;&nbsp; 745757 |
| Series 2025-NQM10, Class A1LC <br>5.24%, 11/25/2070\*(2)<br>| 3050000 | &nbsp;&nbsp; 3037015 |
| New Residential Mtg. Loan Trust |  |  |
| Series 2025-NQM7, Class A1LC <br>5.16%, 10/26/2065\*(2)<br>| 1300000 | &nbsp;&nbsp; 1295836 |
| OBX Trust |  |  |
| Series 2025-NQM16, Class A1B <br>4.91%, 08/25/2065\*(2)<br>| 2557071 | &nbsp;&nbsp; 2540024 |
| Series 2025-NQM15, Class A1B <br>5.14%, 07/27/2065\*(2)<br>| 1787366 | &nbsp;&nbsp; 1781859 |
| OBX Trust VRS |  |  |
| Series 2024-J1, Class A5 <br>5.50%, 09/25/2054\*(4)<br>| 379402 | &nbsp;&nbsp; 379607 |
| PMT Loan Trust VRS |  |  |
| Series 2025-J2, Class A9 <br>5.50%, 08/25/2056\*(4)<br>| 2045935 | &nbsp;&nbsp; 2045038 |
| Series 2025-J3, Class A8 <br>5.50%, 11/27/2056\*(4)<br>| 1161114 | &nbsp;&nbsp; 1162125 |
| Provident Funding Mtg. Trust VRS |  |  |
| Series 2024-1, Class A3 <br>5.50%, 12/25/2054\*(4)<br>| 1522963 | &nbsp;&nbsp; 1523876 |
| Rate Mtg. Trust VRS |  |  |
| Series 2024-J3, Class A8 <br>5.50%, 10/25/2054\*(4)<br>| 168302 | &nbsp;&nbsp; 168153 |
| Santander Mtg. Asset Receivable Trust |  |  |
| Series 2026-NQM2, Class A3 <br>5.11%, 01/25/2066\*(2)<br>| 2764266 | &nbsp;&nbsp; 2734307 |
| Santander Mtg. Asset Receivable Trust VRS |  |  |
| Series 2026-NQM2, Class A1 <br>4.70%, 01/25/2066\*(4)<br>| 1423361 | &nbsp;&nbsp; 1407740 |
| Series 2026-NQM1, Class A1 <br>4.95%, 11/25/2065\*(4)<br>| 1470485 | &nbsp;&nbsp; 1460931 |
| Sequoia Mtg. Trust VRS |  |  |
| Series 2025-11, Class A5 <br>5.00%, 11/25/2055\*(4)<br>| 2142487 | &nbsp;&nbsp; 2124847 |
| Series 2024-9, Class A5 <br>5.50%, 10/25/2054\*(4)<br>| 501529 | &nbsp;&nbsp; 501797 |
| Series 2024-10, Class A11 <br>5.50%, 11/25/2054\*(4)<br>| 316191 | &nbsp;&nbsp; 315809 |
| Series 2024-10, Class A5 <br>5.50%, 11/25/2054\*(4)<br>| 409232 | &nbsp;&nbsp; 409602 |
| Series 2025-6, Class A5 <br>5.50%, 07/25/2055\*(4)<br>| 1124652 | &nbsp;&nbsp; 1125267 |
| Series 2025-8, Class A4 <br>5.50%, 09/25/2055\*(4)<br>| 1176255 | &nbsp;&nbsp; 1177048 |
| Series 2024-6, Class A11 <br>6.00%, 07/27/2054\*(4)<br>| 171355 | &nbsp;&nbsp; 171334 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** |  | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| Starwood Mtg. Residential Trust VRS |  |  |  |
| Series 2020-3, Class A1 <br>1.49%, 04/25/2065\*(4)<br>|  | $213693 | &nbsp;&nbsp; $209949 |
| Verus Securitization Trust |  |  |  |
| Series 2025-7, Class A1B <br>5.13%, 08/25/2070\*(2)<br>|  | 2920096 | &nbsp;&nbsp; 2911985 |
| **Total Collateralized Mortgage Obligations** <br>(cost $69,899,985)<br>|  |  | &nbsp;&nbsp; 69384757 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 54.8%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 54.8%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 54.8%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 54.8%** |
| **U.S. Government — 50.6%** | **U.S. Government — 50.6%** | **U.S. Government — 50.6%** | **U.S. Government — 50.6%** |
| United States Treasury Bonds TIPS |  |  |  |
| <br>0.13%, 02/15/2052(5) |  | 1688136 | &nbsp;&nbsp; 875793 |
| <br>0.25%, 02/15/2050(5) |  | 6829465 | &nbsp;&nbsp; 3863376 |
| <br>0.63%, 02/15/2043(5) |  | 9661172 | &nbsp;&nbsp; 7114247 |
| <br>0.75%, 02/15/2042 to 02/15/2045(5) |  | 23098380 | &nbsp;&nbsp; 17003673 |
| <br>0.88%, 02/15/2047(5) |  | 13546498 | &nbsp;&nbsp; 9604260 |
| <br>1.00%, 02/15/2046 to 02/15/2049(5) |  | 26968089 | &nbsp;&nbsp; 19582394 |
| <br>1.38%, 02/15/2044(5) |  | 7674755 | &nbsp;&nbsp; 6338946 |
| <br>1.50%, 02/15/2053(5) |  | 4430943 | &nbsp;&nbsp; 3395209 |
| <br>2.13%, 02/15/2041 to 02/15/2054(5) |  | 7361060 | &nbsp;&nbsp; 7076038 |
| United States Treasury Notes TIPS |  |  |  |
| <br>0.13%, 07/15/2030 to 07/15/2031(5) |  | 25134120 | &nbsp;&nbsp; 23618297 |
| <br>0.25%, 07/15/2029(5)(6)(7) |  | 4894852 | &nbsp;&nbsp; 4760142 |
| <br>0.63%, 07/15/2032(5) |  | 26303785 | &nbsp;&nbsp; 24816021 |
| <br>0.88%, 01/15/2029(5)(6)(7) |  | 7083780 | &nbsp;&nbsp; 7031298 |
| <br>1.13%, 01/15/2033(5) |  | 11092383 | &nbsp;&nbsp; 10682899 |
| <br>1.38%, 07/15/2033(5) |  | 13010341 | &nbsp;&nbsp; 12717013 |
| <br>1.63%, 10/15/2029(5) |  | 2067100 | &nbsp;&nbsp; 2099557 |
| <br>1.75%, 01/15/2034(5) |  | 1428273 | &nbsp;&nbsp; 1422168 |
| <br>1.88%, 07/15/2034 to 01/15/2036(5) |  | 96887150 | &nbsp;&nbsp; 96692166 |
| <br>2.13%, 01/15/2035(5) |  | 886230 | &nbsp;&nbsp; 901171 |
|  |  |  | &nbsp;&nbsp; 259594668 |
| **U.S. Government Agency — 4.2%** | **U.S. Government Agency — 4.2%** | **U.S. Government Agency — 4.2%** | **U.S. Government Agency — 4.2%** |
| Federal Home Loan Mtg. Corp. |  |  |  |
| <br>4.00%, 11/01/2052 |  | 2979111 | &nbsp;&nbsp; 2837136 |
| <br>5.00%, 06/01/2053 |  | 3017587 | &nbsp;&nbsp; 2991637 |
| <br>5.50%, 10/01/2054 |  | 3362733 | &nbsp;&nbsp; 3392520 |
| Government National Mtg. Assoc. |  |  |  |
| <br>4.00%, 04/20/2054 |  | 5716149 | &nbsp;&nbsp; 5369563 |
| <br>5.00%, 08/20/2053 |  | 7169877 | &nbsp;&nbsp; 7130550 |
|  |  |  | &nbsp;&nbsp; 21721406 |
| **Total U.S. Government & Agency Obligations** <br>(cost $314,554,402)<br>|  |  | &nbsp;&nbsp; 281316074 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 3.7%** | **FOREIGN GOVERNMENT OBLIGATIONS — 3.7%** | **FOREIGN GOVERNMENT OBLIGATIONS — 3.7%** | **FOREIGN GOVERNMENT OBLIGATIONS — 3.7%** |
| **Sovereign — 3.7%** | **Sovereign — 3.7%** | **Sovereign — 3.7%** | **Sovereign — 3.7%** |
| Commonwealth of Australia |  |  |  |
| 1.00%, 12/21/2030 | AUD | 5000000 | &nbsp;&nbsp; 2916488 |
| 1.00%, 11/21/2031 | AUD | 7000000 | &nbsp;&nbsp; 3946067 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** |  | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** |
| 1.50%, 06/21/2031 | AUD | 6000000 | &nbsp;&nbsp; $3531414 |
| 1.75%, 11/21/2032 | AUD | 5400000 | &nbsp;&nbsp; 3085278 |
| Eagle Funding Luxco SARL |  |  |  |
| 5.50%, 08/17/2030\* |  | $816000 | &nbsp;&nbsp; 820284 |
| Government of New Zealand |  |  |  |
| 4.25%, 05/15/2036 | NZD | 6350000 | &nbsp;&nbsp; 3506240 |
| Kingdom of Saudi Arabia |  |  |  |
| 4.88%, 01/12/2036\* |  | 1350000 | &nbsp;&nbsp; 1314549 |
| **Total Foreign Government Obligations** <br>(cost $19,112,185)<br>|  |  | &nbsp;&nbsp; 19120320 |
| **Total Long-Term Investment Securities** <br>(cost $535,809,520)<br>|  |  | &nbsp;&nbsp; 500876755 |
| **SHORT-TERM INVESTMENTS — 3.9%** | **SHORT-TERM INVESTMENTS — 3.9%** | **SHORT-TERM INVESTMENTS — 3.9%** | **SHORT-TERM INVESTMENTS — 3.9%** |
| **Unaffiliated Investment Companies — 3.9%** | **Unaffiliated Investment Companies — 3.9%** | **Unaffiliated Investment Companies — 3.9%** | **Unaffiliated Investment Companies — 3.9%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br>3.60%(8) <br>(cost $19,743,106)<br>|  | 19743106 | &nbsp;&nbsp; 19743106 |
| **TOTAL INVESTMENTS** <br>(cost $555,552,626)(9)<br>|  | 101.5<br> %<br>| &nbsp;&nbsp; 520619861 |
| Other assets less liabilities |  | (1.5)<br>| &nbsp;&nbsp; (7465348)<br>|
| **NET ASSETS** |  | 100.0<br> %<br>| &nbsp;&nbsp; $513154513 |

---

\* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The SA American Century Inflation Managed Portfolio has no right to demand registration of these securities. At March 31, 2026, the aggregate value of these securities was $106,694,440 representing 20.8% of net assets. 

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

(2) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of March 31, 2026. 

(3) Interest Only

(4) 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. 

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

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

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

(8) The rate shown is the 7-day yield as of March 31, 2026.

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

TIPS—Treasury Inflation Protected Securities <br> VRS—Variable Rate Security

AUD—Australian Dollar <br> NZD—New Zealand Dollar

The rates shown on FRS and/or VRS are the current interest rates at March 31, 2026 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** |
| **Counterparty (OTC)/** <br>**Centrally cleared**<br>| **Notional** <br>**amount**<br>| **Currency** | **Payments** <br>**made**<br>| **Payments** <br>**received**<br>| **Fixed** <br>**payment** <br>**frequency**<br>| **Floating** <br>**payment** <br>**frequency**<br>| **Maturity** <br>**date**<br>| **Upfront** <br>**payment paid** <br>**(received)**<br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Value** |
| Centrally Cleared | 10000000 | USD | Fixed 3.445% | 12-Month USA CPI | Maturity | Maturity | Apr 2027 | $116 | $68675 | $68791 |
| Centrally Cleared | 50000000 | USD | Fixed 3.537 | 12-Month USA CPI | Maturity | Maturity | Mar 2027 | 154 | 343977 | 344131 |
| Centrally Cleared | 10000000 | USD | Fixed 3.060 | 12-Month USA CPI | Maturity | Maturity | Mar 2032 | 363 | (70264)<br>| (69901)<br>|
| Centrally Cleared | 20000000 | USD | Fixed 3.040 | 12-Month USA CPI | Maturity | Maturity | Mar 2032 | 427 | (84804)<br>| (84377)<br>|
| Centrally Cleared | 12500000 | USD | Fixed 2.415 | 12-Month USA CPI | Maturity | Maturity | Feb 2028 | 212 | 289708 | 289920 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** | **Inflation Swaps — (continued)** |
| **Counterparty (OTC)/**<br> **Centrally cleared**<br>| **Notional**<br> **amount**<br>| **Currency** | **Payments**<br> **made**<br>| **Payments**<br> **received**<br>| **Fixed**<br> **payment**<br> **frequency**<br>| **Floating**<br> **payment**<br> **frequency**<br>| **Maturity**<br> **date**<br>| **Upfront**<br> **payment paid**<br> **(received)**<br>| **Unrealized**<br> **appreciation**<br> **(depreciation)**<br>| **Value** |
| Centrally Cleared | 10000000 | USD | Fixed 2.438% | 12-Month USA CPI | Maturity | Maturity | Feb 2030 | $319 | $196506 | $196825 |
| Centrally Cleared | 3800000 | USD | Fixed 2.619 | 12-Month USA CPI | Maturity | Maturity | Mar 2033 | 374 | (1679)<br>| (1305)<br>|
| Centrally Cleared | 3000000 | USD | Fixed 2.495 | 12-Month USA CPI | Maturity | Maturity | May 2033 | 377 | 17387 | 17764 |
| Centrally Cleared | 8000000 | USD | Fixed 2.662 | 12-Month USA CPI | Maturity | Maturity | Aug 2030 | 350 | (5145)<br>| (4795)<br>|
| Centrally Cleared | 5800000 | USD | Fixed 2.650 | 12-Month USA CPI | Maturity | Maturity | Aug 2033 | 413 | (55752)<br>| (55339)<br>|
| Centrally Cleared | 18300000 | USD | Fixed 2.370 | 12-Month USA CPI | Maturity | Maturity | Feb 2029 | 612 | 303449 | 304061 |
| Centrally Cleared | 1700000 | USD | Fixed 2.485 | 12-Month USA CPI | Maturity | Maturity | Feb 2034 | 406 | 3424 | 3830 |
| Centrally Cleared | 4000000 | USD | Fixed 2.433 | 12-Month USA CPI | Maturity | Maturity | Feb 2031 | 368 | 43884 | 44252 |
| Centrally Cleared | 12000000 | USD | Fixed 2.389 | 12-Month USA CPI | Maturity | Maturity | Aug 2029 | 384 | 124901 | 125285 |
| Centrally Cleared | 12000000 | USD | Fixed 2.446 | 12-Month USA CPI | Maturity | Maturity | Oct 2029 | 404 | 111756 | 112160 |
| Centrally Cleared | 1500000 | USD | Fixed 2.523 | 12-Month USA CPI | Maturity | Maturity | Nov 2029 | 366 | 8777 | 9143 |
| Centrally Cleared | 1500000 | USD | Fixed 2.523 | 12-Month USA CPI | Maturity | Maturity | Nov 2029 | 366 | 8777 | 9143 |
| Centrally Cleared | 10700000 | USD | Fixed 2.562 | 12-Month USA CPI | Maturity | Maturity | Feb 2030 | 435 | 28836 | 29271 |
| Centrally Cleared | 3000000 | USD | Fixed 2.420 | 12-Month USA CPI | Maturity | Maturity | May 2032 | 456 | 9191 | 9647 |
| Centrally Cleared | 2400000 | USD | Fixed 2.575 | 12-Month USA CPI | Maturity | Maturity | Aug 2035 | 491 | (26230)<br>| (25739)<br>|
| Centrally Cleared | 4100000 | USD | Fixed 2.599 | 12-Month USA CPI | Maturity | Maturity | Sep 2035 | 513 | (57458)<br>| (56945)<br>|
| Centrally Cleared | 4000000 | USD | Fixed 2.532 | 12-Month USA CPI | Maturity | Maturity | Nov 2030 | 482 | (1747)<br>| (1265)<br>|
| Centrally Cleared | 7000000 | USD | Fixed 2.495 | 12-Month USA CPI | Maturity | Maturity | Nov 2035 | 552 | (44591)<br>| (44039)<br>|
| Centrally Cleared | 1750000 | USD | Fixed 2.397 | 12-Month USA CPI | Maturity | Maturity | Mar 2033 | 512 | 6475 | 6987 |
| Centrally Cleared | 5000000 | USD | Fixed 2.367 | 12-Month USA CPI | Maturity | Maturity | Feb 2031 | 530 | 35799 | 36329 |
| Centrally Cleared | 15000000 | USD | Fixed 2.480 | 12-Month USA CPI | Maturity | Maturity | Feb 2028 | 510 | 97336 | 97846 |
| Centrally Cleared | 2000000 | USD | Fixed 2.528 | 12-Month USA CPI | Maturity | Maturity | Mar 2031 | 510 | (542)<br>| (32)<br>|
| Centrally Cleared | 4000000 | USD | Fixed 2.424 | 12-Month USA CPI | Maturity | Maturity | Mar 2031 | 524 | 18961 | 19485 |
|  |  |  |  |  |  |  |  | $11526 | $1369607 | $1381133 |

---

**Futures Contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number** <br>**of** <br>**Contracts**<br>| **Type** | **Description** | &nbsp;&nbsp; **Expiration** <br>**Month**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Basis\***<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value\***<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| 79 | Long | U.S. Treasury 2 Year Notes | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $16346365 | &nbsp;&nbsp;&nbsp;&nbsp; $16388180 | &nbsp;&nbsp;&nbsp;&nbsp; $41815 |
| 47 | Short | U.S. Treasury 10 Year Notes | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 5219658 | &nbsp;&nbsp;&nbsp;&nbsp; 5219203 | &nbsp;&nbsp;&nbsp;&nbsp; 455 |
| 78 | Short | U.S. Treasury Long Bonds | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 9113285 | &nbsp;&nbsp;&nbsp;&nbsp; 8882250 | &nbsp;&nbsp;&nbsp;&nbsp; 231035 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $273305 |

---

\* 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** | **Delivery** <br>**Date**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>|
| Bank of America, N.A. | AUD | &nbsp;&nbsp; 19269889 | USD | &nbsp;&nbsp; 13724428 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; $443925 | &nbsp;&nbsp; $— |
|  | GBP | &nbsp;&nbsp; 4013930 | USD | &nbsp;&nbsp; 5401878 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 90235 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 534160 | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | NZD | &nbsp;&nbsp; 6128953 | USD | &nbsp;&nbsp; 3659843 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 128428 | &nbsp;&nbsp; — |
| Morgan Stanley & Co., Inc. | USD | &nbsp;&nbsp; 5371974 | GBP | &nbsp;&nbsp; 4013930 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (60331)<br>|
|  | USD | &nbsp;&nbsp; 62681 | NZD | &nbsp;&nbsp; 107188 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (920)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (61251)<br>|
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp; $662588 | &nbsp;&nbsp; $(61251)<br>|

---

---

| |
|:---|
| AUD—Australian Dollar |
| GBP—British Pound |
| NZD—New Zealand Dollar |
| USD—United States Dollar |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101624582 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101624582 |
| Asset Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 29431022 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29431022 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 69384757 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69384757 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 281316074 | &nbsp;&nbsp; — | &nbsp;&nbsp; 281316074 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 19120320 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19120320 |
| Short-Term Investments | &nbsp;&nbsp; 19743106 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19743106 |
| **Total Investments at Value** | &nbsp;&nbsp; $19743106 | &nbsp;&nbsp; $500876755 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $520619861 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1717819 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1717819 |
| Futures Contracts | &nbsp;&nbsp; 273305 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 273305 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 662588 | &nbsp;&nbsp; — | &nbsp;&nbsp; 662588 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; $273305 | &nbsp;&nbsp; $2380407 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2653712 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $348212 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $348212 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 61251 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61251 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $409463 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $409463 |

---

---

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

---

See Notes to Financial Statements

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** | **COMMON STOCKS — 97.4%** |
| **Aerospace/Defense — 5.5%** | **Aerospace/Defense — 5.5%** | **Aerospace/Defense — 5.5%** |
| Boeing Co.† | 46220 | &nbsp;&nbsp; $9199167 |
| RTX Corp. | 39817 | &nbsp;&nbsp; 7680699 |
|  |  | &nbsp;&nbsp; 16879866 |
| **Agriculture — 2.9%** | **Agriculture — 2.9%** | **Agriculture — 2.9%** |
| Philip Morris International, Inc. | 53483 | &nbsp;&nbsp; 8842879 |
| **Airlines — 2.1%** | **Airlines — 2.1%** | **Airlines — 2.1%** |
| Southwest Airlines Co. | 169403 | &nbsp;&nbsp; 6364471 |
| **Banks — 13.0%** | **Banks — 13.0%** | **Banks — 13.0%** |
| Bank of America Corp. | 160555 | &nbsp;&nbsp; 7827056 |
| Citigroup, Inc. | 69716 | &nbsp;&nbsp; 7906492 |
| JPMorgan Chase & Co. | 24050 | &nbsp;&nbsp; 7074548 |
| Morgan Stanley | 54395 | &nbsp;&nbsp; 8951785 |
| Wells Fargo & Co. | 102832 | &nbsp;&nbsp; 8186455 |
|  |  | &nbsp;&nbsp; 39946336 |
| **Beverages — 3.8%** | **Beverages — 3.8%** | **Beverages — 3.8%** |
| Constellation Brands, Inc., Class A | 78086 | &nbsp;&nbsp; 11712900 |
| **Computers — 3.2%** | **Computers — 3.2%** | **Computers — 3.2%** |
| EPAM Systems, Inc.† | 73560 | &nbsp;&nbsp; 9960024 |
| **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** |
| Capital One Financial Corp. | 26391 | &nbsp;&nbsp; 4814510 |
| **Electric — 6.1%** | **Electric — 6.1%** | **Electric — 6.1%** |
| AES Corp. | 669170 | &nbsp;&nbsp; 9428605 |
| PG&E Corp. | 538455 | &nbsp;&nbsp; 9460655 |
|  |  | &nbsp;&nbsp; 18889260 |
| **Healthcare-Services — 6.7%** | **Healthcare-Services — 6.7%** | **Healthcare-Services — 6.7%** |
| Centene Corp.† | 184798 | &nbsp;&nbsp; 6050287 |
| Cigna Group | 31157 | &nbsp;&nbsp; 8311130 |
| Tenet Healthcare Corp.† | 33499 | &nbsp;&nbsp; 6321596 |
|  |  | &nbsp;&nbsp; 20683013 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| MetLife, Inc. | 92853 | &nbsp;&nbsp; 6566564 |
| **Internet — 1.6%** | **Internet — 1.6%** | **Internet — 1.6%** |
| Alphabet, Inc., Class A | 17085 | &nbsp;&nbsp; 4912963 |
| **Machinery-Construction & Mining — 2.0%** | **Machinery-Construction & Mining — 2.0%** | **Machinery-Construction & Mining — 2.0%** |
| Caterpillar, Inc. | 8762 | &nbsp;&nbsp; 6207526 |
| **Mining — 5.8%** | **Mining — 5.8%** | **Mining — 5.8%** |
| Barrick Mining Corp. | 174631 | &nbsp;&nbsp; 7123198 |
| Freeport-McMoRan, Inc. | 181442 | &nbsp;&nbsp; 10665161 |
|  |  | &nbsp;&nbsp; 17788359 |
| **Oil & Gas — 4.8%** | **Oil & Gas — 4.8%** | **Oil & Gas — 4.8%** |
| Chevron Corp. | 35841 | &nbsp;&nbsp; 7415503 |
| Marathon Petroleum Corp. | 30710 | &nbsp;&nbsp; 7498768 |
|  |  | &nbsp;&nbsp; 14914271 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Oil & Gas Services — 2.7%** | **Oil & Gas Services — 2.7%** | **Oil & Gas Services — 2.7%** |
| TechnipFMC PLC | 119177 | &nbsp;&nbsp; $8238706 |
| **Pharmaceuticals — 5.7%** | **Pharmaceuticals — 5.7%** | **Pharmaceuticals — 5.7%** |
| Bristol-Myers Squibb Co. | 128561 | &nbsp;&nbsp; 7797225 |
| CVS Health Corp. | 135009 | &nbsp;&nbsp; 9696346 |
|  |  | &nbsp;&nbsp; 17493571 |
| **Pipelines — 2.7%** | **Pipelines — 2.7%** | **Pipelines — 2.7%** |
| Williams Cos., Inc. | 114676 | &nbsp;&nbsp; 8346119 |
| **REITS — 3.6%** | **REITS — 3.6%** | **REITS — 3.6%** |
| American Tower Corp. | 63788 | &nbsp;&nbsp; 11008533 |
| **Retail — 3.4%** | **Retail — 3.4%** | **Retail — 3.4%** |
| Lowe's Cos., Inc. | 43996 | &nbsp;&nbsp; 10395375 |
| **Semiconductors — 4.3%** | **Semiconductors — 4.3%** | **Semiconductors — 4.3%** |
| Applied Materials, Inc. | 25816 | &nbsp;&nbsp; 8823651 |
| Broadcom, Inc. | 14754 | &nbsp;&nbsp; 4566510 |
|  |  | &nbsp;&nbsp; 13390161 |
| **Software — 4.2%** | **Software — 4.2%** | **Software — 4.2%** |
| Salesforce, Inc. | 59961 | &nbsp;&nbsp; 11192920 |
| Teradata Corp.† | 66826 | &nbsp;&nbsp; 1712750 |
|  |  | &nbsp;&nbsp; 12905670 |
| **Telecommunications — 7.1%** | **Telecommunications — 7.1%** | **Telecommunications — 7.1%** |
| Corning, Inc. | 62088 | &nbsp;&nbsp; 8442106 |
| Verizon Communications, Inc. | 265921 | &nbsp;&nbsp; 13349234 |
|  |  | &nbsp;&nbsp; 21791340 |
| **Transportation — 2.5%** | **Transportation — 2.5%** | **Transportation — 2.5%** |
| CSX Corp. | 185546 | &nbsp;&nbsp; 7616663 |
| **Total Long-Term Investment Securities** <br>(cost $230,557,833)<br>|  | &nbsp;&nbsp; 299669080 |
| **REPURCHASE AGREEMENTS — 2.2%** | **REPURCHASE AGREEMENTS — 2.2%** | **REPURCHASE AGREEMENTS — 2.2%** |
| Agreement with Fixed Income Clearing Corp., bearing <br> interest at 1.06% dated 03/31/2026, to be repurchased <br> 04/01/2026 in the amount of $6,623,946 and <br> collateralized by $13,751,200 of United States Treasury <br> Bonds, bearing interest at 1.38% due 08/15/2050 and <br> having an approximate value of $6,756,246 <br>(cost $6,623,751)<br>| $6623751 | &nbsp;&nbsp; 6623751 |
| **TOTAL INVESTMENTS** <br>(cost $237,181,584)(1)<br>| 99.6<br> %<br>| &nbsp;&nbsp; 306292831 |
| Other assets less liabilities | 0.4 | &nbsp;&nbsp; 1294964 |
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $307587795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Non-income producing security

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

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $299669080 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $299669080 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 6623751 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6623751 |
| **Total Investments at Value** | &nbsp;&nbsp; $299669080 | &nbsp;&nbsp; $6623751 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $306292831 |

---

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

See Notes to Financial Statements

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **COMMON STOCKS — 79.4%** | **COMMON STOCKS — 79.4%** | **COMMON STOCKS — 79.4%** |
| **Aerospace/Defense — 1.9%** | **Aerospace/Defense — 1.9%** | **Aerospace/Defense — 1.9%** |
| AeroVironment, Inc.† | 17 | &nbsp;&nbsp; $3112 |
| Airbus SE | 1848 | &nbsp;&nbsp; 347101 |
| Astronics Corp.† | 454 | &nbsp;&nbsp; 30295 |
| Boeing Co.† | 507 | &nbsp;&nbsp; 100908 |
| Curtiss-Wright Corp. | 173 | &nbsp;&nbsp; 117834 |
| Embraer SA | 2600 | &nbsp;&nbsp; 38625 |
| Firefly Aerospace, Inc.† | 896 | &nbsp;&nbsp; 25509 |
| General Dynamics Corp. | 1063 | &nbsp;&nbsp; 364843 |
| General Electric Co. | 1849 | &nbsp;&nbsp; 524691 |
| Hanwha Aerospace Co., Ltd. | 54 | &nbsp;&nbsp; 44001 |
| Joby Aviation, Inc.† | 2571 | &nbsp;&nbsp; 21236 |
| Kratos Defense & Security Solutions, Inc.† | 94 | &nbsp;&nbsp; 6628 |
| Leonardo DRS, Inc. | 2513 | &nbsp;&nbsp; 111879 |
| Leonardo SpA | 609 | &nbsp;&nbsp; 40905 |
| Lockheed Martin Corp. | 2562 | &nbsp;&nbsp; 1548447 |
| Moog, Inc., Class A | 41 | &nbsp;&nbsp; 11998 |
| Northrop Grumman Corp. | 207 | &nbsp;&nbsp; 141224 |
| RTX Corp. | 712 | &nbsp;&nbsp; 137345 |
| Thales SA | 816 | &nbsp;&nbsp; 239584 |
|  |  | &nbsp;&nbsp; 3856165 |
| **Agriculture — 0.8%** | **Agriculture — 0.8%** | **Agriculture — 0.8%** |
| Andersons, Inc. | 145 | &nbsp;&nbsp; 10408 |
| Archer-Daniels-Midland Co. | 1737 | &nbsp;&nbsp; 126263 |
| Dole PLC | 1554 | &nbsp;&nbsp; 22207 |
| Imperial Brands PLC | 7312 | &nbsp;&nbsp; 297594 |
| Philip Morris International, Inc. | 6853 | &nbsp;&nbsp; 1133075 |
|  |  | &nbsp;&nbsp; 1589547 |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| Delta Air Lines, Inc. | 1983 | &nbsp;&nbsp; 131830 |
| International Consolidated Airlines Group SA | 41394 | &nbsp;&nbsp; 197835 |
| Qantas Airways, Ltd. | 34596 | &nbsp;&nbsp; 203187 |
| Ryanair Holdings PLC | 7424 | &nbsp;&nbsp; 210325 |
| SkyWest, Inc.† | 498 | &nbsp;&nbsp; 45731 |
| Sun Country Airlines Holdings, Inc.† | 793 | &nbsp;&nbsp; 13100 |
| United Airlines Holdings, Inc.† | 1210 | &nbsp;&nbsp; 111405 |
|  |  | &nbsp;&nbsp; 913413 |
| **Apparel — 0.2%** | **Apparel — 0.2%** | **Apparel — 0.2%** |
| Asics Corp. | 3900 | &nbsp;&nbsp; 103706 |
| Carter's, Inc. | 887 | &nbsp;&nbsp; 31719 |
| Hermes International S.C.A. | 72 | &nbsp;&nbsp; 137513 |
| LVMH Moet Hennessy Louis Vuitton SE | 35 | &nbsp;&nbsp; 19455 |
| Tapestry, Inc. | 898 | &nbsp;&nbsp; 126717 |
|  |  | &nbsp;&nbsp; 419110 |
| **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** | **Auto Manufacturers — 1.4%** |
| Blue Bird Corp.† | 776 | &nbsp;&nbsp; 44069 |
| Cummins, Inc. | 288 | &nbsp;&nbsp; 154950 |
| Ford Motor Co. | 9633 | &nbsp;&nbsp; 111165 |
| General Motors Co. | 1556 | &nbsp;&nbsp; 115922 |
| Kia Corp. | 784 | &nbsp;&nbsp; 75462 |
| Mahindra & Mahindra, Ltd. | 4894 | &nbsp;&nbsp; 158628 |
| PACCAR, Inc. | 972 | &nbsp;&nbsp; 112266 |
| Subaru Corp. | 3500 | &nbsp;&nbsp; 55913 |
| Tesla, Inc.† | 5205 | &nbsp;&nbsp; 1934959 |
| Toyota Motor Corp. | 3100 | &nbsp;&nbsp; 64261 |
|  |  | &nbsp;&nbsp; 2827595 |
| **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
| Adient PLC† | 736 | &nbsp;&nbsp; 14875 |
| Aisin Corp. | 11900 | &nbsp;&nbsp; 164728 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| Allison Transmission Holdings, Inc. | 1002 | &nbsp;&nbsp; $117294 |
| BorgWarner, Inc. | 2261 | &nbsp;&nbsp; 122682 |
| Contemporary Amperex Technology Co., Ltd. | 500 | &nbsp;&nbsp; 39504 |
| Dana, Inc. | 1452 | &nbsp;&nbsp; 48860 |
| Gentherm, Inc.† | 256 | &nbsp;&nbsp; 7112 |
| Microvast Holdings, Inc.† | 3539 | &nbsp;&nbsp; 5309 |
| Sumitomo Electric Industries, Ltd. | 1000 | &nbsp;&nbsp; 55995 |
| Visteon Corp. | 430 | &nbsp;&nbsp; 39177 |
|  |  | &nbsp;&nbsp; 615536 |
| **Banks — 6.9%** | **Banks — 6.9%** | **Banks — 6.9%** |
| Abu Dhabi Islamic Bank PJSC | 14656 | &nbsp;&nbsp; 82901 |
| AIB Group PLC | 14700 | &nbsp;&nbsp; 156348 |
| Amalgamated Financial Corp. | 488 | &nbsp;&nbsp; 18969 |
| Ameris Bancorp | 105 | &nbsp;&nbsp; 8189 |
| Associated Banc-Corp. | 289 | &nbsp;&nbsp; 7474 |
| Banco Bilbao Vizcaya Argentaria SA | 12085 | &nbsp;&nbsp; 263771 |
| Banco de Sabadell SA | 16973 | &nbsp;&nbsp; 61023 |
| Banco Santander SA | 45695 | &nbsp;&nbsp; 517054 |
| Bank Central Asia Tbk PT | 158800 | &nbsp;&nbsp; 60755 |
| Bank Hapoalim BM | 9968 | &nbsp;&nbsp; 233315 |
| Bank Leumi Le-Israel BM | 14028 | &nbsp;&nbsp; 312618 |
| Bank of America Corp. | 7226 | &nbsp;&nbsp; 352267 |
| Bank of China, Ltd. | 377000 | &nbsp;&nbsp; 242664 |
| Bank of Hawaii Corp. | 274 | &nbsp;&nbsp; 20344 |
| Bank of N.T. Butterfield & Son, Ltd. | 466 | &nbsp;&nbsp; 24456 |
| Bank of New York Mellon Corp. | 1130 | &nbsp;&nbsp; 134052 |
| Banner Corp. | 135 | &nbsp;&nbsp; 8192 |
| Barclays PLC | 67344 | &nbsp;&nbsp; 354866 |
| BNP Paribas SA | 926 | &nbsp;&nbsp; 88212 |
| BOC Hong Kong Holdings, Ltd. | 8500 | &nbsp;&nbsp; 46836 |
| CaixaBank SA | 2733 | &nbsp;&nbsp; 32792 |
| Cathay General Bancorp | 823 | &nbsp;&nbsp; 41035 |
| Central Pacific Financial Corp. | 455 | &nbsp;&nbsp; 14542 |
| Citigroup, Inc. | 16111 | &nbsp;&nbsp; 1827148 |
| Citizens Financial Group, Inc. | 1938 | &nbsp;&nbsp; 116222 |
| Credit Agricole SA | 3656 | &nbsp;&nbsp; 68634 |
| Customers Bancorp, Inc.† | 568 | &nbsp;&nbsp; 39425 |
| Danske Bank A/S | 3977 | &nbsp;&nbsp; 193076 |
| Enterprise Financial Services Corp. | 387 | &nbsp;&nbsp; 20941 |
| Erste Group Bank AG | 1575 | &nbsp;&nbsp; 170188 |
| Financial Institutions, Inc. | 252 | &nbsp;&nbsp; 7991 |
| First BanCorp Puerto Rico | 1930 | &nbsp;&nbsp; 41225 |
| First Financial Corp. | 114 | &nbsp;&nbsp; 7205 |
| First Horizon Corp. | 5132 | &nbsp;&nbsp; 116804 |
| First Merchants Corp. | 93 | &nbsp;&nbsp; 3602 |
| FirstRand, Ltd. | 23157 | &nbsp;&nbsp; 118365 |
| Goldman Sachs Group, Inc. | 2076 | &nbsp;&nbsp; 1756275 |
| Grupo Financiero Banorte SAB de CV, Class O | 9366 | &nbsp;&nbsp; 103709 |
| Hancock Whitney Corp. | 542 | &nbsp;&nbsp; 34466 |
| Hanmi Financial Corp. | 458 | &nbsp;&nbsp; 12073 |
| Heritage Commerce Corp. | 704 | &nbsp;&nbsp; 8786 |
| Hilltop Holdings, Inc. | 841 | &nbsp;&nbsp; 30125 |
| Hope Bancorp, Inc. | 1007 | &nbsp;&nbsp; 11248 |
| HSBC Holdings PLC (LSE) | 40386 | &nbsp;&nbsp; 660845 |
| HSBC Holdings PLC (SEHK) | 3200 | &nbsp;&nbsp; 52521 |
| ICICI Bank, Ltd. | 14235 | &nbsp;&nbsp; 186223 |
| Independent Bank Corp. | 300 | &nbsp;&nbsp; 9990 |
| Intesa Sanpaolo SpA | 29853 | &nbsp;&nbsp; 181468 |
| Itau Unibanco Holding SA (Preference Shares) | 25832 | &nbsp;&nbsp; 216835 |
| JPMorgan Chase & Co. | 590 | &nbsp;&nbsp; 173554 |
| Lloyds Banking Group PLC | 293629 | &nbsp;&nbsp; 362912 |
| Mercantile Bank Corp. | 148 | &nbsp;&nbsp; 7474 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Metropolitan Bank Holding Corp. | 110 | &nbsp;&nbsp; $9162 |
| Mitsubishi UFJ Financial Group, Inc. | 17100 | &nbsp;&nbsp; 288916 |
| Morgan Stanley | 786 | &nbsp;&nbsp; 129352 |
| National Bank Holdings Corp., Class A | 721 | &nbsp;&nbsp; 28234 |
| National Bank of Greece SA | 5142 | &nbsp;&nbsp; 79696 |
| NatWest Group PLC | 43436 | &nbsp;&nbsp; 322297 |
| Northern Trust Corp. | 903 | &nbsp;&nbsp; 126032 |
| Northrim BanCorp, Inc. | 326 | &nbsp;&nbsp; 7459 |
| NU Holdings, Ltd., Class A† | 5149 | &nbsp;&nbsp; 73991 |
| OFG Bancorp | 553 | &nbsp;&nbsp; 22374 |
| Origin Bancorp, Inc. | 204 | &nbsp;&nbsp; 8458 |
| OTP Bank Nyrt | 1134 | &nbsp;&nbsp; 122277 |
| PNC Financial Services Group, Inc. | 569 | &nbsp;&nbsp; 118403 |
| Popular, Inc. | 896 | &nbsp;&nbsp; 120216 |
| Preferred Bank | 92 | &nbsp;&nbsp; 8343 |
| Shore Bancshares, Inc. | 411 | &nbsp;&nbsp; 7677 |
| Simmons First National Corp., Class A | 913 | &nbsp;&nbsp; 17758 |
| SmartFinancial, Inc. | 103 | &nbsp;&nbsp; 4025 |
| State Street Corp. | 10715 | &nbsp;&nbsp; 1356090 |
| Third Coast Bancshares, Inc.† | 183 | &nbsp;&nbsp; 6923 |
| Towne Bank | 212 | &nbsp;&nbsp; 7138 |
| Trustmark Corp. | 695 | &nbsp;&nbsp; 29287 |
| UBS Group AG | 10835 | &nbsp;&nbsp; 421417 |
| UniCredit SpA | 4637 | &nbsp;&nbsp; 334130 |
| United Community Banks, Inc. | 255 | &nbsp;&nbsp; 8030 |
| Univest Financial Corp. | 292 | &nbsp;&nbsp; 10004 |
| US Bancorp | 2454 | &nbsp;&nbsp; 127633 |
| Valley National Bancorp | 669 | &nbsp;&nbsp; 8215 |
| Wells Fargo & Co. | 1814 | &nbsp;&nbsp; 144413 |
| Westamerica BanCorp | 174 | &nbsp;&nbsp; 9074 |
| Zions Bancorp NA | 2101 | &nbsp;&nbsp; 121060 |
|  |  | &nbsp;&nbsp; 13700089 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Boston Beer Co., Inc., Class A† | 505 | &nbsp;&nbsp; 116352 |
| Carlsberg A/S, Class B | 1052 | &nbsp;&nbsp; 131263 |
| Coca-Cola Co. | 1700 | &nbsp;&nbsp; 129285 |
| Coca-Cola Consolidated, Inc. | 574 | &nbsp;&nbsp; 110059 |
| Coca-Cola HBC AG | 3194 | &nbsp;&nbsp; 181065 |
| Monster Beverage Corp.† | 8707 | &nbsp;&nbsp; 630909 |
| PepsiCo., Inc. | 4111 | &nbsp;&nbsp; 638397 |
|  |  | &nbsp;&nbsp; 1937330 |
| **Biotechnology — 1.7%** | **Biotechnology — 1.7%** | **Biotechnology — 1.7%** |
| ACADIA Pharmaceuticals, Inc.† | 1671 | &nbsp;&nbsp; 37196 |
| ADMA Biologics, Inc.† | 464 | &nbsp;&nbsp; 4180 |
| Alnylam Pharmaceuticals, Inc.† | 365 | &nbsp;&nbsp; 120768 |
| Amgen, Inc. | 318 | &nbsp;&nbsp; 111888 |
| Amicus Therapeutics, Inc.† | 556 | &nbsp;&nbsp; 8040 |
| AnaptysBio, Inc.† | 632 | &nbsp;&nbsp; 35051 |
| Arrowhead Pharmaceuticals, Inc.† | 962 | &nbsp;&nbsp; 60317 |
| BioCryst Pharmaceuticals, Inc.† | 4818 | &nbsp;&nbsp; 45867 |
| Capricor Therapeutics, Inc.† | 328 | &nbsp;&nbsp; 9971 |
| Exelixis, Inc.† | 12225 | &nbsp;&nbsp; 524330 |
| Genmab A/S† | 116 | &nbsp;&nbsp; 31037 |
| ImmunityBio, Inc.† | 5288 | &nbsp;&nbsp; 40559 |
| Incyte Corp.† | 8081 | &nbsp;&nbsp; 760584 |
| Inhibrx Biosciences, Inc.† | 476 | &nbsp;&nbsp; 32002 |
| Insmed, Inc.† | 835 | &nbsp;&nbsp; 136539 |
| Kodiak Sciences, Inc.† | 304 | &nbsp;&nbsp; 11588 |
| Maze Therapeutics, Inc.† | 783 | &nbsp;&nbsp; 23373 |
| Mineralys Therapeutics, Inc.† | 873 | &nbsp;&nbsp; 23650 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Monte Rosa Therapeutics, Inc.† | 1796 | &nbsp;&nbsp; $29544 |
| Olema Pharmaceuticals, Inc.† | 458 | &nbsp;&nbsp; 6829 |
| Praxis Precision Medicines, Inc.† | 27 | &nbsp;&nbsp; 8699 |
| Precigen, Inc.† | 7350 | &nbsp;&nbsp; 28445 |
| PTC Therapeutics, Inc.† | 108 | &nbsp;&nbsp; 7358 |
| Puma Biotechnology, Inc.† | 1537 | &nbsp;&nbsp; 9821 |
| Regeneron Pharmaceuticals, Inc. | 1448 | &nbsp;&nbsp; 1118783 |
| Rigel Pharmaceuticals, Inc.† | 260 | &nbsp;&nbsp; 7030 |
| Stoke Therapeutics, Inc.† | 1081 | &nbsp;&nbsp; 35197 |
| Tango Therapeutics, Inc.† | 1042 | &nbsp;&nbsp; 21799 |
| Travere Therapeutics, Inc.† | 1222 | &nbsp;&nbsp; 36306 |
| Vertex Pharmaceuticals, Inc.† | 265 | &nbsp;&nbsp; 118333 |
| Zymeworks, Inc.† | 505 | &nbsp;&nbsp; 12645 |
|  |  | &nbsp;&nbsp; 3457729 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| NWPX Infrastructure, Inc. † | 97 | &nbsp;&nbsp; 7553 |
| Apogee Enterprises, Inc. | 208 | &nbsp;&nbsp; 6976 |
| Cie de Saint-Gobain SA | 1264 | &nbsp;&nbsp; 104021 |
| Gibraltar Industries, Inc.† | 182 | &nbsp;&nbsp; 7256 |
| Holcim AG | 3353 | &nbsp;&nbsp; 278242 |
| Mitsubishi Electric Corp. | 10600 | &nbsp;&nbsp; 346169 |
| Modine Manufacturing Co.† | 37 | &nbsp;&nbsp; 8018 |
| SPX Technologies, Inc.† | 41 | &nbsp;&nbsp; 8198 |
| Trane Technologies PLC | 298 | &nbsp;&nbsp; 124189 |
| UFP Industries, Inc. | 486 | &nbsp;&nbsp; 44770 |
| UltraTech Cement, Ltd. | 715 | &nbsp;&nbsp; 81964 |
|  |  | &nbsp;&nbsp; 1017356 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| Air Liquide SA | 901 | &nbsp;&nbsp; 185606 |
| Asahi Kasei Corp. | 3000 | &nbsp;&nbsp; 29050 |
| Axalta Coating Systems, Ltd.† | 4126 | &nbsp;&nbsp; 114290 |
| Balchem Corp. | 204 | &nbsp;&nbsp; 34574 |
| Cabot Corp. | 122 | &nbsp;&nbsp; 9188 |
| CF Industries Holdings, Inc. | 7045 | &nbsp;&nbsp; 914723 |
| DuPont de Nemours, Inc. | 1294 | &nbsp;&nbsp; 59265 |
| Ecolab, Inc. | 447 | &nbsp;&nbsp; 118911 |
| Ingevity Corp.† | 157 | &nbsp;&nbsp; 11183 |
| Innospec, Inc. | 217 | &nbsp;&nbsp; 15845 |
| Intrepid Potash, Inc.† | 293 | &nbsp;&nbsp; 12532 |
| Linde PLC | 273 | &nbsp;&nbsp; 135343 |
| Mativ Holdings, Inc. | 820 | &nbsp;&nbsp; 7134 |
| Minerals Technologies, Inc. | 495 | &nbsp;&nbsp; 35105 |
| NewMarket Corp. | 184 | &nbsp;&nbsp; 117935 |
| Perimeter Solutions, Inc.† | 1664 | &nbsp;&nbsp; 40635 |
| PPG Industries, Inc. | 1062 | &nbsp;&nbsp; 113507 |
| Rayonier Advanced Materials, Inc.† | 1189 | &nbsp;&nbsp; 13162 |
| Sasol, Ltd.† | 1759 | &nbsp;&nbsp; 23446 |
| Sherwin-Williams Co. | 346 | &nbsp;&nbsp; 110910 |
| Solstice Advanced Materials, Inc. | 2640 | &nbsp;&nbsp; 201062 |
|  |  | &nbsp;&nbsp; 2303406 |
| **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
| Alpha Metallurgical Resources, Inc.† | 49 | &nbsp;&nbsp; 10058 |
| Peabody Energy Corp.(1) | 1573 | &nbsp;&nbsp; 51830 |
| SunCoke Energy, Inc. | 1260 | &nbsp;&nbsp; 8203 |
|  |  | &nbsp;&nbsp; 70091 |
| **Commercial Services — 0.6%** | **Commercial Services — 0.6%** | **Commercial Services — 0.6%** |
| ADT, Inc. | 17869 | &nbsp;&nbsp; 117399 |
| Alarm.com Holdings, Inc.† | 158 | &nbsp;&nbsp; 6824 |
| AMN Healthcare Services, Inc.(1) | 1330 | &nbsp;&nbsp; 24392 |
| Arlo Technologies, Inc.† | 1275 | &nbsp;&nbsp; 18143 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Automatic Data Processing, Inc. | 655 | &nbsp;&nbsp; $133083 |
| Brink's Co. | 419 | &nbsp;&nbsp; 43421 |
| Cimpress PLC† | 104 | &nbsp;&nbsp; 7592 |
| CoreCivic, Inc.† | 401 | &nbsp;&nbsp; 7583 |
| Coursera, Inc.† | 6038 | &nbsp;&nbsp; 35141 |
| Cross Country Healthcare, Inc.† | 384 | &nbsp;&nbsp; 3610 |
| International Container Terminal Services, Inc. | 13670 | &nbsp;&nbsp; 156768 |
| Korn Ferry | 312 | &nbsp;&nbsp; 19640 |
| Laureate Education, Inc.† | 1444 | &nbsp;&nbsp; 50309 |
| Legalzoom.com, Inc.† | 3367 | &nbsp;&nbsp; 19091 |
| NPK International, Inc.† | 578 | &nbsp;&nbsp; 8375 |
| Paylocity Holding Corp.† | 974 | &nbsp;&nbsp; 105231 |
| Payoneer Global, Inc.† | 1584 | &nbsp;&nbsp; 7651 |
| PayPal Holdings, Inc. | 2492 | &nbsp;&nbsp; 112713 |
| Perdoceo Education Corp. | 243 | &nbsp;&nbsp; 9042 |
| PROG Holdings, Inc. | 731 | &nbsp;&nbsp; 20972 |
| Recruit Holdings Co., Ltd. | 4400 | &nbsp;&nbsp; 190348 |
| StoneCo., Ltd., Class A† | 2079 | &nbsp;&nbsp; 29356 |
| TAL Education Group ADR† | 4748 | &nbsp;&nbsp; 53985 |
| Udemy, Inc.† | 3418 | &nbsp;&nbsp; 15791 |
| Verisk Analytics, Inc. | 534 | &nbsp;&nbsp; 101327 |
|  |  | &nbsp;&nbsp; 1297787 |
| **Computers — 4.8%** | **Computers — 4.8%** | **Computers — 4.8%** |
| Everpure, Inc., Class A† | 1922 | &nbsp;&nbsp; 113475 |
| Apple, Inc. | 33233 | &nbsp;&nbsp; 8434203 |
| Asia Vital Components Co., Ltd. | 2000 | &nbsp;&nbsp; 129216 |
| Crowdstrike Holdings, Inc., Class A† | 262 | &nbsp;&nbsp; 102287 |
| Fortinet, Inc.† | 768 | &nbsp;&nbsp; 62761 |
| Fujitsu, Ltd. | 1600 | &nbsp;&nbsp; 32516 |
| Insight Enterprises, Inc.† | 94 | &nbsp;&nbsp; 6299 |
| Leidos Holdings, Inc. | 658 | &nbsp;&nbsp; 102332 |
| Maximus, Inc. | 100 | &nbsp;&nbsp; 6410 |
| NEC Corp. | 5200 | &nbsp;&nbsp; 129551 |
| NetScout Systems, Inc.† | 307 | &nbsp;&nbsp; 9760 |
| OneSpan, Inc. | 681 | &nbsp;&nbsp; 7171 |
| Rapid7, Inc.† | 1834 | &nbsp;&nbsp; 10105 |
| Rigetti Computing, Inc.† | 219 | &nbsp;&nbsp; 3075 |
| Rubrik, Inc., Class A† | 2048 | &nbsp;&nbsp; 100291 |
| Sandisk Corp.† | 257 | &nbsp;&nbsp; 163282 |
| V2X, Inc.† | 246 | &nbsp;&nbsp; 16851 |
| Wistron Corp. | 13000 | &nbsp;&nbsp; 50685 |
|  |  | &nbsp;&nbsp; 9480270 |
| **Cosmetics/Personal Care — 1.0%** | **Cosmetics/Personal Care — 1.0%** | **Cosmetics/Personal Care — 1.0%** |
| APR Corp. | 334 | &nbsp;&nbsp; 74826 |
| Colgate-Palmolive Co. | 15989 | &nbsp;&nbsp; 1362742 |
| Procter & Gamble Co. | 4115 | &nbsp;&nbsp; 594371 |
|  |  | &nbsp;&nbsp; 2031939 |
| **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** |
| Gold.com, Inc. | 233 | &nbsp;&nbsp; 9339 |
| Bunzl PLC | 939 | &nbsp;&nbsp; 28132 |
| G-III Apparel Group, Ltd. | 362 | &nbsp;&nbsp; 10028 |
| Mitsubishi Corp. | 2400 | &nbsp;&nbsp; 82419 |
| Mitsui & Co., Ltd. | 11000 | &nbsp;&nbsp; 423503 |
| OPENLANE, Inc.† | 296 | &nbsp;&nbsp; 8628 |
| Resideo Technologies, Inc.† | 296 | &nbsp;&nbsp; 9978 |
| ScanSource, Inc.† | 204 | &nbsp;&nbsp; 7405 |
|  |  | &nbsp;&nbsp; 579432 |
| **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** |
| AerCap Holdings NV | 1100 | &nbsp;&nbsp; 150898 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| Affiliated Managers Group, Inc. | 411 | &nbsp;&nbsp; $113724 |
| Ally Financial, Inc. | 3075 | &nbsp;&nbsp; 120632 |
| American Express Co. | 388 | &nbsp;&nbsp; 117362 |
| Ameriprise Financial, Inc. | 251 | &nbsp;&nbsp; 111544 |
| Bread Financial Holdings, Inc. | 626 | &nbsp;&nbsp; 46881 |
| Capital One Financial Corp. | 624 | &nbsp;&nbsp; 113836 |
| Charles Schwab Corp. | 1219 | &nbsp;&nbsp; 114562 |
| CME Group, Inc. | 370 | &nbsp;&nbsp; 109280 |
| CTBC Financial Holding Co., Ltd. | 90000 | &nbsp;&nbsp; 146308 |
| Enova International, Inc.† | 280 | &nbsp;&nbsp; 38032 |
| HDFC Asset Management Co., Ltd.\* | 3388 | &nbsp;&nbsp; 81849 |
| Hong Kong Exchanges & Clearing, Ltd. | 3300 | &nbsp;&nbsp; 167262 |
| Interactive Brokers Group, Inc., Class A | 1755 | &nbsp;&nbsp; 117708 |
| Invesco, Ltd. | 4945 | &nbsp;&nbsp; 120114 |
| Janus Henderson Group PLC | 2280 | &nbsp;&nbsp; 117124 |
| KB Financial Group, Inc. | 1904 | &nbsp;&nbsp; 178129 |
| Korea Investment Holdings Co., Ltd. | 316 | &nbsp;&nbsp; 43175 |
| LendingClub Corp.† | 2845 | &nbsp;&nbsp; 40740 |
| Mastercard, Inc., Class A | 4325 | &nbsp;&nbsp; 2161029 |
| Nomura Holdings, Inc. | 30000 | &nbsp;&nbsp; 237288 |
| Pagseguro Digital, Ltd., Class A | 4062 | &nbsp;&nbsp; 40701 |
| PennyMac Financial Services, Inc. | 182 | &nbsp;&nbsp; 15907 |
| Raymond James Financial, Inc. | 349 | &nbsp;&nbsp; 50532 |
| Stifel Financial Corp. | 1600 | &nbsp;&nbsp; 118272 |
| StoneX Group, Inc.† | 642 | &nbsp;&nbsp; 51777 |
| Synchrony Financial | 1755 | &nbsp;&nbsp; 119375 |
| Virtu Financial, Inc., Class A | 2855 | &nbsp;&nbsp; 125563 |
| Virtus Investment Partners, Inc. | 117 | &nbsp;&nbsp; 15719 |
|  |  | &nbsp;&nbsp; 4985323 |
| **Electric — 1.7%** | **Electric — 1.7%** | **Electric — 1.7%** |
| AES Corp. | 8405 | &nbsp;&nbsp; 118426 |
| Ameren Corp. | 1051 | &nbsp;&nbsp; 115526 |
| American Electric Power Co., Inc. | 888 | &nbsp;&nbsp; 116399 |
| Avista Corp. | 785 | &nbsp;&nbsp; 31510 |
| Black Hills Corp. | 562 | &nbsp;&nbsp; 39008 |
| CMS Energy Corp. | 1518 | &nbsp;&nbsp; 117766 |
| Consolidated Edison, Inc. | 1044 | &nbsp;&nbsp; 118160 |
| Constellation Energy Corp. | 368 | &nbsp;&nbsp; 102764 |
| DTE Energy Co. | 780 | &nbsp;&nbsp; 114052 |
| Duke Energy Corp. | 884 | &nbsp;&nbsp; 115751 |
| Edison International | 2156 | &nbsp;&nbsp; 157776 |
| Enel SpA | 3446 | &nbsp;&nbsp; 37516 |
| Engie SA | 7715 | &nbsp;&nbsp; 248733 |
| Eversource Energy | 1573 | &nbsp;&nbsp; 108977 |
| Exelon Corp. | 2372 | &nbsp;&nbsp; 116275 |
| Hawaiian Electric Industries, Inc.† | 250 | &nbsp;&nbsp; 3710 |
| Kansai Electric Power Co., Inc. | 14700 | &nbsp;&nbsp; 242130 |
| Korea Electric Power Corp. | 2354 | &nbsp;&nbsp; 64660 |
| Northwestern Energy Group, Inc. | 122 | &nbsp;&nbsp; 8045 |
| NRG Energy, Inc. | 778 | &nbsp;&nbsp; 113697 |
| NTPC, Ltd. | 42349 | &nbsp;&nbsp; 168740 |
| Oklo, Inc.† | 121 | &nbsp;&nbsp; 6000 |
| PG&E Corp. | 7643 | &nbsp;&nbsp; 134288 |
| Portland General Electric Co. | 353 | &nbsp;&nbsp; 18628 |
| Public Service Enterprise Group, Inc. | 1470 | &nbsp;&nbsp; 118997 |
| RWE AG | 5503 | &nbsp;&nbsp; 366521 |
| Southern Co. | 1305 | &nbsp;&nbsp; 125959 |
| TXNM Energy, Inc. | 137 | &nbsp;&nbsp; 8009 |
| Vistra Corp. | 739 | &nbsp;&nbsp; 111094 |
| WEC Energy Group, Inc. | 1012 | &nbsp;&nbsp; 117159 |
| Xcel Energy, Inc. | 1419 | &nbsp;&nbsp; 112725 |
|  |  | &nbsp;&nbsp; 3379001 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** |
| ABB, Ltd. | 5624 | &nbsp;&nbsp; $457415 |
| AMETEK, Inc. | 546 | &nbsp;&nbsp; 117040 |
| EnerSys | 320 | &nbsp;&nbsp; 55590 |
| Fujikura, Ltd. | 1200 | &nbsp;&nbsp; 32651 |
| GE Vernova T&D India, Ltd. | 3252 | &nbsp;&nbsp; 131489 |
| Harbin Electric Co., Ltd. | 24000 | &nbsp;&nbsp; 66896 |
| nLight, Inc.† | 615 | &nbsp;&nbsp; 35067 |
|  |  | &nbsp;&nbsp; 896148 |
| **Electronics — 0.7%** | **Electronics — 0.7%** | **Electronics — 0.7%** |
| Advanced Energy Industries, Inc. | 212 | &nbsp;&nbsp; 68414 |
| Allegion PLC | 778 | &nbsp;&nbsp; 113036 |
| Allient, Inc. | 332 | &nbsp;&nbsp; 19618 |
| Atmus Filtration Technologies, Inc. | 848 | &nbsp;&nbsp; 48141 |
| Bizlink Holding, Inc. | 2000 | &nbsp;&nbsp; 112063 |
| Elite Material Co., Ltd. | 1000 | &nbsp;&nbsp; 83718 |
| ESCO Technologies, Inc. | 52 | &nbsp;&nbsp; 14631 |
| Garmin, Ltd. | 594 | &nbsp;&nbsp; 137814 |
| Honeywell International, Inc. | 602 | &nbsp;&nbsp; 136070 |
| Hoya Corp. | 2000 | &nbsp;&nbsp; 344992 |
| Itron, Inc.† | 456 | &nbsp;&nbsp; 40871 |
| Kimball Electronics, Inc.† | 322 | &nbsp;&nbsp; 7628 |
| Mesa Laboratories, Inc. | 284 | &nbsp;&nbsp; 25111 |
| Sanmina Corp.† | 92 | &nbsp;&nbsp; 11927 |
| SCREEN Holdings Co., Ltd. | 2200 | &nbsp;&nbsp; 129623 |
| TTM Technologies, Inc.† | 637 | &nbsp;&nbsp; 62057 |
| Vicor Corp.† | 151 | &nbsp;&nbsp; 24311 |
|  |  | &nbsp;&nbsp; 1380025 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| Nextpower, Inc., Class A† | 548 | &nbsp;&nbsp; 66061 |
| **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** |
| ACS Actividades de Construccion y Servicios SA | 2435 | &nbsp;&nbsp; 301313 |
| Aena SME SA\* | 2536 | &nbsp;&nbsp; 75510 |
| Argan, Inc. | 116 | &nbsp;&nbsp; 63179 |
| Comfort Systems USA, Inc. | 93 | &nbsp;&nbsp; 128246 |
| Dycom Industries, Inc.† | 30 | &nbsp;&nbsp; 10165 |
| Frontdoor, Inc.† | 150 | &nbsp;&nbsp; 7929 |
| Larsen & Toubro, Ltd. | 3083 | &nbsp;&nbsp; 114985 |
| Primoris Services Corp. | 408 | &nbsp;&nbsp; 58360 |
| Sterling Infrastructure, Inc.† | 167 | &nbsp;&nbsp; 68014 |
| Tutor Perini Corp. | 609 | &nbsp;&nbsp; 47009 |
| Vinci SA | 2538 | &nbsp;&nbsp; 380110 |
|  |  | &nbsp;&nbsp; 1254820 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Aristocrat Leisure, Ltd. | 6271 | &nbsp;&nbsp; 199257 |
| Brightstar Lottery PLC | 2134 | &nbsp;&nbsp; 27187 |
| Cinemark Holdings, Inc. | 487 | &nbsp;&nbsp; 13890 |
| Golden Entertainment, Inc. | 280 | &nbsp;&nbsp; 7473 |
| Monarch Casino & Resort, Inc. | 95 | &nbsp;&nbsp; 9082 |
| Red Rock Resorts, Inc., Class A | 134 | &nbsp;&nbsp; 7150 |
|  |  | &nbsp;&nbsp; 264039 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Pentair PLC | 1270 | &nbsp;&nbsp; 110630 |
| Republic Services, Inc. | 508 | &nbsp;&nbsp; 111262 |
| Veralto Corp. | 1119 | &nbsp;&nbsp; 98942 |
|  |  | &nbsp;&nbsp; 320834 |
| **Food — 0.6%** | **Food — 0.6%** | **Food — 0.6%** |
| Ajinomoto Co., Inc. | 2700 | &nbsp;&nbsp; 75704 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Calavo Growers, Inc. | 302 | &nbsp;&nbsp; $7789 |
| Cal-Maine Foods, Inc. | 455 | &nbsp;&nbsp; 36013 |
| Ingredion, Inc. | 1009 | &nbsp;&nbsp; 113674 |
| Koninklijke Ahold Delhaize NV | 5900 | &nbsp;&nbsp; 275434 |
| Mondelez International, Inc., Class A | 1998 | &nbsp;&nbsp; 115165 |
| Nestle SA | 873 | &nbsp;&nbsp; 86592 |
| Seneca Foods Corp., Class A† | 100 | &nbsp;&nbsp; 15112 |
| Simply Good Foods Co.† | 246 | &nbsp;&nbsp; 3530 |
| Tesco PLC | 3659 | &nbsp;&nbsp; 23071 |
| Tyson Foods, Inc., Class A | 951 | &nbsp;&nbsp; 60931 |
| United Natural Foods, Inc.† | 281 | &nbsp;&nbsp; 12662 |
| WH Group, Ltd.\* | 238000 | &nbsp;&nbsp; 313609 |
|  |  | &nbsp;&nbsp; 1139286 |
| **Food Service — 0.1%** | **Food Service — 0.1%** | **Food Service — 0.1%** |
| Compass Group PLC | 6850 | &nbsp;&nbsp; 190319 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Sylvamo Corp. | 171 | &nbsp;&nbsp; 7223 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| National Fuel Gas Co. | 1420 | &nbsp;&nbsp; 133423 |
| New Jersey Resources Corp. | 793 | &nbsp;&nbsp; 43552 |
| Northwest Natural Holding Co. | 162 | &nbsp;&nbsp; 8622 |
| Spire, Inc. | 101 | &nbsp;&nbsp; 9144 |
|  |  | &nbsp;&nbsp; 194741 |
| **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** |
| Franklin Electric Co., Inc. | 84 | &nbsp;&nbsp; 7742 |
| Kennametal, Inc. | 259 | &nbsp;&nbsp; 9358 |
| Lincoln Electric Holdings, Inc. | 510 | &nbsp;&nbsp; 127031 |
| NIDEC Corp.† | 11000 | &nbsp;&nbsp; 138439 |
| Schindler Holding AG (Participation Certificate) | 527 | &nbsp;&nbsp; 173552 |
|  |  | &nbsp;&nbsp; 456122 |
| **Healthcare-Products — 0.7%** | **Healthcare-Products — 0.7%** | **Healthcare-Products — 0.7%** |
| 10X Genomics, Inc., Class A† | 1922 | &nbsp;&nbsp; 40804 |
| Abbott Laboratories | 1068 | &nbsp;&nbsp; 109651 |
| AtriCure, Inc.† | 254 | &nbsp;&nbsp; 7246 |
| Avanos Medical, Inc.† | 578 | &nbsp;&nbsp; 8098 |
| Axogen, Inc.† | 792 | &nbsp;&nbsp; 26239 |
| Boston Scientific Corp.† | 1641 | &nbsp;&nbsp; 102973 |
| Castle Biosciences, Inc.† | 1008 | &nbsp;&nbsp; 24746 |
| Edwards Lifesciences Corp.† | 1335 | &nbsp;&nbsp; 106907 |
| Glaukos Corp.† | 248 | &nbsp;&nbsp; 26700 |
| Guardant Health, Inc.† | 648 | &nbsp;&nbsp; 59856 |
| Haemonetics Corp.† | 115 | &nbsp;&nbsp; 6481 |
| Hologic, Inc. | 1604 | &nbsp;&nbsp; 121246 |
| IDEXX Laboratories, Inc.† | 193 | &nbsp;&nbsp; 108445 |
| Insulet Corp.† | 494 | &nbsp;&nbsp; 103661 |
| Lantheus Holdings, Inc.† | 614 | &nbsp;&nbsp; 46572 |
| LivaNova PLC† | 478 | &nbsp;&nbsp; 30382 |
| Medtronic PLC | 1289 | &nbsp;&nbsp; 111692 |
| Natera, Inc.† | 637 | &nbsp;&nbsp; 127394 |
| Novocure, Ltd.† | 3007 | &nbsp;&nbsp; 32776 |
| Olympus Corp. | 9900 | &nbsp;&nbsp; 94252 |
| Stryker Corp. | 329 | &nbsp;&nbsp; 108106 |
| Varex Imaging Corp.† | 659 | &nbsp;&nbsp; 6992 |
|  |  | &nbsp;&nbsp; 1411219 |
| **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** |
| Apollo Hospitals Enterprise, Ltd. | 1292 | &nbsp;&nbsp; 104225 |
| BioMerieux | 334 | &nbsp;&nbsp; 35568 |
| Cigna Group | 428 | &nbsp;&nbsp; 114169 |
| Fresenius SE & Co. KGaA | 453 | &nbsp;&nbsp; 23205 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| GeneDx Holdings Corp.† | 84 | &nbsp;&nbsp; $5395 |
| HCA Healthcare, Inc. | 221 | &nbsp;&nbsp; 104586 |
| HealthEquity, Inc.† | 94 | &nbsp;&nbsp; 7856 |
| Medpace Holdings, Inc.† | 248 | &nbsp;&nbsp; 119087 |
| Select Medical Holdings Corp. | 487 | &nbsp;&nbsp; 7933 |
| Teladoc Health, Inc.† | 6614 | &nbsp;&nbsp; 36046 |
| Tenet Healthcare Corp.† | 495 | &nbsp;&nbsp; 93412 |
| UnitedHealth Group, Inc. | 409 | &nbsp;&nbsp; 110671 |
| Universal Health Services, Inc., Class B | 580 | &nbsp;&nbsp; 103803 |
| WuXi AppTec Co., Ltd.\* | 7376 | &nbsp;&nbsp; 111542 |
|  |  | &nbsp;&nbsp; 977498 |
| **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** | **Holding Companies-Diversified — 0.1%** |
| Jardine Matheson Holdings, Ltd. | 1800 | &nbsp;&nbsp; 129215 |
| **Home Builders — 0.2%** | **Home Builders — 0.2%** | **Home Builders — 0.2%** |
| Hovnanian Enterprises, Inc., Class A† | 79 | &nbsp;&nbsp; 8762 |
| KB Home | 133 | &nbsp;&nbsp; 6883 |
| M/I Homes, Inc.† | 260 | &nbsp;&nbsp; 31837 |
| Sekisui Chemical Co., Ltd. | 3900 | &nbsp;&nbsp; 65021 |
| Taylor Morrison Home Corp.† | 703 | &nbsp;&nbsp; 40943 |
| Toll Brothers, Inc. | 792 | &nbsp;&nbsp; 108084 |
| Tri Pointe Homes, Inc.† | 1005 | &nbsp;&nbsp; 46963 |
|  |  | &nbsp;&nbsp; 308493 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| Daktronics, Inc.† | 181 | &nbsp;&nbsp; 3539 |
| Sonos, Inc.† | 2910 | &nbsp;&nbsp; 38994 |
| Sony Group Corp. | 3500 | &nbsp;&nbsp; 72192 |
|  |  | &nbsp;&nbsp; 114725 |
| **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** |
| Avery Dennison Corp. | 666 | &nbsp;&nbsp; 115005 |
| Reckitt Benckiser Group PLC | 3553 | &nbsp;&nbsp; 241116 |
| Unilever Indonesia Tbk PT | 180300 | &nbsp;&nbsp; 19397 |
|  |  | &nbsp;&nbsp; 375518 |
| **Insurance — 2.9%** | **Insurance — 2.9%** | **Insurance — 2.9%** |
| Aditya Birla Capital, Ltd.† | 33547 | &nbsp;&nbsp; 108781 |
| Aflac, Inc. | 1061 | &nbsp;&nbsp; 116402 |
| Allianz SE | 945 | &nbsp;&nbsp; 391597 |
| Allstate Corp. | 552 | &nbsp;&nbsp; 114452 |
| American International Group, Inc. | 1598 | &nbsp;&nbsp; 120249 |
| AXA SA | 747 | &nbsp;&nbsp; 34247 |
| Axis Capital Holdings, Ltd. | 3087 | &nbsp;&nbsp; 313053 |
| Berkshire Hathaway, Inc., Class B† | 563 | &nbsp;&nbsp; 269790 |
| Brighthouse Financial, Inc.† | 2018 | &nbsp;&nbsp; 120838 |
| China Pacific Insurance Group Co., Ltd. | 31400 | &nbsp;&nbsp; 129026 |
| Chubb, Ltd. | 378 | &nbsp;&nbsp; 123202 |
| CNO Financial Group, Inc. | 1037 | &nbsp;&nbsp; 42579 |
| Corebridge Financial, Inc. | 4617 | &nbsp;&nbsp; 110162 |
| Dai-ichi Life Holdings, Inc. | 2700 | &nbsp;&nbsp; 24673 |
| Equitable Holdings, Inc. | 13079 | &nbsp;&nbsp; 485362 |
| Essent Group, Ltd. | 134 | &nbsp;&nbsp; 7831 |
| Everest Group, Ltd. | 352 | &nbsp;&nbsp; 115051 |
| Fidelis Insurance Holdings, Ltd. | 460 | &nbsp;&nbsp; 8791 |
| Genworth Financial, Inc.,† | 4921 | &nbsp;&nbsp; 39958 |
| Globe Life, Inc. | 2077 | &nbsp;&nbsp; 289056 |
| Hamilton Insurance Group, Ltd., Class B | 1383 | &nbsp;&nbsp; 41255 |
| Hanover Insurance Group, Inc. | 664 | &nbsp;&nbsp; 115104 |
| Heritage Insurance Holdings, Inc.† | 1187 | &nbsp;&nbsp; 31159 |
| Horace Mann Educators Corp. | 176 | &nbsp;&nbsp; 7512 |
| Jackson Financial, Inc., Class A | 519 | &nbsp;&nbsp; 54869 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| MetLife, Inc. | 6840 | &nbsp;&nbsp; $483725 |
| MGIC Investment Corp. | 4394 | &nbsp;&nbsp; 115342 |
| Muenchener Rueckversicherungs-Gesellschaft AG | 332 | &nbsp;&nbsp; 206813 |
| NMI Holdings, Inc.† | 637 | &nbsp;&nbsp; 23894 |
| NN Group NV | 4111 | &nbsp;&nbsp; 321568 |
| Powszechny Zaklad Ubezpieczen SA | 5754 | &nbsp;&nbsp; 100946 |
| Primerica, Inc. | 453 | &nbsp;&nbsp; 113467 |
| Progressive Corp. | 568 | &nbsp;&nbsp; 112600 |
| Prudential Financial, Inc. | 1206 | &nbsp;&nbsp; 117814 |
| QBE Insurance Group, Ltd. | 13871 | &nbsp;&nbsp; 203807 |
| Reinsurance Group of America, Inc. | 592 | &nbsp;&nbsp; 120863 |
| RenaissanceRe Holdings, Ltd. | 440 | &nbsp;&nbsp; 130781 |
| SiriusPoint, Ltd.† | 929 | &nbsp;&nbsp; 20011 |
| Talanx AG | 1072 | &nbsp;&nbsp; 130461 |
| Travelers Cos., Inc. | 431 | &nbsp;&nbsp; 125714 |
| Unipol Assicurazioni SpA | 2583 | &nbsp;&nbsp; 60466 |
| Universal Insurance Holdings, Inc. | 422 | &nbsp;&nbsp; 14415 |
| Unum Group | 1586 | &nbsp;&nbsp; 115826 |
|  |  | &nbsp;&nbsp; 5733512 |
| **Internet — 10.2%** | **Internet — 10.2%** | **Internet — 10.2%** |
| Airbnb, Inc., Class A† | 11333 | &nbsp;&nbsp; 1431131 |
| Alibaba Group Holding, Ltd. | 21700 | &nbsp;&nbsp; 341613 |
| Alphabet, Inc., Class A | 19854 | &nbsp;&nbsp; 5709216 |
| Amazon.com, Inc.† | 22334 | &nbsp;&nbsp; 4651502 |
| Booking Holdings, Inc. | 64 | &nbsp;&nbsp; 269460 |
| Cargurus, Inc.† | 1033 | &nbsp;&nbsp; 35174 |
| Chewy, Inc., Class A† | 4603 | &nbsp;&nbsp; 124281 |
| DoorDash, Inc., Class A† | 654 | &nbsp;&nbsp; 98198 |
| eBay, Inc. | 1278 | &nbsp;&nbsp; 116324 |
| Etsy, Inc.† | 2152 | &nbsp;&nbsp; 107557 |
| EverQuote, Inc., Class A† | 1152 | &nbsp;&nbsp; 17764 |
| fuboTV, Inc., Class A† | 658 | &nbsp;&nbsp; 6225 |
| GoDaddy, Inc., Class A† | 1246 | &nbsp;&nbsp; 103007 |
| Grindr, Inc.† | 622 | &nbsp;&nbsp; 7520 |
| HealthStream, Inc. | 351 | &nbsp;&nbsp; 7269 |
| Hims & Hers Health, Inc.† | 315 | &nbsp;&nbsp; 6539 |
| LY Corp. | 51700 | &nbsp;&nbsp; 125303 |
| Lyft, Inc., Class A† | 8834 | &nbsp;&nbsp; 117492 |
| Magnite, Inc.† | 399 | &nbsp;&nbsp; 4740 |
| Maplebear, Inc.† | 4805 | &nbsp;&nbsp; 179995 |
| Meta Platforms, Inc., Class A | 5972 | &nbsp;&nbsp; 3416760 |
| Netflix, Inc.† | 18471 | &nbsp;&nbsp; 1775987 |
| Nextdoor Holdings, Inc.† | 4741 | &nbsp;&nbsp; 6637 |
| Prosus NV | 6233 | &nbsp;&nbsp; 284929 |
| Q2 Holdings, Inc.† | 186 | &nbsp;&nbsp; 8798 |
| Spotify Technology SA† | 968 | &nbsp;&nbsp; 469393 |
| Tencent Holdings, Ltd. | 8506 | &nbsp;&nbsp; 537000 |
| Uber Technologies, Inc.† | 1558 | &nbsp;&nbsp; 112067 |
| Upwork, Inc.† | 3286 | &nbsp;&nbsp; 36015 |
| VeriSign, Inc. | 481 | &nbsp;&nbsp; 119461 |
|  |  | &nbsp;&nbsp; 20227357 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| Investor AB, Class B | 9917 | &nbsp;&nbsp; 375405 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| ArcelorMittal SA | 1491 | &nbsp;&nbsp; 77683 |
| Commercial Metals Co. | 140 | &nbsp;&nbsp; 8600 |
| Fortescue, Ltd. | 20367 | &nbsp;&nbsp; 287705 |
|  |  | &nbsp;&nbsp; 373988 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Life Time Group Holdings, Inc.† | 262 | &nbsp;&nbsp; 7058 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| Polaris, Inc. | 671 | &nbsp;&nbsp; $36570 |
| Viking Holdings, Ltd.† | 1698 | &nbsp;&nbsp; 124769 |
|  |  | &nbsp;&nbsp; 168397 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Galaxy Entertainment Group, Ltd. | 5000 | &nbsp;&nbsp; 22541 |
| Indian Hotels Co., Ltd. | 9438 | &nbsp;&nbsp; 57250 |
| InterContinental Hotels Group PLC | 600 | &nbsp;&nbsp; 79021 |
| Las Vegas Sands Corp. | 3560 | &nbsp;&nbsp; 191813 |
|  |  | &nbsp;&nbsp; 350625 |
| **Machinery-Construction & Mining — 2.1%** | **Machinery-Construction & Mining — 2.1%** | **Machinery-Construction & Mining — 2.1%** |
| Bloom Energy Corp., Class A† | 789 | &nbsp;&nbsp; 106902 |
| Caterpillar, Inc. | 2492 | &nbsp;&nbsp; 1765482 |
| GE Vernova, Inc. | 1454 | &nbsp;&nbsp; 1269196 |
| Hyster-Yale, Inc. | 227 | &nbsp;&nbsp; 7380 |
| Komatsu, Ltd. | 2400 | &nbsp;&nbsp; 94212 |
| Terex Corp. | 129 | &nbsp;&nbsp; 7624 |
| Vertiv Holdings Co., Class A | 3485 | &nbsp;&nbsp; 873271 |
|  |  | &nbsp;&nbsp; 4124067 |
| **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** | **Machinery-Diversified — 0.3%** |
| Alamo Group, Inc. | 47 | &nbsp;&nbsp; 7753 |
| Albany International Corp., Class A | 165 | &nbsp;&nbsp; 8615 |
| Chart Industries, Inc.† | 53 | &nbsp;&nbsp; 10958 |
| Deere & Co. | 199 | &nbsp;&nbsp; 112097 |
| FANUC Corp. | 400 | &nbsp;&nbsp; 13932 |
| GEA Group AG | 1903 | &nbsp;&nbsp; 134486 |
| Graco, Inc. | 1388 | &nbsp;&nbsp; 117494 |
| Mueller Water Products, Inc., Class A | 339 | &nbsp;&nbsp; 9319 |
| Power Solutions International, Inc.† | 294 | &nbsp;&nbsp; 17899 |
| Rockwell Automation, Inc. | 324 | &nbsp;&nbsp; 116277 |
| Tennant Co. | 117 | &nbsp;&nbsp; 7769 |
| Watts Water Technologies, Inc., Class A | 191 | &nbsp;&nbsp; 55445 |
|  |  | &nbsp;&nbsp; 612044 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Comcast Corp., Class A | 3668 | &nbsp;&nbsp; 105308 |
| Informa PLC | 4791 | &nbsp;&nbsp; 47762 |
| New York Times Co., Class A | 1456 | &nbsp;&nbsp; 121911 |
| Walt Disney Co. | 1153 | &nbsp;&nbsp; 111126 |
|  |  | &nbsp;&nbsp; 386107 |
| **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** |
| Janus International Group, Inc.† | 1326 | &nbsp;&nbsp; 6829 |
| Proto Labs, Inc.† | 239 | &nbsp;&nbsp; 13628 |
| Worthington Enterprises, Inc. | 159 | &nbsp;&nbsp; 8290 |
|  |  | &nbsp;&nbsp; 28747 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| Anglogold Ashanti PLC | 1431 | &nbsp;&nbsp; 143581 |
| BHP Group, Ltd. (ASX) | 13159 | &nbsp;&nbsp; 480807 |
| BHP Group, Ltd. (LSE) | 920 | &nbsp;&nbsp; 33062 |
| Boliden AB† | 1233 | &nbsp;&nbsp; 65449 |
| Century Aluminum Co.† | 138 | &nbsp;&nbsp; 8099 |
| China Hongqiao Group, Ltd. | 20500 | &nbsp;&nbsp; 93393 |
| Coeur Mining, Inc.† | 1552 | &nbsp;&nbsp; 29131 |
| Constellium SE† | 1800 | &nbsp;&nbsp; 44244 |
| Freeport-McMoRan, Inc. | 2733 | &nbsp;&nbsp; 160646 |
| Glencore PLC | 25152 | &nbsp;&nbsp; 191658 |
| Hecla Mining Co. | 3259 | &nbsp;&nbsp; 60715 |
| Norsk Hydro ASA | 6880 | &nbsp;&nbsp; 72951 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| Rio Tinto PLC | 3292 | &nbsp;&nbsp; $305997 |
| Zijin Mining Group Co., Ltd. | 20000 | &nbsp;&nbsp; 90867 |
|  |  | &nbsp;&nbsp; 1780600 |
| **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** |
| 3M Co. | 763 | &nbsp;&nbsp; 110810 |
| Avient Corp. | 312 | &nbsp;&nbsp; 11326 |
| Fabrinet† | 22 | &nbsp;&nbsp; 11473 |
| Federal Signal Corp. | 73 | &nbsp;&nbsp; 7894 |
| Illinois Tool Works, Inc. | 211 | &nbsp;&nbsp; 54921 |
| Parker-Hannifin Corp. | 115 | &nbsp;&nbsp; 102953 |
| Smiths Group PLC | 2720 | &nbsp;&nbsp; 82846 |
|  |  | &nbsp;&nbsp; 382223 |
| **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
| Banco Latinoamericano de Comercio Exterior SA, Class E | 286 | &nbsp;&nbsp; 14609 |
| **Office Furnishings — 0.0%** | **Office Furnishings — 0.0%** | **Office Furnishings — 0.0%** |
| HNI Corp. | 178 | &nbsp;&nbsp; 5943 |
| **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** | **Oil & Gas — 1.7%** |
| California Resources Corp. | 165 | &nbsp;&nbsp; 11421 |
| Chevron Corp. | 751 | &nbsp;&nbsp; 155382 |
| ConocoPhillips | 1001 | &nbsp;&nbsp; 132132 |
| Coterra Energy, Inc. | 3772 | &nbsp;&nbsp; 132548 |
| Delek US Holdings, Inc.(1) | 186 | &nbsp;&nbsp; 8383 |
| Devon Energy Corp. | 2631 | &nbsp;&nbsp; 132392 |
| ENEOS Holdings, Inc. | 23600 | &nbsp;&nbsp; 210603 |
| Eni SpA | 3111 | &nbsp;&nbsp; 88341 |
| Equinor ASA | 8236 | &nbsp;&nbsp; 348598 |
| Exxon Mobil Corp. | 890 | &nbsp;&nbsp; 150997 |
| Gulfport Energy Corp.† | 45 | &nbsp;&nbsp; 9521 |
| HF Sinclair Corp. | 2347 | &nbsp;&nbsp; 146429 |
| Inpex Corp. | 12400 | &nbsp;&nbsp; 363839 |
| Marathon Petroleum Corp. | 634 | &nbsp;&nbsp; 154810 |
| Murphy Oil Corp. | 671 | &nbsp;&nbsp; 27679 |
| Par Pacific Holdings, Inc.† | 154 | &nbsp;&nbsp; 9647 |
| Patterson-UTI Energy, Inc. | 1224 | &nbsp;&nbsp; 13256 |
| PetroChina Co., Ltd. | 154000 | &nbsp;&nbsp; 209208 |
| Repsol SA | 3919 | &nbsp;&nbsp; 110109 |
| Shell PLC | 763 | &nbsp;&nbsp; 35630 |
| TotalEnergies SE | 6340 | &nbsp;&nbsp; 585393 |
| Transocean, Ltd.† | 8284 | &nbsp;&nbsp; 54923 |
| Valero Energy Corp. | 730 | &nbsp;&nbsp; 180368 |
| Weatherford International PLC | 1290 | &nbsp;&nbsp; 122008 |
|  |  | &nbsp;&nbsp; 3393617 |
| **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** |
| Baker Hughes Co. | 1957 | &nbsp;&nbsp; 119475 |
| Forum Energy Technologies, Inc.† | 578 | &nbsp;&nbsp; 33905 |
| Halliburton Co. | 3438 | &nbsp;&nbsp; 134048 |
| Kodiak Gas Services, Inc. | 200 | &nbsp;&nbsp; 11664 |
| Liberty Energy, Inc. | 452 | &nbsp;&nbsp; 13018 |
| National Energy Services Reunited Corp.† | 948 | &nbsp;&nbsp; 20353 |
| Oceaneering International, Inc.† | 1270 | &nbsp;&nbsp; 45047 |
| Oil States International, Inc.† | 2903 | &nbsp;&nbsp; 33791 |
| ProPetro Holding Corp.† | 606 | &nbsp;&nbsp; 8732 |
| SLB, Ltd. | 1248 | &nbsp;&nbsp; 64135 |
| TechnipFMC PLC | 15429 | &nbsp;&nbsp; 1066607 |
|  |  | &nbsp;&nbsp; 1550775 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Ball Corp. | 1872 | &nbsp;&nbsp; 110654 |
| Crown Holdings, Inc. | 1108 | &nbsp;&nbsp; 111077 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Packaging & Containers (continued)** | **Packaging & Containers (continued)** | **Packaging & Containers (continued)** |
| Greif, Inc., Class A | 119 | &nbsp;&nbsp; $7981 |
| O-I Glass, Inc.† | 574 | &nbsp;&nbsp; 6033 |
|  |  | &nbsp;&nbsp; 235745 |
| **Pharmaceuticals — 4.4%** | **Pharmaceuticals — 4.4%** | **Pharmaceuticals — 4.4%** |
| AbbVie, Inc. | 510 | &nbsp;&nbsp; 110920 |
| Alkermes PLC† | 1453 | &nbsp;&nbsp; 51378 |
| Arvinas, Inc.† | 2835 | &nbsp;&nbsp; 30051 |
| AstraZeneca PLC (LSE) | 665 | &nbsp;&nbsp; 129887 |
| Atrium Therapeutics, Inc.† | 10 | &nbsp;&nbsp; 134 |
| Bristol-Myers Squibb Co. | 11337 | &nbsp;&nbsp; 687589 |
| Cardinal Health, Inc. | 561 | &nbsp;&nbsp; 118545 |
| Cencora, Inc. | 370 | &nbsp;&nbsp; 116232 |
| Chugai Pharmaceutical Co., Ltd. | 2700 | &nbsp;&nbsp; 149387 |
| Corcept Therapeutics, Inc.† | 3281 | &nbsp;&nbsp; 132257 |
| Corvus Pharmaceuticals, Inc.† | 441 | &nbsp;&nbsp; 6452 |
| CVS Health Corp. | 1502 | &nbsp;&nbsp; 107874 |
| Daiichi Sankyo Co., Ltd. | 11100 | &nbsp;&nbsp; 195698 |
| Dexcom, Inc.† | 1982 | &nbsp;&nbsp; 124470 |
| Eli Lilly & Co. | 2127 | &nbsp;&nbsp; 1956351 |
| Enanta Pharmaceuticals, Inc.† | 625 | &nbsp;&nbsp; 7894 |
| Galderma Group AG | 959 | &nbsp;&nbsp; 185912 |
| GSK PLC | 11906 | &nbsp;&nbsp; 326520 |
| Ipsen SA | 849 | &nbsp;&nbsp; 159214 |
| Ironwood Pharmaceuticals, Inc.† | 5435 | &nbsp;&nbsp; 19077 |
| Johnson & Johnson | 487 | &nbsp;&nbsp; 119042 |
| McKesson Corp. | 128 | &nbsp;&nbsp; 110766 |
| Merck & Co., Inc. | 16680 | &nbsp;&nbsp; 2006437 |
| Neurocrine Biosciences, Inc.† | 1669 | &nbsp;&nbsp; 219874 |
| Novartis AG | 4316 | &nbsp;&nbsp; 655296 |
| Novo Nordisk A/S, Class B | 4830 | &nbsp;&nbsp; 177981 |
| Otsuka Holdings Co., Ltd. | 2300 | &nbsp;&nbsp; 162349 |
| Pfizer, Inc. | 4328 | &nbsp;&nbsp; 121530 |
| Protagonist Therapeutics, Inc.† | 527 | &nbsp;&nbsp; 55546 |
| Rhythm Pharmaceuticals, Inc.† | 452 | &nbsp;&nbsp; 39310 |
| Roche Holding AG | 368 | &nbsp;&nbsp; 145311 |
| Sanofi SA | 2350 | &nbsp;&nbsp; 226671 |
| Supernus Pharmaceuticals, Inc.† | 728 | &nbsp;&nbsp; 37630 |
|  |  | &nbsp;&nbsp; 8693585 |
| **Pipelines — 0.9%** | **Pipelines — 0.9%** | **Pipelines — 0.9%** |
| Antero Midstream Corp. | 5097 | &nbsp;&nbsp; 116212 |
| Cheniere Energy, Inc. | 4896 | &nbsp;&nbsp; 1389289 |
| Kinder Morgan, Inc. | 3835 | &nbsp;&nbsp; 128587 |
| Williams Cos., Inc. | 1941 | &nbsp;&nbsp; 141266 |
|  |  | &nbsp;&nbsp; 1775354 |
| **Private Equity — 0.1%** | **Private Equity — 0.1%** | **Private Equity — 0.1%** |
| 3i Group PLC | 5397 | &nbsp;&nbsp; 176844 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| CBRE Group, Inc., Class A† | 856 | &nbsp;&nbsp; 115954 |
| Cushman & Wakefield, Ltd.† | 6371 | &nbsp;&nbsp; 78108 |
| Emaar Properties PJSC | 23177 | &nbsp;&nbsp; 74834 |
| Jones Lang LaSalle, Inc.† | 391 | &nbsp;&nbsp; 118989 |
| Kennedy-Wilson Holdings, Inc. | 764 | &nbsp;&nbsp; 8267 |
| McGrath RentCorp | 87 | &nbsp;&nbsp; 9594 |
|  |  | &nbsp;&nbsp; 405746 |
| **REITS — 1.6%** | **REITS — 1.6%** | **REITS — 1.6%** |
| Alexander's, Inc. | 33 | &nbsp;&nbsp; 7795 |
| American Assets Trust, Inc. | 421 | &nbsp;&nbsp; 7751 |
| American Healthcare REIT, Inc. | 167 | &nbsp;&nbsp; 7876 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| American Tower Corp. | 1924 | &nbsp;&nbsp; $332044 |
| Apple Hospitality REIT, Inc. | 605 | &nbsp;&nbsp; 6964 |
| Brixmor Property Group, Inc. | 3894 | &nbsp;&nbsp; 112147 |
| Broadstone Net Lease, Inc. | 444 | &nbsp;&nbsp; 8112 |
| CareTrust REIT, Inc. | 1474 | &nbsp;&nbsp; 54022 |
| CBL & Associates Properties, Inc. | 290 | &nbsp;&nbsp; 11145 |
| Chimera Investment Corp. | 622 | &nbsp;&nbsp; 7806 |
| COPT Defense Properties | 252 | &nbsp;&nbsp; 7711 |
| DiamondRock Hospitality Co. | 872 | &nbsp;&nbsp; 8171 |
| Empire State Realty Trust, Inc., Class A | 1378 | &nbsp;&nbsp; 7166 |
| EPR Properties | 2094 | &nbsp;&nbsp; 104616 |
| Farmland Partners, Inc. | 691 | &nbsp;&nbsp; 7760 |
| Invitation Homes, Inc. | 24183 | &nbsp;&nbsp; 600947 |
| Kite Realty Group Trust | 365 | &nbsp;&nbsp; 8961 |
| Ladder Capital Corp. | 712 | &nbsp;&nbsp; 6956 |
| LTC Properties, Inc. | 208 | &nbsp;&nbsp; 7729 |
| LXP Industrial Trust | 155 | &nbsp;&nbsp; 7170 |
| MFA Financial, Inc. | 791 | &nbsp;&nbsp; 7578 |
| Mid-America Apartment Communities, Inc. | 865 | &nbsp;&nbsp; 105634 |
| National Health Investors, Inc. | 105 | &nbsp;&nbsp; 8490 |
| Omega Healthcare Investors, Inc. | 2571 | &nbsp;&nbsp; 112661 |
| Outfront Media, Inc. | 1690 | &nbsp;&nbsp; 44785 |
| Prologis, Inc. | 435 | &nbsp;&nbsp; 57498 |
| Public Storage | 381 | &nbsp;&nbsp; 103205 |
| Rithm Capital Corp. | 12129 | &nbsp;&nbsp; 114983 |
| Ryman Hospitality Properties, Inc. | 356 | &nbsp;&nbsp; 32848 |
| Sabra Health Care REIT, Inc. | 356 | &nbsp;&nbsp; 6846 |
| Simon Property Group, Inc. | 4344 | &nbsp;&nbsp; 810286 |
| SITE Centers Corp. | 2864 | &nbsp;&nbsp; 15466 |
| Sun Communities, Inc. | 857 | &nbsp;&nbsp; 107948 |
| Tanger, Inc. | 237 | &nbsp;&nbsp; 8053 |
| Urban Edge Properties | 397 | &nbsp;&nbsp; 7932 |
| VICI Properties, Inc. | 12128 | &nbsp;&nbsp; 331337 |
| Xenia Hotels & Resorts, Inc. | 518 | &nbsp;&nbsp; 7682 |
|  |  | &nbsp;&nbsp; 3206081 |
| **Retail — 1.4%** | **Retail — 1.4%** | **Retail — 1.4%** |
| Abercrombie & Fitch Co., Class A† | 523 | &nbsp;&nbsp; 47786 |
| American Eagle Outfitters, Inc. | 660 | &nbsp;&nbsp; 11022 |
| Associated British Foods PLC | 5940 | &nbsp;&nbsp; 148667 |
| AutoZone, Inc.† | 36 | &nbsp;&nbsp; 121600 |
| Avolta AG | 684 | &nbsp;&nbsp; 41030 |
| Brinker International, Inc.† | 349 | &nbsp;&nbsp; 49827 |
| Buckle, Inc. | 152 | &nbsp;&nbsp; 7655 |
| CK Hutchison Holdings, Ltd. | 7000 | &nbsp;&nbsp; 53798 |
| Costco Wholesale Corp. | 211 | &nbsp;&nbsp; 210247 |
| Dollar General Corp. | 1185 | &nbsp;&nbsp; 140695 |
| Dollar Tree, Inc.† | 1170 | &nbsp;&nbsp; 128127 |
| Fast Retailing Co., Ltd. | 300 | &nbsp;&nbsp; 119404 |
| Home Depot, Inc. | 319 | &nbsp;&nbsp; 104916 |
| Next PLC | 376 | &nbsp;&nbsp; 63408 |
| O'Reilly Automotive, Inc.† | 1233 | &nbsp;&nbsp; 113818 |
| Pandora A/S | 1228 | &nbsp;&nbsp; 86249 |
| Raia Drogasil SA | 14400 | &nbsp;&nbsp; 65413 |
| Ross Stores, Inc. | 759 | &nbsp;&nbsp; 164422 |
| Sally Beauty Holdings, Inc.† | 713 | &nbsp;&nbsp; 9875 |
| Target Corp. | 969 | &nbsp;&nbsp; 117443 |
| TJX Cos., Inc. | 1706 | &nbsp;&nbsp; 272448 |
| Tokyo Gas Co., Ltd. | 2300 | &nbsp;&nbsp; 108599 |
| Ulta Beauty, Inc.† | 182 | &nbsp;&nbsp; 95133 |
| Urban Outfitters, Inc.† | 179 | &nbsp;&nbsp; 11340 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Victoria's Secret & Co.† | 806 | &nbsp;&nbsp; $37366 |
| Walmart, Inc. | 3280 | &nbsp;&nbsp; 407638 |
|  |  | &nbsp;&nbsp; 2737926 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| Axos Financial, Inc.† | 509 | &nbsp;&nbsp; 43311 |
| Flushing Financial Corp. | 819 | &nbsp;&nbsp; 12580 |
| Northwest Bancshares, Inc. | 599 | &nbsp;&nbsp; 7601 |
| Southern Missouri Bancorp, Inc. | 129 | &nbsp;&nbsp; 8248 |
| WaFd, Inc. | 229 | &nbsp;&nbsp; 7191 |
| WSFS Financial Corp. | 138 | &nbsp;&nbsp; 9033 |
|  |  | &nbsp;&nbsp; 87964 |
| **Semiconductors — 9.7%** | **Semiconductors — 9.7%** | **Semiconductors — 9.7%** |
| Advanced Micro Devices, Inc.† | 608 | &nbsp;&nbsp; 123685 |
| Advantest Corp. | 600 | &nbsp;&nbsp; 81177 |
| Ambarella, Inc.† | 781 | &nbsp;&nbsp; 40202 |
| Applied Materials, Inc. | 502 | &nbsp;&nbsp; 171579 |
| Arteris, Inc.† | 1590 | &nbsp;&nbsp; 26140 |
| ASML Holding NV | 742 | &nbsp;&nbsp; 982139 |
| Broadcom, Inc. | 6322 | &nbsp;&nbsp; 1956722 |
| CEVA, Inc.† | 178 | &nbsp;&nbsp; 3325 |
| Cirrus Logic, Inc.† | 932 | &nbsp;&nbsp; 134786 |
| FormFactor, Inc.† | 89 | &nbsp;&nbsp; 8632 |
| Impinj, Inc.† | 243 | &nbsp;&nbsp; 24956 |
| King Yuan Electronics Co., Ltd. | 16000 | &nbsp;&nbsp; 138240 |
| Kioxia Holdings Corp.† | 2500 | &nbsp;&nbsp; 317815 |
| KLA Corp. | 88 | &nbsp;&nbsp; 129572 |
| Kulicke & Soffa Industries, Inc. | 113 | &nbsp;&nbsp; 7426 |
| Lam Research Corp. | 8848 | &nbsp;&nbsp; 1890464 |
| MaxLinear, Inc.† | 530 | &nbsp;&nbsp; 9217 |
| Micron Technology, Inc. | 381 | &nbsp;&nbsp; 128717 |
| Navitas Semiconductor Corp.† | 852 | &nbsp;&nbsp; 7472 |
| NVIDIA Corp. | 52526 | &nbsp;&nbsp; 9160534 |
| Ouster, Inc.† | 1323 | &nbsp;&nbsp; 24304 |
| QUALCOMM, Inc. | 10218 | &nbsp;&nbsp; 1315874 |
| Rambus, Inc.† | 587 | &nbsp;&nbsp; 50500 |
| Samsung Electronics Co., Ltd. | 6937 | &nbsp;&nbsp; 779233 |
| Semtech Corp.† | 99 | &nbsp;&nbsp; 7612 |
| Silicon Laboratories, Inc.† | 37 | &nbsp;&nbsp; 7702 |
| SK Hynix, Inc. | 290 | &nbsp;&nbsp; 157729 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 28039 | &nbsp;&nbsp; 1580711 |
|  |  | &nbsp;&nbsp; 19266465 |
| **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** | **Shipbuilding — 0.1%** |
| Samsung Heavy Industries Co., Ltd.† | 4416 | &nbsp;&nbsp; 71643 |
| Yangzijiang Shipbuilding Holdings, Ltd. | 76600 | &nbsp;&nbsp; 227615 |
|  |  | &nbsp;&nbsp; 299258 |
| **Software — 5.3%** | **Software — 5.3%** | **Software — 5.3%** |
| ACI Worldwide, Inc.† | 362 | &nbsp;&nbsp; 14846 |
| Adobe, Inc.† | 5942 | &nbsp;&nbsp; 1444381 |
| Appian Corp., Class A† | 270 | &nbsp;&nbsp; 6510 |
| Atlassian Corp., Class A† | 1400 | &nbsp;&nbsp; 95550 |
| Autodesk, Inc.† | 3025 | &nbsp;&nbsp; 724185 |
| Bandwidth, Inc., Class A† | 629 | &nbsp;&nbsp; 11209 |
| Blend Labs, Inc., Class A† | 8364 | &nbsp;&nbsp; 14219 |
| Broadridge Financial Solutions, Inc. | 594 | &nbsp;&nbsp; 96513 |
| Cadence Design Systems, Inc.† | 378 | &nbsp;&nbsp; 105035 |
| Cerence, Inc.† | 1060 | &nbsp;&nbsp; 6689 |
| Commvault Systems, Inc.† | 286 | &nbsp;&nbsp; 22277 |
| Daily Journal Corp.† | 14 | &nbsp;&nbsp; 6753 |
| DocuSign, Inc.† | 2404 | &nbsp;&nbsp; 113974 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Doximity, Inc., Class A† | 4619 | &nbsp;&nbsp; $107623 |
| Dropbox, Inc., Class A† | 4541 | &nbsp;&nbsp; 103171 |
| Fastly, Inc., Class A† | 325 | &nbsp;&nbsp; 9444 |
| Fiserv, Inc.† | 943 | &nbsp;&nbsp; 52619 |
| GigaCloud Technology, Inc., Class A† | 256 | &nbsp;&nbsp; 11617 |
| IBEX Holdings, Ltd.† | 304 | &nbsp;&nbsp; 8153 |
| Ibotta, Inc., Class A† | 342 | &nbsp;&nbsp; 10250 |
| Intuit, Inc. | 243 | &nbsp;&nbsp; 105068 |
| IonQ, Inc.† | 1201 | &nbsp;&nbsp; 34625 |
| LiveRamp Holdings, Inc.† | 1043 | &nbsp;&nbsp; 27660 |
| Manhattan Associates, Inc.† | 768 | &nbsp;&nbsp; 102236 |
| Microsoft Corp. | 12954 | &nbsp;&nbsp; 4795182 |
| Nexon Co., Ltd. | 2000 | &nbsp;&nbsp; 37696 |
| Nice, Ltd.† | 1660 | &nbsp;&nbsp; 183030 |
| Omada Health, Inc.† | 493 | &nbsp;&nbsp; 6197 |
| Oracle Corp. Japan | 700 | &nbsp;&nbsp; 38339 |
| PagerDuty, Inc.† | 3682 | &nbsp;&nbsp; 22865 |
| Pegasystems, Inc. | 2478 | &nbsp;&nbsp; 105464 |
| Phreesia, Inc.† | 2167 | &nbsp;&nbsp; 18159 |
| PubMatic, Inc., Class A† | 1392 | &nbsp;&nbsp; 11387 |
| RingCentral, Inc., Class A | 2787 | &nbsp;&nbsp; 103649 |
| ROBLOX Corp., Class A† | 1843 | &nbsp;&nbsp; 104240 |
| Salesforce, Inc. | 579 | &nbsp;&nbsp; 108082 |
| SAP SE | 1754 | &nbsp;&nbsp; 296835 |
| SEMrush Holdings, Inc., Class A† | 664 | &nbsp;&nbsp; 7928 |
| ServiceNow, Inc.† | 923 | &nbsp;&nbsp; 96500 |
| Snowflake, Inc.† | 648 | &nbsp;&nbsp; 97731 |
| Teradata Corp.† | 3932 | &nbsp;&nbsp; 100777 |
| Veeva Systems, Inc., Class A† | 5688 | &nbsp;&nbsp; 999154 |
| Waystar Holding Corp.† | 298 | &nbsp;&nbsp; 7185 |
| Weave Communications, Inc.† | 1500 | &nbsp;&nbsp; 6930 |
| Workday, Inc., Class A† | 774 | &nbsp;&nbsp; 100558 |
| Workiva, Inc.† | 119 | &nbsp;&nbsp; 7096 |
| Zoom Communications, Inc.† | 1510 | &nbsp;&nbsp; 121389 |
|  |  | &nbsp;&nbsp; 10610980 |
| **Telecommunications — 2.6%** | **Telecommunications — 2.6%** | **Telecommunications — 2.6%** |
| Arista Networks, Inc.† | 4247 | &nbsp;&nbsp; 521447 |
| AT&T, Inc. | 56398 | &nbsp;&nbsp; 1634978 |
| Bharti Airtel, Ltd. | 8689 | &nbsp;&nbsp; 165833 |
| BK Technologies Corp.† | 106 | &nbsp;&nbsp; 7911 |
| Calix, Inc.† | 458 | &nbsp;&nbsp; 22437 |
| Ciena Corp.† | 1442 | &nbsp;&nbsp; 559828 |
| Cisco Systems, Inc. | 1490 | &nbsp;&nbsp; 115609 |
| Credo Technology Group Holding, Ltd.† | 711 | &nbsp;&nbsp; 66742 |
| Deutsche Telekom AG | 12625 | &nbsp;&nbsp; 465535 |
| Extreme Networks, Inc.† | 2904 | &nbsp;&nbsp; 43792 |
| Far EasTone Telecommunications Co., Ltd. | 28000 | &nbsp;&nbsp; 80994 |
| IDT Corp., Class B | 298 | &nbsp;&nbsp; 14632 |
| InterDigital, Inc. | 170 | &nbsp;&nbsp; 51340 |
| KDDI Corp. | 21100 | &nbsp;&nbsp; 361335 |
| Lumen Technologies, Inc.† | 1104 | &nbsp;&nbsp; 7673 |
| MTN Group, Ltd. | 5089 | &nbsp;&nbsp; 59050 |
| NETGEAR, Inc.† | 1177 | &nbsp;&nbsp; 25706 |
| Telefonaktiebolaget LM Ericsson, Class B | 11203 | &nbsp;&nbsp; 126898 |
| Telstra Group, Ltd. | 51393 | &nbsp;&nbsp; 189283 |
| TIM SA | 26300 | &nbsp;&nbsp; 139424 |
| Ubiquiti, Inc. | 157 | &nbsp;&nbsp; 124076 |
| Verizon Communications, Inc. | 2291 | &nbsp;&nbsp; 115008 |
| Viavi Solutions, Inc.† | 519 | &nbsp;&nbsp; 17272 |
| Vistance Networks, Inc.† | 442 | &nbsp;&nbsp; 8044 |
| Vodafone Group PLC | 169466 | &nbsp;&nbsp; 256955 |
|  |  | &nbsp;&nbsp; 5181802 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** |
| Bandai Namco Holdings, Inc. | 9100 | &nbsp;&nbsp; $224774 |
| Hasbro, Inc. | 1488 | &nbsp;&nbsp; 139277 |
|  |  | &nbsp;&nbsp; 364051 |
| **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** |
| CryoPort, Inc.† | 469 | &nbsp;&nbsp; 3883 |
| CSX Corp. | 2931 | &nbsp;&nbsp; 120317 |
| DHT Holdings, Inc. | 584 | &nbsp;&nbsp; 10670 |
| Dorian LPG, Ltd. | 299 | &nbsp;&nbsp; 10226 |
| Expeditors International of Washington, Inc. | 834 | &nbsp;&nbsp; 119454 |
| FedEx Corp. | 433 | &nbsp;&nbsp; 154226 |
| Hub Group, Inc., Class A | 482 | &nbsp;&nbsp; 17371 |
| JB Hunt Transport Services, Inc. | 708 | &nbsp;&nbsp; 150025 |
| Matson, Inc. | 317 | &nbsp;&nbsp; 51969 |
| Norfolk Southern Corp. | 397 | &nbsp;&nbsp; 113939 |
| Scorpio Tankers, Inc. | 610 | &nbsp;&nbsp; 45543 |
| SITC International Holdings Co., Ltd. | 28000 | &nbsp;&nbsp; 123612 |
| Teekay Corp., Ltd. | 2308 | &nbsp;&nbsp; 28181 |
| Teekay Tankers, Ltd., Class A | 573 | &nbsp;&nbsp; 42012 |
| Union Pacific Corp. | 462 | &nbsp;&nbsp; 112090 |
| United Parcel Service, Inc., Class B | 1199 | &nbsp;&nbsp; 117958 |
| World Kinect Corp. | 316 | &nbsp;&nbsp; 7290 |
|  |  | &nbsp;&nbsp; 1228766 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American States Water Co. | 110 | &nbsp;&nbsp; 8318 |
| California Water Service Group | 170 | &nbsp;&nbsp; 7708 |
| Cia de Saneamento Basico do Estado de Sao Paulo | 5990 | &nbsp;&nbsp; 183004 |
|  |  | &nbsp;&nbsp; 199030 |
| **Total Common Stocks** <br>(cost $120,872,134)<br>|  | &nbsp;&nbsp; 157925018 |
| **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%** |
| Boeing Co. | 260 | &nbsp;&nbsp; 16869 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Oracle Corp.† | 391 | &nbsp;&nbsp; 17599 |
| **Total Convertible Preferred Stocks** <br>(cost $32,413)<br>|  | &nbsp;&nbsp; 34468 |
| **CORPORATE BONDS & NOTES — 7.9%** | **CORPORATE BONDS & NOTES — 7.9%** | **CORPORATE BONDS & NOTES — 7.9%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.50%, 03/15/2033\* | $35000 | &nbsp;&nbsp; 37065 |
| 7.75%, 04/15/2028\* | 10000 | &nbsp;&nbsp; 10047 |
| 7.88%, 04/01/2030\* | 10000 | &nbsp;&nbsp; 10465 |
| Neptune Bidco US, Inc. |  |  |
| 9.29%, 04/15/2029\* | 5000 | &nbsp;&nbsp; 5014 |
| 9.50%, 02/15/2033\* | 45000 | &nbsp;&nbsp; 43661 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| 4.63%, 03/15/2030\* | 10000 | &nbsp;&nbsp; 9648 |
| 7.38%, 02/15/2031\* | 15000 | &nbsp;&nbsp; 15641 |
|  |  | &nbsp;&nbsp; 131541 |
| **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** |
| ATI, Inc. |  |  |
| 4.88%, 10/01/2029 | 5000 | &nbsp;&nbsp; 4933 |
| 5.13%, 10/01/2031 | 5000 | &nbsp;&nbsp; 4940 |
| 5.88%, 12/01/2027 | 30000 | &nbsp;&nbsp; 29994 |
| 7.25%, 08/15/2030 | 25000 | &nbsp;&nbsp; 25924 |
| Boeing Co. |  |  |
| 2.70%, 02/01/2027 | 37000 | &nbsp;&nbsp; 36482 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Aerospace/Defense (continued)** | **Aerospace/Defense (continued)** | **Aerospace/Defense (continued)** |
| 2.95%, 02/01/2030 | $5000 | &nbsp;&nbsp; $4705 |
| 3.25%, 02/01/2035 | 5000 | &nbsp;&nbsp; 4286 |
| 3.38%, 06/15/2046 | 29000 | &nbsp;&nbsp; 19941 |
| 3.50%, 03/01/2039 | 10000 | &nbsp;&nbsp; 8057 |
| 3.60%, 05/01/2034 | 14000 | &nbsp;&nbsp; 12533 |
| 3.90%, 05/01/2049 | 9000 | &nbsp;&nbsp; 6576 |
| 3.95%, 08/01/2059 | 25000 | &nbsp;&nbsp; 17249 |
| 5.88%, 02/15/2040 | 15000 | &nbsp;&nbsp; 15026 |
| 6.13%, 02/15/2033 | 33000 | &nbsp;&nbsp; 35085 |
| 6.26%, 05/01/2027 | 3000 | &nbsp;&nbsp; 3052 |
| 6.30%, 05/01/2029 | 5000 | &nbsp;&nbsp; 5249 |
| 6.88%, 03/15/2039 | 20000 | &nbsp;&nbsp; 21971 |
| Bombardier, Inc. |  |  |
| 6.75%, 06/15/2033\* | 15000 | &nbsp;&nbsp; 15491 |
| 8.75%, 11/15/2030\* | 20000 | &nbsp;&nbsp; 21271 |
| Honeywell Aerospace, Inc. |  |  |
| 4.60%, 03/16/2033\* | 10000 | &nbsp;&nbsp; 9885 |
| 4.95%, 03/16/2036\* | 20000 | &nbsp;&nbsp; 19844 |
| 5.73%, 03/16/2056\* | 15000 | &nbsp;&nbsp; 14827 |
| 5.85%, 03/16/2066\* | 5000 | &nbsp;&nbsp; 4960 |
| Howmet Aerospace, Inc. |  |  |
| 3.00%, 01/15/2029 | 9000 | &nbsp;&nbsp; 8682 |
| 4.75%, 04/15/2036 | 15000 | &nbsp;&nbsp; 14582 |
| 5.95%, 02/01/2037 | 37000 | &nbsp;&nbsp; 39452 |
| Spirit AeroSystems, Inc. |  |  |
| 4.60%, 06/15/2028 | 40000 | &nbsp;&nbsp; 40011 |
| TransDigm, Inc. |  |  |
| 6.00%, 01/15/2033\* | 30000 | &nbsp;&nbsp; 29983 |
| 6.25%, 01/31/2034\* | 5000 | &nbsp;&nbsp; 5055 |
| 6.63%, 03/01/2032\* | 10000 | &nbsp;&nbsp; 10199 |
| 6.75%, 01/31/2034\* | 25000 | &nbsp;&nbsp; 25328 |
| 6.88%, 12/15/2030\* | 20000 | &nbsp;&nbsp; 20493 |
| 7.13%, 12/01/2031\* | 15000 | &nbsp;&nbsp; 15482 |
|  |  | &nbsp;&nbsp; 551548 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| BAT Capital Corp. |  |  |
| 4.39%, 08/15/2037 | 19000 | &nbsp;&nbsp; 17262 |
| 4.63%, 03/22/2033 | 70000 | &nbsp;&nbsp; 68501 |
| Philip Morris International, Inc. |  |  |
| 4.38%, 04/30/2030 | 25000 | &nbsp;&nbsp; 24866 |
| 4.75%, 11/01/2031 | 25000 | &nbsp;&nbsp; 25114 |
| 5.13%, 02/15/2030 | 56000 | &nbsp;&nbsp; 57139 |
|  |  | &nbsp;&nbsp; 192882 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| American Airlines, Inc./AAdvantage Loyalty IP, Ltd. |  |  |
| 5.50%, 04/20/2026\* | 1250 | &nbsp;&nbsp; 1251 |
| 5.75%, 04/20/2029\* | 15000 | &nbsp;&nbsp; 14918 |
| AS Mileage Plan IP, Ltd. |  |  |
| 5.02%, 10/20/2029\* | 45000 | &nbsp;&nbsp; 44545 |
| OneSky Flight LLC |  |  |
| 8.88%, 12/15/2029\* | 30000 | &nbsp;&nbsp; 30966 |
| United Airlines, Inc. |  |  |
| 4.63%, 04/15/2029\* | 25000 | &nbsp;&nbsp; 24528 |
|  |  | &nbsp;&nbsp; 116208 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| Crocs, Inc. |  |  |
| 4.25%, 03/15/2029\* | 15000 | &nbsp;&nbsp; 14397 |
| Tapestry, Inc. |  |  |
| 3.05%, 03/15/2032 | 8000 | &nbsp;&nbsp; 7246 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Apparel (continued)** | **Apparel (continued)** | **Apparel (continued)** |
| 5.10%, 03/11/2030 | $21000 | &nbsp;&nbsp; $21218 |
| 5.50%, 03/11/2035 | 24000 | &nbsp;&nbsp; 24042 |
|  |  | &nbsp;&nbsp; 66903 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| General Motors Financial Co., Inc. |  |  |
| 4.20%, 10/27/2028 | 10000 | &nbsp;&nbsp; 9897 |
| 4.90%, 10/06/2029 | 19000 | &nbsp;&nbsp; 19095 |
| 5.45%, 09/06/2034 | 15000 | &nbsp;&nbsp; 14877 |
| 5.80%, 01/07/2029 | 28000 | &nbsp;&nbsp; 28817 |
| Hyundai Capital America |  |  |
| 4.55%, 09/26/2029\* | 15000 | &nbsp;&nbsp; 14925 |
| 5.35%, 03/19/2029\* | 22000 | &nbsp;&nbsp; 22403 |
| 5.40%, 01/08/2031\* | 11000 | &nbsp;&nbsp; 11219 |
| 5.40%, 06/23/2032\* | 10000 | &nbsp;&nbsp; 10178 |
| 6.38%, 04/08/2030\* | 4000 | &nbsp;&nbsp; 4198 |
| 6.50%, 01/16/2029\* | 35000 | &nbsp;&nbsp; 36540 |
|  |  | &nbsp;&nbsp; 172149 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Adient Global Holdings, Ltd. |  |  |
| 8.25%, 04/15/2031\* | 35000 | &nbsp;&nbsp; 36305 |
| Clarios Global LP/Clarios US Finance Co. |  |  |
| 6.75%, 09/15/2032\* | 15000 | &nbsp;&nbsp; 15120 |
| Dornoch Debt Merger Sub, Inc. |  |  |
| 6.63%, 10/15/2029\* | 25000 | &nbsp;&nbsp; 22221 |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 08/15/2032\* | 15000 | &nbsp;&nbsp; 15018 |
| 6.25%, 08/15/2033\* | 10000 | &nbsp;&nbsp; 10111 |
|  |  | &nbsp;&nbsp; 98775 |
| **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |
| Bank of America Corp. |  |  |
| 2.50%, 02/13/2031 | 42000 | &nbsp;&nbsp; 38821 |
| 3.85%, 03/08/2037 | 121000 | &nbsp;&nbsp; 112082 |
| 5.43%, 08/15/2035 | 51000 | &nbsp;&nbsp; 50881 |
| 5.47%, 01/23/2035 | 16000 | &nbsp;&nbsp; 16333 |
| Bank of Montreal |  |  |
| 3.80%, 12/15/2032 | 13000 | &nbsp;&nbsp; 12792 |
| Citigroup, Inc. |  |  |
| 4.45%, 09/29/2027 | 67000 | &nbsp;&nbsp; 67002 |
| 4.50%, 09/11/2031 | 25000 | &nbsp;&nbsp; 24716 |
| 6.17%, 05/25/2034 | 13000 | &nbsp;&nbsp; 13457 |
| 6.63%, 02/15/2031(2) | 25000 | &nbsp;&nbsp; 25019 |
| 6.88%, 08/15/2030(2) | 60000 | &nbsp;&nbsp; 60423 |
| 7.13%, 08/15/2029(2) | 33000 | &nbsp;&nbsp; 33324 |
| Fifth Third Bancorp |  |  |
| 6.34%, 07/27/2029 | 33000 | &nbsp;&nbsp; 34210 |
| Freedom Mtg. Corp. |  |  |
| 12.25%, 10/01/2030\* | 20000 | &nbsp;&nbsp; 21579 |
| Goldman Sachs Group, Inc. |  |  |
| 3.65%, 08/10/2026(2) | 6000 | &nbsp;&nbsp; 5946 |
| 5.07%, 01/21/2037 | 10000 | &nbsp;&nbsp; 9777 |
| JPMorgan Chase & Co. |  |  |
| 3.65%, 06/01/2026(2) | 11000 | &nbsp;&nbsp; 10950 |
| 5.14%, 01/24/2031 | 50000 | &nbsp;&nbsp; 50915 |
| 5.50%, 01/24/2036 | 20000 | &nbsp;&nbsp; 20471 |
| 5.58%, 07/23/2036 | 15000 | &nbsp;&nbsp; 15191 |
| 5.72%, 09/14/2033 | 47000 | &nbsp;&nbsp; 48662 |
| 6.07%, 10/22/2027 | 92000 | &nbsp;&nbsp; 92877 |
| JPMorgan Chase & Co. FRS |  |  |
| 4.91%, (TSFR3M+1.26%), 05/15/2077 | 31000 | &nbsp;&nbsp; 27260 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Morgan Stanley |  |  |
| 4.49%, 01/16/2032 | $15000 | &nbsp;&nbsp; $14748 |
| 4.71%, 03/12/2032 | 25000 | &nbsp;&nbsp; 24832 |
| 5.07%, 01/30/2037 | 15000 | &nbsp;&nbsp; 14696 |
| 5.12%, 02/01/2029 | 166000 | &nbsp;&nbsp; 167815 |
| 5.23%, 01/15/2031 | 20000 | &nbsp;&nbsp; 20308 |
| 5.30%, 04/20/2037 | 10000 | &nbsp;&nbsp; 9976 |
| 5.90%, 03/13/2047 | 20000 | &nbsp;&nbsp; 19907 |
| 5.94%, 02/07/2039 | 29000 | &nbsp;&nbsp; 29645 |
| 5.95%, 01/19/2038 | 8000 | &nbsp;&nbsp; 8195 |
| PNC Financial Services Group, Inc. |  |  |
| 4.63%, 06/06/2033 | 57000 | &nbsp;&nbsp; 55404 |
| 5.37%, 07/21/2036 | 10000 | &nbsp;&nbsp; 10044 |
| Truist Financial Corp. |  |  |
| 5.71%, 01/24/2035 | 37000 | &nbsp;&nbsp; 38167 |
| US Bancorp |  |  |
| 2.49%, 11/03/2036 | 58000 | &nbsp;&nbsp; 50143 |
| Westpac Banking Corp. |  |  |
| 2.96%, 11/16/2040 | 23000 | &nbsp;&nbsp; 17041 |
| 4.42%, 07/24/2039 | 30000 | &nbsp;&nbsp; 26901 |
|  |  | &nbsp;&nbsp; 1300510 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| Keurig Dr Pepper, Inc. |  |  |
| <br>5.30%, 03/15/2034 | 15000 | &nbsp;&nbsp; 14872 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Amgen, Inc. |  |  |
| 3.20%, 11/02/2027 | 22000 | &nbsp;&nbsp; 21656 |
| 5.25%, 03/02/2030 | 36000 | &nbsp;&nbsp; 36966 |
| 5.65%, 03/02/2053 | 17000 | &nbsp;&nbsp; 16465 |
| Illumina, Inc. |  |  |
| 4.65%, 09/09/2026 | 22000 | &nbsp;&nbsp; 22003 |
| Royalty Pharma PLC |  |  |
| 2.20%, 09/02/2030 | 25000 | &nbsp;&nbsp; 22517 |
| 5.20%, 09/25/2035 | 20000 | &nbsp;&nbsp; 19739 |
| 5.40%, 09/02/2034 | 27000 | &nbsp;&nbsp; 27223 |
|  |  | &nbsp;&nbsp; 166569 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| Carlisle Cos., Inc. |  |  |
| 5.25%, 09/15/2035 | 15000 | &nbsp;&nbsp; 14999 |
| JH North America Holdings, Inc. |  |  |
| 5.88%, 01/31/2031\* | 5000 | &nbsp;&nbsp; 4958 |
| 6.13%, 07/31/2032\* | 15000 | &nbsp;&nbsp; 14940 |
| Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |  |  |
| 6.75%, 04/01/2032\* | 25000 | &nbsp;&nbsp; 23944 |
| Quikrete Holdings, Inc. |  |  |
| 6.38%, 03/01/2032\* | 15000 | &nbsp;&nbsp; 15210 |
| Smyrna Ready Mix Concrete LLC |  |  |
| 8.88%, 11/15/2031\* | 25000 | &nbsp;&nbsp; 25780 |
| Standard Building Solutions, Inc. |  |  |
| 6.25%, 08/01/2033\* | 25000 | &nbsp;&nbsp; 24719 |
| 6.50%, 08/15/2032\* | 25000 | &nbsp;&nbsp; 25013 |
| Standard Industries, Inc. |  |  |
| 3.38%, 01/15/2031\* | 5000 | &nbsp;&nbsp; 4482 |
| 4.38%, 07/15/2030\* | 30000 | &nbsp;&nbsp; 28277 |
|  |  | &nbsp;&nbsp; 182322 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| Celanese US Holdings LLC |  |  |
| 1.40%, 08/05/2026 | 17000 | &nbsp;&nbsp; 16757 |
| CF Industries, Inc. |  |  |
| 4.95%, 06/01/2043 | 35000 | &nbsp;&nbsp; 31226 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| FMC Corp. |  |  |
| 8.45%, 11/01/2055 | $40000 | &nbsp;&nbsp; $25754 |
| Nutrien, Ltd. |  |  |
| 4.00%, 12/15/2026 | 8000 | &nbsp;&nbsp; 7981 |
| Rain Carbon, Inc. |  |  |
| 12.25%, 09/01/2029\* | 45000 | &nbsp;&nbsp; 46298 |
| SCIH Salt Holdings, Inc. |  |  |
| 4.88%, 05/01/2028\* | 30000 | &nbsp;&nbsp; 29658 |
| 6.63%, 05/01/2029\* | 20000 | &nbsp;&nbsp; 19900 |
| Solstice Advanced Materials, Inc. |  |  |
| 5.63%, 09/30/2033\* | 35000 | &nbsp;&nbsp; 34512 |
|  |  | &nbsp;&nbsp; 212086 |
| **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
| Coronado Finance Pty Ltd. |  |  |
| <br>9.25%, 10/01/2029\* | 5000 | &nbsp;&nbsp; 4511 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| EquipmentShare.com, Inc. |  |  |
| 8.63%, 05/15/2032\* | 20000 | &nbsp;&nbsp; 20875 |
| 9.00%, 05/15/2028\* | 20000 | &nbsp;&nbsp; 20659 |
| Herc Holdings, Inc. |  |  |
| 6.63%, 06/15/2029\* | 15000 | &nbsp;&nbsp; 15247 |
| RR Donnelley & Sons Co. |  |  |
| 9.50%, 08/01/2029\* | 55000 | &nbsp;&nbsp; 55671 |
| Service Corp. International |  |  |
| 3.38%, 08/15/2030 | 5000 | &nbsp;&nbsp; 4613 |
| United Rentals North America, Inc. |  |  |
| 6.13%, 03/15/2034\* | 20000 | &nbsp;&nbsp; 20252 |
| Veritiv Operating Co. |  |  |
| 10.50%, 11/30/2030\* | 5000 | &nbsp;&nbsp; 5196 |
|  |  | &nbsp;&nbsp; 142513 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| CACI International, Inc. |  |  |
| 6.38%, 06/15/2033\* | 30000 | &nbsp;&nbsp; 30538 |
| Fortress Intermediate 3, Inc. |  |  |
| 7.50%, 06/01/2031\* | 20000 | &nbsp;&nbsp; 19877 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.55%, 10/15/2029 | 20000 | &nbsp;&nbsp; 19900 |
| 4.85%, 10/15/2031 | 24000 | &nbsp;&nbsp; 23838 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/2030\* | 30000 | &nbsp;&nbsp; 24786 |
| Seagate Data Storage Technology Pte, Ltd. |  |  |
| 5.88%, 07/15/2030\* | 20000 | &nbsp;&nbsp; 20329 |
| Seagate Technology Holdings PLC |  |  |
| 3.13%, 07/15/2029\* | 10000 | &nbsp;&nbsp; 8939 |
|  |  | &nbsp;&nbsp; 148207 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| Coty, Inc./HFC Prestige Products, Inc./HFC Prestige <br> International US LLC<br>|  |  |
| 4.75%, 01/15/2029\* | 20000 | &nbsp;&nbsp; 19466 |
| 6.63%, 07/15/2030\* | 15000 | &nbsp;&nbsp; 14876 |
| Kenvue, Inc. |  |  |
| 4.85%, 05/22/2032 | 5000 | &nbsp;&nbsp; 5053 |
| 4.90%, 03/22/2033 | 65000 | &nbsp;&nbsp; 65523 |
|  |  | &nbsp;&nbsp; 104918 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
| American Builders & Contractors Supply Co., Inc. |  |  |
| 3.88%, 11/15/2029\* | $20000 | &nbsp;&nbsp; $18958 |
| 4.00%, 01/15/2028\* | 10000 | &nbsp;&nbsp; 9812 |
|  |  | &nbsp;&nbsp; 28770 |
| **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |
| 5.10%, 01/19/2029 | 150000 | &nbsp;&nbsp; 151960 |
| Air Lease Corp. |  |  |
| 5.85%, 12/15/2027 | 5000 | &nbsp;&nbsp; 5105 |
| Ally Financial, Inc. |  |  |
| 8.00%, 11/01/2031 | 46000 | &nbsp;&nbsp; 51006 |
| Aretec Escrow Issuer 2, Inc. |  |  |
| 10.00%, 08/15/2030\* | 10000 | &nbsp;&nbsp; 10622 |
| Aviation Capital Group LLC |  |  |
| 5.13%, 04/10/2030\* | 35000 | &nbsp;&nbsp; 35182 |
| 5.38%, 07/15/2029\* | 41000 | &nbsp;&nbsp; 41642 |
| Avolon Holdings Funding, Ltd. |  |  |
| 5.75%, 11/15/2029\* | 38000 | &nbsp;&nbsp; 38936 |
| Capital One Financial Corp. |  |  |
| 4.49%, 09/11/2031 | 20000 | &nbsp;&nbsp; 19637 |
| 7.62%, 10/30/2031 | 29000 | &nbsp;&nbsp; 32030 |
| CrossCountry Intermediate HoldCo. LLC |  |  |
| 6.50%, 10/01/2030\* | 25000 | &nbsp;&nbsp; 23829 |
| 6.75%, 12/01/2032\* | 40000 | &nbsp;&nbsp; 37638 |
| Encore Capital Group, Inc. |  |  |
| 8.50%, 05/15/2030\* | 20000 | &nbsp;&nbsp; 21146 |
| Freedom Mtg. Holdings LLC |  |  |
| 8.38%, 04/01/2032\* | 40000 | &nbsp;&nbsp; 39348 |
| GGAM Finance, Ltd. |  |  |
| 8.00%, 02/15/2027\* | 10000 | &nbsp;&nbsp; 10092 |
| Intercontinental Exchange, Inc. |  |  |
| 4.35%, 06/15/2029 | 23000 | &nbsp;&nbsp; 22950 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 6.13%, 11/01/2032\* | 55000 | &nbsp;&nbsp; 54389 |
| 6.75%, 05/01/2033\* | 60000 | &nbsp;&nbsp; 60874 |
| Jefferies Financial Group, Inc. |  |  |
| 4.50%, 09/15/2026 | 45000 | &nbsp;&nbsp; 44857 |
| Jefferson Capital Holdings LLC |  |  |
| 8.25%, 05/15/2030\* | 30000 | &nbsp;&nbsp; 31222 |
| 9.50%, 02/15/2029\* | 30000 | &nbsp;&nbsp; 31476 |
| LPL Holdings, Inc. |  |  |
| 5.20%, 03/15/2030 | 29000 | &nbsp;&nbsp; 29213 |
| 6.75%, 11/17/2028 | 22000 | &nbsp;&nbsp; 23049 |
| Macquarie Airfinance Holdings, Ltd. |  |  |
| 5.15%, 03/17/2030\* | 23000 | &nbsp;&nbsp; 22882 |
| 6.50%, 03/26/2031\* | 26000 | &nbsp;&nbsp; 27226 |
| Nasdaq, Inc. |  |  |
| 5.55%, 02/15/2034 | 7000 | &nbsp;&nbsp; 7201 |
| OneMain Finance Corp. |  |  |
| 5.38%, 11/15/2029 | 30000 | &nbsp;&nbsp; 28929 |
| 6.50%, 03/15/2033 | 15000 | &nbsp;&nbsp; 14339 |
| 7.13%, 11/15/2031 | 10000 | &nbsp;&nbsp; 9908 |
| 7.50%, 05/15/2031 | 5000 | &nbsp;&nbsp; 5027 |
| Osaic Holdings, Inc. |  |  |
| 6.75%, 08/01/2032\* | 30000 | &nbsp;&nbsp; 30004 |
| 8.00%, 08/01/2033\* | 70000 | &nbsp;&nbsp; 69104 |
| PHH Escrow Issuer LLC/PHH Corp. |  |  |
| 9.88%, 11/01/2029\* | 50000 | &nbsp;&nbsp; 48247 |
| PRA Group, Inc. |  |  |
| 8.88%, 01/31/2030\* | 55000 | &nbsp;&nbsp; 55531 |
| Rocket Cos., Inc. |  |  |
| 6.38%, 08/01/2033\* | 40000 | &nbsp;&nbsp; 40430 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **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)** |
| 7.13%, 02/01/2032\* | $25000 | &nbsp;&nbsp; $25768 |
| Stonex Escrow Issuer LLC |  |  |
| 6.88%, 07/15/2032\* | 35000 | &nbsp;&nbsp; 35372 |
|  |  | &nbsp;&nbsp; 1236171 |
| **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** |
| American Electric Power Co, Inc. |  |  |
| 5.80%, 03/15/2056 | 28000 | &nbsp;&nbsp; 27659 |
| 6.05%, 03/15/2056 | 15000 | &nbsp;&nbsp; 14866 |
| American Transmission Systems, Inc. |  |  |
| 2.65%, 01/15/2032\* | 12000 | &nbsp;&nbsp; 10752 |
| Appalachian Power Co. |  |  |
| 5.80%, 10/01/2035 | 17000 | &nbsp;&nbsp; 17478 |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 02/15/2031\* | 20000 | &nbsp;&nbsp; 18519 |
| 3.75%, 01/15/2032\* | 20000 | &nbsp;&nbsp; 18231 |
| 5.75%, 01/15/2034\* | 20000 | &nbsp;&nbsp; 19654 |
| Commonwealth Edison Co. |  |  |
| 5.88%, 02/01/2033 | 20000 | &nbsp;&nbsp; 20975 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 4.20%, 03/15/2042 | 11000 | &nbsp;&nbsp; 9274 |
| Constellation Energy Generation LLC |  |  |
| 4.40%, 01/15/2031 | 15000 | &nbsp;&nbsp; 14804 |
| 5.00%, 02/01/2031\* | 10000 | &nbsp;&nbsp; 10027 |
| 6.13%, 01/15/2034 | 16000 | &nbsp;&nbsp; 17074 |
| 6.50%, 10/01/2053 | 40000 | &nbsp;&nbsp; 42451 |
| Dominion Energy, Inc. |  |  |
| 6.20%, 02/15/2056 | 20000 | &nbsp;&nbsp; 19824 |
| DTE Electric Co. |  |  |
| 4.85%, 03/01/2036 | 15000 | &nbsp;&nbsp; 14719 |
| 5.25%, 05/15/2035 | 10000 | &nbsp;&nbsp; 10142 |
| DTE Energy Co. |  |  |
| 5.85%, 06/01/2034 | 23000 | &nbsp;&nbsp; 24082 |
| Duke Energy Corp. |  |  |
| 4.85%, 01/05/2029 | 5000 | &nbsp;&nbsp; 5061 |
| 5.80%, 06/15/2054 | 34000 | &nbsp;&nbsp; 32554 |
| Duke Energy Indiana LLC |  |  |
| 4.95%, 03/15/2036 | 15000 | &nbsp;&nbsp; 14767 |
| Duke Energy Ohio, Inc. |  |  |
| 3.65%, 02/01/2029 | 15000 | &nbsp;&nbsp; 14738 |
| Entergy Mississippi LLC |  |  |
| 5.05%, 04/15/2036 | 20000 | &nbsp;&nbsp; 19707 |
| Eversource Energy |  |  |
| 5.45%, 03/01/2028 | 18000 | &nbsp;&nbsp; 18292 |
| Exelon Corp. |  |  |
| 5.15%, 03/15/2029 | 64000 | &nbsp;&nbsp; 65231 |
| 5.63%, 06/15/2035 | 8000 | &nbsp;&nbsp; 8189 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 01/15/2030 | 10000 | &nbsp;&nbsp; 9984 |
| Georgia Power Co. |  |  |
| 5.25%, 03/15/2034 | 24000 | &nbsp;&nbsp; 24509 |
| IPALCO Enterprises, Inc. |  |  |
| 4.25%, 05/01/2030 | 41000 | &nbsp;&nbsp; 39474 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 5.30%, 03/15/2032 | 40000 | &nbsp;&nbsp; 40966 |
| 5.90%, 03/15/2055 | 25000 | &nbsp;&nbsp; 24539 |
| Northern States Power Co. |  |  |
| 5.05%, 05/15/2035 | 45000 | &nbsp;&nbsp; 45313 |
| NRG Energy, Inc. |  |  |
| 2.45%, 12/02/2027\* | 28000 | &nbsp;&nbsp; 26971 |
| 6.00%, 01/15/2036\* | 45000 | &nbsp;&nbsp; 44591 |
| 6.25%, 11/01/2034\* | 25000 | &nbsp;&nbsp; 25199 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 10.25%, 03/15/2028\*(2) | $20000 | &nbsp;&nbsp; $21574 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.95%, 09/15/2052 | 27000 | &nbsp;&nbsp; 23714 |
| Pacific Gas & Electric Co. |  |  |
| 2.10%, 08/01/2027 | 12000 | &nbsp;&nbsp; 11630 |
| 4.95%, 07/01/2050 | 13000 | &nbsp;&nbsp; 10769 |
| 5.55%, 05/15/2029 | 13000 | &nbsp;&nbsp; 13309 |
| 5.90%, 06/15/2032 | 21000 | &nbsp;&nbsp; 21744 |
| 6.75%, 01/15/2053 | 25000 | &nbsp;&nbsp; 25940 |
| 6.95%, 03/15/2034 | 21000 | &nbsp;&nbsp; 22998 |
| PG&E Corp. |  |  |
| 5.25%, 07/01/2030 | 30000 | &nbsp;&nbsp; 29604 |
| 7.38%, 03/15/2055 | 15000 | &nbsp;&nbsp; 15096 |
| Puget Sound Energy, Inc. |  |  |
| 5.45%, 06/01/2053 | 21000 | &nbsp;&nbsp; 19870 |
| Southern Co. |  |  |
| 5.50%, 03/15/2029 | 5000 | &nbsp;&nbsp; 5152 |
| 5.70%, 03/15/2034 | 29000 | &nbsp;&nbsp; 30051 |
| Southern Power Co. |  |  |
| 4.25%, 10/01/2030 | 10000 | &nbsp;&nbsp; 9871 |
| 4.90%, 10/01/2035 | 15000 | &nbsp;&nbsp; 14506 |
| Talen Energy Supply LLC |  |  |
| 6.25%, 02/01/2034\* | 35000 | &nbsp;&nbsp; 34610 |
| 6.50%, 02/01/2036\* | 35000 | &nbsp;&nbsp; 35243 |
| Virginia Electric & Power Co. |  |  |
| 4.90%, 09/15/2035 | 35000 | &nbsp;&nbsp; 34243 |
| 4.95%, 03/15/2036 | 30000 | &nbsp;&nbsp; 29244 |
| 5.05%, 08/15/2034 | 33000 | &nbsp;&nbsp; 32955 |
| Vistra Corp. |  |  |
| 7.00%, 12/15/2026\*(2) | 10000 | &nbsp;&nbsp; 10013 |
| 8.00%, 10/15/2026\*(2) | 15000 | &nbsp;&nbsp; 15159 |
| Vistra Operations Co. LLC |  |  |
| 3.70%, 01/30/2027\* | 41000 | &nbsp;&nbsp; 40625 |
| 4.30%, 07/15/2029\* | 27000 | &nbsp;&nbsp; 26534 |
| 5.00%, 07/31/2027\* | 10000 | &nbsp;&nbsp; 9965 |
| 5.25%, 10/15/2035\* | 10000 | &nbsp;&nbsp; 9711 |
| 5.70%, 12/30/2034\* | 30000 | &nbsp;&nbsp; 30180 |
| 6.00%, 04/15/2034\* | 34000 | &nbsp;&nbsp; 34951 |
| 6.88%, 04/15/2032\* | 25000 | &nbsp;&nbsp; 25874 |
| 6.95%, 10/15/2033\* | 21000 | &nbsp;&nbsp; 22850 |
| 7.75%, 10/15/2031\* | 25000 | &nbsp;&nbsp; 26187 |
|  |  | &nbsp;&nbsp; 1464788 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Energizer Holdings, Inc. |  |  |
| 4.38%, 03/31/2029\* | 10000 | &nbsp;&nbsp; 9515 |
| WESCO Distribution, Inc. |  |  |
| 6.38%, 03/15/2029\* | 5000 | &nbsp;&nbsp; 5090 |
| 6.38%, 03/15/2033\* | 40000 | &nbsp;&nbsp; 40750 |
| 6.63%, 03/15/2032\* | 25000 | &nbsp;&nbsp; 25588 |
|  |  | &nbsp;&nbsp; 80943 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Amphenol Corp. |  |  |
| 4.40%, 02/15/2033 | 35000 | &nbsp;&nbsp; 34159 |
| Imola Merger Corp. |  |  |
| 4.75%, 05/15/2029\* | 25000 | &nbsp;&nbsp; 24298 |
| Sensata Technologies, Inc. |  |  |
| 3.75%, 02/15/2031\* | 40000 | &nbsp;&nbsp; 37101 |
| TTM Technologies, Inc. |  |  |
| 4.00%, 03/01/2029\* | 35000 | &nbsp;&nbsp; 33613 |
|  |  | &nbsp;&nbsp; 129171 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Arcosa, Inc. |  |  |
| 6.88%, 08/15/2032\* | $35000 | &nbsp;&nbsp; $35862 |
| MasTec, Inc. |  |  |
| 5.90%, 06/15/2029 | 46000 | &nbsp;&nbsp; 47531 |
| Weekley Homes LLC/Weekley Finance Corp. |  |  |
| 4.88%, 09/15/2028\* | 20000 | &nbsp;&nbsp; 19367 |
| 6.75%, 01/15/2034\* | 35000 | &nbsp;&nbsp; 33521 |
|  |  | &nbsp;&nbsp; 136281 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Caesars Entertainment, Inc. |  |  |
| 4.63%, 10/15/2029\* | 25000 | &nbsp;&nbsp; 24047 |
| 6.00%, 10/15/2032\* | 10000 | &nbsp;&nbsp; 9200 |
| 7.00%, 02/15/2030\* | 15000 | &nbsp;&nbsp; 15185 |
| Churchill Downs, Inc. |  |  |
| 5.75%, 04/01/2030\* | 20000 | &nbsp;&nbsp; 19779 |
| Light & Wonder International, Inc. |  |  |
| 7.25%, 11/15/2029\* | 35000 | &nbsp;&nbsp; 35679 |
| 7.50%, 09/01/2031\* | 5000 | &nbsp;&nbsp; 5132 |
| Live Nation Entertainment, Inc. |  |  |
| 6.50%, 05/15/2027\* | 10000 | &nbsp;&nbsp; 10013 |
| Mohegan Tribal Gaming Authority/MS Digital <br> Entertainment Holdings LLC<br>|  |  |
| 8.25%, 04/15/2030\* | 25000 | &nbsp;&nbsp; 25593 |
| Penn Entertainment, Inc. |  |  |
| 5.63%, 01/15/2027\* | 25000 | &nbsp;&nbsp; 24953 |
| Rivers Enterprise Lender LLC/Rivers Enterprise Lender <br> Corp.<br>|  |  |
| 6.25%, 10/15/2030\* | 15000 | &nbsp;&nbsp; 14962 |
| Scientific Games Holdings LP/Scientific Games US FinCo., <br> Inc.<br>|  |  |
| 6.63%, 03/01/2030\* | 25000 | &nbsp;&nbsp; 21507 |
| Warnermedia Holdings, Inc. |  |  |
| 5.05%, 03/15/2042 | 20000 | &nbsp;&nbsp; 13176 |
| Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| 7.13%, 02/15/2031\* | 35000 | &nbsp;&nbsp; 36689 |
|  |  | &nbsp;&nbsp; 255915 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| Clean Harbors, Inc. |  |  |
| 6.38%, 02/01/2031\* | 10000 | &nbsp;&nbsp; 10156 |
| GFL Environmental, Inc. |  |  |
| 6.75%, 01/15/2031\* | 5000 | &nbsp;&nbsp; 5174 |
| Madison IAQ LLC |  |  |
| 4.13%, 06/30/2028\* | 10000 | &nbsp;&nbsp; 9766 |
| Waste Connections, Inc. |  |  |
| 4.80%, 07/15/2036 | 20000 | &nbsp;&nbsp; 19595 |
| Waste Pro USA, Inc. |  |  |
| 7.00%, 02/01/2033\* | 20000 | &nbsp;&nbsp; 20225 |
| Wrangler Holdco Corp. |  |  |
| 6.63%, 04/01/2032\* | 10000 | &nbsp;&nbsp; 10297 |
|  |  | &nbsp;&nbsp; 75213 |
| **Food — 0.2%** | **Food — 0.2%** | **Food — 0.2%** |
| Chobani Holdco II LLC |  |  |
| 8.75%, 10/01/2029\*(3) | 10913 | &nbsp;&nbsp; 11610 |
| Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| 7.63%, 07/01/2029\* | 30000 | &nbsp;&nbsp; 30656 |
| Industrial F&B Investments III, Inc. |  |  |
| 7.75%, 02/11/2033\* | 25000 | &nbsp;&nbsp; 25259 |
| JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA <br> Food Co. Holdings<br>|  |  |
| 5.95%, 04/20/2035 | 15000 | &nbsp;&nbsp; 15571 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX <br> Co. SARL<br>|  |  |
| 3.00%, 02/02/2029 | $46000 | &nbsp;&nbsp; $44124 |
| 6.75%, 03/15/2034 | 38000 | &nbsp;&nbsp; 41794 |
| Kellanova |  |  |
| 4.50%, 04/01/2046 | 5000 | &nbsp;&nbsp; 4245 |
| 7.45%, 04/01/2031 | 6000 | &nbsp;&nbsp; 6766 |
| Kraft Foods Group, Inc. |  |  |
| 5.00%, 06/04/2042 | 40000 | &nbsp;&nbsp; 35175 |
| Kraft Heinz Foods Co. |  |  |
| 4.63%, 10/01/2039 | 10000 | &nbsp;&nbsp; 8816 |
| 6.88%, 01/26/2039 | 10000 | &nbsp;&nbsp; 10812 |
| Mars, Inc. |  |  |
| 5.00%, 03/01/2032\* | 5000 | &nbsp;&nbsp; 5059 |
| 5.20%, 03/01/2035\* | 30000 | &nbsp;&nbsp; 30286 |
| 5.65%, 05/01/2045\* | 20000 | &nbsp;&nbsp; 19750 |
| 5.70%, 05/01/2055\* | 35000 | &nbsp;&nbsp; 34128 |
| 5.80%, 05/01/2065\* | 10000 | &nbsp;&nbsp; 9811 |
| Pilgrim's Pride Corp. |  |  |
| 3.50%, 03/01/2032 | 10000 | &nbsp;&nbsp; 9077 |
| US Foods, Inc. |  |  |
| 5.75%, 04/15/2033\* | 20000 | &nbsp;&nbsp; 19911 |
| 7.25%, 01/15/2032\* | 5000 | &nbsp;&nbsp; 5174 |
|  |  | &nbsp;&nbsp; 368024 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| Aramark Services, Inc. |  |  |
| <br>5.00%, 02/01/2028\* | 25000 | &nbsp;&nbsp; 24852 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Georgia-Pacific LLC |  |  |
| 4.95%, 06/30/2032\* | 40000 | &nbsp;&nbsp; 40400 |
| Magnera Corp. |  |  |
| 4.75%, 11/15/2029\* | 10000 | &nbsp;&nbsp; 9028 |
| 7.25%, 11/15/2031\* | 20000 | &nbsp;&nbsp; 18512 |
|  |  | &nbsp;&nbsp; 67940 |
| **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
| CenterPoint Energy Resources Corp. |  |  |
| 5.40%, 07/01/2034 | 21000 | &nbsp;&nbsp; 21431 |
| NiSource, Inc. |  |  |
| 5.20%, 07/01/2029 | 41000 | &nbsp;&nbsp; 41811 |
| Souther Co. Gas Capital Corp. |  |  |
| 4.95%, 09/15/2034 | 25000 | &nbsp;&nbsp; 24639 |
|  |  | &nbsp;&nbsp; 87881 |
| **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** | **Healthcare-Products — 0.1%** |
| Bausch & Lomb Corp. |  |  |
| 8.38%, 10/01/2028\* | 10000 | &nbsp;&nbsp; 10325 |
| GE HealthCare Technologies, Inc. |  |  |
| 4.80%, 08/14/2029 | 23000 | &nbsp;&nbsp; 23209 |
| Insulet Corp. |  |  |
| 6.50%, 04/01/2033\* | 5000 | &nbsp;&nbsp; 5104 |
| Medline Borrower LP |  |  |
| 3.88%, 04/01/2029\* | 60000 | &nbsp;&nbsp; 58042 |
| 5.25%, 10/01/2029\* | 30000 | &nbsp;&nbsp; 29736 |
| Thermo Fisher Scientific, Inc. |  |  |
| 4.90%, 02/12/2036 | 15000 | &nbsp;&nbsp; 14893 |
|  |  | &nbsp;&nbsp; 141309 |
| **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** |
| CHS/Community Health Systems, Inc. |  |  |
| 9.75%, 01/15/2034\* | 25000 | &nbsp;&nbsp; 25947 |
| 10.88%, 01/15/2032\* | 24000 | &nbsp;&nbsp; 25749 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| Concentra Health Services, Inc. |  |  |
| 6.88%, 07/15/2032\* | $25000 | &nbsp;&nbsp; $25846 |
| DaVita, Inc. |  |  |
| 6.75%, 07/15/2033\* | 5000 | &nbsp;&nbsp; 5086 |
| 6.88%, 09/01/2032\* | 60000 | &nbsp;&nbsp; 61466 |
| HCA, Inc. |  |  |
| 3.63%, 03/15/2032 | 11000 | &nbsp;&nbsp; 10222 |
| 4.50%, 02/15/2027 | 3000 | &nbsp;&nbsp; 3000 |
| 4.60%, 11/15/2032 | 15000 | &nbsp;&nbsp; 14590 |
| 5.60%, 04/01/2034 | 13000 | &nbsp;&nbsp; 13276 |
| 6.00%, 04/01/2054 | 19000 | &nbsp;&nbsp; 18339 |
| Humana, Inc. |  |  |
| 5.75%, 03/01/2028 | 46000 | &nbsp;&nbsp; 46903 |
| IQVIA, Inc. |  |  |
| 6.25%, 06/01/2032\* | 55000 | &nbsp;&nbsp; 55852 |
| Tenet Healthcare Corp. |  |  |
| 6.00%, 11/15/2033\* | 15000 | &nbsp;&nbsp; 15178 |
| 6.13%, 06/15/2030 | 40000 | &nbsp;&nbsp; 40260 |
|  |  | &nbsp;&nbsp; 361714 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| Ashton Woods USA LLC/Ashton Woods Finance Co. |  |  |
| 6.88%, 08/01/2033\* | 25000 | &nbsp;&nbsp; 24119 |
| DR Horton, Inc. |  |  |
| 5.00%, 10/15/2034 | 9000 | &nbsp;&nbsp; 8881 |
| K Hovnanian Enterprises, Inc. |  |  |
| 8.00%, 04/01/2031\* | 10000 | &nbsp;&nbsp; 9887 |
| 8.38%, 10/01/2033\* | 15000 | &nbsp;&nbsp; 14834 |
| LGI Homes, Inc. |  |  |
| 8.75%, 12/15/2028\* | 15000 | &nbsp;&nbsp; 15347 |
| Taylor Morrison Communities, Inc. |  |  |
| 5.13%, 08/01/2030\* | 20000 | &nbsp;&nbsp; 19771 |
| 5.75%, 01/15/2028\* | 10000 | &nbsp;&nbsp; 10026 |
| 5.75%, 11/15/2032\* | 5000 | &nbsp;&nbsp; 5004 |
| Toll Brothers Finance Corp. |  |  |
| 3.80%, 11/01/2029 | 23000 | &nbsp;&nbsp; 22373 |
| 4.35%, 02/15/2028 | 20000 | &nbsp;&nbsp; 19914 |
|  |  | &nbsp;&nbsp; 150156 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| 7.50%, 11/06/2030\* | 15000 | &nbsp;&nbsp; 15046 |
| 8.50%, 06/15/2029\* | 15000 | &nbsp;&nbsp; 14858 |
| Alliant Holdings Intermediate LLC/Alliant Holdings <br> Co.-Issuer<br>|  |  |
| 5.88%, 11/01/2029\* | 15000 | &nbsp;&nbsp; 14513 |
| 7.00%, 01/15/2031\* | 15000 | &nbsp;&nbsp; 15128 |
| 7.38%, 10/01/2032\* | 20000 | &nbsp;&nbsp; 19809 |
| Arthur J. Gallagher & Co. |  |  |
| 4.85%, 12/15/2029 | 20000 | &nbsp;&nbsp; 20214 |
| Asurion LLC & Asurion Co.-Issuer, Inc. |  |  |
| 8.00%, 12/31/2032\* | 25000 | &nbsp;&nbsp; 25936 |
| 8.38%, 02/01/2034\* | 35000 | &nbsp;&nbsp; 33980 |
| Berkshire Hathaway Finance Corp. |  |  |
| 2.85%, 10/15/2050 | 12000 | &nbsp;&nbsp; 7533 |
| 4.30%, 05/15/2043 | 25000 | &nbsp;&nbsp; 21905 |
| Brown & Brown, Inc. |  |  |
| 4.90%, 06/23/2030 | 36000 | &nbsp;&nbsp; 35951 |
| 5.25%, 06/23/2032 | 13000 | &nbsp;&nbsp; 12964 |
| CNA Financial Corp. |  |  |
| 5.13%, 02/15/2034 | 24000 | &nbsp;&nbsp; 23627 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| CNO Global Funding |  |  |
| 4.95%, 09/09/2029\* | $5000 | &nbsp;&nbsp; $5024 |
| F&G Annuities & Life, Inc. |  |  |
| 6.50%, 06/04/2029 | 28000 | &nbsp;&nbsp; 28117 |
| Jones Deslauriers Insurance Management, Inc. |  |  |
| 8.50%, 03/15/2030\* | 10000 | &nbsp;&nbsp; 10164 |
| Massachusetts Mutual Life Insurance Co. |  |  |
| 3.73%, 10/15/2070\* | 58000 | &nbsp;&nbsp; 36351 |
| MetLife, Inc. |  |  |
| 6.40%, 12/15/2066 | 37000 | &nbsp;&nbsp; 37778 |
| Teachers Insurance & Annuity Assoc. of America |  |  |
| 6.85%, 12/16/2039\* | 16000 | &nbsp;&nbsp; 17940 |
|  |  | &nbsp;&nbsp; 396838 |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| Airbnb, Inc. |  |  |
| 4.65%, 03/16/2031 | 10000 | &nbsp;&nbsp; 9977 |
| 5.25%, 03/16/2036 | 5000 | &nbsp;&nbsp; 5005 |
| Amazon.com, Inc. |  |  |
| 4.55%, 03/13/2033 | 15000 | &nbsp;&nbsp; 14856 |
| 4.88%, 03/13/2036 | 18000 | &nbsp;&nbsp; 17836 |
| 6.05%, 03/13/2076 | 18000 | &nbsp;&nbsp; 17894 |
| Beignet Investor LLC |  |  |
| 6.58%, 05/30/2049\* | 7000 | &nbsp;&nbsp; 7197 |
| Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |
| 6.50%, 07/01/2032\* | 65000 | &nbsp;&nbsp; 56666 |
| Netflix, Inc. |  |  |
| 5.88%, 11/15/2028 | 10000 | &nbsp;&nbsp; 10404 |
| Wayfair LLC |  |  |
| 6.75%, 11/15/2032\* | 30000 | &nbsp;&nbsp; 30228 |
| 7.25%, 10/31/2029\* | 25000 | &nbsp;&nbsp; 25520 |
|  |  | &nbsp;&nbsp; 195583 |
| **Investment Companies — 0.0%** | **Investment Companies — 0.0%** | **Investment Companies — 0.0%** |
| Ares Capital Corp. |  |  |
| 7.00%, 01/15/2027 | 5000 | &nbsp;&nbsp; 5067 |
| Blackstone Private Credit Fund |  |  |
| 3.25%, 03/15/2027 | 23000 | &nbsp;&nbsp; 22425 |
|  |  | &nbsp;&nbsp; 27492 |
| **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
| Big River Steel LLC/BRS Finance Corp. |  |  |
| 6.63%, 01/31/2029\* | 22000 | &nbsp;&nbsp; 21949 |
| Cleveland-Cliffs, Inc. |  |  |
| 7.00%, 03/15/2032\* | 20000 | &nbsp;&nbsp; 19351 |
| 7.63%, 01/15/2034\* | 15000 | &nbsp;&nbsp; 14655 |
| Commercial Metals Co. |  |  |
| 4.38%, 03/15/2032 | 5000 | &nbsp;&nbsp; 4623 |
| Mineral Resources, Ltd. |  |  |
| 7.00%, 04/01/2031\* | 10000 | &nbsp;&nbsp; 10219 |
|  |  | &nbsp;&nbsp; 70797 |
| **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
| Brunswick Corp. |  |  |
| 2.40%, 08/18/2031 | 27000 | &nbsp;&nbsp; 23412 |
| 5.85%, 03/18/2029 | 23000 | &nbsp;&nbsp; 23535 |
| Carnival Corp. |  |  |
| 4.00%, 08/01/2028\* | 73000 | &nbsp;&nbsp; 71283 |
| 5.13%, 05/01/2029\* | 70000 | &nbsp;&nbsp; 69495 |
| 5.75%, 03/15/2030\* | 60000 | &nbsp;&nbsp; 60476 |
| 5.75%, 08/01/2032\* | 80000 | &nbsp;&nbsp; 79974 |
| 5.88%, 06/15/2031\* | 25000 | &nbsp;&nbsp; 25307 |
| 6.13%, 02/15/2033\* | 35000 | &nbsp;&nbsp; 35351 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| NCL Corp., Ltd. |  |  |
| 6.25%, 09/15/2033\* | $10000 | &nbsp;&nbsp; $9703 |
| 6.75%, 02/01/2032\* | 10000 | &nbsp;&nbsp; 9924 |
| 7.75%, 02/15/2029\* | 15000 | &nbsp;&nbsp; 15617 |
| Royal Caribbean Cruises, Ltd. |  |  |
| 5.63%, 09/30/2031\* | 15000 | &nbsp;&nbsp; 15148 |
| 6.00%, 02/01/2033\* | 40000 | &nbsp;&nbsp; 40400 |
| 6.25%, 03/15/2032\* | 5000 | &nbsp;&nbsp; 5112 |
| Viking Cruises, Ltd. |  |  |
| 7.00%, 02/15/2029\* | 10000 | &nbsp;&nbsp; 10018 |
| 9.13%, 07/15/2031\* | 25000 | &nbsp;&nbsp; 26373 |
|  |  | &nbsp;&nbsp; 521128 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Boyd Gaming Corp. |  |  |
| 4.75%, 06/15/2031\* | 35000 | &nbsp;&nbsp; 33279 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.75%, 09/15/2033\* | 45000 | &nbsp;&nbsp; 44797 |
| Hyatt Hotels Corp. |  |  |
| 5.25%, 06/30/2029 | 25000 | &nbsp;&nbsp; 25390 |
| 5.38%, 12/15/2031 | 20000 | &nbsp;&nbsp; 20243 |
| Marriott International, Inc. |  |  |
| 4.50%, 05/01/2033 | 20000 | &nbsp;&nbsp; 19324 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/2032\* | 15000 | &nbsp;&nbsp; 15058 |
|  |  | &nbsp;&nbsp; 158091 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| Oshkosh Corp. |  |  |
| 3.10%, 03/01/2030 | 8000 | &nbsp;&nbsp; 7511 |
| 4.60%, 05/15/2028 | 36000 | &nbsp;&nbsp; 35957 |
| Terex Corp. |  |  |
| 5.00%, 05/15/2029\* | 15000 | &nbsp;&nbsp; 14778 |
| 6.25%, 10/15/2032\* | 15000 | &nbsp;&nbsp; 15098 |
| Vertiv Group Corp. |  |  |
| 4.13%, 11/15/2028\* | 77000 | &nbsp;&nbsp; 75828 |
| Vertiv Holdings Co. |  |  |
| 4.85%, 03/15/2036 | 30000 | &nbsp;&nbsp; 29171 |
| 5.80%, 03/15/2056 | 5000 | &nbsp;&nbsp; 4806 |
|  |  | &nbsp;&nbsp; 183149 |
| **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** | **Machinery-Diversified — 0.1%** |
| Chart Industries, Inc. |  |  |
| 9.50%, 01/01/2031\* | 10000 | &nbsp;&nbsp; 10505 |
| Esab Corp. |  |  |
| 5.63%, 04/01/2031\* | 25000 | &nbsp;&nbsp; 25175 |
| Regal Rexnord Corp. |  |  |
| 6.05%, 04/15/2028 | 85000 | &nbsp;&nbsp; 87181 |
|  |  | &nbsp;&nbsp; 122861 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Block Communications, Inc. |  |  |
| 10.25%, 03/01/2031\* | 20000 | &nbsp;&nbsp; 18299 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 4.25%, 02/01/2031\* | 15000 | &nbsp;&nbsp; 13672 |
| 4.75%, 03/01/2030\* | 85000 | &nbsp;&nbsp; 80654 |
| 4.75%, 02/01/2032\* | 25000 | &nbsp;&nbsp; 22604 |
| 7.00%, 02/01/2033\* | 15000 | &nbsp;&nbsp; 15041 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>|  |  |
| 2.25%, 01/15/2029 | 37000 | &nbsp;&nbsp; 34581 |
| 3.50%, 06/01/2041 | 15000 | &nbsp;&nbsp; 10519 |
| 5.85%, 12/01/2035 | 15000 | &nbsp;&nbsp; 14754 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Directv Financing LLC |  |  |
| 8.88%, 02/01/2030\* | $20000 | &nbsp;&nbsp; $19907 |
| 8.88%, 02/01/2030\* | 20000 | &nbsp;&nbsp; 19956 |
| Directv Financing LLC/Directv Financing Co.-Obligor, Inc. |  |  |
| 5.88%, 08/15/2027\* | 5000 | &nbsp;&nbsp; 4995 |
| 10.00%, 02/15/2031\* | 20000 | &nbsp;&nbsp; 20417 |
| Discovery Communications LLC |  |  |
| 4.13%, 05/15/2029 | 25000 | &nbsp;&nbsp; 24071 |
| EW Scripps Co. |  |  |
| 9.88%, 08/15/2030\* | 45000 | &nbsp;&nbsp; 43685 |
| Gray Media, Inc. |  |  |
| 5.38%, 11/15/2031\* | 25000 | &nbsp;&nbsp; 18542 |
| 7.25%, 08/15/2033\* | 5000 | &nbsp;&nbsp; 5038 |
| McGraw-Hill Education, Inc. |  |  |
| 5.75%, 08/01/2028\* | 10000 | &nbsp;&nbsp; 9888 |
| 7.38%, 09/01/2031\* | 35000 | &nbsp;&nbsp; 35658 |
| 8.00%, 08/01/2029\* | 30000 | &nbsp;&nbsp; 29955 |
| Nexstar Media, Inc. |  |  |
| 4.75%, 11/01/2028\* | 15000 | &nbsp;&nbsp; 14749 |
| 6.50%, 09/15/2033\* | 30000 | &nbsp;&nbsp; 30229 |
| 7.25%, 04/15/2034\* | 45000 | &nbsp;&nbsp; 45134 |
| Paramount Global |  |  |
| 3.70%, 06/01/2028 | 9000 | &nbsp;&nbsp; 8707 |
| 4.20%, 06/01/2029 | 7000 | &nbsp;&nbsp; 6684 |
| Sinclair Television Group, Inc. |  |  |
| 8.13%, 02/15/2033\* | 55000 | &nbsp;&nbsp; 55911 |
| Sirius XM Radio, Inc. |  |  |
| 3.88%, 09/01/2031\* | 45000 | &nbsp;&nbsp; 40856 |
| 4.00%, 07/15/2028\* | 5000 | &nbsp;&nbsp; 4826 |
| Time Warner Cable Enterprises LLC |  |  |
| 8.38%, 07/15/2033 | 71000 | &nbsp;&nbsp; 80392 |
| Univision Communications, Inc. |  |  |
| 9.38%, 08/01/2032\* | 20000 | &nbsp;&nbsp; 20612 |
|  |  | &nbsp;&nbsp; 750336 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| FMG Resources August 2006 Pty, Ltd. |  |  |
| 6.13%, 04/15/2032\* | 20000 | &nbsp;&nbsp; 20437 |
| Glencore Finance Canada, Ltd. |  |  |
| 6.00%, 11/15/2041\* | 7000 | &nbsp;&nbsp; 7098 |
| Glencore Funding LLC |  |  |
| 2.50%, 09/01/2030\* | 24000 | &nbsp;&nbsp; 21824 |
| 5.51%, 04/01/2036\* | 25000 | &nbsp;&nbsp; 25054 |
| 6.38%, 10/06/2030\* | 29000 | &nbsp;&nbsp; 30764 |
| Hudbay Minerals, Inc. |  |  |
| 6.13%, 04/01/2029\* | 20000 | &nbsp;&nbsp; 19988 |
| Novelis Corp. |  |  |
| 3.88%, 08/15/2031\* | 15000 | &nbsp;&nbsp; 13360 |
| 4.75%, 01/30/2030\* | 15000 | &nbsp;&nbsp; 14191 |
| 6.38%, 08/15/2033\* | 30000 | &nbsp;&nbsp; 29427 |
| 6.88%, 01/30/2030\* | 20000 | &nbsp;&nbsp; 20173 |
|  |  | &nbsp;&nbsp; 202316 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| Avient Corp. |  |  |
| 6.25%, 11/01/2031\* | 10000 | &nbsp;&nbsp; 10070 |
| Axon Enterprise, Inc. |  |  |
| 6.13%, 03/15/2030\* | 15000 | &nbsp;&nbsp; 15248 |
| 6.25%, 03/15/2033\* | 15000 | &nbsp;&nbsp; 15311 |
|  |  | &nbsp;&nbsp; 40629 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| CDW LLC/CDW Finance Corp. |  |  |
| <br>3.25%, 02/15/2029 | 25000 | &nbsp;&nbsp; 23809 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
| Aker BP ASA |  |  |
| 5.80%, 10/01/2054\* | $75000 | &nbsp;&nbsp; $68548 |
| Calumet Specialty Products Partners LP / Calumet Finance <br> Corp.<br>|  |  |
| 9.75%, 02/15/2031\* | 20000 | &nbsp;&nbsp; 21247 |
| Canadian Natural Resources, Ltd. |  |  |
| 5.00%, 12/15/2029 | 14000 | &nbsp;&nbsp; 14215 |
| 7.20%, 01/15/2032 | 37000 | &nbsp;&nbsp; 41085 |
| Cenovus Energy, Inc. |  |  |
| 6.75%, 11/15/2039 | 2000 | &nbsp;&nbsp; 2178 |
| Crescent Energy Finance LLC |  |  |
| 8.38%, 01/15/2034\* | 35000 | &nbsp;&nbsp; 36589 |
| Expand Energy Corp. |  |  |
| 6.75%, 04/15/2029\* | 55000 | &nbsp;&nbsp; 55039 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 6.00%, 04/15/2030\* | 10000 | &nbsp;&nbsp; 9734 |
| 6.00%, 02/01/2031\* | 5000 | &nbsp;&nbsp; 4860 |
| 6.25%, 04/15/2032\* | 10000 | &nbsp;&nbsp; 9678 |
| 6.88%, 05/15/2034\* | 20000 | &nbsp;&nbsp; 19540 |
| 8.38%, 11/01/2033\* | 20000 | &nbsp;&nbsp; 20867 |
| Nabors Industries, Inc. |  |  |
| 8.88%, 08/15/2031\* | 15000 | &nbsp;&nbsp; 15627 |
| Occidental Petroleum Corp. |  |  |
| 6.20%, 03/15/2040 | 55000 | &nbsp;&nbsp; 56173 |
| 7.50%, 05/01/2031 | 11000 | &nbsp;&nbsp; 12243 |
| SM Energy Co. |  |  |
| 6.75%, 09/15/2026 | 10000 | &nbsp;&nbsp; 10007 |
| Sunoco LP |  |  |
| 5.38%, 07/15/2031\* | 10000 | &nbsp;&nbsp; 9920 |
| 5.63%, 07/15/2034\* | 5000 | &nbsp;&nbsp; 4924 |
| 6.25%, 07/01/2033\* | 35000 | &nbsp;&nbsp; 35152 |
| TGNR Intermediate Holdings LLC |  |  |
| 5.50%, 10/15/2029\* | 35000 | &nbsp;&nbsp; 34221 |
| Transocean Aquila, Ltd. |  |  |
| 8.00%, 09/30/2028\* | 3077 | &nbsp;&nbsp; 3149 |
| Transocean International, Ltd. |  |  |
| 6.80%, 03/15/2038 | 30000 | &nbsp;&nbsp; 28812 |
| 7.88%, 10/15/2032\* | 5000 | &nbsp;&nbsp; 5342 |
| 8.75%, 02/15/2030\* | 31500 | &nbsp;&nbsp; 32766 |
| Transocean, Ltd. |  |  |
| 8.50%, 05/15/2031\* | 20000 | &nbsp;&nbsp; 20976 |
| Viper Energy Partners LLC |  |  |
| 4.90%, 08/01/2030 | 18000 | &nbsp;&nbsp; 17988 |
| 5.70%, 08/01/2035 | 31000 | &nbsp;&nbsp; 31242 |
| Vital Energy, Inc. |  |  |
| 7.88%, 04/15/2032\* | 25000 | &nbsp;&nbsp; 25541 |
|  |  | &nbsp;&nbsp; 647663 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Archrock Services LP/Archrock Partners Finance Corp. |  |  |
| 6.00%, 02/01/2034\* | 15000 | &nbsp;&nbsp; 14851 |
| Kodiak Gas Services LLC |  |  |
| 5.88%, 04/01/2031\* | 15000 | &nbsp;&nbsp; 15074 |
| 6.50%, 10/01/2033\* | 15000 | &nbsp;&nbsp; 15162 |
| 6.75%, 10/01/2035\* | 10000 | &nbsp;&nbsp; 10159 |
| 7.25%, 02/15/2029\* | 25000 | &nbsp;&nbsp; 25902 |
| Weatherford International, Ltd. |  |  |
| 6.75%, 10/15/2033\* | 35000 | &nbsp;&nbsp; 35762 |
| 8.63%, 04/30/2030\* | 11000 | &nbsp;&nbsp; 11209 |
|  |  | &nbsp;&nbsp; 128119 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| AptarGroup, Inc. |  |  |
| 4.75%, 03/30/2031 | $20000 | &nbsp;&nbsp; $19821 |
| Berry Global, Inc. |  |  |
| 1.65%, 01/15/2027 | 48000 | &nbsp;&nbsp; 46995 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.75%, 04/15/2032\* | 25000 | &nbsp;&nbsp; 23654 |
| Graphic Packaging International LLC |  |  |
| 3.50%, 03/01/2029\* | 10000 | &nbsp;&nbsp; 9362 |
| Mauser Packaging Solutions |  |  |
| 7.88%, 04/15/2030\* | 20000 | &nbsp;&nbsp; 20000 |
| 9.25%, 04/15/2030\* | 25000 | &nbsp;&nbsp; 23229 |
| WestRock MWV LLC |  |  |
| 7.95%, 02/15/2031 | 1000 | &nbsp;&nbsp; 1133 |
| 8.20%, 01/15/2030 | 20000 | &nbsp;&nbsp; 22418 |
|  |  | &nbsp;&nbsp; 166612 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| AbbVie, Inc. |  |  |
| 4.40%, 03/15/2033 | 15000 | &nbsp;&nbsp; 14725 |
| 4.75%, 03/15/2036 | 5000 | &nbsp;&nbsp; 4906 |
| 5.05%, 03/15/2034 | 12000 | &nbsp;&nbsp; 12179 |
| CVS Health Corp. |  |  |
| 1.88%, 02/28/2031 | 10000 | &nbsp;&nbsp; 8731 |
| 4.78%, 03/25/2038 | 48000 | &nbsp;&nbsp; 44234 |
| 7.00%, 03/10/2055 | 70000 | &nbsp;&nbsp; 72141 |
| Merck & Co, Inc. |  |  |
| 4.75%, 12/04/2035 | 15000 | &nbsp;&nbsp; 14718 |
| Novartis Capital Corp. |  |  |
| 4.10%, 11/05/2030 | 65000 | &nbsp;&nbsp; 64276 |
| 4.60%, 03/18/2033 | 15000 | &nbsp;&nbsp; 14936 |
| 4.90%, 03/18/2036 | 20000 | &nbsp;&nbsp; 19952 |
| 5.70%, 03/18/2056 | 10000 | &nbsp;&nbsp; 10071 |
| Pfizer Investment Enterprises Pte., Ltd. |  |  |
| 4.75%, 05/19/2033 | 63000 | &nbsp;&nbsp; 62760 |
| 5.30%, 05/19/2053 | 26000 | &nbsp;&nbsp; 24164 |
| Teva Pharmaceutical Finance Netherlands III BV |  |  |
| 4.10%, 10/01/2046 | 35000 | &nbsp;&nbsp; 25945 |
| 5.13%, 05/09/2029 | 200000 | &nbsp;&nbsp; 199355 |
| Wyeth LLC |  |  |
| 5.95%, 04/01/2037 | 8000 | &nbsp;&nbsp; 8480 |
| Zoetis, Inc. |  |  |
| 2.00%, 05/15/2030 | 85000 | &nbsp;&nbsp; 77206 |
| 5.00%, 08/17/2035 | 37000 | &nbsp;&nbsp; 36699 |
|  |  | &nbsp;&nbsp; 715478 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| Cheniere Energy Partners LP |  |  |
| 3.25%, 01/31/2032 | 33000 | &nbsp;&nbsp; 30076 |
| 4.50%, 10/01/2029 | 51000 | &nbsp;&nbsp; 50777 |
| Cheniere Energy, Inc. |  |  |
| 5.20%, 07/30/2036\* | 5000 | &nbsp;&nbsp; 4949 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.93%, 08/15/2030\* | 21000 | &nbsp;&nbsp; 21981 |
| DT Midstream, Inc. |  |  |
| 5.80%, 12/15/2034\* | 45000 | &nbsp;&nbsp; 46201 |
| Eastern Energy Gas Holdings LLC |  |  |
| 5.65%, 10/15/2054 | 7000 | &nbsp;&nbsp; 6593 |
| 5.80%, 01/15/2035 | 18000 | &nbsp;&nbsp; 18667 |
| Enbridge, Inc. |  |  |
| 4.25%, 12/01/2026 | 11000 | &nbsp;&nbsp; 10995 |
| Energy Transfer LP |  |  |
| 5.25%, 07/01/2029 | 61000 | &nbsp;&nbsp; 62334 |
| 6.50%, 02/01/2042 | 2000 | &nbsp;&nbsp; 2085 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| 6.63%, 02/15/2028(2) | $80000 | &nbsp;&nbsp; $79731 |
| Hess Midstream Operations LP |  |  |
| 4.25%, 02/15/2030\* | 5000 | &nbsp;&nbsp; 4805 |
| 5.50%, 10/15/2030\* | 10000 | &nbsp;&nbsp; 9921 |
| 6.50%, 06/01/2029\* | 5000 | &nbsp;&nbsp; 5108 |
| Kinder Morgan, Inc. |  |  |
| 7.75%, 01/15/2032 | 12000 | &nbsp;&nbsp; 13759 |
| Kinetik Holdings LP |  |  |
| 5.88%, 06/15/2030\* | 45000 | &nbsp;&nbsp; 45165 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| 5.03%, 10/01/2029 | 33000 | &nbsp;&nbsp; 33213 |
| Targa Resources Corp. |  |  |
| 4.35%, 04/15/2031 | 15000 | &nbsp;&nbsp; 14684 |
| Targa Resources Partners LP/Targa Resources Partners <br> Finance Corp.<br>|  |  |
| 4.88%, 02/01/2031 | 17000 | &nbsp;&nbsp; 16973 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 5.10%, 03/15/2036\* | 20000 | &nbsp;&nbsp; 19823 |
| Venture Global Calcasieu Pass LLC |  |  |
| 6.25%, 01/15/2030\* | 56000 | &nbsp;&nbsp; 57278 |
| Venture Global LNG, Inc. |  |  |
| 8.38%, 06/01/2031\* | 35000 | &nbsp;&nbsp; 36399 |
| 9.00%, 09/30/2029\*(2) | 25000 | &nbsp;&nbsp; 24901 |
| 9.50%, 02/01/2029\* | 20000 | &nbsp;&nbsp; 21626 |
| 9.88%, 02/01/2032\* | 20000 | &nbsp;&nbsp; 21480 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.50%, 01/15/2034\* | 10000 | &nbsp;&nbsp; 10424 |
| 6.75%, 01/15/2036\* | 25000 | &nbsp;&nbsp; 26479 |
| 7.50%, 05/01/2033\* | 5000 | &nbsp;&nbsp; 5496 |
| 7.75%, 05/01/2035\* | 5000 | &nbsp;&nbsp; 5604 |
| Williams Cos., Inc. |  |  |
| 5.60%, 03/15/2035 | 30000 | &nbsp;&nbsp; 30659 |
|  |  | &nbsp;&nbsp; 738186 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| KKR Group Finance Co. VI LLC |  |  |
| <br>3.75%, 07/01/2029\* | 29000 | &nbsp;&nbsp; 28063 |
| **REITS — 0.3%** | **REITS — 0.3%** | **REITS — 0.3%** |
| American Tower Corp. |  |  |
| 2.90%, 01/15/2030 | 34000 | &nbsp;&nbsp; 31912 |
| 3.13%, 01/15/2027 | 76000 | &nbsp;&nbsp; 75177 |
| 4.70%, 12/15/2032 | 10000 | &nbsp;&nbsp; 9826 |
| Crown Castle, Inc. |  |  |
| 3.65%, 09/01/2027 | 14000 | &nbsp;&nbsp; 13832 |
| 3.80%, 02/15/2028 | 31000 | &nbsp;&nbsp; 30556 |
| 4.75%, 05/15/2047 | 5000 | &nbsp;&nbsp; 4154 |
| 4.90%, 09/01/2029 | 23000 | &nbsp;&nbsp; 23128 |
| EPR Properties |  |  |
| 4.50%, 06/01/2027 | 11000 | &nbsp;&nbsp; 10954 |
| Equinix, Inc. |  |  |
| 3.20%, 11/18/2029 | 48000 | &nbsp;&nbsp; 45700 |
| Iron Mountain, Inc. |  |  |
| 6.25%, 01/15/2033\* | 50000 | &nbsp;&nbsp; 49840 |
| Millrose Properties, Inc. |  |  |
| 6.38%, 08/01/2030\* | 50000 | &nbsp;&nbsp; 49984 |
| MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| 8.50%, 02/15/2032\* | 50000 | &nbsp;&nbsp; 50691 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| 5.75%, 03/15/2034\* | 15000 | &nbsp;&nbsp; 14803 |
| 6.50%, 04/01/2032\* | 15000 | &nbsp;&nbsp; 15272 |
| 6.50%, 06/15/2033\* | 15000 | &nbsp;&nbsp; 15274 |
| 7.25%, 07/15/2028\* | 10000 | &nbsp;&nbsp; 10210 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| VICI Properties LP |  |  |
| 5.13%, 11/15/2031 | $5000 | &nbsp;&nbsp; $4964 |
| 5.75%, 04/01/2034 | 34000 | &nbsp;&nbsp; 34313 |
| VICI Properties LP/VICI Note Co., Inc. |  |  |
| 3.75%, 02/15/2027\* | 12000 | &nbsp;&nbsp; 11909 |
| 3.88%, 02/15/2029\* | 28000 | &nbsp;&nbsp; 27210 |
| 4.50%, 01/15/2028\* | 33000 | &nbsp;&nbsp; 32805 |
| XHR LP |  |  |
| 6.63%, 05/15/2030\* | 10000 | &nbsp;&nbsp; 10096 |
|  |  | &nbsp;&nbsp; 572610 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| 1011778 BC ULC/New Red Finance, Inc. |  |  |
| 4.00%, 10/15/2030\* | 40000 | &nbsp;&nbsp; 37597 |
| 7-Eleven, Inc. |  |  |
| 1.30%, 02/10/2028\* | 68000 | &nbsp;&nbsp; 64142 |
| 1.80%, 02/10/2031\* | 8000 | &nbsp;&nbsp; 6925 |
| Alimentation Couche-Tard, Inc. |  |  |
| 2.95%, 01/25/2030\* | 30000 | &nbsp;&nbsp; 28300 |
| 3.55%, 07/26/2027\* | 30000 | &nbsp;&nbsp; 29654 |
| Dick's Sporting Goods, Inc. |  |  |
| 3.15%, 01/15/2032 | 25000 | &nbsp;&nbsp; 22723 |
| 4.10%, 01/15/2052 | 30000 | &nbsp;&nbsp; 21249 |
| Fertitta Entertainment LLC/Fertitta Entertainment Finance <br> Co., Inc.<br>|  |  |
| 6.75%, 01/15/2030\* | 35000 | &nbsp;&nbsp; 32692 |
| FirstCash, Inc. |  |  |
| 6.88%, 03/01/2032\* | 55000 | &nbsp;&nbsp; 56057 |
| QXO Building Products, Inc. |  |  |
| 6.75%, 04/30/2032\* | 45000 | &nbsp;&nbsp; 45900 |
|  |  | &nbsp;&nbsp; 345239 |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Broadcom, Inc. |  |  |
| 3.19%, 11/15/2036\* | 35000 | &nbsp;&nbsp; 29248 |
| 4.95%, 01/15/2036 | 15000 | &nbsp;&nbsp; 14794 |
| 5.70%, 01/15/2056 | 5000 | &nbsp;&nbsp; 4974 |
| Intel Corp. |  |  |
| 4.15%, 08/05/2032 | 55000 | &nbsp;&nbsp; 52435 |
| Marvell Technology, Inc. |  |  |
| 4.75%, 07/15/2030 | 10000 | &nbsp;&nbsp; 10034 |
|  |  | &nbsp;&nbsp; 111485 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| AthenaHealth Group, Inc. |  |  |
| 6.50%, 02/15/2030\* | 30000 | &nbsp;&nbsp; 28159 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/2029\* | 20000 | &nbsp;&nbsp; 19512 |
| 9.00%, 09/30/2029\* | 15000 | &nbsp;&nbsp; 14470 |
| MSCI, Inc. |  |  |
| 3.63%, 09/01/2030\* | 67000 | &nbsp;&nbsp; 63328 |
| OAK-Eagle Acquireco, Inc. |  |  |
| 7.25%, 07/01/2033\* | 20000 | &nbsp;&nbsp; 20722 |
| 8.75%, 07/01/2034\* | 15000 | &nbsp;&nbsp; 15703 |
| Oracle Corp. |  |  |
| 3.65%, 03/25/2041 | 29000 | &nbsp;&nbsp; 20638 |
| 4.45%, 09/26/2030 | 15000 | &nbsp;&nbsp; 14455 |
| 4.80%, 09/26/2032 | 25000 | &nbsp;&nbsp; 23809 |
| 5.70%, 02/04/2036 | 30000 | &nbsp;&nbsp; 28845 |
| 6.70%, 02/04/2056 | 10000 | &nbsp;&nbsp; 9281 |
| Paychex, Inc. |  |  |
| 5.10%, 04/15/2030 | 45000 | &nbsp;&nbsp; 45403 |
| Rocket Software, Inc. |  |  |
| 6.50%, 02/15/2029\* | 20000 | &nbsp;&nbsp; 18000 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Salesforce, Inc. |  |  |
| 5.20%, 03/15/2033 | $35000 | &nbsp;&nbsp; $34940 |
| Synopsys, Inc. |  |  |
| 5.15%, 04/01/2035 | 58000 | &nbsp;&nbsp; 58111 |
| 5.70%, 04/01/2055 | 5000 | &nbsp;&nbsp; 4780 |
| UKG, Inc. |  |  |
| 6.88%, 02/01/2031\* | 30000 | &nbsp;&nbsp; 29320 |
|  |  | &nbsp;&nbsp; 449476 |
| **Telecommunications — 0.4%** | **Telecommunications — 0.4%** | **Telecommunications — 0.4%** |
| APLD ComputeCo 2 LLC |  |  |
| 6.75%, 03/15/2031\* | 35000 | &nbsp;&nbsp; 34745 |
| APLD ComputeCo LLC |  |  |
| 9.25%, 12/15/2030\* | 60000 | &nbsp;&nbsp; 61819 |
| AT&T, Inc. |  |  |
| 2.55%, 12/01/2033 | 46000 | &nbsp;&nbsp; 38927 |
| 4.75%, 05/15/2046 | 5000 | &nbsp;&nbsp; 4201 |
| 5.13%, 04/30/2036 | 15000 | &nbsp;&nbsp; 14820 |
| Black Pearl Compute LLC |  |  |
| 6.13%, 02/15/2031\* | 25000 | &nbsp;&nbsp; 25445 |
| Cipher Compute LLC |  |  |
| 7.13%, 11/15/2030\* | 100000 | &nbsp;&nbsp; 103603 |
| EchoStar Corp. |  |  |
| 10.75%, 11/30/2029 | 35000 | &nbsp;&nbsp; 37809 |
| Frontier Communications Holdings LLC |  |  |
| 8.75%, 05/15/2030\* | 15000 | &nbsp;&nbsp; 15391 |
| Motorola Solutions, Inc. |  |  |
| 2.30%, 11/15/2030 | 8000 | &nbsp;&nbsp; 7211 |
| 4.85%, 08/15/2030 | 9000 | &nbsp;&nbsp; 9063 |
| 5.40%, 04/15/2034 | 30000 | &nbsp;&nbsp; 30360 |
| Rogers Communications, Inc. |  |  |
| 3.80%, 03/15/2032 | 24000 | &nbsp;&nbsp; 22404 |
| 7.00%, 04/15/2055 | 45000 | &nbsp;&nbsp; 45177 |
| 7.13%, 04/15/2055 | 25000 | &nbsp;&nbsp; 25582 |
| Sprint Capital Corp. |  |  |
| 6.88%, 11/15/2028 | 42000 | &nbsp;&nbsp; 44407 |
| SV RNO Property Owner 1 LLC |  |  |
| 5.88%, 03/01/2031\* | 50000 | &nbsp;&nbsp; 49425 |
| T-Mobile USA, Inc. |  |  |
| 2.88%, 02/15/2031 | 10000 | &nbsp;&nbsp; 9221 |
| 3.38%, 04/15/2029 | 33000 | &nbsp;&nbsp; 31981 |
| 3.75%, 04/15/2027 | 15000 | &nbsp;&nbsp; 14907 |
| 3.88%, 04/15/2030 | 7000 | &nbsp;&nbsp; 6817 |
| 4.95%, 11/15/2035 | 15000 | &nbsp;&nbsp; 14726 |
| 5.00%, 02/15/2036 | 25000 | &nbsp;&nbsp; 24623 |
| 5.05%, 07/15/2033 | 15000 | &nbsp;&nbsp; 15104 |
| 6.70%, 12/15/2033 | 35000 | &nbsp;&nbsp; 38539 |
| Verizon Communications, Inc. |  |  |
| 3.70%, 03/22/2061 | 33000 | &nbsp;&nbsp; 21989 |
| 4.75%, 01/15/2033 | 25000 | &nbsp;&nbsp; 24691 |
| 5.88%, 11/30/2055 | 10000 | &nbsp;&nbsp; 9727 |
| Viasat, Inc. |  |  |
| 7.50%, 05/30/2031\* | 20000 | &nbsp;&nbsp; 19764 |
| WULF Compute LLC |  |  |
| 7.75%, 10/15/2030\* | 30000 | &nbsp;&nbsp; 31700 |
|  |  | &nbsp;&nbsp; 834178 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| Beacon Mobility Corp. |  |  |
| 7.25%, 08/01/2030\* | 15000 | &nbsp;&nbsp; 15494 |
| Burlington Northern Santa Fe LLC |  |  |
| 5.55%, 03/15/2056 | 15000 | &nbsp;&nbsp; 14543 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| Watco Cos. LLC/Watco Finance Corp. |  |  |
| 7.13%, 08/01/2032\* | $40000 | &nbsp;&nbsp; $41081 |
|  |  | &nbsp;&nbsp; 71118 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| Avolon Holdings Funding, Ltd. |  |  |
| 4.90%, 10/10/2030\* | 40000 | &nbsp;&nbsp; 39721 |
| Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| 3.40%, 11/15/2026\* | 10000 | &nbsp;&nbsp; 9927 |
|  |  | &nbsp;&nbsp; 49648 |
| **Total Corporate Bonds & Notes** <br>(cost $15,823,456)<br>|  | &nbsp;&nbsp; 15766546 |
| **CONVERTIBLE BONDS & NOTES — 0.1%** | **CONVERTIBLE BONDS & NOTES — 0.1%** | **CONVERTIBLE BONDS & NOTES — 0.1%** |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| Chefs' Warehouse, Inc. |  |  |
| 2.38%, 12/15/2028 | 15000 | &nbsp;&nbsp; 22110 |
| Post Holdings, Inc. |  |  |
| 2.50%, 08/15/2027 | 15000 | &nbsp;&nbsp; 16237 |
|  |  | &nbsp;&nbsp; 38347 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| Crescent Energy Co. |  |  |
| 2.75%, 03/15/2031\* | 15000 | &nbsp;&nbsp; 17220 |
| Nabors Industries, Inc. |  |  |
| 1.75%, 06/15/2029 | 10000 | &nbsp;&nbsp; 9035 |
|  |  | &nbsp;&nbsp; 26255 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| Guidewire Software, Inc. |  |  |
| <br>1.25%, 11/01/2029 | 22000 | &nbsp;&nbsp; 21904 |
| **Total Convertible Bonds & Notes** <br>(cost $81,954)<br>|  | &nbsp;&nbsp; 86506 |
| **LOANS(4)(5)(6) — 0.1%** |  |  |
| **Advertising — 0.0%** |  |  |
| Clear Channel Outdoor Holdings, Inc. FRS |  |  |
| <br>7.78%, (TSFR1M+4.00%), 08/23/2028 | 10854 | &nbsp;&nbsp; 10870 |
| **Auto Parts & Equipment — 0.0%** |  |  |
| Dexko Global, Inc. FRS |  |  |
| <br>7.68%, (TSFR1M+3.75%), 10/04/2028 | 14757 | &nbsp;&nbsp; 14509 |
| **Chemicals — 0.0%** |  |  |
| Hexion Holdings Corp. FRS |  |  |
| <br>11.21%, (TSFR1M+1.44%), 03/15/2030 | 5915 | &nbsp;&nbsp; 5456 |
| **Commercial Services — 0.0%** |  |  |
| Veritiv Operating Co. FRS |  |  |
| <br>7.70%, (TSFR3M+4.00%), 11/29/2030 | 16957 | &nbsp;&nbsp; 16441 |
| **Computers — 0.0%** |  |  |
| Fortress Intermediate 3, Inc. FRS |  |  |
| <br>6.67%, (TSFR1M+3.00%), 06/27/2031 | 14813 | &nbsp;&nbsp; 14684 |
| **Entertainment — 0.0%** |  |  |
| Scientific Games Holdings LP FRS |  |  |
| <br>6.65%, (TSFR3M+3.00%), 04/04/2029 | 9825 | &nbsp;&nbsp; 9667 |
| **Environmental Control — 0.0%** |  |  |
| Filtration Group Corp, FRS |  |  |
| <br>6.17%, (TSFR1M+2.50%), 10/23/2028 | 9364 | &nbsp;&nbsp; 9362 |
| **Food — 0.0%** |  |  |
| Froneri Lux FinCo SARL FRS |  |  |
| 5.88% , (TSFR1M+2.25%), 09/30/2032 | 23224 | &nbsp;&nbsp; 22746 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **LOANS (continued)** |  |  |
| **Food (continued)** |  |  |
| TreeHouse Foods, Inc. FRS |  |  |
| 7.92% , (TSFR1M+4.25%), 02/04/2033 | $10000 | &nbsp;&nbsp; $9955 |
|  |  | &nbsp;&nbsp; 32701 |
| **Healthcare-Products — 0.0%** |  |  |
| Bausch & Lomb Corp. FRS |  |  |
| 7.42% , (TSFR1M+3.75%), 01/15/2031 | 23510 | &nbsp;&nbsp; 23540 |
| Medline Borrower LP FRS |  |  |
| 5.42% , (TSFR1M+1.75%), 10/23/2028 | 2454 | &nbsp;&nbsp; 2456 |
|  |  | &nbsp;&nbsp; 25996 |
| **Lodging — 0.0%** |  |  |
| Fertitta Entertainment LLC FRS |  |  |
| <br>6.92%, (TSFR1M+3.25%), 01/29/2029 | 4948 | &nbsp;&nbsp; 4844 |
| **Media — 0.0%** |  |  |
| Directv Financing LLC FRS |  |  |
| <br>9.18%, (TSFR3M+5.25%), 08/02/2029 | 21864 | &nbsp;&nbsp; 21904 |
| **Pharmaceuticals — 0.1%** |  |  |
| Bausch Health Cos., Inc. FRS |  |  |
| 9.92% , (TSFR1M+6.25%), 10/08/2030 | 14888 | &nbsp;&nbsp; 14343 |
| Endo Finance Holdings, Inc. FRS |  |  |
| 7.42% , (TSFR1M+3.75%), 04/23/2031 | 29550 | &nbsp;&nbsp; 29341 |
|  |  | &nbsp;&nbsp; 43684 |
| **Software — 0.0%** |  |  |
| Cloud Software Group, Inc. FRS |  |  |
| 6.95% , (TSFR3M+3.25%), 08/16/2032 | 1509 | &nbsp;&nbsp; 1373 |
| Idera, Inc. FRS |  |  |
| 7.16% , (TSFR3M+3.50%), 03/02/2028 | 19649 | &nbsp;&nbsp; 15503 |
| Rocket Software, Inc. FRS |  |  |
| 7.42% , (TSFR1M+3.75%), 11/28/2028 | 18622 | &nbsp;&nbsp; 17828 |
| UKG, Inc. FRS |  |  |
| 6.17% , (TSFR1M+2.50%), 02/10/2031 | 4925 | &nbsp;&nbsp; 4697 |
|  |  | &nbsp;&nbsp; 39401 |
| **Telecommunications — 0.0%** |  |  |
| Connect Finco SARL FRS |  |  |
| <br>8.17%, (TSFR1M+4.50%), 09/28/2029 | 9738 | &nbsp;&nbsp; 9742 |
| **Total Loans** <br>(cost $265,461)<br>|  | &nbsp;&nbsp; 259261 |
| **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%** |
| Ford Credit Auto Owner Trust |  |  |
| Series 2024-B, Class A3 <br>5.10%, 04/15/2029<br>| 87755 | &nbsp;&nbsp; 88436 |
| **Commercial and Residential — 0.0%** | **Commercial and Residential — 0.0%** | **Commercial and Residential — 0.0%** |
| JPMorgan Mtg. Trust FRS |  |  |
| Series 2023-HE3, Class A1 <br>5.27%, (SOFR30A+1.60%), 05/20/2054\*<br>| 27775 | &nbsp;&nbsp; 27815 |
| **Home Equity — 0.0%** | **Home Equity — 0.0%** | **Home Equity — 0.0%** |
| JPMorgan Mtg. Trust VRS |  |  |
| Series 2025-CES2, Class A1 <br>5.59%, 06/25/2055\*(7)<br>| 47587 | &nbsp;&nbsp; 47751 |
| **Total Asset Backed Securities** <br>(cost $163,332)<br>|  | &nbsp;&nbsp; 164002 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.5%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.5%** |
| **Commercial and Residential — 1.1%** | **Commercial and Residential — 1.1%** | **Commercial and Residential — 1.1%** |
| AOA Trust VRS |  |  |
| Series 2025-1301, Class A <br>5.06%, 08/11/2042\*(7)<br>| $43000 | &nbsp;&nbsp; $43102 |
| BANK5 |  |  |
| Series 2026-5YR20, Class AS <br>5.34%, 02/15/2059<br>| 42000 | &nbsp;&nbsp; 42612 |
| Barclays Commercial Mtg. Trust |  |  |
| Series 2019-C3, Class A2 <br>3.44%, 05/15/2052<br>| 40891 | &nbsp;&nbsp; 40180 |
| Series 2019-C3, Class C <br>4.18%, 05/15/2052<br>| 27000 | &nbsp;&nbsp; 24580 |
| BBCMS Mtg. Trust VRS |  |  |
| Series 2023-C20, Class XB <br>0.59%, 07/15/2056(7)(8)<br>| 1187000 | &nbsp;&nbsp; 38650 |
| Series 2025-5C34, Class XA <br>1.17%, 05/15/2058(7)(8)<br>| 1549427 | &nbsp;&nbsp; 66256 |
| Benchmark Mtg. Trust |  |  |
| Series 2019-B13, Class A2 <br>2.89%, 08/15/2057<br>| 22541 | &nbsp;&nbsp; 21665 |
| Series 2026-V21, Class AS <br>5.51%, 03/15/2059<br>| 55000 | &nbsp;&nbsp; 55615 |
| BMO Mtg. Trust VRS |  |  |
| Series 2025-5C10, Class XA <br>1.35%, 05/15/2058(7)(8)<br>| 1065837 | &nbsp;&nbsp; 50480 |
| CD Mtg. Trust VRS |  |  |
| Series 2016-CD1, Class XA <br>1.33%, 08/10/2049(7)(8)<br>| 179237 | &nbsp;&nbsp; 8 |
| Chase Home Lending Mtg. Trust FRS |  |  |
| Series 2025-7, Class A11 <br>5.06%, (SOFR30A+1.40%), 05/25/2056\*<br>| 18886 | &nbsp;&nbsp; 18927 |
| Citigroup Commercial Mtg. Trust VRS |  |  |
| Series 2016-P6, Class A5 <br>3.72%, 12/10/2049(7)<br>| 38000 | &nbsp;&nbsp; 37641 |
| Series 2014-GC21, Class C <br>4.78%, 05/10/2047(7)<br>| 7868 | &nbsp;&nbsp; 7772 |
| Citigroup Mtg. Loan Trust, Inc. VRS |  |  |
| Series 2005-2, Class 1A2A <br>5.69%, 05/25/2035(7)<br>| 2543 | &nbsp;&nbsp; 2519 |
| Commercial Mtg. Trust |  |  |
| Series 2014-UBS4, Class AM <br>3.97%, 08/10/2047<br>| 50923 | &nbsp;&nbsp; 49905 |
| Commercial Mtg. Trust VRS |  |  |
| Series 2014-UBS4, Class XA <br>0.55%, 08/10/2047(7)(8)<br>| 108358 | &nbsp;&nbsp; 351 |
| Series 2014-CR15, Class B <br>3.68%, 02/10/2047(7)<br>| 24026 | &nbsp;&nbsp; 23198 |
| Series 2014-CR17, Class C <br>4.47%, 05/10/2047(7)<br>| 58000 | &nbsp;&nbsp; 54593 |
| Connecticut Avenue Securities Trust FRS |  |  |
| Series 2026-R01, Class 2A1 <br>4.51%, (SOFR30A+0.85%), 01/25/2046\*<br>| 57055 | &nbsp;&nbsp; 56698 |
| Series 2025-R06, Class 1A1 <br>4.56%, (SOFR30A+0.90%), 09/25/2045\*<br>| 34179 | &nbsp;&nbsp; 34099 |
| Series 2025-R01, Class 1A1 <br>4.61%, (SOFR30A+0.95%), 01/25/2045\*<br>| 22148 | &nbsp;&nbsp; 22093 |
| Series 2022-R01, Class 1M1 <br>4.66%, (SOFR30A+1.00%), 12/25/2041\*<br>| 596 | &nbsp;&nbsp; 596 |
| Series 2025-R02, Class 1A1 <br>4.66%, (SOFR30A+1.00%), 02/25/2045\*<br>| 15393 | &nbsp;&nbsp; 15369 |
| Series 2025-R04, Class 1A1 <br>4.66%, (SOFR30A+1.00%), 05/25/2045\*<br>| 16661 | &nbsp;&nbsp; 16665 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **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)** |
| Series 2026-R01, Class 2M1 <br>4.66%, (SOFR30A+1.00%), 01/25/2046\*<br>| $64046 | &nbsp;&nbsp; $64033 |
| Series 2025-R01, Class 1M1 <br>4.76%, (SOFR30A+1.10%), 01/25/2045\*<br>| 11902 | &nbsp;&nbsp; 11880 |
| Series 2024-R06, Class 1A1 <br>4.81%, (SOFR30A+1.15%), 09/25/2044\*<br>| 19664 | &nbsp;&nbsp; 19658 |
| Series 2025-R02, Class 1M1 <br>4.81%, (SOFR30A+1.15%), 02/25/2045\*<br>| 24328 | &nbsp;&nbsp; 24313 |
| Series 2025-R04, Class 1M1 <br>4.86%, (SOFR30A+1.20%), 05/25/2045\*<br>| 36932 | &nbsp;&nbsp; 36944 |
| Series 2025-R03, Class 2A1 <br>5.11%, (SOFR30A+1.45%), 03/25/2045\*<br>| 8448 | &nbsp;&nbsp; 8464 |
| Series 2022-R05, Class 2M1 <br>5.56%, (SOFR30A+1.90%), 04/25/2042\*<br>| 785 | &nbsp;&nbsp; 786 |
| Series 2022-R09, Class 2M1 <br>6.16%, (SOFR30A+2.50%), 09/25/2042\*<br>| 2948 | &nbsp;&nbsp; 2976 |
| Series 2016-C04, Class 1M2 <br>8.03%, (SOFR30A+4.36%), 01/25/2029<br>| 31812 | &nbsp;&nbsp; 32174 |
| Series 2016-C07, Class 2M2 <br>8.13%, (SOFR30A+4.46%), 05/25/2029<br>| 37631 | &nbsp;&nbsp; 38305 |
| Series 2016-C05, Class 2M2 <br>8.23%, (SOFR30A+4.56%), 01/25/2029<br>| 28674 | &nbsp;&nbsp; 28913 |
| Series 2016-C03, Class 2M2 <br>9.68%, (SOFR30A+6.01%), 10/25/2028<br>| 422 | &nbsp;&nbsp; 423 |
| Credit Suisse Mtg. Capital Certs. VRS |  |  |
| Series 2006-C4, Class AX <br>1.27%, 09/15/2039\*(7)(8)<br>| 8 | &nbsp;&nbsp; 0 |
| CSAIL Commercial Mtg. Trust |  |  |
| Series 2019-C17, Class AS <br>3.28%, 09/15/2052<br>| 49000 | &nbsp;&nbsp; 44551 |
| Series 2016-C6, Class AS <br>3.35%, 01/15/2049<br>| 43000 | &nbsp;&nbsp; 42869 |
| CSAIL Commercial Mtg. Trust VRS |  |  |
| Series 2015-C1, Class C <br>3.74%, 04/15/2050(7)<br>| 34000 | &nbsp;&nbsp; 31654 |
| Series 2016-C7, Class AS <br>3.96%, 11/15/2049(7)<br>| 64000 | &nbsp;&nbsp; 63289 |
| CSMC Trust VRS |  |  |
| Series 2016-NXSR, Class AS <br>4.05%, 12/15/2049(7)<br>| 54000 | &nbsp;&nbsp; 52819 |
| DBUBS Mtg. Trust VRS |  |  |
| Series 2011-LC3A, Class D <br>5.29%, 08/10/2044\*(7)<br>| 87171 | &nbsp;&nbsp; 84989 |
| Federal Home Loan Mtg, Corp. Structured Agency Credit <br> Risk REMIC Trust FRS<br>|  |  |
| Series 2025-DNA4, Class M1 <br>4.76%, (SOFR30A+1.10%), 10/25/2045\*<br>| 20660 | &nbsp;&nbsp; 20659 |
| JPMBB Commercial Mtg. Securities Trust VRS |  |  |
| Series 2013-C12, Class C <br>3.86%, 07/15/2045(7)<br>| 15403 | &nbsp;&nbsp; 15172 |
| Series 2014-C23, Class B <br>4.54%, 09/15/2047(7)<br>| 87221 | &nbsp;&nbsp; 86043 |
| JPMCC Commercial Mtg. Securities Trust |  |  |
| Series 2019-COR5, Class A2 <br>3.15%, 06/13/2052<br>| 44804 | &nbsp;&nbsp; 44440 |
| JPMorgan Chase Commercial Mtg. Securities Trust VRS |  |  |
| Series 2012-C6, Class D <br>4.97%, 05/15/2045(7)<br>| 7065 | &nbsp;&nbsp; 7047 |
| JPMorgan Mtg. Trust FRS |  |  |
| Series 2025-1, Class A11 <br>4.91%, (SOFR30A+1.25%), 06/25/2055\*<br>| 22047 | &nbsp;&nbsp; 22087 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| Morgan Stanley Bank of America Merrill Lynch Trust VRS |  |  |
| Series 2015-C22, Class B <br>3.88%, 04/15/2048(7)<br>| $45000 | &nbsp;&nbsp; $41647 |
| Series 2016-C32, Class AS <br>3.99%, 12/15/2049(7)<br>| 91000 | &nbsp;&nbsp; 89199 |
| Series 2012-C5, Class E <br>4.56%, 08/15/2045\*(7)<br>| 23347 | &nbsp;&nbsp; 23182 |
| Series 2013-C12, Class C <br>4.60%, 10/15/2046(7)<br>| 9472 | &nbsp;&nbsp; 9164 |
| Morgan Stanley Capital I Trust VRS |  |  |
| Series 2016-BNK2, Class C <br>3.88%, 11/15/2049(7)<br>| 15000 | &nbsp;&nbsp; 13070 |
| OBX Trust |  |  |
| Series 2023-NQM8, Class A1 <br>7.05%, 09/25/2063\*(9)<br>| 68858 | &nbsp;&nbsp; 69239 |
| Wells Fargo Commercial Mtg. Trust |  |  |
| Series 2016-BNK1, Class AS <br>2.81%, 08/15/2049<br>| 83000 | &nbsp;&nbsp; 80029 |
| Series 2017-RC1, Class AS <br>3.84%, 01/15/2060<br>| 28000 | &nbsp;&nbsp; 27676 |
| Series 2017-C39, Class B <br>4.03%, 09/15/2050<br>| 39000 | &nbsp;&nbsp; 37490 |
| Series 2019-C50, Class B <br>4.19%, 05/15/2052<br>| 50000 | &nbsp;&nbsp; 47411 |
| Series 2019-C49, Class B <br>4.55%, 03/15/2052<br>| 47000 | &nbsp;&nbsp; 45748 |
| Wells Fargo Commercial Mtg. Trust VRS |  |  |
| Series 2020-C57, Class C <br>4.02%, 08/15/2053(7)<br>| 44000 | &nbsp;&nbsp; 40168 |
| Series 2015-LC20, Class C <br>4.06%, 04/15/2050(7)<br>| 12783 | &nbsp;&nbsp; 12495 |
| WF-RBS Commercial Mtg. Trust VRS |  |  |
| Series 2012-C10, Class C <br>4.33%, 12/15/2045(7)<br>| 18000 | &nbsp;&nbsp; 15255 |
| Series 2011-C3, Class D <br>5.46%, 03/15/2044\*(7)<br>| 8560 | &nbsp;&nbsp; 3082 |
|  |  | &nbsp;&nbsp; 2062917 |
| **U.S. Government Agency — 0.4%** | **U.S. Government Agency — 0.4%** | **U.S. Government Agency — 0.4%** |
| Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| 4.61%, (SOFR30A+0.95%), 10/25/2054 | 96785 | &nbsp;&nbsp; 96966 |
| 8.50%, (-3.00\*SOFR30A+19.52%), 03/15/2035(10) | 4684 | &nbsp;&nbsp; 4830 |
| Federal Home Loan Mtg. Corp. Structured Agency Credit <br> Risk REMIC Trust FRS<br>|  |  |
| Series 2025-DNA1, Class A1 <br>4.61%, (SOFR30A+0.95%), 01/25/2045\*<br>| 44945 | &nbsp;&nbsp; 44861 |
| Series 2025-DNA3, Class M1 <br>4.76%, (SOFR30A+1.10%), 09/25/2045\*<br>| 31658 | &nbsp;&nbsp; 31642 |
| Series 2022-DNA2, Class M1A <br>4.96%, (SOFR30A+1.30%), 02/25/2042\*<br>| 11531 | &nbsp;&nbsp; 11531 |
| Series 2021-DNA6, Class M2 <br>5.16%, (SOFR30A+1.50%), 10/25/2041\*<br>| 9748 | &nbsp;&nbsp; 9757 |
| Series 2021-DNA5, Class M2 <br>5.31%, (SOFR30A+1.65%), 01/25/2034\*<br>| 3262 | &nbsp;&nbsp; 3262 |
| Series 2021-DNA7, Class M2 <br>5.46%, (SOFR30A+1.80%), 11/25/2041\*<br>| 51000 | &nbsp;&nbsp; 51127 |
| Series 2023-HQA3, Class A1 <br>5.51%, (SOFR30A+1.85%), 11/25/2043\*<br>| 12824 | &nbsp;&nbsp; 12914 |
| Series 2023-HQA3, Class M1 <br>5.51%, (SOFR30A+1.85%), 11/25/2043\*<br>| 3837 | &nbsp;&nbsp; 3856 |
| Series 2023-HQA2, Class M1A <br>5.66%, (SOFR30A+2.00%), 06/25/2043\*<br>| 1616 | &nbsp;&nbsp; 1616 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **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)** |
| Series 2022-DNA6, Class M1A <br>5.81%, (SOFR30A+2.15%), 09/25/2042\*<br>| $1776 | &nbsp;&nbsp; $1780 |
| Series 2022-DNA5, Class M1A <br>6.61%, (SOFR30A+2.95%), 06/25/2042\*<br>| 37882 | &nbsp;&nbsp; 38445 |
| Federal National Mtg. Assoc. REMIC FRS |  |  |
| Series 2024-82, Class FE <br>4.61%, (SOFR30A+0.95%), 11/25/2054<br>| 26913 | &nbsp;&nbsp; 26963 |
| Series 2025-25, Class FB <br>4.61%, (SOFR30A+0.95%), 04/25/2055<br>| 76039 | &nbsp;&nbsp; 76157 |
| Series 2024-98, Class FA <br>4.81%, (SOFR30A+1.15%), 12/25/2053<br>| 80344 | &nbsp;&nbsp; 80893 |
| Series 2024-77, Class DF <br>4.86%, (SOFR30A+1.20%), 10/25/2053<br>| 21192 | &nbsp;&nbsp; 21381 |
| Series 2024-89, Class FA <br>4.86%, (SOFR30A+1.20%), 12/25/2054<br>| 137462 | &nbsp;&nbsp; 138579 |
| Government National Mtg. Assoc. VRS |  |  |
| Series 2021-189, Class IO <br>0.88%, 06/16/2061(7)(8)<br>| 717444 | &nbsp;&nbsp; 44151 |
| Government National Mtg. Assoc. REMIC FRS |  |  |
| Series 2024-78, Class QF <br>4.77%, (SOFR30A+1.10%), 05/20/2054<br>| 151875 | &nbsp;&nbsp; 152598 |
|  |  | &nbsp;&nbsp; 853309 |
| **Total Collateralized Mortgage Obligations** <br>(cost $3,168,421)<br>|  | &nbsp;&nbsp; 2916226 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 6.6%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 6.6%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 6.6%** |
| **U.S. Government — 2.9%** | **U.S. Government — 2.9%** | **U.S. Government — 2.9%** |
| United States Treasury Bonds |  |  |
| <br>1.88%, 02/15/2051 | 480000 | &nbsp;&nbsp; 266531 |
| <br>2.00%, 08/15/2051 | 380000 | &nbsp;&nbsp; 216348 |
| <br>2.75%, 08/15/2042(11) | 1790000 | &nbsp;&nbsp; 1368791 |
| <br>2.88%, 05/15/2052 | 90000 | &nbsp;&nbsp; 62416 |
| <br>3.00%, 02/15/2049 | 320000 | &nbsp;&nbsp; 233712 |
| <br>3.38%, 11/15/2048 | 100000 | &nbsp;&nbsp; 78363 |
| <br>3.63%, 02/15/2053 | 100000 | &nbsp;&nbsp; 80258 |
| United States Treasury Notes |  |  |
| <br>1.50%, 02/15/2030 | 660000 | &nbsp;&nbsp; 603951 |
| <br>1.63%, 05/15/2026 to 09/30/2026 | 1710000 | &nbsp;&nbsp; 1697911 |
| <br>2.38%, 03/31/2029 | 470000 | &nbsp;&nbsp; 450778 |
| <br>3.38%, 05/15/2033 | 100000 | &nbsp;&nbsp; 95262 |
| <br>3.88%, 08/15/2033 | 710000 | &nbsp;&nbsp; 696993 |
|  |  | &nbsp;&nbsp; 5851314 |
| **U.S. Government Agency — 3.7%** | **U.S. Government Agency — 3.7%** | **U.S. Government Agency — 3.7%** |
| Federal Home Loan Mtg. Corp. |  |  |
| <br>2.50%, 01/01/2052 | 831624 | &nbsp;&nbsp; 714069 |
| <br>3.00%, 08/01/2052 | 833036 | &nbsp;&nbsp; 744342 |
| <br>3.50%, 06/01/2052 | 836896 | &nbsp;&nbsp; 773887 |
| <br>5.50%, 06/01/2035 | 744 | &nbsp;&nbsp; 761 |
| <br>7.50%, 10/01/2029 | 372 | &nbsp;&nbsp; 380 |
| Federal National Mtg. Assoc. |  |  |
| <br>1.50%, 11/01/2041 | 483972 | &nbsp;&nbsp; 407945 |
| <br>2.00%, 09/01/2050 | 862240 | &nbsp;&nbsp; 702769 |
| <br>2.50%, 11/01/2051 | 1735371 | &nbsp;&nbsp; 1487018 |
| <br>3.00%, 09/01/2046 to 10/01/2046 | 187737 | &nbsp;&nbsp; 169304 |
| <br>5.28%, 12/01/2028 | 40000 | &nbsp;&nbsp; 41030 |
| <br>6.00%, 06/01/2036 | 284 | &nbsp;&nbsp; 294 |
| <br>6.50%, 07/01/2036 to 11/01/2036 | 17105 | &nbsp;&nbsp; 17965 |
| <br>7.00%, 06/01/2033 to 04/01/2035 | 2108 | &nbsp;&nbsp; 2214 |
| Government National Mtg. Assoc. |  |  |
| <br>3.00%, 11/20/2051 | 730861 | &nbsp;&nbsp; 648378 |
| <br>3.50%, 05/20/2052 | 893647 | &nbsp;&nbsp; 820696 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| <br>4.00%, 03/20/2053 | $836261 | &nbsp;&nbsp; $790499 |
| <br>6.00%, 11/20/2053 | 12279 | &nbsp;&nbsp; 12598 |
| <br>6.50%, 08/20/2037 to 09/20/2037 | 4586 | &nbsp;&nbsp; 4972 |
|  |  | &nbsp;&nbsp; 7339121 |
| **Total U.S. Government & Agency Obligations** <br>(cost $13,553,281)<br>|  | &nbsp;&nbsp; 13190435 |
| **MUNICIPAL SECURITIES — 0.2%** | **MUNICIPAL SECURITIES — 0.2%** | **MUNICIPAL SECURITIES — 0.2%** |
| California Health Facilities Financing Authority <br>Revenue Bonds<br>|  |  |
| 4.19%, 06/01/2037 | 30000 | &nbsp;&nbsp; 28093 |
| City of Orange, CA <br>Revenue Bonds<br>|  |  |
| 2.65%, 06/01/2034 | 15000 | &nbsp;&nbsp; 12860 |
| City of Pomona CA <br>Revenue Bonds<br>|  |  |
| 3.72%, 08/01/2040 | 10000 | &nbsp;&nbsp; 8620 |
| County of Fresno CA <br>Revenue Bonds<br>|  |  |
| 0.01%, 08/15/2032 | 20000 | &nbsp;&nbsp; 14962 |
| County of Tulare CA <br>Revenue Bonds<br>|  |  |
| 4.45%, 06/01/2037 | 25000 | &nbsp;&nbsp; 23847 |
| Georgia Higher Education Facilities Authority <br>Revenue Bonds<br>|  |  |
| 5.27%, 01/01/2040 | 5000 | &nbsp;&nbsp; 5008 |
| JobsOhio Beverage System <br>Revenue Bonds<br>|  |  |
| 2.83%, 01/01/2038 | 15000 | &nbsp;&nbsp; 12672 |
| New Jersey Transportation Trust Fund Authority <br>Revenue Bonds<br>|  |  |
| 6.56%, 12/15/2040 | 5000 | &nbsp;&nbsp; 5530 |
| New York City Transitional Finance Authority Future Tax <br> Secured <br>Revenue Bonds<br>|  |  |
| 4.66%, 02/01/2036 | 20000 | &nbsp;&nbsp; 19802 |
| North Texas Tollway Authority <br>Revenue Bonds<br>|  |  |
| 6.72%, 01/01/2049 | 25000 | &nbsp;&nbsp; 27284 |
| Pennsylvania Economic Development Financing Authority <br>Revenue Bonds<br>|  |  |
| 5.69%, 06/01/2054 | 20000 | &nbsp;&nbsp; 20122 |
| Redevelopment Authority of the City of Philadelphia <br>Revenue Bonds<br>|  |  |
| 5.00%, 11/01/2038 | 30000 | &nbsp;&nbsp; 29646 |
| State Board of Administration Finance Corp. <br>Revenue Bonds<br>|  |  |
| 5.53%, 07/01/2034 | 30000 | &nbsp;&nbsp; 31435 |
| State of California <br>General Obligation Bonds<br>|  |  |
| 4.35%, 11/01/2032 | 40000 | &nbsp;&nbsp; 39881 |
| 7.50%, 04/01/2034 | 30000 | &nbsp;&nbsp; 34465 |
| State of Illinois <br>General Obligation Bonds<br>|  |  |
| 4.95%, 04/01/2033 | 25000 | &nbsp;&nbsp; 25377 |
| **Total Municipal Securities** <br>(cost $336,896)<br>|  | &nbsp;&nbsp; 339604 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.6%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.6%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.6%** |
| iShares Core MSCI Emerging Markets ETF | 4432 | &nbsp;&nbsp; 309132 |
| SPDR S&P 500 Trust ETF | 723 | &nbsp;&nbsp; 470196 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **UNAFFILIATED INVESTMENT COMPANIES (continued)** | **UNAFFILIATED INVESTMENT COMPANIES (continued)** | **UNAFFILIATED INVESTMENT COMPANIES (continued)** |
| SPDR S&P MidCap 400 Trust ETF | 104 | &nbsp;&nbsp; $64143 |
| Xtrackers Harvest CSI 300 China A-Shares ETF | 8265 | &nbsp;&nbsp; 269769 |
| **Total Unaffiliated Investment Companies** <br>(cost $1,121,382)<br>|  | &nbsp;&nbsp; 1113240 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| Seventy Seven Energy, Inc. 6.63%, 11/15/2019(12) <br>(cost $4)<br>| $20000 | &nbsp;&nbsp; 2 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| **Biotechnology — 0.0%** | **Biotechnology — 0.0%** | **Biotechnology — 0.0%** |
| Akero Therapeutics, Inc. CVR†(12) | 843 | &nbsp;&nbsp; 552 |
| Icosavax, Inc. CVR†(12) | 535 | &nbsp;&nbsp; 166 |
| Metsera, Inc. CVR†(12) | 258 | &nbsp;&nbsp; 1264 |
| Sage Therapeutics, Inc. CVR†(12) | 2828 | &nbsp;&nbsp; 509 |
|  |  | &nbsp;&nbsp; 2491 |
| **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** | **Pharmaceuticals — 0.0%** |
| Blueprint Medic CVR | 262 | &nbsp;&nbsp; 121 |
| **Total Rights** <br>(cost $2,608)<br>|  | &nbsp;&nbsp; 2612 |
| **Total Long-Term Investment Securities** <br>(cost $155,421,342)<br>|  | &nbsp;&nbsp; 191797920 |
| **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** |
| **Sovereign — 1.4%** | **Sovereign — 1.4%** | **Sovereign — 1.4%** |
| Federal Home Loan Bank Disc. Notes |  |  |
| 3.55%, 04/01/2026 <br>(cost $2,780,000)<br>| 2780000 | &nbsp;&nbsp; 2779723 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **REPURCHASE AGREEMENTS — 2.0%** | **REPURCHASE AGREEMENTS — 2.0%** | **REPURCHASE AGREEMENTS — 2.0%** |
| Agreement with Bank of America Securities, Inc., bearing <br> interest at 3.66% dated 03/31/2026, to be repurchased <br> 04/01/2026 in the amount of $4,000,407 and <br> collateralized by $4,223,000 of United States Treasury <br> Notes, bearing interest at 2.63% due 07/31/2029 and <br> having an approximate value of $4,089,963 <br>(cost $4,000,000)<br>| $4000000 | &nbsp;&nbsp; $4000000 |
| **TOTAL INVESTMENTS** <br>(cost $162,201,342)(13)<br>| 99.9<br> %<br>| &nbsp;&nbsp; 198577643 |
| Other assets less liabilities | 0.1 | &nbsp;&nbsp; 291900 |
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $198869543 |

---

---

| | |
|:---|:---|
| † | Non-income producing security |
| \* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be sold in transactions exempt from registration, normally to qualified <br> institutional buyers. The SA Franklin Allocation Moderately Aggressive Portfolio has no <br> right to demand registration of these securities. At March 31, 2026, the aggregate value <br> of these securities was $9,568,120 representing 4.8% of net assets.<br>|
| (1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being <br> registered, or being able to take advantage of an exemption from registration, under the <br> Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual <br> restriction on public sales; or (c) is otherwise subject to a restriction on sales by <br> operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain <br> restricted securities held by the Portfolio may not be sold except in exempt transactions <br> or in a public offering registered under the 1933 Act. The Portfolio has no right to <br> demand registration of these securities. The risk of investing in certain restricted <br> securities is greater than the risk of investing in the securities of widely held, publicly <br> traded companies. To the extent applicable, lack of a secondary market and resale <br> restrictions may result in the inability of a Portfolio to sell a security at a fair price and <br> may substantially delay the sale of the security. In addition, certain restricted securities <br> may exhibit greater price volatility than securities for which secondary markets exist. As <br> of March 31, 2026, the Portfolio held the following restricted securities:<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition** <br>**Date**<br>| **Shares or** <br>**Principal** <br>**Amount**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value** <br>**Per Share**<br>| **% of** <br>**Net Assets**<br>|
| **<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>** |
| AMN Healthcare Services, Inc. | 11/18/25, 03/11/26 | 1330 | $25188 | $24392 | $18.34 | 0.0<br> %<br>|
| Delek US Holdings, Inc. | 03/11/26 | 186 | 7814 | 8383 | 45.07 | 0.0 |
| Peabody Energy Corp. | 07/07/25 | 1573 | 22748 | 51830 | 32.95 | 0.0 |
|  |  |  |  | $84605 |  | 0.0<br> %\*\*<br>|

---

\*\* 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. 

&nbsp;&nbsp;&nbsp;&nbsp;(2) Perpetual maturity - maturity date reflects the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(3) PIK ("Payment-in-Kind") security – Income may be paid in additional securities and/or cash at the discretion of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(4) All loans in the Portfolio were purchased through assignment agreements unless otherwise indicated.

&nbsp;&nbsp;&nbsp;&nbsp;(5) 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(7) 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.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Interest Only

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

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

&nbsp;&nbsp;&nbsp;&nbsp;(9) "Step-up" security where the rate increases ("steps-up") at a predetermined rate.
 The rate reflected is as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Inverse Floating Rate Security that pays interest that varies inversely to changes
 in the market interest rates. The interest rate shown is the current interest rate at March
 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(11) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(12) Securities classified as Level 3 (see Note 2).

&nbsp;&nbsp;&nbsp;&nbsp;(13) See Note 4 for cost of investments on a tax basis.

---

| |
|:---|
| ADR—American Depositary Receipt |
| ASX—Australian Stock Exchange  |
| CVR—Contingent Value Rights |
| DAC—Designated Activity Company |

---

---

| |
|:---|
| ETF—Exchange Traded Fund |
| FRS—Floating Rate Security |
| LSE—London Stock Exchange |
| REMIC—Real Estate Mortgage Investment Conduit |
| SEHK—Hong Kong Stock Exchange |
| 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 |
| VRS—Variable Rate Security |

---

The rates shown on FRS and/or VRS are the current interest rates at March 31, 2026 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** |
| **Counterparty (OTC)/** <br>**Centrally Cleared**<br>| **Pay/** <br>**Receive**<br>| &nbsp;&nbsp; **Underlying** <br>**Reference**<br>| **Financing** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional** <br>**Amount**<br>| **Premiums** <br>**Paid/** <br>**(Received)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value** |
| Bank of America, N.A. | Pay | Etihad Etisalat Co. | Less than 1-Month SOFR <br> +1.000%<br>| Monthly | 06/23/2026 | $110359 | $— | $887 | $887 |
| Bank of America, N.A. | Pay | Al Rajhi Bank | Less than 1-Month SOFR <br> +1.000<br>| Monthly | 06/23/2026 | 129866 |  | 2652 | 2652 |
| Bank of America, N.A. | Pay | &nbsp;&nbsp; Rasan Information <br> Technology Co.<br>| Less than 1-Month SOFR | Monthly | 06/23/2026 | 39214 |  | 2158 | 2158 |
| Bank of America, N.A. | Pay | &nbsp;&nbsp; Rasan Information <br> Technology Co.<br>| Less than 1-Month SOFR | Monthly | 06/23/2026 | 39214 |  | 2158 | 2158 |
|  |  |  |  |  |  |  | $— | $7855 | $7855 |

---

SOFR—Secured Overnight Financing Rate<br>

**Futures Contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number** <br>**of** <br>**Contracts**<br>| **Type** | **Description** | &nbsp;&nbsp; **Expiration** <br>**Month**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Basis\***<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value\***<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| 16 | Short | E-Mini Russell 2000 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $2016602 | &nbsp;&nbsp;&nbsp;&nbsp; $2009760 | &nbsp;&nbsp;&nbsp;&nbsp; $6842 |
| 5 | Short | MSCI Emerging Markets Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 374541 | &nbsp;&nbsp;&nbsp;&nbsp; 363650 | &nbsp;&nbsp;&nbsp;&nbsp; 10891 |
| 4 | Short | S&P 500 E-Mini Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 1351041 | &nbsp;&nbsp;&nbsp;&nbsp; 1314150 | &nbsp;&nbsp;&nbsp;&nbsp; 36891 |
| 22 | Short | U.S. Treasury 10 Year Notes | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2481156 | &nbsp;&nbsp;&nbsp;&nbsp; 2443031 | &nbsp;&nbsp;&nbsp;&nbsp; 38125 |
| 7 | Short | U.S. Treasury Ultra 10 Year Notes | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 811035 | &nbsp;&nbsp;&nbsp;&nbsp; 794610 | &nbsp;&nbsp;&nbsp;&nbsp; 16425 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $109174 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **Unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 11 | Long | MSCI EAFE Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $1612788 | &nbsp;&nbsp;&nbsp;&nbsp; $1595605 | &nbsp;&nbsp;&nbsp;&nbsp; $(17183)<br>|
| 9 | Long | TOPIX Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2043201 | &nbsp;&nbsp;&nbsp;&nbsp; 1987083 | &nbsp;&nbsp;&nbsp;&nbsp; (56118)<br>|
| 13 | Long | U.S. Treasury 2 Year Notes | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2716511 | &nbsp;&nbsp;&nbsp;&nbsp; 2696789 | &nbsp;&nbsp;&nbsp;&nbsp; (19722)<br>|
| 24 | Long | U.S. Treasury 5 Year Notes | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2634220 | &nbsp;&nbsp;&nbsp;&nbsp; 2596313 | &nbsp;&nbsp;&nbsp;&nbsp; (37907)<br>|
| 2 | Long | U.S. Treasury Long Bonds | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 235294 | &nbsp;&nbsp;&nbsp;&nbsp; 227750 | &nbsp;&nbsp;&nbsp;&nbsp; (7544)<br>|
| 4 | Long | U.S. Treasury Ultra Bonds | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 482325 | &nbsp;&nbsp;&nbsp;&nbsp; 466250 | &nbsp;&nbsp;&nbsp;&nbsp; (16075)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(154549)<br>|
|  |  | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp; $(45375)<br>|

---

\* 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** | **Delivery** <br>**Date**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>|
| Bank of America, N.A. | AUD | &nbsp;&nbsp; 546300 | USD | &nbsp;&nbsp; 369736 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7123)<br>|
|  | BRL | &nbsp;&nbsp; 1544600 | USD | &nbsp;&nbsp; 287100 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6125)<br>|
|  | EUR | &nbsp;&nbsp; 4300 | USD | &nbsp;&nbsp; 4981 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6)<br>|
|  | HKD | &nbsp;&nbsp; 183500 | USD | &nbsp;&nbsp; 23554 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; — |
|  | HUF | &nbsp;&nbsp; 6788200 | USD | &nbsp;&nbsp; 19640 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (667)<br>|
|  | MXN | &nbsp;&nbsp; 159100 | USD | &nbsp;&nbsp; 9200 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 329 | &nbsp;&nbsp; — |
|  | SEK | &nbsp;&nbsp; 6623400 | USD | &nbsp;&nbsp; 706553 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 4213 | &nbsp;&nbsp; — |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (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** | **Delivery**<br> **Date**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **(Depreciation)**<br>|
|  | USD | &nbsp;&nbsp; 37282 | AUD | &nbsp;&nbsp; 55800 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; $1211 | &nbsp;&nbsp; $— |
|  | USD | &nbsp;&nbsp; 280303 | CHF | &nbsp;&nbsp; 219200 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3881)<br>|
|  | USD | &nbsp;&nbsp; 134221 | DKK | &nbsp;&nbsp; 871700 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 1143 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 701988 | EUR | &nbsp;&nbsp; 610700 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 6342 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 134628 | GBP | &nbsp;&nbsp; 101700 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (48)<br>|
|  | USD | &nbsp;&nbsp; 203362 | JPY | &nbsp;&nbsp; 31653300 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3220)<br>|
|  | USD | &nbsp;&nbsp; 36376 | MXN | &nbsp;&nbsp; 659600 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 398 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 5714 | NOK | &nbsp;&nbsp; 55700 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 4494 | PLN | &nbsp;&nbsp; 16800 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 104253 | ZAR | &nbsp;&nbsp; 1709000 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3354)<br>|
|  | ZAR | &nbsp;&nbsp; 526400 | USD | &nbsp;&nbsp; 31725 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 646 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 14446 | &nbsp;&nbsp; (24424)<br>|
| Barclays Bank PLC | JPY | &nbsp;&nbsp; 756200 | USD | &nbsp;&nbsp; 4858 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; — |
|  | NZD | &nbsp;&nbsp; 43900 | USD | &nbsp;&nbsp; 25255 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — |
|  | TWD | &nbsp;&nbsp; 10764600 | USD | &nbsp;&nbsp; 336131 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; 712 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 49708 | AUD | &nbsp;&nbsp; 74400 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 1615 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 52435 | CHF | &nbsp;&nbsp; 41000 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (732)<br>|
|  | USD | &nbsp;&nbsp; 2989 | EUR | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 15488 | GBP | &nbsp;&nbsp; 11700 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5)<br>|
|  | USD | &nbsp;&nbsp; 45712 | HKD | &nbsp;&nbsp; 356200 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (182)<br>|
|  | USD | &nbsp;&nbsp; 12357 | ILS | &nbsp;&nbsp; 38900 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 5432 | MXN | &nbsp;&nbsp; 98500 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 10507 | NOK | &nbsp;&nbsp; 101600 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (20)<br>|
|  | USD | &nbsp;&nbsp; 184047 | SEK | &nbsp;&nbsp; 1723700 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1267)<br>|
|  | USD | &nbsp;&nbsp; 10766 | SGD | &nbsp;&nbsp; 13600 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (157)<br>|
|  | USD | &nbsp;&nbsp; 101271 | TWD | &nbsp;&nbsp; 3202800 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1474)<br>|
|  | USD | &nbsp;&nbsp; 11944 | ZAR | &nbsp;&nbsp; 198000 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (255)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; 2530 | &nbsp;&nbsp; (4092)<br>|
| Citibank, N.A. | DKK | &nbsp;&nbsp; 1135400 | USD | &nbsp;&nbsp; 174841 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1472)<br>|
|  | EUR | &nbsp;&nbsp; 186100 | USD | &nbsp;&nbsp; 213916 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1936)<br>|
|  | GBP | &nbsp;&nbsp; 426900 | USD | &nbsp;&nbsp; 565111 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 193 | &nbsp;&nbsp; — |
|  | HKD | &nbsp;&nbsp; 237600 | USD | &nbsp;&nbsp; 30445 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; — |
|  | HUF | &nbsp;&nbsp; 8515700 | USD | &nbsp;&nbsp; 24636 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (838)<br>|
|  | JPY | &nbsp;&nbsp; 143876000 | USD | &nbsp;&nbsp; 919237 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; 9519 | &nbsp;&nbsp; — |
|  | PLN | &nbsp;&nbsp; 84300 | USD | &nbsp;&nbsp; 22548 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (155)<br>|
|  | USD | &nbsp;&nbsp; 27060 | AUD | &nbsp;&nbsp; 40500 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 878 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 95467 | HKD | &nbsp;&nbsp; 744300 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (330)<br>|
|  | USD | &nbsp;&nbsp; 5468 | NOK | &nbsp;&nbsp; 53300 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 9484 | SEK | &nbsp;&nbsp; 88900 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (57)<br>|
|  | USD | &nbsp;&nbsp; 6839 | SGD | &nbsp;&nbsp; 8700 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (52)<br>|
|  | ZAR | &nbsp;&nbsp; 601500 | USD | &nbsp;&nbsp; 36283 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 771 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 11470 | &nbsp;&nbsp; (4840)<br>|
| Goldman Sachs International | BRL | &nbsp;&nbsp; 258100 | USD | &nbsp;&nbsp; 47983 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1015)<br>|
|  | CHF | &nbsp;&nbsp; 248200 | USD | &nbsp;&nbsp; 317424 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 4431 | &nbsp;&nbsp; — |
|  | GBP | &nbsp;&nbsp; 207400 | USD | &nbsp;&nbsp; 274542 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; — |
|  | HUF | &nbsp;&nbsp; 10252400 | USD | &nbsp;&nbsp; 29662 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1008)<br>|
|  | ILS | &nbsp;&nbsp; 341300 | USD | &nbsp;&nbsp; 108427 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (189)<br>|
|  | INR | &nbsp;&nbsp; 25029800 | USD | &nbsp;&nbsp; 274838 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; 9494 | &nbsp;&nbsp; — |
|  | PLN | &nbsp;&nbsp; 149200 | USD | &nbsp;&nbsp; 39911 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (270)<br>|
|  | USD | &nbsp;&nbsp; 60067 | AUD | &nbsp;&nbsp; 86600 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (327)<br>|
|  | USD | &nbsp;&nbsp; 32185 | EUR | &nbsp;&nbsp; 28000 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 484476 | HKD | &nbsp;&nbsp; 3775400 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1900)<br>|
|  | USD | &nbsp;&nbsp; 105481 | JPY | &nbsp;&nbsp; 16417800 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1673)<br>|
|  | USD | &nbsp;&nbsp; 93725 | MXN | &nbsp;&nbsp; 1699400 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 1021 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 3344 | NOK | &nbsp;&nbsp; 32600 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 4726 | SEK | &nbsp;&nbsp; 44300 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (28)<br>|
|  | USD | &nbsp;&nbsp; 8807 | ZAR | &nbsp;&nbsp; 142400 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (399)<br>|
|  | ZAR | &nbsp;&nbsp; 329700 | USD | &nbsp;&nbsp; 20093 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 627 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 15975 | &nbsp;&nbsp; (6809)<br>|
| HSBC Bank PLC | CNH | &nbsp;&nbsp; 343100 | USD | &nbsp;&nbsp; 49774 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (184)<br>|

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (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** | **Delivery**<br> **Date**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **(Depreciation)**<br>|
|  | HKD | &nbsp;&nbsp; 4763700 | USD | &nbsp;&nbsp; 611130 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; $2229 | &nbsp;&nbsp; $— |
|  | ILS | &nbsp;&nbsp; 671700 | USD | &nbsp;&nbsp; 214082 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 318 | &nbsp;&nbsp; — |
|  | PLN | &nbsp;&nbsp; 24300 | USD | &nbsp;&nbsp; 6529 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15)<br>|
|  | SGD | &nbsp;&nbsp; 28800 | USD | &nbsp;&nbsp; 22799 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; 333 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 25480 | CHF | &nbsp;&nbsp; 19900 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (385)<br>|
|  | USD | &nbsp;&nbsp; 37916 | DKK | &nbsp;&nbsp; 245400 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 8997 | EUR | &nbsp;&nbsp; 7800 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 32452 | GBP | &nbsp;&nbsp; 24400 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (163)<br>|
|  | USD | &nbsp;&nbsp; 200556 | HKD | &nbsp;&nbsp; 1564000 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (644)<br>|
|  | USD | &nbsp;&nbsp; 299258 | JPY | &nbsp;&nbsp; 46578700 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4744)<br>|
|  | USD | &nbsp;&nbsp; 5550 | NOK | &nbsp;&nbsp; 53800 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 221516 | SEK | &nbsp;&nbsp; 2062500 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2810)<br>|
|  | USD | &nbsp;&nbsp; 4626 | SGD | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (102)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; 3125 | &nbsp;&nbsp; (9047)<br>|
| JPMorgan Chase Bank, N.A. | EUR | &nbsp;&nbsp; 449800 | USD | &nbsp;&nbsp; 520229 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1479)<br>|
|  | NOK | &nbsp;&nbsp; 765200 | USD | &nbsp;&nbsp; 79101 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 366103 | CHF | &nbsp;&nbsp; 285300 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6326)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; 119 | &nbsp;&nbsp; (7805)<br>|
| Morgan Stanley & Co. International PLC | AUD | &nbsp;&nbsp; 98700 | USD | &nbsp;&nbsp; 69416 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 1329 | &nbsp;&nbsp; — |
|  | CHF | &nbsp;&nbsp; 184300 | USD | &nbsp;&nbsp; 236371 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 3959 | &nbsp;&nbsp; — |
|  | CNH | &nbsp;&nbsp; 1571500 | USD | &nbsp;&nbsp; 228010 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (811)<br>|
|  | DKK | &nbsp;&nbsp; 920300 | USD | &nbsp;&nbsp; 142503 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (408)<br>|
|  | EUR | &nbsp;&nbsp; 34900 | USD | &nbsp;&nbsp; 40341 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (138)<br>|
|  | GBP | &nbsp;&nbsp; 257600 | USD | &nbsp;&nbsp; 343247 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 2365 | &nbsp;&nbsp; — |
|  | MXN | &nbsp;&nbsp; 43300 | USD | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14)<br>|
|  | SEK | &nbsp;&nbsp; 802400 | USD | &nbsp;&nbsp; 86292 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 1206 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 133008 | AUD | &nbsp;&nbsp; 194600 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 1235 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 70976 | CHF | &nbsp;&nbsp; 55300 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1240)<br>|
|  | USD | &nbsp;&nbsp; 18336 | DKK | &nbsp;&nbsp; 118300 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 279538 | EUR | &nbsp;&nbsp; 241600 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 686 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 130654 | GBP | &nbsp;&nbsp; 98000 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (971)<br>|
|  | USD | &nbsp;&nbsp; 13103 | HKD | &nbsp;&nbsp; 102100 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (52)<br>|
|  | USD | &nbsp;&nbsp; 448066 | JPY | &nbsp;&nbsp; 70500600 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2295)<br>|
|  | USD | &nbsp;&nbsp; 91873 | NOK | &nbsp;&nbsp; 888800 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (133)<br>|
|  | USD | &nbsp;&nbsp; 24009 | NZD | &nbsp;&nbsp; 41500 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (151)<br>|
|  | USD | &nbsp;&nbsp; 21570 | PLN | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (25)<br>|
|  | USD | &nbsp;&nbsp; 57794 | SGD | &nbsp;&nbsp; 73000 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (850)<br>|
|  | ZAR | &nbsp;&nbsp; 1026600 | USD | &nbsp;&nbsp; 62281 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 1671 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 12485 | &nbsp;&nbsp; (7088)<br>|
| State Street Bank & Trust Co. | GBP | &nbsp;&nbsp; 250900 | USD | &nbsp;&nbsp; 333704 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 1688 | &nbsp;&nbsp; — |
|  | HKD | &nbsp;&nbsp; 5113800 | USD | &nbsp;&nbsp; 655843 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; 2191 | &nbsp;&nbsp; — |
|  | HUF | &nbsp;&nbsp; 5269200 | USD | &nbsp;&nbsp; 15366 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (397)<br>|
|  | USD | &nbsp;&nbsp; 125738 | AUD | &nbsp;&nbsp; 187100 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 3331 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 137507 | CHF | &nbsp;&nbsp; 107400 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2071)<br>|
|  | USD | &nbsp;&nbsp; 13180 | DKK | &nbsp;&nbsp; 85300 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 301742 | EUR | &nbsp;&nbsp; 261600 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 1679 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 288233 | HKD | &nbsp;&nbsp; 2246500 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1083)<br>|
|  | USD | &nbsp;&nbsp; 137466 | JPY | &nbsp;&nbsp; 21397200 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2173)<br>|
|  | USD | &nbsp;&nbsp; 36386 | PLN | &nbsp;&nbsp; 135400 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 91213 | SEK | &nbsp;&nbsp; 849300 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1154)<br>|
|  | USD | &nbsp;&nbsp; 118587 | SGD | &nbsp;&nbsp; 149800 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1735)<br>|
|  | ZAR | &nbsp;&nbsp; 1352600 | USD | &nbsp;&nbsp; 81816 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 1959 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 10993 | &nbsp;&nbsp; (8613)<br>|
| Toronto Dominion Bank | EUR | &nbsp;&nbsp; 450900 | USD | &nbsp;&nbsp; 520115 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2869)<br>|
|  | HUF | &nbsp;&nbsp; 3537500 | USD | &nbsp;&nbsp; 10316 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (266)<br>|
|  | USD | &nbsp;&nbsp; 108869 | AUD | &nbsp;&nbsp; 162000 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 2885 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 202830 | GBP | &nbsp;&nbsp; 152500 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1026)<br>|
|  | USD | &nbsp;&nbsp; 20983 | HKD | &nbsp;&nbsp; 163400 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (97)<br>|
|  | USD | &nbsp;&nbsp; 9636 | NOK | &nbsp;&nbsp; 93400 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (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** | **Delivery**<br> **Date**<br>| **Unrealized**<br> **Appreciation**<br>| **Unrealized**<br> **(Depreciation)**<br>|
|  | USD | &nbsp;&nbsp; 355159 | SEK | &nbsp;&nbsp; 3306800 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(4509)<br>|
|  | USD | &nbsp;&nbsp; 10259 | ZAR | &nbsp;&nbsp; 169100 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (276)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; 2889 | &nbsp;&nbsp; (9043)<br>|
| UBS AG | HKD | &nbsp;&nbsp; 553600 | USD | &nbsp;&nbsp; 71037 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; — |
|  | ILS | &nbsp;&nbsp; 80100 | USD | &nbsp;&nbsp; 25533 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 171156 | AUD | &nbsp;&nbsp; 254700 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 4546 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 121509 | CHF | &nbsp;&nbsp; 94900 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1835)<br>|
|  | USD | &nbsp;&nbsp; 10477 | DKK | &nbsp;&nbsp; 67800 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 307849 | EUR | &nbsp;&nbsp; 266900 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 1719 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 155861 | JPY | &nbsp;&nbsp; 23705200 | &nbsp;&nbsp; 05/13/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5974)<br>|
|  | USD | &nbsp;&nbsp; 53406 | MXN | &nbsp;&nbsp; 963400 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 14725 | PLN | &nbsp;&nbsp; 54800 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; — |
|  | ZAR | &nbsp;&nbsp; 152200 | USD | &nbsp;&nbsp; 9232 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 246 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 7217 | &nbsp;&nbsp; (7809)<br>|
| Westpac Banking Corp. | EUR | &nbsp;&nbsp; 292700 | USD | &nbsp;&nbsp; 336445 | &nbsp;&nbsp; 06/17/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3048)<br>|
|  | MXN | &nbsp;&nbsp; 198000 | USD | &nbsp;&nbsp; 11472 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 433 | &nbsp;&nbsp; — |
|  | USD | &nbsp;&nbsp; 22382 | AUD | &nbsp;&nbsp; 33500 | &nbsp;&nbsp; 04/15/2026 | &nbsp;&nbsp; 728 | &nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp; 1161 | &nbsp;&nbsp; (3048)<br>|
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp; $82410 | &nbsp;&nbsp; $(92618)<br>|

---

---

| |
|:---|
| AUD—Australian Dollar |
| BRL—Brazilian Real |
| CHF—Swiss Franc |
| CNH—Yuan Renminbi Offshore |
| DKK—Danish Krone |
| EUR—Euro Currency |
| GBP—British Pound |

---

---

| |
|:---|
| HKD—Hong Kong Dollar |
| HUF—Hungarian Forint |
| ILS—Israeli New Sheqel |
| INR—Indian Rupee |
| JPY—Japanese Yen |
| MXN—Mexican Peso |
| NOK—Norwegian Krone |

---

---

| |
|:---|
| NZD—New Zealand Dollar |
| PLN—Polish Zloty |
| SEK—Swedish Krona |
| SGD—Singapore Dollar |
| TWD—New Taiwan Dollar |
| USD—United States Dollar |
| ZAR—South African Rand |

---

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Aerospace/Defense | &nbsp;&nbsp; $3184574 | &nbsp;&nbsp; $671591 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3856165 |
| Agriculture | &nbsp;&nbsp; 1291953 | &nbsp;&nbsp; 297594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1589547 |
| Airlines | &nbsp;&nbsp; 302066 | &nbsp;&nbsp; 611347 | &nbsp;&nbsp; — | &nbsp;&nbsp; 913413 |
| Apparel | &nbsp;&nbsp; 158436 | &nbsp;&nbsp; 260674 | &nbsp;&nbsp; — | &nbsp;&nbsp; 419110 |
| Auto Manufacturers | &nbsp;&nbsp; 2473331 | &nbsp;&nbsp; 354264 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2827595 |
| Auto Parts & Equipment | &nbsp;&nbsp; 355309 | &nbsp;&nbsp; 260227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 615536 |
| Banks | &nbsp;&nbsp; 7683969 | &nbsp;&nbsp; 6016120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13700089 |
| Beverages | &nbsp;&nbsp; 1625002 | &nbsp;&nbsp; 312328 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1937330 |
| Biotechnology | &nbsp;&nbsp; 3426692 | &nbsp;&nbsp; 31037 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3457729 |
| Building Materials | &nbsp;&nbsp; 206960 | &nbsp;&nbsp; 810396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1017356 |
| Chemicals | &nbsp;&nbsp; 2065304 | &nbsp;&nbsp; 238102 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2303406 |
| Commercial Services | &nbsp;&nbsp; 950671 | &nbsp;&nbsp; 347116 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1297787 |
| Computers | &nbsp;&nbsp; 9138302 | &nbsp;&nbsp; 341968 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9480270 |
| Cosmetics/Personal Care | &nbsp;&nbsp; 1957113 | &nbsp;&nbsp; 74826 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2031939 |
| Distribution/Wholesale | &nbsp;&nbsp; 45378 | &nbsp;&nbsp; 534054 | &nbsp;&nbsp; — | &nbsp;&nbsp; 579432 |
| Diversified Financial Services | &nbsp;&nbsp; 4131312 | &nbsp;&nbsp; 854011 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4985323 |
| Electric | &nbsp;&nbsp; 2250701 | &nbsp;&nbsp; 1128300 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3379001 |
| Electrical Components & Equipment | &nbsp;&nbsp; 207697 | &nbsp;&nbsp; 688451 | &nbsp;&nbsp; — | &nbsp;&nbsp; 896148 |
| Electronics | &nbsp;&nbsp; 709629 | &nbsp;&nbsp; 670396 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1380025 |
| Engineering & Construction | &nbsp;&nbsp; 382902 | &nbsp;&nbsp; 871918 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1254820 |
| Entertainment | &nbsp;&nbsp; 64782 | &nbsp;&nbsp; 199257 | &nbsp;&nbsp; — | &nbsp;&nbsp; 264039 |
| Food | &nbsp;&nbsp; 364876 | &nbsp;&nbsp; 774410 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1139286 |
| Food Service | &nbsp;&nbsp; — | &nbsp;&nbsp; 190319 | &nbsp;&nbsp; — | &nbsp;&nbsp; 190319 |
| Hand/Machine Tools | &nbsp;&nbsp; 144131 | &nbsp;&nbsp; 311991 | &nbsp;&nbsp; — | &nbsp;&nbsp; 456122 |

---

------

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

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted**<br> **Quoted Prices**<br>| **Level 2 - Other**<br> **Observable Inputs**<br>| **Level 3 - Significant**<br> **Unobservable Inputs**<br>| **Total** |
| **ASSETS: (continued)** |  |  |  |  |
| <u>Investments at Value:\* (continued)</u> |  |  |  |  |
| Healthcare-Products | &nbsp;&nbsp; $1316967 | &nbsp;&nbsp; $94252 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1411219 |
| Healthcare-Services | &nbsp;&nbsp; 702958 | &nbsp;&nbsp; 274540 | &nbsp;&nbsp; — | &nbsp;&nbsp; 977498 |
| Holding Companies-Diversified | &nbsp;&nbsp; — | &nbsp;&nbsp; 129215 | &nbsp;&nbsp; — | &nbsp;&nbsp; 129215 |
| Home Builders | &nbsp;&nbsp; 243472 | &nbsp;&nbsp; 65021 | &nbsp;&nbsp; — | &nbsp;&nbsp; 308493 |
| Home Furnishings | &nbsp;&nbsp; 42533 | &nbsp;&nbsp; 72192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 114725 |
| Household Products/Wares | &nbsp;&nbsp; 115005 | &nbsp;&nbsp; 260513 | &nbsp;&nbsp; — | &nbsp;&nbsp; 375518 |
| Insurance | &nbsp;&nbsp; 4021127 | &nbsp;&nbsp; 1712385 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5733512 |
| Internet | &nbsp;&nbsp; 18938512 | &nbsp;&nbsp; 1288845 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20227357 |
| Investment Companies | &nbsp;&nbsp; — | &nbsp;&nbsp; 375405 | &nbsp;&nbsp; — | &nbsp;&nbsp; 375405 |
| Iron/Steel | &nbsp;&nbsp; 8600 | &nbsp;&nbsp; 365388 | &nbsp;&nbsp; — | &nbsp;&nbsp; 373988 |
| Lodging | &nbsp;&nbsp; 191813 | &nbsp;&nbsp; 158812 | &nbsp;&nbsp; — | &nbsp;&nbsp; 350625 |
| Machinery-Construction & Mining | &nbsp;&nbsp; 4029855 | &nbsp;&nbsp; 94212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4124067 |
| Machinery-Diversified | &nbsp;&nbsp; 463626 | &nbsp;&nbsp; 148418 | &nbsp;&nbsp; — | &nbsp;&nbsp; 612044 |
| Media | &nbsp;&nbsp; 338345 | &nbsp;&nbsp; 47762 | &nbsp;&nbsp; — | &nbsp;&nbsp; 386107 |
| Mining | &nbsp;&nbsp; 302835 | &nbsp;&nbsp; 1477765 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1780600 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; 299377 | &nbsp;&nbsp; 82846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 382223 |
| Oil & Gas | &nbsp;&nbsp; 1441896 | &nbsp;&nbsp; 1951721 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3393617 |
| Pharmaceuticals | &nbsp;&nbsp; 6179359 | &nbsp;&nbsp; 2514226 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8693585 |
| Private Equity | &nbsp;&nbsp; — | &nbsp;&nbsp; 176844 | &nbsp;&nbsp; — | &nbsp;&nbsp; 176844 |
| Real Estate | &nbsp;&nbsp; 330912 | &nbsp;&nbsp; 74834 | &nbsp;&nbsp; — | &nbsp;&nbsp; 405746 |
| Retail | &nbsp;&nbsp; 2116771 | &nbsp;&nbsp; 621155 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2737926 |
| Semiconductors | &nbsp;&nbsp; 15229421 | &nbsp;&nbsp; 4037044 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19266465 |
| Shipbuilding | &nbsp;&nbsp; — | &nbsp;&nbsp; 299258 | &nbsp;&nbsp; — | &nbsp;&nbsp; 299258 |
| Software | &nbsp;&nbsp; 10055080 | &nbsp;&nbsp; 555900 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10610980 |
| Telecommunications | &nbsp;&nbsp; 3475919 | &nbsp;&nbsp; 1705883 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5181802 |
| Toys/Games/Hobbies | &nbsp;&nbsp; 139277 | &nbsp;&nbsp; 224774 | &nbsp;&nbsp; — | &nbsp;&nbsp; 364051 |
| Transportation | &nbsp;&nbsp; 1105154 | &nbsp;&nbsp; 123612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1228766 |
| Other Industries | &nbsp;&nbsp; 7931595 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7931595 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 34468 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34468 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 15766546 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15766546 |
| Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 86506 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86506 |
| Loans | &nbsp;&nbsp; — | &nbsp;&nbsp; 259261 | &nbsp;&nbsp; — | &nbsp;&nbsp; 259261 |
| Asset Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 164002 | &nbsp;&nbsp; — | &nbsp;&nbsp; 164002 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 2916226 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2916226 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 13190435 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13190435 |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 339604 | &nbsp;&nbsp; — | &nbsp;&nbsp; 339604 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 1113240 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1113240 |
| Escrows and Litigation Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2612 | &nbsp;&nbsp; 2612 |
| Short-Term Investments | &nbsp;&nbsp; — | &nbsp;&nbsp; 2779723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2779723 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4000000 |
| **Total Investments at Value** | &nbsp;&nbsp; $123289207 | &nbsp;&nbsp; $75285822 | &nbsp;&nbsp; $2614 | &nbsp;&nbsp; $198577643 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7855 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7855 |
| Futures Contracts | &nbsp;&nbsp; 109174 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 109174 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 82410 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82410 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; $109174 | &nbsp;&nbsp; $90265 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $199439 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $154549 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $154549 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 92618 | &nbsp;&nbsp; — | &nbsp;&nbsp; 92618 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; $154549 | &nbsp;&nbsp; $92618 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $247167 |

---

---

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

---

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES — 25.7%** | **CORPORATE BONDS & NOTES — 25.7%** | **CORPORATE BONDS & NOTES — 25.7%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Neptune Bidco US, Inc. |  |  |
| 9.29%, 04/15/2029\* | $102000 | &nbsp;&nbsp; $102283 |
| Omnicom Group, Inc. |  |  |
| 4.20%, 03/02/2029 | 27000 | &nbsp;&nbsp; 26714 |
| Outfront Media Capital LLC/Outfront Media <br> Capital Corp.<br>|  |  |
| 7.38%, 02/15/2031\* | 170000 | &nbsp;&nbsp; 177261 |
| WPP 2025 LLC |  |  |
| 6.50%, 03/30/2036 | 90000 | &nbsp;&nbsp; 88673 |
|  |  | &nbsp;&nbsp; 394931 |
| **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** | **Aerospace/Defense — 0.4%** |
| ATI, Inc. |  |  |
| 4.88%, 10/01/2029 | 39000 | &nbsp;&nbsp; 38480 |
| 5.13%, 10/01/2031 | 20000 | &nbsp;&nbsp; 19759 |
| Boeing Co. |  |  |
| 2.95%, 02/01/2030 | 505000 | &nbsp;&nbsp; 475243 |
| 3.20%, 03/01/2029 | 105000 | &nbsp;&nbsp; 101272 |
| 3.38%, 06/15/2046 | 43000 | &nbsp;&nbsp; 29568 |
| 3.60%, 05/01/2034 | 65000 | &nbsp;&nbsp; 58186 |
| 3.75%, 02/01/2050 | 50000 | &nbsp;&nbsp; 35468 |
| 5.15%, 05/01/2030 | 454000 | &nbsp;&nbsp; 461600 |
| 5.71%, 05/01/2040 | 842000 | &nbsp;&nbsp; 843324 |
| 5.81%, 05/01/2050 | 31000 | &nbsp;&nbsp; 29968 |
| 5.93%, 05/01/2060 | 57000 | &nbsp;&nbsp; 54714 |
| 6.39%, 05/01/2031 | 275000 | &nbsp;&nbsp; 293244 |
| Embraer Netherlands Finance BV |  |  |
| 5.40%, 01/09/2038 | 19000 | &nbsp;&nbsp; 18162 |
| Honeywell Aerospace, Inc. |  |  |
| 4.95%, 03/16/2036\* | 59000 | &nbsp;&nbsp; 58540 |
| 5.73%, 03/16/2056\* | 56000 | &nbsp;&nbsp; 55353 |
| L3Harris Technologies, Inc. |  |  |
| 5.40%, 07/31/2033 | 53000 | &nbsp;&nbsp; 54378 |
| Moog, Inc. |  |  |
| 5.50%, 10/15/2034\* | 35000 | &nbsp;&nbsp; 35110 |
|  |  | &nbsp;&nbsp; 2662369 |
| **Agriculture — 0.4%** | **Agriculture — 0.4%** | **Agriculture — 0.4%** |
| BAT Capital Corp. |  |  |
| 5.83%, 02/20/2031 | 395000 | &nbsp;&nbsp; 413359 |
| Philip Morris International, Inc. |  |  |
| 4.38%, 11/01/2027 | 395000 | &nbsp;&nbsp; 395964 |
| 4.75%, 11/01/2031 | 695000 | &nbsp;&nbsp; 698159 |
| 5.13%, 02/15/2030 | 90000 | &nbsp;&nbsp; 91831 |
| 5.13%, 02/13/2031 | 295000 | &nbsp;&nbsp; 301719 |
| 5.38%, 02/15/2033 | 780000 | &nbsp;&nbsp; 801639 |
| 5.63%, 09/07/2033 | 130000 | &nbsp;&nbsp; 135636 |
|  |  | &nbsp;&nbsp; 2838307 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| Air Canada |  |  |
| 3.88%, 08/15/2026\* | 32000 | &nbsp;&nbsp; 31840 |
| American Airlines, Inc. |  |  |
| 7.25%, 02/15/2028\* | 27000 | &nbsp;&nbsp; 27154 |
| British Airways Pass Through Trust |  |  |
| 2.90%, 09/15/2036\* | 68827 | &nbsp;&nbsp; 63125 |
| JetBlue Airways Corp./JetBlue Loyalty LP |  |  |
| 9.88%, 09/20/2031\* | 185000 | &nbsp;&nbsp; 174836 |
| Southwest Airlines Co. |  |  |
| 5.25%, 11/15/2035 | 92000 | &nbsp;&nbsp; 86352 |
| United Airlines Holdings, Inc. |  |  |
| 5.38%, 03/01/2031 | 10000 | &nbsp;&nbsp; 9793 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** |  | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| United Airlines, Inc. |  |  |  |
| 4.63%, 04/15/2029\* |  | $29000 | &nbsp;&nbsp; $28453 |
|  |  |  | &nbsp;&nbsp; 421553 |
| **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** | **Apparel — 0.0%** |
| Wolverine World Wide |  |  |  |
| <br>4.00%, 08/15/2029\* |  | 205000 | &nbsp;&nbsp; 189752 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| BMW US Capital LLC |  |  |  |
| 5.00%, 03/19/2033\* |  | 23000 | &nbsp;&nbsp; 22736 |
| General Motors Financial Co., Inc. |  |  |  |
| 3.10%, 01/12/2032 |  | 26000 | &nbsp;&nbsp; 23327 |
| 5.60%, 06/18/2031 |  | 131000 | &nbsp;&nbsp; 134078 |
| 5.90%, 01/07/2035 |  | 37000 | &nbsp;&nbsp; 37662 |
| Hyundai Capital America |  |  |  |
| 4.75%, 04/06/2029\* |  | 82000 | &nbsp;&nbsp; 82013 |
| 5.40%, 06/23/2032\* |  | 47000 | &nbsp;&nbsp; 47838 |
|  |  |  | &nbsp;&nbsp; 347654 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| American Axle & Manufacturing, Inc. |  |  |  |
| 6.38%, 10/15/2032\* |  | 34000 | &nbsp;&nbsp; 33651 |
| 7.75%, 10/15/2033\* |  | 30000 | &nbsp;&nbsp; 29205 |
| Aptiv Swiss Holdings, Ltd. |  |  |  |
| 3.10%, 12/01/2051 |  | 57000 | &nbsp;&nbsp; 35163 |
| Clarios Global LP/Clarios US Finance Co. |  |  |  |
| 4.75%, 06/15/2031 | EUR | 115000 | &nbsp;&nbsp; 130513 |
| Cyprium Corp. / Cyprium Holdings <br> Luxembourg Sarl<br>|  |  |  |
| 6.13%, 04/15/2031\* |  | 24000 | &nbsp;&nbsp; 23660 |
| 6.38%, 04/15/2034\* |  | 8000 | &nbsp;&nbsp; 7765 |
|  |  |  | &nbsp;&nbsp; 259957 |
| **Banks — 4.1%** | **Banks — 4.1%** | **Banks — 4.1%** | **Banks — 4.1%** |
| Bank of America Corp. |  |  |  |
| 1.90%, 07/23/2031 |  | 190000 | &nbsp;&nbsp; 169222 |
| 1.92%, 10/24/2031 |  | 445000 | &nbsp;&nbsp; 394379 |
| 2.30%, 07/21/2032 |  | 1525000 | &nbsp;&nbsp; 1346170 |
| 3.31%, 04/22/2042 |  | 58000 | &nbsp;&nbsp; 44229 |
| 3.42%, 12/20/2028 |  | 96000 | &nbsp;&nbsp; 94308 |
| 3.85%, 03/08/2037 |  | 233000 | &nbsp;&nbsp; 215827 |
| 4.08%, 04/23/2040 |  | 127000 | &nbsp;&nbsp; 110526 |
| 4.57%, 04/27/2033 |  | 42000 | &nbsp;&nbsp; 41266 |
| 5.16%, 01/24/2031 |  | 105000 | &nbsp;&nbsp; 107000 |
| 5.43%, 08/15/2035 |  | 47000 | &nbsp;&nbsp; 46890 |
| 5.52%, 10/25/2035 |  | 158000 | &nbsp;&nbsp; 157996 |
| 6.11%, 01/29/2037 |  | 119000 | &nbsp;&nbsp; 124797 |
| Bank of New York Mellon Corp. |  |  |  |
| 4.94%, 02/11/2031 |  | 82000 | &nbsp;&nbsp; 83082 |
| Bank of Nova Scotia |  |  |  |
| 4.59%, 05/04/2037 |  | 128000 | &nbsp;&nbsp; 122449 |
| BankUnited, Inc. |  |  |  |
| 5.13%, 06/11/2030 |  | 133000 | &nbsp;&nbsp; 132445 |
| Barclays PLC |  |  |  |
| 3.56%, 09/23/2035 |  | 208000 | &nbsp;&nbsp; 193726 |
| Citigroup, Inc. |  |  |  |
| 2.90%, 11/03/2042 |  | 23000 | &nbsp;&nbsp; 16420 |
| 4.45%, 09/29/2027 |  | 67000 | &nbsp;&nbsp; 67002 |
| 4.50%, 09/11/2031 |  | 940000 | &nbsp;&nbsp; 929316 |
| 4.54%, 09/19/2030 |  | 73000 | &nbsp;&nbsp; 72747 |
| 4.95%, 05/07/2031 |  | 650000 | &nbsp;&nbsp; 654213 |
| 5.17%, 09/11/2036 |  | 44000 | &nbsp;&nbsp; 43617 |
| 5.41%, 09/19/2039 |  | 127000 | &nbsp;&nbsp; 124061 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** |  | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| 5.88%, 02/22/2033 |  | $85000 | &nbsp;&nbsp; $88932 |
| 6.00%, 10/31/2033 |  | 311000 | &nbsp;&nbsp; 325669 |
| Citizens Financial Group, Inc. |  |  |  |
| 5.72%, 07/23/2032 |  | 143000 | &nbsp;&nbsp; 146991 |
| CrediaBank SA |  |  |  |
| 9.38%, 01/31/2031 | EUR | 100000 | &nbsp;&nbsp; 120792 |
| Credit Agricole SA |  |  |  |
| 5.22%, 05/27/2031\* |  | 250000 | &nbsp;&nbsp; 253037 |
| Deutsche Bank AG |  |  |  |
| 3.55%, 09/18/2031 |  | 150000 | &nbsp;&nbsp; 141018 |
| 3.74%, 01/07/2033 |  | 200000 | &nbsp;&nbsp; 182284 |
| First Citizens BancShares, Inc. |  |  |  |
| 5.60%, 09/05/2035 |  | 52000 | &nbsp;&nbsp; 50823 |
| 6.25%, 03/12/2040 |  | 67000 | &nbsp;&nbsp; 65513 |
| FNB Corp. |  |  |  |
| 5.72%, 12/11/2030 |  | 114000 | &nbsp;&nbsp; 114708 |
| Goldman Sachs Group, Inc. |  |  |  |
| 1.99%, 01/27/2032 |  | 80000 | &nbsp;&nbsp; 70211 |
| 2.38%, 07/21/2032 |  | 83000 | &nbsp;&nbsp; 73270 |
| 3.21%, 04/22/2042 |  | 75000 | &nbsp;&nbsp; 55611 |
| 4.15%, 01/21/2029 |  | 135000 | &nbsp;&nbsp; 134167 |
| 4.22%, 05/01/2029 |  | 58000 | &nbsp;&nbsp; 57673 |
| 4.37%, 10/21/2031 |  | 47000 | &nbsp;&nbsp; 46085 |
| 4.41%, 04/23/2039 |  | 210000 | &nbsp;&nbsp; 188072 |
| 4.69%, 10/23/2030 |  | 362000 | &nbsp;&nbsp; 362283 |
| 5.05%, 07/23/2030 |  | 850000 | &nbsp;&nbsp; 860240 |
| 5.07%, 01/21/2037 |  | 300000 | &nbsp;&nbsp; 293302 |
| 5.22%, 04/23/2031 |  | 255000 | &nbsp;&nbsp; 259301 |
| 5.54%, 01/21/2047 |  | 35000 | &nbsp;&nbsp; 33353 |
| 6.75%, 10/01/2037 |  | 225000 | &nbsp;&nbsp; 242702 |
| HSBC Holdings PLC |  |  |  |
| 2.85%, 06/04/2031 |  | 350000 | &nbsp;&nbsp; 323453 |
| 4.62%, 11/06/2031 |  | 500000 | &nbsp;&nbsp; 493056 |
| 4.68%, 03/10/2032 |  | 640000 | &nbsp;&nbsp; 631519 |
| 5.21%, 08/11/2028 |  | 225000 | &nbsp;&nbsp; 226818 |
| 5.24%, 05/13/2031 |  | 720000 | &nbsp;&nbsp; 730141 |
| Huntington Bancshares, Inc. |  |  |  |
| 5.61%, 01/28/2041 |  | 56000 | &nbsp;&nbsp; 54651 |
| JPMorgan Chase & Co. |  |  |  |
| 2.07%, 06/01/2029 |  | 276000 | &nbsp;&nbsp; 262613 |
| 2.53%, 11/19/2041 |  | 200000 | &nbsp;&nbsp; 139754 |
| 2.55%, 11/08/2032 |  | 969000 | &nbsp;&nbsp; 861357 |
| 2.58%, 04/22/2032 |  | 315000 | &nbsp;&nbsp; 284653 |
| 3.54%, 05/01/2028 |  | 219000 | &nbsp;&nbsp; 216967 |
| 4.26%, 10/22/2031 |  | 680000 | &nbsp;&nbsp; 669379 |
| 4.51%, 10/22/2028 |  | 669000 | &nbsp;&nbsp; 668858 |
| 4.91%, 07/25/2033 |  | 32000 | &nbsp;&nbsp; 32022 |
| 4.95%, 10/22/2035 |  | 285000 | &nbsp;&nbsp; 281874 |
| 5.00%, 07/22/2030 |  | 1060000 | &nbsp;&nbsp; 1075049 |
| 5.10%, 04/22/2031 |  | 705000 | &nbsp;&nbsp; 717801 |
| 5.30%, 07/24/2029 |  | 580000 | &nbsp;&nbsp; 590825 |
| 5.34%, 01/23/2035 |  | 265000 | &nbsp;&nbsp; 269067 |
| 5.53%, 11/29/2045 |  | 22000 | &nbsp;&nbsp; 21608 |
| 5.58%, 04/22/2030 |  | 830000 | &nbsp;&nbsp; 855453 |
| 5.58%, 07/23/2036 |  | 198000 | &nbsp;&nbsp; 200516 |
| 6.09%, 10/23/2029 |  | 165000 | &nbsp;&nbsp; 171448 |
| KeyCorp |  |  |  |
| 5.31%, 01/28/2037 |  | 32000 | &nbsp;&nbsp; 31339 |
| M&T Bank Corp. |  |  |  |
| 5.40%, 07/30/2035 |  | 44000 | &nbsp;&nbsp; 43858 |
| Metro Bank Holdings PLC |  |  |  |
| 12.00%, 04/30/2029 | GBP | 100000 | &nbsp;&nbsp; 148245 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Mizuho Financial Group, Inc. |  |  |
| 5.78%, 07/06/2029 | $200000 | &nbsp;&nbsp; $205515 |
| Morgan Stanley |  |  |
| 1.79%, 02/13/2032 | 75000 | &nbsp;&nbsp; 64945 |
| 1.93%, 04/28/2032 | 270000 | &nbsp;&nbsp; 234040 |
| 2.48%, 09/16/2036 | 65000 | &nbsp;&nbsp; 55925 |
| 2.70%, 01/22/2031 | 690000 | &nbsp;&nbsp; 640681 |
| 3.22%, 04/22/2042 | 88000 | &nbsp;&nbsp; 66343 |
| 3.62%, 04/01/2031 | 28000 | &nbsp;&nbsp; 26849 |
| 4.24%, 01/09/2030 | 585000 | &nbsp;&nbsp; 579096 |
| 4.65%, 10/18/2030 | 470000 | &nbsp;&nbsp; 469806 |
| 4.71%, 03/12/2032 | 460000 | &nbsp;&nbsp; 456903 |
| 5.17%, 01/16/2030 | 121000 | &nbsp;&nbsp; 122702 |
| 5.23%, 01/15/2031 | 165000 | &nbsp;&nbsp; 167538 |
| 5.30%, 04/20/2037 | 97000 | &nbsp;&nbsp; 96764 |
| 5.31%, 01/18/2041 | 44000 | &nbsp;&nbsp; 42474 |
| 5.32%, 07/19/2035 | 431000 | &nbsp;&nbsp; 432495 |
| 5.45%, 07/20/2029 | 220000 | &nbsp;&nbsp; 223922 |
| 5.47%, 01/18/2035 | 155000 | &nbsp;&nbsp; 157561 |
| 5.66%, 04/18/2030 | 530000 | &nbsp;&nbsp; 545222 |
| 5.83%, 04/19/2035 | 355000 | &nbsp;&nbsp; 368557 |
| 5.94%, 02/07/2039 | 73000 | &nbsp;&nbsp; 74624 |
| 6.41%, 11/01/2029 | 310000 | &nbsp;&nbsp; 323546 |
| Morgan Stanley VRS |  |  |
| 3.59%, 07/22/2028(1) | 198000 | &nbsp;&nbsp; 195672 |
| Morgan Stanley Private Bank NA |  |  |
| 4.21%, 02/08/2030 | 900000 | &nbsp;&nbsp; 890887 |
| NatWest Group PLC |  |  |
| 3.03%, 11/28/2035 | 200000 | &nbsp;&nbsp; 182088 |
| 5.91%, 03/03/2047 | 200000 | &nbsp;&nbsp; 194836 |
| PNC Financial Services Group, Inc. |  |  |
| 5.42%, 01/25/2041 | 19000 | &nbsp;&nbsp; 18613 |
| Regions Financial Corp. |  |  |
| 5.72%, 06/06/2030 | 58000 | &nbsp;&nbsp; 59482 |
| 7.38%, 12/10/2037 | 98000 | &nbsp;&nbsp; 110895 |
| Royal Bank of Canada |  |  |
| 4.72%, 03/27/2028 | 92000 | &nbsp;&nbsp; 92328 |
| Sumitomo Mitsui Financial Group, Inc. |  |  |
| 4.95%, 07/08/2033 | 200000 | &nbsp;&nbsp; 199237 |
| Texas Capital Bancshares, Inc. |  |  |
| 4.00%, 05/06/2031 | 37000 | &nbsp;&nbsp; 36939 |
| 5.30%, 02/27/2032 | 53000 | &nbsp;&nbsp; 52256 |
| Toronto-Dominion Bank |  |  |
| 4.93%, 10/15/2035 | 47000 | &nbsp;&nbsp; 46241 |
| US Bancorp |  |  |
| 2.49%, 11/03/2036 | 224000 | &nbsp;&nbsp; 193657 |
| Walker & Dunlop, Inc. |  |  |
| 6.63%, 04/01/2033\* | 66000 | &nbsp;&nbsp; 64527 |
| Webster Financial Corp. |  |  |
| 5.78%, 09/11/2035 | 68000 | &nbsp;&nbsp; 69060 |
| Wells Fargo & Co. |  |  |
| 2.57%, 02/11/2031 | 53000 | &nbsp;&nbsp; 49024 |
| 2.88%, 10/30/2030 | 33000 | &nbsp;&nbsp; 31135 |
| 3.07%, 04/30/2041 | 70000 | &nbsp;&nbsp; 52553 |
| 3.35%, 03/02/2033 | 665000 | &nbsp;&nbsp; 610594 |
| 4.08%, 09/15/2029 | 93000 | &nbsp;&nbsp; 91977 |
| 4.75%, 12/07/2046 | 18000 | &nbsp;&nbsp; 15089 |
| 4.90%, 07/25/2033 | 158000 | &nbsp;&nbsp; 157192 |
| 5.50%, 01/23/2035 | 161000 | &nbsp;&nbsp; 163890 |
| 5.61%, 01/15/2044 | 52000 | &nbsp;&nbsp; 49759 |
| 6.49%, 10/23/2034 | 365000 | &nbsp;&nbsp; 395205 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Western Alliance Bank |  |  |
| 6.54%, 11/15/2035 | $100000 | &nbsp;&nbsp; $97943 |
|  |  | &nbsp;&nbsp; 28936636 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| Anheuser-Busch Cos. LLC/Anheuser-Busch <br> InBev Worldwide, Inc.<br>|  |  |
| 4.90%, 02/01/2046 | 118000 | &nbsp;&nbsp; 106338 |
| Bacardi, Ltd./Bacardi-Martini BV |  |  |
| 5.40%, 06/15/2033\* | 121000 | &nbsp;&nbsp; 119800 |
| Constellation Brands, Inc. |  |  |
| 4.35%, 05/09/2027 | 34000 | &nbsp;&nbsp; 33956 |
| Keurig Dr Pepper, Inc. |  |  |
| 2.25%, 03/15/2031 | 719000 | &nbsp;&nbsp; 635101 |
| 3.20%, 05/01/2030 | 51000 | &nbsp;&nbsp; 47820 |
| 3.95%, 04/15/2029 | 250000 | &nbsp;&nbsp; 244907 |
| 4.05%, 04/15/2032 | 355000 | &nbsp;&nbsp; 335843 |
| 4.60%, 05/15/2030 | 44000 | &nbsp;&nbsp; 43542 |
| 5.20%, 03/15/2031 | 253000 | &nbsp;&nbsp; 255772 |
| 5.30%, 03/15/2034 | 267000 | &nbsp;&nbsp; 264724 |
| Maple Parent Holdings Corp. |  |  |
| 4.75%, 03/26/2029\* | 120000 | &nbsp;&nbsp; 119981 |
| 5.70%, 03/26/2036\* | 47000 | &nbsp;&nbsp; 46698 |
| 6.63%, 03/26/2056\* | 61000 | &nbsp;&nbsp; 60404 |
| PepsiCo., Inc. |  |  |
| 3.60%, 02/18/2028 | 44000 | &nbsp;&nbsp; 43658 |
| 4.45%, 02/07/2028 | 52000 | &nbsp;&nbsp; 52417 |
| 4.65%, 07/23/2032 | 45000 | &nbsp;&nbsp; 45321 |
|  |  | &nbsp;&nbsp; 2456282 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Amgen, Inc. |  |  |
| 3.15%, 02/21/2040 | 120000 | &nbsp;&nbsp; 93333 |
| 4.20%, 02/19/2031 | 34000 | &nbsp;&nbsp; 33534 |
| 4.40%, 05/01/2045 | 22000 | &nbsp;&nbsp; 18556 |
| 4.85%, 02/19/2036 | 20000 | &nbsp;&nbsp; 19651 |
| 5.15%, 03/02/2028 | 54000 | &nbsp;&nbsp; 54791 |
| 5.65%, 03/02/2053 | 78000 | &nbsp;&nbsp; 75546 |
| 5.75%, 03/02/2063 | 39000 | &nbsp;&nbsp; 37514 |
| Gilead Sciences, Inc. |  |  |
| 4.80%, 11/15/2029 | 57000 | &nbsp;&nbsp; 58060 |
| 5.10%, 06/15/2035 | 37000 | &nbsp;&nbsp; 37381 |
| Royalty Pharma PLC |  |  |
| 2.15%, 09/02/2031 | 105000 | &nbsp;&nbsp; 91503 |
| 5.15%, 09/02/2029 | 31000 | &nbsp;&nbsp; 31558 |
| 5.20%, 09/25/2035 | 415000 | &nbsp;&nbsp; 409577 |
|  |  | &nbsp;&nbsp; 961004 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| CP Atlas Buyer, Inc. |  |  |
| 9.75%, 07/15/2030\* | 85000 | &nbsp;&nbsp; 79711 |
| 12.75%, 01/15/2031\*(2) | 46200 | &nbsp;&nbsp; 35660 |
| CRH SMW Finance DAC |  |  |
| 5.20%, 05/21/2029 | 200000 | &nbsp;&nbsp; 204369 |
| JH North America Holdings, Inc. |  |  |
| 6.13%, 07/31/2032\* | 120000 | &nbsp;&nbsp; 119522 |
| Martin Marietta Materials, Inc. |  |  |
| 2.40%, 07/15/2031 | 24000 | &nbsp;&nbsp; 21361 |
| Owens Corning |  |  |
| 5.50%, 06/15/2027 | 30000 | &nbsp;&nbsp; 30357 |
|  |  | &nbsp;&nbsp; 490980 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** |  | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Celanese US Holdings LLC |  |  |  |
| 6.50%, 04/15/2030 |  | $95000 | &nbsp;&nbsp; $96947 |
| 7.00%, 02/15/2031 |  | 15000 | &nbsp;&nbsp; 15402 |
| 7.38%, 02/15/2034 |  | 45000 | &nbsp;&nbsp; 46104 |
| CF Industries, Inc. |  |  |  |
| 5.30%, 11/26/2035 |  | 35000 | &nbsp;&nbsp; 34859 |
| 5.38%, 03/15/2044 |  | 91000 | &nbsp;&nbsp; 84785 |
| Dow Chemical Co. |  |  |  |
| 5.65%, 03/15/2036 |  | 59000 | &nbsp;&nbsp; 58446 |
| Eastman Chemical Co. |  |  |  |
| 4.50%, 02/20/2031 |  | 46000 | &nbsp;&nbsp; 44977 |
| 5.75%, 03/08/2033 |  | 65000 | &nbsp;&nbsp; 67185 |
| Ecolab, Inc. |  |  |  |
| 2.70%, 12/15/2051 |  | 88000 | &nbsp;&nbsp; 52798 |
| 4.30%, 06/15/2028 |  | 23000 | &nbsp;&nbsp; 23055 |
| 5.25%, 01/15/2028 |  | 58000 | &nbsp;&nbsp; 59051 |
| Itelyum Regeneration Spa |  |  |  |
| 5.75%, 04/15/2030 | EUR | 200000 | &nbsp;&nbsp; 228024 |
| Methanex US Operations, Inc. |  |  |  |
| 6.25%, 03/15/2032\* |  | 55000 | &nbsp;&nbsp; 56269 |
| Minerals Technologies, Inc. |  |  |  |
| 5.00%, 07/01/2028\* |  | 47000 | &nbsp;&nbsp; 46203 |
| Nutrien, Ltd. |  |  |  |
| 5.20%, 06/21/2027 |  | 28000 | &nbsp;&nbsp; 28270 |
| OCP SA |  |  |  |
| 6.70%, 03/01/2036\* |  | 200000 | &nbsp;&nbsp; 205030 |
| Olympus Water US Holding Corp. |  |  |  |
| 6.25%, 10/01/2029\* |  | 200000 | &nbsp;&nbsp; 189008 |
| PPG Industries, Inc. |  |  |  |
| 4.38%, 03/15/2031 |  | 65000 | &nbsp;&nbsp; 63998 |
| Tronox, Inc. |  |  |  |
| 4.63%, 03/15/2029\* |  | 100000 | &nbsp;&nbsp; 80071 |
| Westlake Corp. |  |  |  |
| 3.38%, 08/15/2061 |  | 78000 | &nbsp;&nbsp; 45753 |
|  |  |  | &nbsp;&nbsp; 1526235 |
| **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
| Warrior Met Coal, Inc. |  |  |  |
| <br>7.88%, 12/01/2028\* |  | 16000 | &nbsp;&nbsp; 16120 |
| **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** | **Commercial Services — 0.3%** |
| Allied Universal Holdco LLC |  |  |  |
| 7.88%, 02/15/2031\* |  | 175000 | &nbsp;&nbsp; 180463 |
| Champions Financing, Inc. |  |  |  |
| 8.75%, 02/15/2029\* |  | 59000 | &nbsp;&nbsp; 52913 |
| Element Fleet Management Corp. |  |  |  |
| 4.64%, 11/24/2030\* |  | 775000 | &nbsp;&nbsp; 764073 |
| EquipmentShare.com, Inc. |  |  |  |
| 8.00%, 03/15/2033\* |  | 52000 | &nbsp;&nbsp; 53688 |
| 8.63%, 05/15/2032\* |  | 32000 | &nbsp;&nbsp; 33400 |
| Ford Foundation |  |  |  |
| 2.82%, 06/01/2070 |  | 65000 | &nbsp;&nbsp; 36237 |
| Garda World Security Corp. |  |  |  |
| 6.50%, 01/15/2031\* |  | 43000 | &nbsp;&nbsp; 43596 |
| Global Payments, Inc. |  |  |  |
| 5.20%, 11/15/2032 |  | 44000 | &nbsp;&nbsp; 42711 |
| 5.55%, 11/15/2035 |  | 55000 | &nbsp;&nbsp; 53000 |
| Herc Holdings, Inc. |  |  |  |
| 7.00%, 06/15/2030\* |  | 18000 | &nbsp;&nbsp; 18457 |
| 7.25%, 06/15/2033\* |  | 40000 | &nbsp;&nbsp; 40990 |
| Hertz Corp. |  |  |  |
| 12.63%, 07/15/2029\* |  | 38000 | &nbsp;&nbsp; 33343 |
| Mobius Merger Sub, Inc. |  |  |  |
| 9.00%, 06/01/2030\* |  | 74000 | &nbsp;&nbsp; 52176 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Quanta Services, Inc. |  |  |
| 2.35%, 01/15/2032 | $62000 | &nbsp;&nbsp; $54002 |
| 2.90%, 10/01/2030 | 60000 | &nbsp;&nbsp; 55653 |
| 3.05%, 10/01/2041 | 45000 | &nbsp;&nbsp; 32903 |
| 5.10%, 08/09/2035 | 32000 | &nbsp;&nbsp; 31560 |
| S&P Global, Inc. |  |  |
| 2.95%, 03/01/2029 | 83000 | &nbsp;&nbsp; 79942 |
| 4.25%, 01/15/2031\* | 30000 | &nbsp;&nbsp; 29612 |
| Shift4 Payments LLC/Shift4 Payments Finance <br> Sub, Inc.<br>|  |  |
| 6.75%, 08/15/2032\* | 54000 | &nbsp;&nbsp; 53101 |
| Triton Container International, Ltd. |  |  |
| 3.15%, 06/15/2031\* | 186000 | &nbsp;&nbsp; 168182 |
| Triton Container International, Ltd./TAL <br> International Container Corp.<br>|  |  |
| 3.25%, 03/15/2032 | 51000 | &nbsp;&nbsp; 46032 |
| 5.15%, 02/15/2033 | 70000 | &nbsp;&nbsp; 68539 |
| Verisk Analytics, Inc. |  |  |
| 4.45%, 03/15/2031 | 50000 | &nbsp;&nbsp; 49168 |
| Veritiv Operating Co. |  |  |
| 10.50%, 11/30/2030\* | 48000 | &nbsp;&nbsp; 49884 |
| VM Consolidated, Inc. |  |  |
| 5.50%, 04/15/2029\* | 59000 | &nbsp;&nbsp; 57068 |
| WEX, Inc. |  |  |
| 6.50%, 03/15/2033\* | 42000 | &nbsp;&nbsp; 41142 |
|  |  | &nbsp;&nbsp; 2221835 |
| **Computers — 0.2%** | **Computers — 0.2%** | **Computers — 0.2%** |
| Accenture Capital, Inc. |  |  |
| 4.50%, 10/04/2034 | 40000 | &nbsp;&nbsp; 38674 |
| Apple, Inc. |  |  |
| 1.40%, 08/05/2028 | 144000 | &nbsp;&nbsp; 136030 |
| 2.65%, 05/11/2050 | 102000 | &nbsp;&nbsp; 62411 |
| 2.70%, 08/05/2051 | 34000 | &nbsp;&nbsp; 20823 |
| 4.38%, 05/13/2045 | 47000 | &nbsp;&nbsp; 41131 |
| Booz Allen Hamilton, Inc. |  |  |
| 4.00%, 07/01/2029\* | 43000 | &nbsp;&nbsp; 41606 |
| 5.95%, 04/15/2035 | 98000 | &nbsp;&nbsp; 98799 |
| CACI International, Inc. |  |  |
| 6.38%, 06/15/2033\* | 40000 | &nbsp;&nbsp; 40717 |
| Dell International LLC/EMC Corp. |  |  |
| 3.38%, 12/15/2041 | 99000 | &nbsp;&nbsp; 73811 |
| 4.35%, 02/01/2030 | 96000 | &nbsp;&nbsp; 95021 |
| 4.75%, 04/01/2028 | 76000 | &nbsp;&nbsp; 76534 |
| 8.10%, 07/15/2036 | 69000 | &nbsp;&nbsp; 82018 |
| Hewlett Packard Enterprise Co. |  |  |
| 4.40%, 10/15/2030 | 47000 | &nbsp;&nbsp; 46146 |
| 4.60%, 03/23/2029 | 35000 | &nbsp;&nbsp; 34968 |
| IBM International Capital Pte, Ltd. |  |  |
| 4.75%, 02/05/2031 | 170000 | &nbsp;&nbsp; 170226 |
| International Business Machines Corp. |  |  |
| 4.60%, 02/03/2033 | 100000 | &nbsp;&nbsp; 98073 |
| Kyndryl Holdings, Inc. |  |  |
| 3.15%, 10/15/2031 | 44000 | &nbsp;&nbsp; 36681 |
| McAfee Corp. |  |  |
| 7.38%, 02/15/2030\* | 200000 | &nbsp;&nbsp; 165238 |
| Seagate Data Storage Technology Pte, Ltd. |  |  |
| 4.09%, 06/01/2029\* | 45000 | &nbsp;&nbsp; 43553 |
|  |  | &nbsp;&nbsp; 1402460 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| Edgewell Personal Care Co. |  |  |
| 4.13%, 04/01/2029\* | $61000 | &nbsp;&nbsp; $57626 |
| Kenvue, Inc. |  |  |
| 4.85%, 05/22/2032 | 44000 | &nbsp;&nbsp; 44469 |
| Perrigo Finance Unlimited Co. |  |  |
| 6.13%, 09/30/2032 | 58000 | &nbsp;&nbsp; 52921 |
|  |  | &nbsp;&nbsp; 155016 |
| **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** | **Diversified Financial Services — 0.7%** |
| Air Lease Corp. |  |  |
| 4.13%, 12/15/2026(3) | 25000 | &nbsp;&nbsp; 24291 |
| 4.65%, 06/15/2026(3) | 34000 | &nbsp;&nbsp; 33784 |
| Aircastle, Ltd. |  |  |
| 5.25%, 06/15/2026\*(3) | 89000 | &nbsp;&nbsp; 88532 |
| Ally Financial, Inc. |  |  |
| 6.65%, 01/17/2040 | 55000 | &nbsp;&nbsp; 53088 |
| 6.70%, 02/14/2033 | 2000 | &nbsp;&nbsp; 2014 |
| American Express Co. |  |  |
| 4.92%, 07/20/2033 | 29000 | &nbsp;&nbsp; 29053 |
| 5.09%, 01/30/2031 | 46000 | &nbsp;&nbsp; 46778 |
| 5.10%, 02/16/2028 | 45000 | &nbsp;&nbsp; 45245 |
| 5.67%, 04/25/2036 | 35000 | &nbsp;&nbsp; 36173 |
| Bread Financial Holdings, Inc. |  |  |
| 6.75%, 05/15/2031\* | 7000 | &nbsp;&nbsp; 6946 |
| Burford Capital Global Finance LLC |  |  |
| 6.25%, 04/15/2028\* | 30000 | &nbsp;&nbsp; 28216 |
| Citadel Securities Global Holdings LLC |  |  |
| 5.13%, 01/27/2032\* | 720000 | &nbsp;&nbsp; 714285 |
| Cobra AcquisitionCo LLC |  |  |
| 6.38%, 11/01/2029\* | 65000 | &nbsp;&nbsp; 56291 |
| Credit Acceptance Corp. |  |  |
| 6.63%, 03/15/2030\* | 50000 | &nbsp;&nbsp; 48832 |
| 9.25%, 12/15/2028\* | 5000 | &nbsp;&nbsp; 5181 |
| CrossCountry Intermediate HoldCo. LLC |  |  |
| 6.50%, 10/01/2030\* | 185000 | &nbsp;&nbsp; 176331 |
| Equitable America Global Funding |  |  |
| 4.30%, 12/15/2028\* | 44000 | &nbsp;&nbsp; 43640 |
| 4.70%, 09/15/2032\* | 455000 | &nbsp;&nbsp; 441904 |
| Focus Financial Partners LLC |  |  |
| 6.75%, 09/15/2031\* | 54000 | &nbsp;&nbsp; 53630 |
| Freedom Mtg. Holdings LLC |  |  |
| 7.88%, 04/01/2033\* | 100000 | &nbsp;&nbsp; 93757 |
| 9.25%, 02/01/2029\* | 85000 | &nbsp;&nbsp; 86155 |
| Gabx Leasing LLC |  |  |
| 4.63%, 04/15/2031\* | 32000 | &nbsp;&nbsp; 31546 |
| goeasy, Ltd. |  |  |
| 6.88%, 05/15/2030\* | 55000 | &nbsp;&nbsp; 45579 |
| 6.88%, 02/15/2031\* | 120000 | &nbsp;&nbsp; 96541 |
| 7.63%, 07/01/2029\* | 22000 | &nbsp;&nbsp; 19307 |
| Jane Street Group/JSG Finance, Inc. |  |  |
| 6.13%, 11/01/2032\* | 72000 | &nbsp;&nbsp; 71200 |
| 6.75%, 05/01/2033\* | 4000 | &nbsp;&nbsp; 4058 |
| 7.13%, 04/30/2031\* | 28000 | &nbsp;&nbsp; 28783 |
| Mastercard, Inc. |  |  |
| 4.35%, 01/15/2032 | 71000 | &nbsp;&nbsp; 70450 |
| Phoenix Aviation Capital, Ltd. |  |  |
| 9.25%, 07/15/2030\* | 55000 | &nbsp;&nbsp; 55346 |
| Planet Financial Group LLC |  |  |
| 10.50%, 12/15/2029\* | 46000 | &nbsp;&nbsp; 44122 |
| Rfna LP |  |  |
| 7.88%, 02/15/2030\* | 200000 | &nbsp;&nbsp; 191138 |
| Synchrony Financial |  |  |
| 2.88%, 10/28/2031 | 810000 | &nbsp;&nbsp; 706654 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **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)** |
| 4.95%, 02/25/2032 | $586000 | &nbsp;&nbsp; $568714 |
| 5.15%, 03/19/2029 | 92000 | &nbsp;&nbsp; 92223 |
| 5.45%, 03/06/2031 | 80000 | &nbsp;&nbsp; 79934 |
| 6.00%, 07/29/2036 | 718000 | &nbsp;&nbsp; 708180 |
| VFH Parent LLC/Valor Co.-Issuer, Inc. |  |  |
| 7.50%, 06/15/2031\* | 54000 | &nbsp;&nbsp; 55485 |
| Visa, Inc. |  |  |
| 4.40%, 02/12/2033 | 37000 | &nbsp;&nbsp; 36662 |
|  |  | &nbsp;&nbsp; 5020048 |
| **Electric — 4.3%** | **Electric — 4.3%** | **Electric — 4.3%** |
| AEP Texas, Inc. |  |  |
| 5.85%, 10/15/2055 | 68000 | &nbsp;&nbsp; 65577 |
| AES Andes SA |  |  |
| 6.25%, 03/14/2032\* | 235000 | &nbsp;&nbsp; 241037 |
| AES Corp. |  |  |
| 2.45%, 01/15/2031 | 37000 | &nbsp;&nbsp; 32733 |
| Alabama Power Co. |  |  |
| 3.45%, 10/01/2049 | 235000 | &nbsp;&nbsp; 163333 |
| 4.15%, 08/15/2044 | 355000 | &nbsp;&nbsp; 288901 |
| Arizona Public Service Co. |  |  |
| 5.70%, 08/15/2034 | 410000 | &nbsp;&nbsp; 424326 |
| Clearway Energy Operating LLC |  |  |
| 3.75%, 02/15/2031\* | 100000 | &nbsp;&nbsp; 92597 |
| 3.75%, 01/15/2032\* | 65000 | &nbsp;&nbsp; 59252 |
| 4.75%, 03/15/2028\* | 100000 | &nbsp;&nbsp; 98666 |
| 5.75%, 01/15/2034\* | 15000 | &nbsp;&nbsp; 14741 |
| Cleco Corporate Holdings LLC |  |  |
| 3.38%, 09/15/2029 | 260000 | &nbsp;&nbsp; 243034 |
| CMS Energy Corp. |  |  |
| 4.75%, 06/01/2050 | 71000 | &nbsp;&nbsp; 68858 |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 3.20%, 12/01/2051 | 490000 | &nbsp;&nbsp; 319624 |
| 4.13%, 05/15/2049 | 67000 | &nbsp;&nbsp; 52149 |
| 4.45%, 03/15/2044 | 31000 | &nbsp;&nbsp; 26450 |
| 4.50%, 12/01/2045 | 41000 | &nbsp;&nbsp; 34527 |
| 5.50%, 03/15/2055 | 435000 | &nbsp;&nbsp; 413375 |
| 5.75%, 11/15/2055 | 100000 | &nbsp;&nbsp; 98701 |
| Dominion Energy, Inc. |  |  |
| 6.00%, 02/15/2056 | 800000 | &nbsp;&nbsp; 794902 |
| DTE Energy Co. |  |  |
| 4.88%, 06/01/2028 | 65000 | &nbsp;&nbsp; 65583 |
| Duke Energy Carolinas LLC |  |  |
| 3.55%, 03/15/2052 | 29000 | &nbsp;&nbsp; 20456 |
| 4.00%, 09/30/2042 | 145000 | &nbsp;&nbsp; 118905 |
| 5.40%, 01/15/2054 | 18000 | &nbsp;&nbsp; 17074 |
| 6.00%, 01/15/2038 | 40000 | &nbsp;&nbsp; 42259 |
| Duke Energy Corp. |  |  |
| 2.55%, 06/15/2031 | 540000 | &nbsp;&nbsp; 485506 |
| 4.95%, 09/15/2035 | 730000 | &nbsp;&nbsp; 711637 |
| 5.45%, 06/15/2034 | 110000 | &nbsp;&nbsp; 112435 |
| 5.80%, 06/15/2054 | 168000 | &nbsp;&nbsp; 160853 |
| Duke Energy Florida LLC |  |  |
| 1.75%, 06/15/2030 | 340000 | &nbsp;&nbsp; 304234 |
| 4.85%, 12/01/2035 | 180000 | &nbsp;&nbsp; 176669 |
| 5.95%, 11/15/2052 | 31000 | &nbsp;&nbsp; 31366 |
| Duke Energy Indiana LLC |  |  |
| 2.75%, 04/01/2050 | 675000 | &nbsp;&nbsp; 410296 |
| 3.25%, 10/01/2049 | 110000 | &nbsp;&nbsp; 74175 |
| 4.90%, 07/15/2043 | 135000 | &nbsp;&nbsp; 123267 |
| 4.95%, 03/15/2036 | 21000 | &nbsp;&nbsp; 20674 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Duke Energy Ohio, Inc. |  |  |
| 5.65%, 04/01/2053 | $22000 | &nbsp;&nbsp; $21294 |
| Duke Energy Progress LLC |  |  |
| 4.00%, 04/01/2052 | 45000 | &nbsp;&nbsp; 33925 |
| 4.15%, 12/01/2044 | 655000 | &nbsp;&nbsp; 532927 |
| Edison International |  |  |
| 4.80%, 03/15/2031 | 450000 | &nbsp;&nbsp; 439277 |
| 5.25%, 03/15/2032 | 295000 | &nbsp;&nbsp; 291966 |
| 6.25%, 03/15/2030 | 520000 | &nbsp;&nbsp; 538724 |
| Emera US Finance LLC |  |  |
| 5.20%, 04/01/2033 | 35000 | &nbsp;&nbsp; 34805 |
| Emera US Finance LP |  |  |
| 4.75%, 06/15/2046 | 58000 | &nbsp;&nbsp; 47848 |
| Entergy Arkansas LLC |  |  |
| 4.95%, 01/15/2036 | 18000 | &nbsp;&nbsp; 17655 |
| Entergy Mississippi LLC |  |  |
| 3.85%, 06/01/2049 | 30000 | &nbsp;&nbsp; 22191 |
| Entergy Texas, Inc. |  |  |
| 4.50%, 03/30/2039 | 113000 | &nbsp;&nbsp; 103287 |
| Evergy, Inc. |  |  |
| 4.25%, 03/15/2029 | 26000 | &nbsp;&nbsp; 25802 |
| Eversource Energy |  |  |
| 4.45%, 12/15/2030 | 380000 | &nbsp;&nbsp; 374826 |
| 5.13%, 05/15/2033 | 465000 | &nbsp;&nbsp; 463450 |
| 5.50%, 01/01/2034 | 462000 | &nbsp;&nbsp; 468505 |
| FirstEnergy Corp. |  |  |
| 4.85%, 07/15/2047 | 66000 | &nbsp;&nbsp; 56201 |
| FirstEnergy Pennsylvania Electric Co. |  |  |
| 5.20%, 04/01/2028\* | 92000 | &nbsp;&nbsp; 93307 |
| FirstEnergy Transmission LLC |  |  |
| 4.55%, 04/01/2049\* | 86000 | &nbsp;&nbsp; 71274 |
| Florida Power & Light Co. |  |  |
| 5.15%, 06/15/2029 | 73000 | &nbsp;&nbsp; 74887 |
| 5.60%, 02/15/2066 | 26000 | &nbsp;&nbsp; 25047 |
| Georgia Power Co. |  |  |
| 3.25%, 03/15/2051 | 100000 | &nbsp;&nbsp; 66783 |
| 4.30%, 03/15/2042 | 300000 | &nbsp;&nbsp; 258828 |
| 4.55%, 03/15/2030 | 380000 | &nbsp;&nbsp; 381504 |
| 4.75%, 09/01/2040 | 195000 | &nbsp;&nbsp; 182793 |
| 5.20%, 03/15/2035 | 125000 | &nbsp;&nbsp; 126963 |
| 5.25%, 03/15/2034 | 235000 | &nbsp;&nbsp; 239979 |
| Interstate Power & Light Co. |  |  |
| 3.50%, 09/30/2049 | 77000 | &nbsp;&nbsp; 53588 |
| Jersey Central Power & Light Co. |  |  |
| 5.10%, 01/15/2035 | 125000 | &nbsp;&nbsp; 124946 |
| Kentucky Power Co. |  |  |
| 7.00%, 11/15/2033\* | 109000 | &nbsp;&nbsp; 117212 |
| Kentucky Utilities Co. |  |  |
| 5.85%, 08/15/2055 | 18000 | &nbsp;&nbsp; 17897 |
| Liberty Utilities Finance GP 1 |  |  |
| 2.05%, 09/15/2030\* | 58000 | &nbsp;&nbsp; 52047 |
| Narragansett Electric Co. |  |  |
| 5.35%, 05/01/2034\* | 47000 | &nbsp;&nbsp; 47663 |
| National Rural Utilities Cooperative Finance <br> Corp.<br>|  |  |
| 3.95%, 12/10/2027 | 74000 | &nbsp;&nbsp; 73646 |
| 4.12%, 09/16/2027 | 53000 | &nbsp;&nbsp; 52893 |
| 4.15%, 08/25/2028 | 22000 | &nbsp;&nbsp; 21928 |
| 4.75%, 02/07/2028 | 25000 | &nbsp;&nbsp; 25185 |
| New York State Electric & Gas Corp. |  |  |
| 5.85%, 08/15/2033\* | 50000 | &nbsp;&nbsp; 52164 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 4.69%, 09/01/2027 | 29000 | &nbsp;&nbsp; 29140 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| 5.30%, 03/15/2032 | $72000 | &nbsp;&nbsp; $73738 |
| NRG Energy, Inc. |  |  |
| 3.63%, 02/15/2031\* | 86000 | &nbsp;&nbsp; 79193 |
| NSTAR Electric Co. |  |  |
| 5.20%, 03/01/2035 | 155000 | &nbsp;&nbsp; 155966 |
| 5.40%, 06/01/2034 | 140000 | &nbsp;&nbsp; 143098 |
| Ohio Edison Co. |  |  |
| 5.50%, 01/15/2033\* | 315000 | &nbsp;&nbsp; 324297 |
| Oncor Electric Delivery Co. LLC |  |  |
| 4.15%, 06/01/2032 | 54000 | &nbsp;&nbsp; 52362 |
| Pacific Gas & Electric Co. |  |  |
| 2.50%, 02/01/2031 | 1290000 | &nbsp;&nbsp; 1156105 |
| 3.30%, 08/01/2040 | 209000 | &nbsp;&nbsp; 156303 |
| 3.95%, 12/01/2047 | 105000 | &nbsp;&nbsp; 76409 |
| 4.30%, 03/15/2045 | 158000 | &nbsp;&nbsp; 123410 |
| 4.50%, 07/01/2040 | 40000 | &nbsp;&nbsp; 34134 |
| 4.60%, 06/15/2043 | 66000 | &nbsp;&nbsp; 54304 |
| 4.75%, 02/15/2044 | 155000 | &nbsp;&nbsp; 129143 |
| 4.95%, 07/01/2050 | 68000 | &nbsp;&nbsp; 56330 |
| 5.05%, 10/15/2032 | 170000 | &nbsp;&nbsp; 168895 |
| 5.20%, 05/01/2036 | 225000 | &nbsp;&nbsp; 219291 |
| 5.80%, 05/15/2034 | 585000 | &nbsp;&nbsp; 599443 |
| 6.10%, 01/15/2029 | 525000 | &nbsp;&nbsp; 543260 |
| 6.10%, 10/15/2055 | 83000 | &nbsp;&nbsp; 79724 |
| 6.15%, 01/15/2033 | 147000 | &nbsp;&nbsp; 153703 |
| 6.15%, 03/01/2055 | 49000 | &nbsp;&nbsp; 47341 |
| 6.70%, 04/01/2053 | 70000 | &nbsp;&nbsp; 72456 |
| 6.75%, 01/15/2053 | 649000 | &nbsp;&nbsp; 673393 |
| 6.95%, 03/15/2034 | 538000 | &nbsp;&nbsp; 589188 |
| PacifiCorp |  |  |
| 4.13%, 01/15/2049 | 33000 | &nbsp;&nbsp; 24192 |
| 5.45%, 04/15/2033 | 420000 | &nbsp;&nbsp; 421346 |
| 5.80%, 04/15/2036 | 155000 | &nbsp;&nbsp; 156242 |
| Pattern Energy Operations LP/Pattern Energy <br> Operations, Inc.<br>|  |  |
| 4.50%, 08/15/2028\* | 94000 | &nbsp;&nbsp; 91787 |
| PG&E Corp. |  |  |
| 6.85%, 09/15/2056 | 320000 | &nbsp;&nbsp; 316201 |
| Pinnacle West Capital Corp. |  |  |
| 4.90%, 05/15/2028 | 171000 | &nbsp;&nbsp; 172286 |
| 5.15%, 05/15/2030 | 633000 | &nbsp;&nbsp; 642308 |
| PPL Capital Funding, Inc. |  |  |
| 5.25%, 09/01/2034 | 23000 | &nbsp;&nbsp; 23163 |
| Public Service Co. of Colorado |  |  |
| 2.70%, 01/15/2051 | 165000 | &nbsp;&nbsp; 97572 |
| 3.70%, 06/15/2028 | 119000 | &nbsp;&nbsp; 117423 |
| 4.10%, 06/15/2048 | 51000 | &nbsp;&nbsp; 39790 |
| Public Service Co. of Oklahoma |  |  |
| 2.20%, 08/15/2031 | 86000 | &nbsp;&nbsp; 75435 |
| 5.20%, 01/15/2035 | 850000 | &nbsp;&nbsp; 845511 |
| Public Service Enterprise Group, Inc. |  |  |
| 5.45%, 04/01/2034 | 155000 | &nbsp;&nbsp; 157339 |
| 6.13%, 10/15/2033 | 175000 | &nbsp;&nbsp; 185351 |
| Puget Energy, Inc. |  |  |
| 4.22%, 03/15/2032 | 150000 | &nbsp;&nbsp; 143084 |
| 5.73%, 03/15/2035 | 1035000 | &nbsp;&nbsp; 1042530 |
| Puget Sound Energy, Inc. |  |  |
| 5.69%, 06/15/2054 | 41000 | &nbsp;&nbsp; 40098 |
| RWE Finance US LLC |  |  |
| 6.25%, 04/16/2054\* | 150000 | &nbsp;&nbsp; 150772 |
| Sempra |  |  |
| 5.25%, 03/15/2036 | 47000 | &nbsp;&nbsp; 46338 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Southern California Edison Co. |  |  |
| 3.90%, 03/15/2043 | $91000 | &nbsp;&nbsp; $68711 |
| 4.00%, 04/01/2047 | 145000 | &nbsp;&nbsp; 107725 |
| 4.13%, 03/01/2048 | 472000 | &nbsp;&nbsp; 353267 |
| 4.65%, 10/01/2043 | 90000 | &nbsp;&nbsp; 75265 |
| 5.15%, 06/01/2029 | 520000 | &nbsp;&nbsp; 527305 |
| 5.45%, 03/01/2035 | 310000 | &nbsp;&nbsp; 311155 |
| 5.45%, 06/01/2052 | 543000 | &nbsp;&nbsp; 481135 |
| 5.70%, 03/01/2053 | 322000 | &nbsp;&nbsp; 295608 |
| 5.88%, 12/01/2053 | 435000 | &nbsp;&nbsp; 411358 |
| 6.00%, 01/15/2034 | 140000 | &nbsp;&nbsp; 145958 |
| 6.20%, 09/15/2055 | 40000 | &nbsp;&nbsp; 39668 |
| Southern Power Co. |  |  |
| 4.90%, 10/01/2035 | 255000 | &nbsp;&nbsp; 246610 |
| Southwestern Electric Power Co. |  |  |
| 5.20%, 04/01/2036 | 160000 | &nbsp;&nbsp; 157336 |
| 5.90%, 04/01/2056 | 433000 | &nbsp;&nbsp; 421376 |
| Talen Energy Supply LLC |  |  |
| 6.25%, 02/01/2034\* | 30000 | &nbsp;&nbsp; 29666 |
| 6.50%, 02/01/2036\* | 30000 | &nbsp;&nbsp; 30208 |
| Trans-Allegheny Interstate Line Co. |  |  |
| 5.00%, 01/15/2031\* | 32000 | &nbsp;&nbsp; 32506 |
| Union Electric Co. |  |  |
| 3.90%, 04/01/2052 | 43000 | &nbsp;&nbsp; 32228 |
| Virginia Electric & Power Co. |  |  |
| 2.45%, 12/15/2050 | 159000 | &nbsp;&nbsp; 88627 |
| 4.20%, 05/15/2045 | 40000 | &nbsp;&nbsp; 32053 |
| 4.90%, 09/15/2035 | 135000 | &nbsp;&nbsp; 132081 |
| 4.95%, 03/15/2036 | 1285000 | &nbsp;&nbsp; 1252609 |
| 5.00%, 01/15/2034 | 165000 | &nbsp;&nbsp; 164458 |
| 5.35%, 01/15/2054 | 90000 | &nbsp;&nbsp; 82901 |
| 5.55%, 08/15/2054 | 18000 | &nbsp;&nbsp; 17011 |
| 5.65%, 03/15/2055 | 80000 | &nbsp;&nbsp; 76583 |
| Vistra Operations Co. LLC |  |  |
| 4.30%, 10/15/2028\* | 58000 | &nbsp;&nbsp; 57305 |
| 5.00%, 07/31/2027\* | 45000 | &nbsp;&nbsp; 44841 |
| 7.75%, 10/15/2031\* | 6000 | &nbsp;&nbsp; 6285 |
| WEC Energy Group, Inc. |  |  |
| 4.75%, 01/15/2028 | 500000 | &nbsp;&nbsp; 503659 |
| Wisconsin Power & Light Co. |  |  |
| 3.95%, 09/01/2032 | 38000 | &nbsp;&nbsp; 36209 |
| Xcel Energy, Inc. |  |  |
| 4.75%, 03/21/2028 | 220000 | &nbsp;&nbsp; 221129 |
| 5.60%, 04/15/2035 | 505000 | &nbsp;&nbsp; 513208 |
| XPLR Infrastructure Operating Partners LP |  |  |
| 7.25%, 01/15/2029\* | 225000 | &nbsp;&nbsp; 231562 |
| 7.75%, 04/15/2034\* | 4000 | &nbsp;&nbsp; 4131 |
| 8.38%, 01/15/2031\* | 60000 | &nbsp;&nbsp; 63162 |
|  |  | &nbsp;&nbsp; 29915682 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| EnerSys |  |  |
| 4.38%, 12/15/2027\* | 19000 | &nbsp;&nbsp; 18849 |
| 6.63%, 01/15/2032\* | 17000 | &nbsp;&nbsp; 17369 |
|  |  | &nbsp;&nbsp; 36218 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| Allegion US Holding Co., Inc. |  |  |
| 5.41%, 07/01/2032 | 52000 | &nbsp;&nbsp; 53078 |
| 5.60%, 05/29/2034 | 39000 | &nbsp;&nbsp; 39802 |
| Amphenol Corp. |  |  |
| 3.90%, 11/15/2028 | 42000 | &nbsp;&nbsp; 41688 |
| 4.13%, 11/15/2030 | 44000 | &nbsp;&nbsp; 43351 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** |  | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| 5.30%, 11/15/2055 |  | $38000 | &nbsp;&nbsp; $35686 |
| Imola Merger Corp. |  |  |  |
| 4.75%, 05/15/2029\* |  | 239000 | &nbsp;&nbsp; 232292 |
| Trimble, Inc. |  |  |  |
| 6.10%, 03/15/2033 |  | 38000 | &nbsp;&nbsp; 39760 |
| TTM Technologies, Inc. |  |  |  |
| 4.00%, 03/01/2029\* |  | 56000 | &nbsp;&nbsp; 53780 |
| Tyco Electronics Group SA |  |  |  |
| 4.88%, 02/09/2036 |  | 47000 | &nbsp;&nbsp; 46387 |
| 5.00%, 05/09/2035 |  | 54000 | &nbsp;&nbsp; 53821 |
| Vontier Corp. |  |  |  |
| 2.95%, 04/01/2031 |  | 112000 | &nbsp;&nbsp; 101843 |
|  |  |  | &nbsp;&nbsp; 741488 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Jacobs Solutions, Inc. |  |  |  |
| 5.38%, 03/03/2036 |  | 28000 | &nbsp;&nbsp; 27307 |
| MasTec, Inc. |  |  |  |
| 5.90%, 06/15/2029 |  | 47000 | &nbsp;&nbsp; 48564 |
|  |  |  | &nbsp;&nbsp; 75871 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Cinemark USA, Inc. |  |  |  |
| 7.00%, 08/01/2032\* |  | 180000 | &nbsp;&nbsp; 184948 |
| Light & Wonder International, Inc. |  |  |  |
| 6.25%, 10/01/2033\* |  | 90000 | &nbsp;&nbsp; 88172 |
| Ontario Gaming GTA LP/OTG Co.-Issuer, Inc. |  |  |  |
| 8.00%, 08/01/2030\* |  | 69000 | &nbsp;&nbsp; 66130 |
| Penn Entertainment, Inc. |  |  |  |
| 4.13%, 07/01/2029\* |  | 100000 | &nbsp;&nbsp; 93521 |
| SeaWorld Parks & Entertainment, Inc. |  |  |  |
| 5.25%, 08/15/2029\* |  | 60000 | &nbsp;&nbsp; 57308 |
| Voyager Parent LLC |  |  |  |
| 9.25%, 07/01/2032\* |  | 80000 | &nbsp;&nbsp; 83057 |
| Warnermedia Holdings, Inc. |  |  |  |
| 5.05%, 03/15/2042 |  | 60000 | &nbsp;&nbsp; 39528 |
|  |  |  | &nbsp;&nbsp; 612664 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| Clean Harbors, Inc. |  |  |  |
| 5.75%, 10/15/2033\* |  | 55000 | &nbsp;&nbsp; 54865 |
| GFL Environmental Holdings US, Inc. |  |  |  |
| 5.50%, 02/01/2034\* |  | 35000 | &nbsp;&nbsp; 34328 |
| Waste Connections, Inc. |  |  |  |
| 2.20%, 01/15/2032 |  | 91000 | &nbsp;&nbsp; 79949 |
| Waste Management, Inc. |  |  |  |
| 4.95%, 07/03/2027 |  | 71000 | &nbsp;&nbsp; 71687 |
|  |  |  | &nbsp;&nbsp; 240829 |
| **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** |
| Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC<br>|  |  |  |
| 5.50%, 03/31/2031\* |  | 2000 | &nbsp;&nbsp; 1977 |
| 5.75%, 03/31/2034\* |  | 62000 | &nbsp;&nbsp; 60658 |
| 6.25%, 03/15/2033\* |  | 75000 | &nbsp;&nbsp; 75503 |
| Bellis Acquisition Co. PLC |  |  |  |
| 8.13%, 05/14/2030 | GBP | 100000 | &nbsp;&nbsp; 122058 |
| Conagra Brands, Inc. |  |  |  |
| 7.00%, 10/01/2028 |  | 111000 | &nbsp;&nbsp; 116782 |
| Flowers Foods, Inc. |  |  |  |
| 6.20%, 03/15/2055 |  | 30000 | &nbsp;&nbsp; 24335 |
| Froneri Lux FinCo SARL |  |  |  |
| 6.00%, 08/01/2032\* |  | 200000 | &nbsp;&nbsp; 194978 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| Hormel Foods Corp. |  |  |
| 4.80%, 03/30/2027 | $65000 | &nbsp;&nbsp; $65287 |
| Industrial F&B Investments III, Inc. |  |  |
| 7.75%, 02/11/2033\* | 124000 | &nbsp;&nbsp; 125284 |
| JBS NV/JBS USA Foods Group Holdings, <br> Inc./JBS USA Food Co. Holdings<br>|  |  |
| 5.50%, 01/15/2036 | 175000 | &nbsp;&nbsp; 175081 |
| 5.63%, 03/10/2037\* | 330000 | &nbsp;&nbsp; 331033 |
| 5.95%, 04/20/2035 | 210000 | &nbsp;&nbsp; 217993 |
| 6.25%, 03/01/2056 | 290000 | &nbsp;&nbsp; 284287 |
| 6.38%, 04/15/2066 | 1255000 | &nbsp;&nbsp; 1231484 |
| JBS USA Holding LUX SARL/JBS USA Food <br> Co./JBS LUX Co. SARL<br>|  |  |
| 5.75%, 04/01/2033 | 155000 | &nbsp;&nbsp; 159997 |
| 6.75%, 03/15/2034 | 160000 | &nbsp;&nbsp; 175976 |
| Kellanova |  |  |
| 7.45%, 04/01/2031 | 110000 | &nbsp;&nbsp; 124035 |
| Kraft Heinz Foods Co. |  |  |
| 4.38%, 06/01/2046 | 62000 | &nbsp;&nbsp; 48474 |
| 4.88%, 10/01/2049 | 19000 | &nbsp;&nbsp; 15538 |
| 5.20%, 03/15/2032 | 34000 | &nbsp;&nbsp; 34350 |
| Kroger Co. |  |  |
| 3.88%, 10/15/2046 | 18000 | &nbsp;&nbsp; 13583 |
| 5.00%, 09/15/2034 | 31000 | &nbsp;&nbsp; 30608 |
| 5.50%, 09/15/2054 | 60000 | &nbsp;&nbsp; 55721 |
| 5.65%, 09/15/2064 | 101000 | &nbsp;&nbsp; 93646 |
| Land O'Lakes Capital Trust I |  |  |
| 7.45%, 03/15/2028\* | 40000 | &nbsp;&nbsp; 40877 |
| Mars, Inc. |  |  |
| 4.60%, 03/01/2028\* | 155000 | &nbsp;&nbsp; 155934 |
| 4.65%, 04/20/2031\* | 97000 | &nbsp;&nbsp; 97677 |
| 4.80%, 03/01/2030\* | 115000 | &nbsp;&nbsp; 116210 |
| 5.00%, 03/01/2032\* | 80000 | &nbsp;&nbsp; 80950 |
| 5.20%, 03/01/2035\* | 580000 | &nbsp;&nbsp; 585522 |
| 5.65%, 05/01/2045\* | 1599000 | &nbsp;&nbsp; 1579038 |
| 5.70%, 05/01/2055\* | 38000 | &nbsp;&nbsp; 37053 |
| Performance Food Group, Inc. |  |  |
| 4.25%, 08/01/2029\* | 23000 | &nbsp;&nbsp; 22093 |
| 5.63%, 03/01/2034\* | 25000 | &nbsp;&nbsp; 24112 |
| Post Holdings, Inc. |  |  |
| 6.25%, 10/15/2034\* | 75000 | &nbsp;&nbsp; 73441 |
| Sysco Corp. |  |  |
| 4.40%, 07/25/2031 | 32000 | &nbsp;&nbsp; 31035 |
| 4.45%, 03/15/2048 | 39000 | &nbsp;&nbsp; 30778 |
| 4.50%, 04/01/2046 | 59000 | &nbsp;&nbsp; 47700 |
| 5.10%, 09/23/2030 | 42000 | &nbsp;&nbsp; 42334 |
| US Foods, Inc. |  |  |
| 5.75%, 04/15/2033\* | 45000 | &nbsp;&nbsp; 44800 |
|  |  | &nbsp;&nbsp; 6788222 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Georgia-Pacific LLC |  |  |
| 4.40%, 06/30/2028\* | 20000 | &nbsp;&nbsp; 20023 |
| Suzano Austria GmbH |  |  |
| 3.75%, 01/15/2031 | 120000 | &nbsp;&nbsp; 111467 |
|  |  | &nbsp;&nbsp; 131490 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
| KeySpan Gas East Corp. |  |  |
| 5.99%, 03/06/2033\* | 73000 | &nbsp;&nbsp; 76218 |
| NiSource, Inc. |  |  |
| 5.35%, 07/15/2035 | 590000 | &nbsp;&nbsp; 594014 |
| 5.40%, 06/30/2033 | 235000 | &nbsp;&nbsp; 240450 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| 5.85%, 04/01/2055 | $17000 | &nbsp;&nbsp; $16526 |
| Southern California Gas Co. |  |  |
| 5.60%, 04/01/2054 | 24000 | &nbsp;&nbsp; 22876 |
| 6.00%, 06/15/2055 | 635000 | &nbsp;&nbsp; 635557 |
| Southern Co. Gas Capital Corp. |  |  |
| 5.10%, 09/15/2035 | 610000 | &nbsp;&nbsp; 602049 |
|  |  | &nbsp;&nbsp; 2187690 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| Stanley Black & Decker, Inc. |  |  |
| <br>6.71%, 03/15/2060 | 81000 | &nbsp;&nbsp; 79107 |
| **Healthcare-Products — 0.5%** | **Healthcare-Products — 0.5%** | **Healthcare-Products — 0.5%** |
| Abbott Laboratories |  |  |
| 4.75%, 03/15/2038 | 39000 | &nbsp;&nbsp; 37819 |
| 5.50%, 03/15/2056 | 42000 | &nbsp;&nbsp; 41182 |
| Agilent Technologies, Inc. |  |  |
| 2.30%, 03/12/2031 | 124000 | &nbsp;&nbsp; 111218 |
| 2.75%, 09/15/2029 | 89000 | &nbsp;&nbsp; 84271 |
| Augusta SpinCo Corp. |  |  |
| 4.66%, 03/23/2031 | 300000 | &nbsp;&nbsp; 298625 |
| Avantor Funding, Inc. |  |  |
| 3.88%, 11/01/2029\* | 340000 | &nbsp;&nbsp; 318986 |
| Baxter International, Inc. |  |  |
| 2.54%, 02/01/2032 | 415000 | &nbsp;&nbsp; 349790 |
| 4.90%, 12/15/2030 | 830000 | &nbsp;&nbsp; 819300 |
| 5.65%, 12/15/2035 | 26000 | &nbsp;&nbsp; 25392 |
| GE HealthCare Technologies, Inc. |  |  |
| 5.65%, 11/15/2027 | 100000 | &nbsp;&nbsp; 101986 |
| Insulet Corp. |  |  |
| 6.50%, 04/01/2033\* | 54000 | &nbsp;&nbsp; 55118 |
| STERIS PLC |  |  |
| 3.75%, 03/15/2051 | 154000 | &nbsp;&nbsp; 110816 |
| Thermo Fisher Scientific, Inc. |  |  |
| 4.47%, 10/07/2032 | 1177000 | &nbsp;&nbsp; 1164654 |
| 5.00%, 01/31/2029 | 44000 | &nbsp;&nbsp; 44889 |
|  |  | &nbsp;&nbsp; 3564046 |
| **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** |
| Acadia Healthcare Co., Inc. |  |  |
| 5.00%, 04/15/2029\* | 50000 | &nbsp;&nbsp; 48680 |
| 7.38%, 03/15/2033\* | 100000 | &nbsp;&nbsp; 102382 |
| Centene Corp. |  |  |
| 2.50%, 03/01/2031 | 1280000 | &nbsp;&nbsp; 1074116 |
| 2.63%, 08/01/2031 | 60000 | &nbsp;&nbsp; 50169 |
| Charles River Laboratories International, Inc. |  |  |
| 4.00%, 03/15/2031\* | 60000 | &nbsp;&nbsp; 55818 |
| CHS/Community Health Systems, Inc. |  |  |
| 4.75%, 02/15/2031\* | 55000 | &nbsp;&nbsp; 50706 |
| 6.88%, 04/15/2029\* | 70000 | &nbsp;&nbsp; 67315 |
| 10.88%, 01/15/2032\* | 36000 | &nbsp;&nbsp; 38623 |
| Cigna Group |  |  |
| 2.38%, 03/15/2031 | 35000 | &nbsp;&nbsp; 31447 |
| 3.40%, 03/15/2050 | 126000 | &nbsp;&nbsp; 86191 |
| 3.88%, 10/15/2047 | 31000 | &nbsp;&nbsp; 23256 |
| 4.38%, 10/15/2028 | 37000 | &nbsp;&nbsp; 36971 |
| 4.88%, 09/15/2032 | 300000 | &nbsp;&nbsp; 299565 |
| Concentra Health Services, Inc. |  |  |
| 6.88%, 07/15/2032\* | 55000 | &nbsp;&nbsp; 56862 |
| Elevance Health, Inc. |  |  |
| 5.70%, 09/15/2055 | 26000 | &nbsp;&nbsp; 24723 |
| 6.10%, 10/15/2052 | 11000 | &nbsp;&nbsp; 11032 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| HCA, Inc. |  |  |
| 3.38%, 03/15/2029 | $34000 | &nbsp;&nbsp; $32918 |
| 3.50%, 09/01/2030 | 72000 | &nbsp;&nbsp; 68374 |
| 3.50%, 07/15/2051 | 92000 | &nbsp;&nbsp; 60890 |
| 4.63%, 03/15/2052 | 91000 | &nbsp;&nbsp; 72645 |
| 5.45%, 04/01/2031 | 53000 | &nbsp;&nbsp; 54325 |
| 5.50%, 03/01/2032 | 51000 | &nbsp;&nbsp; 52283 |
| Humana, Inc. |  |  |
| 4.88%, 04/01/2030 | 40000 | &nbsp;&nbsp; 39916 |
| 5.55%, 05/01/2035 | 270000 | &nbsp;&nbsp; 266978 |
| 5.88%, 03/01/2033 | 55000 | &nbsp;&nbsp; 56198 |
| 5.95%, 03/15/2034 | 112000 | &nbsp;&nbsp; 114215 |
| Icon Investments Six DAC |  |  |
| 6.00%, 05/08/2034 | 250000 | &nbsp;&nbsp; 253250 |
| Quest Diagnostics, Inc. |  |  |
| 5.00%, 12/15/2034 | 60000 | &nbsp;&nbsp; 59590 |
| Sotera Health Holdings LLC |  |  |
| 7.38%, 06/01/2031\* | 70000 | &nbsp;&nbsp; 72308 |
| Star Parent, Inc. |  |  |
| 9.00%, 10/01/2030\* | 231000 | &nbsp;&nbsp; 239316 |
| Tenet Healthcare Corp. |  |  |
| 5.50%, 11/15/2032\* | 78000 | &nbsp;&nbsp; 77281 |
| 6.00%, 11/15/2033\* | 35000 | &nbsp;&nbsp; 35415 |
| UnitedHealth Group, Inc. |  |  |
| 4.25%, 06/15/2048 | 79000 | &nbsp;&nbsp; 62770 |
| 4.75%, 05/15/2052 | 59000 | &nbsp;&nbsp; 49666 |
| 4.90%, 04/15/2031 | 47000 | &nbsp;&nbsp; 47702 |
| 4.95%, 05/15/2062 | 28000 | &nbsp;&nbsp; 23508 |
|  |  | &nbsp;&nbsp; 3797404 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| Ashton Woods USA LLC/Ashton Woods <br> Finance Co.<br>|  |  |
| 6.88%, 08/01/2033\* | 55000 | &nbsp;&nbsp; 53061 |
| Lennar Corp. |  |  |
| 5.20%, 07/30/2030 | 30000 | &nbsp;&nbsp; 30358 |
| Mattamy Group Corp. |  |  |
| 4.63%, 03/01/2030\* | 56000 | &nbsp;&nbsp; 53242 |
| 6.00%, 12/15/2033\* | 15000 | &nbsp;&nbsp; 14086 |
|  |  | &nbsp;&nbsp; 150747 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Acrisure LLC/Acrisure Finance, Inc. |  |  |
| 6.75%, 07/01/2032\* | 68000 | &nbsp;&nbsp; 65526 |
| Alliant Holdings Intermediate LLC/Alliant <br> Holdings Co.-Issuer<br>|  |  |
| 6.50%, 10/01/2031\* | 62000 | &nbsp;&nbsp; 60881 |
| Aon North America, Inc. |  |  |
| 5.30%, 03/01/2031 | 94000 | &nbsp;&nbsp; 95910 |
| 5.75%, 03/01/2054 | 10000 | &nbsp;&nbsp; 9635 |
| Arthur J. Gallagher & Co. |  |  |
| 5.75%, 03/02/2053 | 48000 | &nbsp;&nbsp; 45985 |
| Assurant, Inc. |  |  |
| 5.55%, 02/15/2036 | 59000 | &nbsp;&nbsp; 59120 |
| Asurion LLC & Asurion Co.-Issuer, Inc. |  |  |
| 8.00%, 12/31/2032\* | 139000 | &nbsp;&nbsp; 144205 |
| 8.38%, 02/01/2034\* | 99000 | &nbsp;&nbsp; 96115 |
| Baldwin Insurance Group Holdings <br> LLC/Baldwin Insurance Group Holdings <br> Finance<br>|  |  |
| 7.13%, 05/15/2031\* | 30000 | &nbsp;&nbsp; 30152 |
| Chubb INA Holdings LLC |  |  |
| 4.65%, 08/15/2029 | 99000 | &nbsp;&nbsp; 100113 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** |  | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Liberty Mutual Group, Inc. |  |  |  |
| 4.30%, 02/01/2061\* |  | $109000 | &nbsp;&nbsp; $67937 |
| Lincoln National Corp. |  |  |  |
| 5.35%, 11/15/2035 |  | 685000 | &nbsp;&nbsp; 667672 |
| Manulife Financial Corp. |  |  |  |
| 4.99%, 12/11/2035 |  | 36000 | &nbsp;&nbsp; 35170 |
| Marsh & McLennan Cos., Inc. |  |  |  |
| 4.55%, 11/08/2027 |  | 52000 | &nbsp;&nbsp; 52237 |
| New York Life Global Funding |  |  |  |
| 4.85%, 01/09/2028\* |  | 44000 | &nbsp;&nbsp; 44442 |
| Northwestern Mutual Global Funding |  |  |  |
| 4.35%, 09/15/2027\* |  | 52000 | &nbsp;&nbsp; 52048 |
| Northwestern Mutual Life Insurance Co. |  |  |  |
| 6.17%, 05/29/2055\* |  | 24000 | &nbsp;&nbsp; 24652 |
| Pacific Life Insurance Co. |  |  |  |
| 5.95%, 09/15/2055\* |  | 56000 | &nbsp;&nbsp; 54945 |
| Panther Escrow Issuer LLC |  |  |  |
| 7.13%, 06/01/2031\* |  | 66000 | &nbsp;&nbsp; 66222 |
| Prudential Financial, Inc. |  |  |  |
| 5.70%, 09/15/2048 |  | 54000 | &nbsp;&nbsp; 53486 |
| Unum Group |  |  |  |
| 5.25%, 12/15/2035 |  | 32000 | &nbsp;&nbsp; 31297 |
| Willis North America, Inc. |  |  |  |
| 4.55%, 03/15/2031 |  | 44000 | &nbsp;&nbsp; 43354 |
| 4.65%, 06/15/2027 |  | 100000 | &nbsp;&nbsp; 100165 |
|  |  |  | &nbsp;&nbsp; 2001269 |
| **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** | **Internet — 1.1%** |
| Airbnb, Inc. |  |  |  |
| 4.65%, 03/16/2031 |  | 48000 | &nbsp;&nbsp; 47892 |
| Alphabet, Inc. |  |  |  |
| 4.40%, 02/15/2033 |  | 56000 | &nbsp;&nbsp; 55303 |
| 5.30%, 05/15/2065 |  | 1024000 | &nbsp;&nbsp; 947845 |
| 5.35%, 11/15/2045 |  | 538000 | &nbsp;&nbsp; 526051 |
| 5.70%, 11/15/2075 |  | 793000 | &nbsp;&nbsp; 768549 |
| 5.75%, 02/15/2066 |  | 270000 | &nbsp;&nbsp; 267392 |
| Amazon.com, Inc. |  |  |  |
| 3.90%, 11/20/2028 |  | 99000 | &nbsp;&nbsp; 98577 |
| 4.05%, 08/22/2047 |  | 38000 | &nbsp;&nbsp; 30385 |
| 4.55%, 03/13/2033 |  | 71000 | &nbsp;&nbsp; 70317 |
| 5.55%, 11/20/2065 |  | 599000 | &nbsp;&nbsp; 565960 |
| 5.95%, 03/13/2066 |  | 1080000 | &nbsp;&nbsp; 1083540 |
| 6.05%, 03/13/2076 |  | 81000 | &nbsp;&nbsp; 80525 |
| Gen Digital, Inc. |  |  |  |
| 6.25%, 04/01/2033\* |  | 6000 | &nbsp;&nbsp; 5833 |
| 6.75%, 09/30/2027\* |  | 8000 | &nbsp;&nbsp; 8008 |
| 7.13%, 09/30/2030\* |  | 37000 | &nbsp;&nbsp; 37358 |
| GrubHub Holdings, Inc. |  |  |  |
| 13.00%, 07/31/2030\*(2) |  | 65975 | &nbsp;&nbsp; 51880 |
| Match Group Holdings II LLC |  |  |  |
| 3.63%, 10/01/2031\* |  | 13000 | &nbsp;&nbsp; 11558 |
| 4.13%, 08/01/2030\* |  | 39000 | &nbsp;&nbsp; 36142 |
| 6.13%, 09/15/2033\* |  | 20000 | &nbsp;&nbsp; 19436 |
| Meta Platforms, Inc. |  |  |  |
| 5.50%, 11/15/2045 |  | 58000 | &nbsp;&nbsp; 54886 |
| 5.55%, 08/15/2064 |  | 783000 | &nbsp;&nbsp; 703727 |
| 5.63%, 11/15/2055 |  | 76000 | &nbsp;&nbsp; 71242 |
| 5.75%, 11/15/2065 |  | 1265000 | &nbsp;&nbsp; 1174937 |
| Uber Technologies, Inc. |  |  |  |
| 4.80%, 09/15/2035 |  | 596000 | &nbsp;&nbsp; 578331 |
| United Group BV |  |  |  |
| 6.50%, 10/31/2031\* | EUR | 100000 | &nbsp;&nbsp; 113858 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| Wayfair LLC |  |  |
| 6.75%, 11/15/2032\* | $55000 | &nbsp;&nbsp; $55418 |
| 7.25%, 10/31/2029\* | 90000 | &nbsp;&nbsp; 91871 |
|  |  | &nbsp;&nbsp; 7556821 |
| **Investment Companies — 0.6%** | **Investment Companies — 0.6%** | **Investment Companies — 0.6%** |
| Ares Strategic Income Fund |  |  |
| 5.15%, 01/15/2031\* | 550000 | &nbsp;&nbsp; 519458 |
| 5.55%, 04/15/2031\* | 760000 | &nbsp;&nbsp; 728063 |
| 5.80%, 09/09/2030\* | 705000 | &nbsp;&nbsp; 685533 |
| Gaci First Investment Co. |  |  |
| 4.88%, 02/14/2035 | 200000 | &nbsp;&nbsp; 192218 |
| HA Sustainable Infrastructure Capital, Inc. |  |  |
| 6.75%, 07/15/2035 | 19000 | &nbsp;&nbsp; 19511 |
| 7.13%, 11/15/2056 | 28000 | &nbsp;&nbsp; 27866 |
| 8.00%, 06/01/2056 | 35000 | &nbsp;&nbsp; 36217 |
| HPS Corp. Lending Fund |  |  |
| 5.45%, 11/15/2030\* | 585000 | &nbsp;&nbsp; 559398 |
| 5.65%, 04/02/2031\* | 1160000 | &nbsp;&nbsp; 1112783 |
| 5.85%, 06/05/2030\* | 215000 | &nbsp;&nbsp; 209850 |
|  |  | &nbsp;&nbsp; 4090897 |
| **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** | **Iron/Steel — 0.0%** |
| Cleveland-Cliffs, Inc. |  |  |
| 7.00%, 03/15/2032\* | 76000 | &nbsp;&nbsp; 73534 |
| Commercial Metals Co. |  |  |
| 3.88%, 02/15/2031 | 47000 | &nbsp;&nbsp; 43282 |
| Mineral Resources, Ltd. |  |  |
| 8.50%, 05/01/2030\* | 20000 | &nbsp;&nbsp; 20556 |
| 9.25%, 10/01/2028\* | 29000 | &nbsp;&nbsp; 30048 |
| Nucor Corp. |  |  |
| 4.30%, 05/23/2027 | 64000 | &nbsp;&nbsp; 64063 |
| Steel Dynamics, Inc. |  |  |
| 4.00%, 12/15/2028 | 30000 | &nbsp;&nbsp; 29674 |
| 5.38%, 08/15/2034 | 31000 | &nbsp;&nbsp; 31283 |
|  |  | &nbsp;&nbsp; 292440 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Carnival Corp. |  |  |
| 5.75%, 08/01/2032\* | 45000 | &nbsp;&nbsp; 44985 |
| 6.13%, 02/15/2033\* | 40000 | &nbsp;&nbsp; 40401 |
| NCL Corp., Ltd. |  |  |
| 5.88%, 01/15/2031\* | 6000 | &nbsp;&nbsp; 5829 |
| 6.25%, 03/01/2030\* | 100000 | &nbsp;&nbsp; 99259 |
| 6.25%, 09/15/2033\* | 27000 | &nbsp;&nbsp; 26199 |
| 6.75%, 02/01/2032\* | 73000 | &nbsp;&nbsp; 72446 |
| 7.75%, 02/15/2029\* | 32000 | &nbsp;&nbsp; 33316 |
| Royal Caribbean Cruises, Ltd. |  |  |
| 6.00%, 02/01/2033\* | 47000 | &nbsp;&nbsp; 47470 |
|  |  | &nbsp;&nbsp; 369905 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Hilton Grand Vacations Borrower Escrow <br> LLC/Hilton Grand Vacations Borrower <br> Escrow, Inc.<br>|  |  |
| 4.88%, 07/01/2031\* | 75000 | &nbsp;&nbsp; 67677 |
| 5.00%, 06/01/2029\* | 20000 | &nbsp;&nbsp; 18991 |
| Marriott International, Inc. |  |  |
| 2.85%, 04/15/2031 | 36000 | &nbsp;&nbsp; 32965 |
| 3.50%, 10/15/2032 | 76000 | &nbsp;&nbsp; 69893 |
| 4.50%, 05/01/2033 | 33000 | &nbsp;&nbsp; 31885 |
| 5.50%, 04/15/2037 | 25000 | &nbsp;&nbsp; 24891 |
| Station Casinos LLC |  |  |
| 6.63%, 03/15/2032\* | 88000 | &nbsp;&nbsp; 88341 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| Travel & Leisure Co. |  |  |
| 4.50%, 12/01/2029\* | $38000 | &nbsp;&nbsp; $36337 |
| 6.13%, 09/01/2033\* | 40000 | &nbsp;&nbsp; 39480 |
|  |  | &nbsp;&nbsp; 410460 |
| **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
| Caterpillar Financial Services Corp. |  |  |
| 3.95%, 11/14/2028 | 100000 | &nbsp;&nbsp; 99521 |
| 4.10%, 08/15/2028 | 53000 | &nbsp;&nbsp; 52954 |
| 4.40%, 03/03/2028 | 43000 | &nbsp;&nbsp; 43212 |
| GE Vernova, Inc. |  |  |
| 4.88%, 02/04/2036 | 27000 | &nbsp;&nbsp; 26760 |
| 5.50%, 02/04/2056 | 39000 | &nbsp;&nbsp; 37518 |
| Vertiv Holdings Co. |  |  |
| 4.85%, 03/15/2036 | 10000 | &nbsp;&nbsp; 9724 |
| 5.65%, 03/15/2046 | 12000 | &nbsp;&nbsp; 11445 |
|  |  | &nbsp;&nbsp; 281134 |
| **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
| AGCO Corp. |  |  |
| 5.45%, 03/21/2027 | 62000 | &nbsp;&nbsp; 62422 |
| CNH Industrial Capital LLC |  |  |
| 4.50%, 10/16/2030 | 50000 | &nbsp;&nbsp; 49360 |
| Deere & Co. |  |  |
| 5.45%, 01/16/2035 | 43000 | &nbsp;&nbsp; 44670 |
| Deere Funding Canada Corp. |  |  |
| 4.15%, 10/09/2030 | 46000 | &nbsp;&nbsp; 45408 |
| Esab Corp. |  |  |
| 5.63%, 04/01/2031\* | 45000 | &nbsp;&nbsp; 45315 |
| John Deere Capital Corp. |  |  |
| 4.40%, 09/08/2031 | 71000 | &nbsp;&nbsp; 70914 |
| 4.90%, 03/07/2031 | 40000 | &nbsp;&nbsp; 40833 |
| nVent Finance SARL |  |  |
| 2.75%, 11/15/2031 | 76000 | &nbsp;&nbsp; 67546 |
| Westinghouse Air Brake Technologies Corp. |  |  |
| 4.90%, 05/29/2030 | 1045000 | &nbsp;&nbsp; 1055950 |
|  |  | &nbsp;&nbsp; 1482418 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| Belo Corp. |  |  |
| 7.75%, 06/01/2027 | 52000 | &nbsp;&nbsp; 53621 |
| Cable One, Inc. |  |  |
| 4.00%, 11/15/2030\* | 66000 | &nbsp;&nbsp; 45947 |
| CCO Holdings LLC/CCO Holdings Capital <br> Corp.<br>|  |  |
| 4.25%, 02/01/2031\* | 240000 | &nbsp;&nbsp; 218749 |
| 4.25%, 01/15/2034\* | 45000 | &nbsp;&nbsp; 38497 |
| 5.00%, 02/01/2028\* | 36000 | &nbsp;&nbsp; 35704 |
| 6.38%, 09/01/2029\* | 41000 | &nbsp;&nbsp; 41126 |
| 7.00%, 02/01/2033\* | 40000 | &nbsp;&nbsp; 40110 |
| 7.38%, 02/01/2036\* | 55000 | &nbsp;&nbsp; 54772 |
| Charter Communications Operating <br> LLC/Charter Communications Operating <br> Capital<br>|  |  |
| 3.50%, 06/01/2041 | 73000 | &nbsp;&nbsp; 51190 |
| 3.50%, 03/01/2042 | 222000 | &nbsp;&nbsp; 151968 |
| 3.85%, 04/01/2061 | 63000 | &nbsp;&nbsp; 36793 |
| 4.80%, 03/01/2050 | 97000 | &nbsp;&nbsp; 71718 |
| 5.13%, 07/01/2049 | 500000 | &nbsp;&nbsp; 383890 |
| 5.38%, 05/01/2047 | 636000 | &nbsp;&nbsp; 511782 |
| 5.75%, 04/01/2048 | 220000 | &nbsp;&nbsp; 183480 |
| 6.38%, 10/23/2035 | 31000 | &nbsp;&nbsp; 31480 |
| 6.48%, 10/23/2045 | 450000 | &nbsp;&nbsp; 414884 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| 6.55%, 06/01/2034 | $435000 | &nbsp;&nbsp; $451597 |
| 6.65%, 02/01/2034 | 165000 | &nbsp;&nbsp; 172117 |
| Comcast Corp. |  |  |
| 2.80%, 01/15/2051 | 75000 | &nbsp;&nbsp; 42904 |
| 2.89%, 11/01/2051 | 535000 | &nbsp;&nbsp; 309265 |
| 2.94%, 11/01/2056 | 5000 | &nbsp;&nbsp; 2770 |
| 3.20%, 07/15/2036 | 675000 | &nbsp;&nbsp; 565905 |
| 3.25%, 11/01/2039 | 110000 | &nbsp;&nbsp; 84922 |
| 3.40%, 07/15/2046 | 255000 | &nbsp;&nbsp; 173914 |
| 3.97%, 11/01/2047 | 70000 | &nbsp;&nbsp; 51510 |
| 4.60%, 10/15/2038 | 83000 | &nbsp;&nbsp; 75899 |
| 5.17%, 01/15/2037\* | 67000 | &nbsp;&nbsp; 65241 |
| 5.50%, 05/15/2064 | 59000 | &nbsp;&nbsp; 52252 |
| Cox Communications, Inc. |  |  |
| 2.60%, 06/15/2031\* | 225000 | &nbsp;&nbsp; 199238 |
| 5.45%, 09/01/2034\* | 259000 | &nbsp;&nbsp; 248572 |
| 5.95%, 09/01/2054\* | 462000 | &nbsp;&nbsp; 403064 |
| CSC Holdings LLC |  |  |
| 4.13%, 12/01/2030\* | 200000 | &nbsp;&nbsp; 120018 |
| Directv Financing LLC/Directv Financing <br> Co.-Obligor, Inc.<br>|  |  |
| 10.00%, 02/15/2031\* | 90000 | &nbsp;&nbsp; 91875 |
| Fox Corp. |  |  |
| 5.58%, 01/25/2049 | 59000 | &nbsp;&nbsp; 54377 |
| Nexstar Media, Inc. |  |  |
| 7.25%, 04/15/2034\* | 62000 | &nbsp;&nbsp; 62184 |
| Paramount Global |  |  |
| 4.38%, 03/15/2043 | 513000 | &nbsp;&nbsp; 310246 |
| 4.95%, 05/19/2050 | 845000 | &nbsp;&nbsp; 504439 |
| 5.25%, 04/01/2044 | 646000 | &nbsp;&nbsp; 408774 |
| 5.85%, 09/01/2043 | 630000 | &nbsp;&nbsp; 437388 |
| 6.25%, 02/28/2057 | 54000 | &nbsp;&nbsp; 36180 |
| 6.38%, 03/30/2062 | 20000 | &nbsp;&nbsp; 14600 |
| Scripps Escrow II, Inc. |  |  |
| 3.88%, 01/15/2029\* | 185000 | &nbsp;&nbsp; 171115 |
| Sirius XM Radio LLC |  |  |
| 5.88%, 04/15/2032\* | 30000 | &nbsp;&nbsp; 29801 |
| Sirius XM Radio, Inc. |  |  |
| 3.88%, 09/01/2031\* | 42000 | &nbsp;&nbsp; 38133 |
| 4.00%, 07/15/2028\* | 40000 | &nbsp;&nbsp; 38610 |
| Time Warner Cable LLC |  |  |
| 5.50%, 09/01/2041 | 205000 | &nbsp;&nbsp; 176680 |
| 6.55%, 05/01/2037 | 99000 | &nbsp;&nbsp; 99811 |
| Univision Communications, Inc. |  |  |
| 7.38%, 06/30/2030\* | 39000 | &nbsp;&nbsp; 38217 |
| 8.50%, 07/31/2031\* | 40000 | &nbsp;&nbsp; 40195 |
| 9.38%, 08/01/2032\* | 35000 | &nbsp;&nbsp; 36071 |
|  |  | &nbsp;&nbsp; 7973595 |
| **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** |
| Advanced Drainage Systems, Inc. |  |  |
| <br>5.38%, 03/01/2034\* | 35000 | &nbsp;&nbsp; 34059 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| Anglo American Capital PLC |  |  |
| 3.88%, 03/16/2029\* | 860000 | &nbsp;&nbsp; 842640 |
| BHP Billiton Finance USA, Ltd. |  |  |
| 5.75%, 09/05/2055 | 39000 | &nbsp;&nbsp; 39022 |
| Capstone Copper Corp. |  |  |
| 6.75%, 03/31/2033\* | 80000 | &nbsp;&nbsp; 79473 |
| FMG Resources August 2006 Pty, Ltd. |  |  |
| 4.38%, 04/01/2031\* | 45000 | &nbsp;&nbsp; 42518 |
| Glencore Funding LLC |  |  |
| 5.37%, 04/04/2029\* | 30000 | &nbsp;&nbsp; 30624 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| 5.63%, 04/04/2034\* | $310000 | &nbsp;&nbsp; $317276 |
| 6.38%, 10/06/2030\* | 635000 | &nbsp;&nbsp; 673629 |
| 6.50%, 10/06/2033\* | 215000 | &nbsp;&nbsp; 232648 |
| Hudbay Minerals, Inc. |  |  |
| 6.13%, 04/01/2029\* | 32000 | &nbsp;&nbsp; 31980 |
| Kaiser Aluminum Corp. |  |  |
| 4.50%, 06/01/2031\* | 100000 | &nbsp;&nbsp; 94474 |
| 5.88%, 03/01/2034\* | 100000 | &nbsp;&nbsp; 98187 |
| Novelis Corp. |  |  |
| 6.38%, 08/15/2033\* | 57000 | &nbsp;&nbsp; 55911 |
| Rio Tinto Alcan, Inc. |  |  |
| 6.13%, 12/15/2033 | 355000 | &nbsp;&nbsp; 380910 |
| Rio Tinto Finance USA PLC |  |  |
| 5.00%, 03/14/2032 | 45000 | &nbsp;&nbsp; 45916 |
| South32 Treasury, Ltd. |  |  |
| 4.35%, 04/14/2032\* | 97000 | &nbsp;&nbsp; 93359 |
|  |  | &nbsp;&nbsp; 3058567 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| Entegris, Inc. |  |  |
| <br>5.95%, 06/15/2030\* | 35000 | &nbsp;&nbsp; 35221 |
| **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** | **Oil & Gas — 1.1%** |
| Aker BP ASA |  |  |
| 3.10%, 07/15/2031\* | 200000 | &nbsp;&nbsp; 182584 |
| APA Corp. |  |  |
| 4.38%, 10/15/2028 | 45000 | &nbsp;&nbsp; 45215 |
| 5.35%, 07/01/2049 | 118000 | &nbsp;&nbsp; 99433 |
| BP Capital Markets America, Inc. |  |  |
| 3.54%, 04/06/2027 | 144000 | &nbsp;&nbsp; 143012 |
| Comstock Resources, Inc. |  |  |
| 5.88%, 01/15/2030\* | 51000 | &nbsp;&nbsp; 49346 |
| 6.75%, 03/01/2029\* | 4000 | &nbsp;&nbsp; 3948 |
| ConocoPhillips Co. |  |  |
| 3.80%, 03/15/2052 | 60000 | &nbsp;&nbsp; 43833 |
| 4.03%, 03/15/2062 | 485000 | &nbsp;&nbsp; 349367 |
| 5.65%, 01/15/2065 | 205000 | &nbsp;&nbsp; 194932 |
| 5.70%, 09/15/2063 | 395000 | &nbsp;&nbsp; 380149 |
| Coterra Energy, Inc. |  |  |
| 5.40%, 02/15/2035 | 80000 | &nbsp;&nbsp; 80255 |
| 5.90%, 02/15/2055 | 82000 | &nbsp;&nbsp; 78078 |
| Crescent Energy Finance LLC |  |  |
| 7.38%, 01/15/2033\* | 29000 | &nbsp;&nbsp; 28993 |
| 7.63%, 04/01/2032\* | 17000 | &nbsp;&nbsp; 17252 |
| DBR Land Holdings LLC |  |  |
| 6.25%, 12/01/2030\* | 45000 | &nbsp;&nbsp; 45562 |
| Diamondback Energy, Inc. |  |  |
| 4.40%, 03/24/2051 | 65000 | &nbsp;&nbsp; 51789 |
| 5.40%, 04/18/2034 | 305000 | &nbsp;&nbsp; 309635 |
| 5.90%, 04/18/2064 | 610000 | &nbsp;&nbsp; 577206 |
| 6.25%, 03/15/2053 | 200000 | &nbsp;&nbsp; 202276 |
| Ecopetrol SA |  |  |
| 7.75%, 02/01/2032 | 415000 | &nbsp;&nbsp; 419094 |
| 8.38%, 01/19/2036 | 260000 | &nbsp;&nbsp; 263607 |
| Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| 6.00%, 02/01/2031\* | 79000 | &nbsp;&nbsp; 76783 |
| 7.25%, 02/15/2035\* | 55000 | &nbsp;&nbsp; 54830 |
| Matador Resources Co. |  |  |
| 6.50%, 04/15/2032\* | 185000 | &nbsp;&nbsp; 187015 |
| Murphy Oil Corp. |  |  |
| 6.50%, 02/15/2034 | 55000 | &nbsp;&nbsp; 54316 |
| Northern Oil & Gas, Inc. |  |  |
| 7.88%, 10/15/2033\* | 72000 | &nbsp;&nbsp; 74495 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Occidental Petroleum Corp. |  |  |
| 4.40%, 04/15/2046 | $15000 | &nbsp;&nbsp; $11862 |
| 6.45%, 09/15/2036 | 75000 | &nbsp;&nbsp; 80137 |
| Petrobras Global Finance BV |  |  |
| 6.25%, 01/10/2036 | 200000 | &nbsp;&nbsp; 195368 |
| Petroleos Mexicanos |  |  |
| 5.95%, 01/28/2031 | 425000 | &nbsp;&nbsp; 406331 |
| 6.35%, 02/12/2048 | 365000 | &nbsp;&nbsp; 279299 |
| 6.38%, 01/23/2045 | 60000 | &nbsp;&nbsp; 47261 |
| 6.70%, 02/16/2032 | 90000 | &nbsp;&nbsp; 88081 |
| PRIO Luxembourg Holding Sarl |  |  |
| 6.75%, 10/15/2030\* | 200000 | &nbsp;&nbsp; 194550 |
| Saudi Arabian Oil Co. |  |  |
| 5.75%, 07/17/2054 | 200000 | &nbsp;&nbsp; 183662 |
| 6.00%, 02/02/2056\* | 200000 | &nbsp;&nbsp; 188376 |
| 6.38%, 06/02/2055\* | 500000 | &nbsp;&nbsp; 496729 |
| Shell Finance US, Inc. |  |  |
| 4.13%, 11/06/2030 | 34000 | &nbsp;&nbsp; 33666 |
| SM Energy Co. |  |  |
| 6.63%, 04/15/2034\* | 15000 | &nbsp;&nbsp; 14958 |
| 6.75%, 08/01/2029\* | 185000 | &nbsp;&nbsp; 187802 |
| 8.63%, 11/01/2030\* | 26000 | &nbsp;&nbsp; 27432 |
| 9.63%, 06/15/2033\* | 30000 | &nbsp;&nbsp; 33142 |
| Southwestern Energy Co. |  |  |
| 4.75%, 02/01/2032 | 67000 | &nbsp;&nbsp; 65283 |
| Sunoco LP |  |  |
| 5.63%, 03/15/2031\* | 10000 | &nbsp;&nbsp; 9954 |
| 5.88%, 03/15/2034\* | 65000 | &nbsp;&nbsp; 64282 |
| Talos Production, Inc. |  |  |
| 9.00%, 02/01/2029\* | 133000 | &nbsp;&nbsp; 138441 |
| 9.38%, 02/01/2031\* | 48000 | &nbsp;&nbsp; 50868 |
| TotalEnergies Capital SA |  |  |
| 5.43%, 09/10/2064 | 163000 | &nbsp;&nbsp; 151559 |
| 5.64%, 04/05/2064 | 620000 | &nbsp;&nbsp; 594939 |
| TotalEnergies Capital USA LLC |  |  |
| 4.25%, 01/13/2031 | 42000 | &nbsp;&nbsp; 41612 |
| Valaris, Ltd. |  |  |
| 8.38%, 04/30/2030\* | 42000 | &nbsp;&nbsp; 43520 |
| Vital Energy, Inc. |  |  |
| 7.88%, 04/15/2032\* | 65000 | &nbsp;&nbsp; 66408 |
| Wildfire Intermediate Holdings LLC |  |  |
| 7.50%, 10/15/2029\* | 48000 | &nbsp;&nbsp; 48637 |
| Woodside Finance, Ltd. |  |  |
| 5.40%, 05/19/2030 | 100000 | &nbsp;&nbsp; 102115 |
|  |  | &nbsp;&nbsp; 7859279 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| Archrock Partners LP/Archrock Partners <br> Finance Corp.<br>|  |  |
| 6.63%, 09/01/2032\* | 57000 | &nbsp;&nbsp; 58120 |
| Baker Hughes Holdings LLC/Baker Hughes <br> Co-Obligor, Inc.<br>|  |  |
| 5.85%, 06/15/2056 | 61000 | &nbsp;&nbsp; 59691 |
| Kodiak Gas Services LLC |  |  |
| 5.88%, 04/01/2031\* | 44000 | &nbsp;&nbsp; 44218 |
| 6.50%, 10/01/2033\* | 12000 | &nbsp;&nbsp; 12130 |
| 6.75%, 10/01/2035\* | 12000 | &nbsp;&nbsp; 12191 |
| 7.25%, 02/15/2029\* | 50000 | &nbsp;&nbsp; 51803 |
| USA Compression Partners LP/USA <br> Compression Finance Corp.<br>|  |  |
| 6.25%, 10/01/2033\* | 100000 | &nbsp;&nbsp; 99685 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| WBI Operating LLC |  |  |
| 6.25%, 10/15/2030\* | $30000 | &nbsp;&nbsp; $30179 |
| 6.50%, 10/15/2033\* | 20000 | &nbsp;&nbsp; 19847 |
|  |  | &nbsp;&nbsp; 387864 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| Amcor Flexibles North America, Inc. |  |  |
| 2.69%, 05/25/2031 | 50000 | &nbsp;&nbsp; 44959 |
| AptarGroup, Inc. |  |  |
| 4.75%, 03/30/2031 | 66000 | &nbsp;&nbsp; 65410 |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| 6.63%, 04/15/2029\* | 100000 | &nbsp;&nbsp; 98206 |
| 6.75%, 04/15/2032\* | 5000 | &nbsp;&nbsp; 4731 |
| 8.75%, 04/15/2030\* | 159000 | &nbsp;&nbsp; 148359 |
| Crown Americas LLC |  |  |
| 5.25%, 04/01/2030 | 37000 | &nbsp;&nbsp; 36962 |
| 5.88%, 06/01/2033 | 20000 | &nbsp;&nbsp; 19991 |
| Iris Holding, Inc. |  |  |
| 10.00%, 12/15/2028\* | 41000 | &nbsp;&nbsp; 33915 |
| Mauser Packaging Solutions |  |  |
| 9.25%, 04/15/2030\* | 100000 | &nbsp;&nbsp; 92917 |
| Packaging Corp. of America |  |  |
| 5.70%, 12/01/2033 | 71000 | &nbsp;&nbsp; 73663 |
| Silgan Holdings, Inc. |  |  |
| 4.13%, 02/01/2028 | 50000 | &nbsp;&nbsp; 48898 |
| Sonoco Products Co. |  |  |
| 4.60%, 09/01/2029 | 50000 | &nbsp;&nbsp; 49855 |
| TriMas Corp. |  |  |
| 4.13%, 04/15/2029\* | 126000 | &nbsp;&nbsp; 119896 |
|  |  | &nbsp;&nbsp; 837762 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| AbbVie, Inc. |  |  |
| 4.05%, 11/21/2039 | 132000 | &nbsp;&nbsp; 115860 |
| 4.25%, 11/21/2049 | 109000 | &nbsp;&nbsp; 88479 |
| 4.40%, 03/15/2033 | 50000 | &nbsp;&nbsp; 49084 |
| 4.95%, 03/15/2031 | 59000 | &nbsp;&nbsp; 60271 |
| Astrazeneca Finance LLC |  |  |
| 4.85%, 02/26/2029 | 93000 | &nbsp;&nbsp; 94605 |
| 4.88%, 03/03/2028 | 84000 | &nbsp;&nbsp; 85289 |
| 4.90%, 03/03/2030 | 88000 | &nbsp;&nbsp; 89827 |
| Becton Dickinson & Co. |  |  |
| 4.30%, 08/22/2032 | 35000 | &nbsp;&nbsp; 33925 |
| 4.69%, 02/13/2028 | 84000 | &nbsp;&nbsp; 84402 |
| Bristol-Myers Squibb Co. |  |  |
| 3.25%, 08/01/2042 | 25000 | &nbsp;&nbsp; 18793 |
| 5.75%, 02/01/2031 | 86000 | &nbsp;&nbsp; 90813 |
| Cardinal Health, Inc. |  |  |
| 4.50%, 09/15/2030 | 605000 | &nbsp;&nbsp; 601803 |
| 4.50%, 11/15/2044 | 12000 | &nbsp;&nbsp; 10057 |
| 4.60%, 03/15/2043 | 155000 | &nbsp;&nbsp; 133632 |
| 5.00%, 11/15/2029 | 1125000 | &nbsp;&nbsp; 1141916 |
| 5.75%, 11/15/2054 | 27000 | &nbsp;&nbsp; 26376 |
| Cencora, Inc. |  |  |
| 4.25%, 11/15/2030 | 300000 | &nbsp;&nbsp; 294518 |
| 4.30%, 12/15/2047 | 52000 | &nbsp;&nbsp; 42898 |
| 5.13%, 02/15/2034 | 74000 | &nbsp;&nbsp; 74618 |
| 5.65%, 02/13/2056 | 20000 | &nbsp;&nbsp; 19573 |
| CVS Health Corp. |  |  |
| 5.13%, 07/20/2045 | 177000 | &nbsp;&nbsp; 155362 |
| 5.55%, 06/01/2031 | 22000 | &nbsp;&nbsp; 22698 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Eli Lilly & Co. |  |  |
| 3.10%, 05/15/2027 | $21000 | &nbsp;&nbsp; $20791 |
| 4.60%, 08/14/2034 | 57000 | &nbsp;&nbsp; 56423 |
| 4.75%, 02/12/2030 | 48000 | &nbsp;&nbsp; 48870 |
| 5.65%, 10/15/2065 | 27000 | &nbsp;&nbsp; 26519 |
| GlaxoSmithKline Capital, Inc. |  |  |
| 4.50%, 04/15/2030 | 46000 | &nbsp;&nbsp; 46286 |
| HLF Financing Sarl LLC/Herbalife <br> International, Inc.<br>|  |  |
| 4.88%, 06/01/2029\* | 81000 | &nbsp;&nbsp; 75795 |
| 12.25%, 04/15/2029\* | 60000 | &nbsp;&nbsp; 63985 |
| McKesson Corp. |  |  |
| 4.95%, 05/30/2032 | 80000 | &nbsp;&nbsp; 81257 |
| Merck & Co, Inc. |  |  |
| 5.70%, 12/04/2065 | 26000 | &nbsp;&nbsp; 25260 |
| Novartis Capital Corp. |  |  |
| 4.00%, 09/18/2031 | 47000 | &nbsp;&nbsp; 46303 |
| 4.40%, 03/18/2031 | 74000 | &nbsp;&nbsp; 73984 |
| 5.70%, 03/18/2056 | 29000 | &nbsp;&nbsp; 29207 |
| Pfizer Investment Enterprises Pte., Ltd. |  |  |
| 4.75%, 05/19/2033 | 67000 | &nbsp;&nbsp; 66745 |
| 5.11%, 05/19/2043 | 79000 | &nbsp;&nbsp; 74544 |
| 5.30%, 05/19/2053 | 66000 | &nbsp;&nbsp; 61338 |
| 5.34%, 05/19/2063 | 30000 | &nbsp;&nbsp; 27250 |
| Pfizer, Inc. |  |  |
| 3.88%, 11/15/2027 | 51000 | &nbsp;&nbsp; 50889 |
| Viatris, Inc. |  |  |
| 3.85%, 06/22/2040 | 590000 | &nbsp;&nbsp; 447791 |
| 4.00%, 06/22/2050 | 460000 | &nbsp;&nbsp; 301487 |
|  |  | &nbsp;&nbsp; 4959523 |
| **Pipelines — 1.7%** | **Pipelines — 1.7%** | **Pipelines — 1.7%** |
| Antero Midstream Partners LP/Antero <br> Midstream Finance Corp.<br>|  |  |
| 5.75%, 01/15/2028\* | 29000 | &nbsp;&nbsp; 29000 |
| Buckeye Partners LP |  |  |
| 5.85%, 11/15/2043 | 100000 | &nbsp;&nbsp; 90510 |
| 6.75%, 02/01/2030\* | 90000 | &nbsp;&nbsp; 92881 |
| Cheniere Energy Partners LP |  |  |
| 5.55%, 10/30/2035 | 36000 | &nbsp;&nbsp; 36661 |
| Columbia Pipelines Holding Co. LLC |  |  |
| 5.00%, 11/17/2032\* | 430000 | &nbsp;&nbsp; 427168 |
| 5.10%, 10/01/2031\* | 125000 | &nbsp;&nbsp; 125676 |
| Delek Logistics Partners LP/Delek Logistics <br> Finance Corp.<br>|  |  |
| 7.38%, 06/30/2033\* | 56000 | &nbsp;&nbsp; 56463 |
| 8.63%, 03/15/2029\* | 20000 | &nbsp;&nbsp; 20695 |
| Enbridge, Inc. |  |  |
| 4.60%, 06/20/2028 | 23000 | &nbsp;&nbsp; 23060 |
| 4.85%, 03/27/2031 | 475000 | &nbsp;&nbsp; 476920 |
| 5.45%, 03/27/2036 | 360000 | &nbsp;&nbsp; 363102 |
| Energy Transfer LP |  |  |
| 4.95%, 05/15/2028 | 53000 | &nbsp;&nbsp; 53452 |
| 5.00%, 05/15/2050 | 420000 | &nbsp;&nbsp; 348548 |
| 5.15%, 02/01/2043 | 73000 | &nbsp;&nbsp; 64613 |
| 5.35%, 05/15/2045 | 38000 | &nbsp;&nbsp; 33971 |
| 5.40%, 10/01/2047 | 113000 | &nbsp;&nbsp; 100412 |
| Enterprise Products Operating LLC |  |  |
| 3.70%, 01/31/2051 | 275000 | &nbsp;&nbsp; 198882 |
| 4.60%, 01/15/2031 | 30000 | &nbsp;&nbsp; 30049 |
| 4.90%, 05/15/2046 | 125000 | &nbsp;&nbsp; 111752 |
| Excelerate Energy LP |  |  |
| 8.00%, 05/15/2030\* | 50000 | &nbsp;&nbsp; 52330 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Galaxy Pipeline Assets Bidco, Ltd. |  |  |
| 2.63%, 03/31/2036 | $480000 | &nbsp;&nbsp; $408116 |
| 2.94%, 09/30/2040\* | 454167 | &nbsp;&nbsp; 367207 |
| Genesis Energy LP/Genesis Energy Finance <br> Corp.<br>|  |  |
| 6.75%, 03/15/2034 | 10000 | &nbsp;&nbsp; 9953 |
| 7.88%, 05/15/2032 | 46000 | &nbsp;&nbsp; 47307 |
| 8.00%, 05/15/2033 | 26000 | &nbsp;&nbsp; 26866 |
| 8.25%, 01/15/2029 | 15000 | &nbsp;&nbsp; 15499 |
| Gray Oak Pipeline LLC |  |  |
| 3.45%, 10/15/2027\* | 138000 | &nbsp;&nbsp; 135369 |
| Greensaif Pipelines Bidco SARL |  |  |
| 5.85%, 02/23/2036\* | 235000 | &nbsp;&nbsp; 235522 |
| Harvest Midstream I LP |  |  |
| 7.50%, 05/15/2032\* | 99000 | &nbsp;&nbsp; 100908 |
| Hess Midstream Operations LP |  |  |
| 4.25%, 02/15/2030\* | 615000 | &nbsp;&nbsp; 590976 |
| 6.50%, 06/01/2029\* | 520000 | &nbsp;&nbsp; 531193 |
| Howard Midstream Energy Partners LLC |  |  |
| 6.63%, 01/15/2034\* | 10000 | &nbsp;&nbsp; 10038 |
| 7.38%, 07/15/2032\* | 45000 | &nbsp;&nbsp; 46532 |
| ITT Holdings LLC |  |  |
| 6.50%, 08/01/2029\* | 87000 | &nbsp;&nbsp; 84593 |
| Kinder Morgan Energy Partners LP |  |  |
| 5.50%, 03/01/2044 | 54000 | &nbsp;&nbsp; 51002 |
| Kinder Morgan, Inc. |  |  |
| 5.45%, 08/01/2052 | 41000 | &nbsp;&nbsp; 37850 |
| MPLX LP |  |  |
| 4.80%, 02/15/2031 | 532000 | &nbsp;&nbsp; 533217 |
| 5.00%, 01/15/2033 | 795000 | &nbsp;&nbsp; 789168 |
| 5.50%, 06/01/2034 | 580000 | &nbsp;&nbsp; 585969 |
| NGL Energy Operating LLC/NGL Energy <br> Finance Corp.<br>|  |  |
| 8.13%, 02/15/2029\* | 49000 | &nbsp;&nbsp; 50477 |
| 8.38%, 02/15/2032\* | 16000 | &nbsp;&nbsp; 16489 |
| Northriver Midstream Finance LP |  |  |
| 6.75%, 07/15/2032\* | 180000 | &nbsp;&nbsp; 180531 |
| NuStar Logistics LP |  |  |
| 6.38%, 10/01/2030 | 36000 | &nbsp;&nbsp; 37224 |
| ONEOK Partners LP |  |  |
| 6.65%, 10/01/2036 | 132000 | &nbsp;&nbsp; 142169 |
| ONEOK, Inc. |  |  |
| 4.75%, 10/15/2031 | 610000 | &nbsp;&nbsp; 603520 |
| 5.05%, 11/01/2034 | 630000 | &nbsp;&nbsp; 612798 |
| 5.40%, 10/15/2035 | 70000 | &nbsp;&nbsp; 69538 |
| 6.05%, 09/01/2033 | 50000 | &nbsp;&nbsp; 52431 |
| 6.10%, 11/15/2032 | 300000 | &nbsp;&nbsp; 316043 |
| 6.63%, 09/01/2053 | 165000 | &nbsp;&nbsp; 169322 |
| 7.15%, 01/15/2051 | 40000 | &nbsp;&nbsp; 43135 |
| Plains All American Pipeline LP/PAA Finance <br> Corp.<br>|  |  |
| 4.30%, 01/31/2043 | 44000 | &nbsp;&nbsp; 35671 |
| 5.60%, 01/15/2036 | 26000 | &nbsp;&nbsp; 26084 |
| Rockies Express Pipeline LLC |  |  |
| 6.75%, 03/15/2033\* | 90000 | &nbsp;&nbsp; 92645 |
| Sabine Pass Liquefaction LLC |  |  |
| 5.90%, 09/15/2037 | 42478 | &nbsp;&nbsp; 44291 |
| Targa Resources Corp. |  |  |
| 4.35%, 04/15/2031 | 230000 | &nbsp;&nbsp; 225160 |
| 5.40%, 07/30/2036 | 534000 | &nbsp;&nbsp; 530101 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |  |
| 4.00%, 01/15/2032 | $255000 | &nbsp;&nbsp; $241665 |
| Transcontinental Gas Pipe Line Co. LLC |  |  |
| 5.75%, 03/15/2056\* | 30000 | &nbsp;&nbsp; 29284 |
| Venture Global LNG, Inc. |  |  |
| 8.38%, 06/01/2031\* | 109000 | &nbsp;&nbsp; 113357 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.13%, 12/15/2030\* | 3000 | &nbsp;&nbsp; 3085 |
| 6.50%, 06/15/2034\* | 18000 | &nbsp;&nbsp; 18737 |
| 7.50%, 05/01/2033\* | 173000 | &nbsp;&nbsp; 190162 |
| 7.75%, 05/01/2035\* | 42000 | &nbsp;&nbsp; 47073 |
| Western Midstream Operating LP |  |  |
| 5.30%, 03/01/2048 | 22000 | &nbsp;&nbsp; 18595 |
| 5.50%, 12/15/2035 | 21000 | &nbsp;&nbsp; 20652 |
| Williams Cos., Inc. |  |  |
| 5.15%, 03/15/2036 | 360000 | &nbsp;&nbsp; 354641 |
| 5.65%, 03/15/2033 | 335000 | &nbsp;&nbsp; 345969 |
| 5.75%, 06/24/2044 | 91000 | &nbsp;&nbsp; 88454 |
| 5.95%, 03/15/2056 | 30000 | &nbsp;&nbsp; 29526 |
|  |  | &nbsp;&nbsp; 12092259 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| CBRE Services, Inc. |  |  |
| 4.90%, 01/15/2033 | 32000 | &nbsp;&nbsp; 31556 |
| Cushman & Wakefield US Borrower LLC |  |  |
| 6.75%, 05/15/2028\* | 48000 | &nbsp;&nbsp; 48069 |
| 8.88%, 09/01/2031\* | 2000 | &nbsp;&nbsp; 2118 |
| Greystar Real Estate Partners LLC |  |  |
| 7.75%, 09/01/2030\* | 39000 | &nbsp;&nbsp; 40566 |
| Kennedy-Wilson, Inc. |  |  |
| 4.75%, 03/01/2029 | 65000 | &nbsp;&nbsp; 63782 |
|  |  | &nbsp;&nbsp; 186091 |
| **REITS — 0.4%** | **REITS — 0.4%** | **REITS — 0.4%** |
| American Tower Corp. |  |  |
| 2.30%, 09/15/2031 | 73000 | &nbsp;&nbsp; 64267 |
| 4.70%, 12/15/2032 | 22000 | &nbsp;&nbsp; 21618 |
| 5.20%, 02/15/2029 | 97000 | &nbsp;&nbsp; 98644 |
| Arbor Realty SR, Inc. |  |  |
| 7.88%, 07/15/2030\* | 75000 | &nbsp;&nbsp; 69355 |
| Blackstone Mtg. Trust, Inc. |  |  |
| 7.75%, 12/01/2029\* | 65000 | &nbsp;&nbsp; 68295 |
| Crown Castle, Inc. |  |  |
| 5.00%, 01/11/2028 | 57000 | &nbsp;&nbsp; 57409 |
| 5.60%, 06/01/2029 | 44000 | &nbsp;&nbsp; 45042 |
| Goodman US Finance Six LLC |  |  |
| 5.13%, 10/07/2034\* | 23000 | &nbsp;&nbsp; 22909 |
| Hudson Pacific Properties LP |  |  |
| 4.65%, 04/01/2029 | 99000 | &nbsp;&nbsp; 84436 |
| 5.95%, 02/15/2028 | 95000 | &nbsp;&nbsp; 90094 |
| Kilroy Realty LP |  |  |
| 5.88%, 10/15/2035 | 1100000 | &nbsp;&nbsp; 1060489 |
| Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp.<br>|  |  |
| 4.25%, 02/01/2027\* | 12000 | &nbsp;&nbsp; 11855 |
| 4.75%, 06/15/2029\* | 40000 | &nbsp;&nbsp; 38771 |
| LXP Industrial Trust |  |  |
| 2.38%, 10/01/2031 | 39000 | &nbsp;&nbsp; 33849 |
| National Health Investors, Inc. |  |  |
| 5.35%, 02/01/2033 | 14000 | &nbsp;&nbsp; 13757 |
| Prologis Targeted US Logistics Fund LP |  |  |
| 4.25%, 01/15/2031\* | 220000 | &nbsp;&nbsp; 215227 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** |  | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| 4.75%, 01/15/2036\* |  | $630000 | &nbsp;&nbsp; $604166 |
| RHP Hotel Properties LP/RHP Finance Corp. |  |  |  |
| 5.75%, 03/15/2034\* |  | 45000 | &nbsp;&nbsp; 44408 |
| Starwood Property Trust, Inc. |  |  |  |
| 6.50%, 07/01/2030\* |  | 52000 | &nbsp;&nbsp; 53106 |
| Weyerhaeuser Co. |  |  |  |
| 4.00%, 03/09/2052 |  | 40000 | &nbsp;&nbsp; 29418 |
|  |  |  | &nbsp;&nbsp; 2727115 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| AutoNation, Inc. |  |  |  |
| 4.45%, 01/15/2029 |  | 25000 | &nbsp;&nbsp; 24792 |
| Bertrand Franchise Finance SAS FRS |  |  |  |
| 5.78%, (3 ME+3.75%), 04/18/2026(3) | EUR | 100000 | &nbsp;&nbsp; 112244 |
| Brinker International, Inc. |  |  |  |
| 8.25%, 07/15/2030\* |  | 39000 | &nbsp;&nbsp; 40906 |
| Darden Restaurants, Inc. |  |  |  |
| 4.35%, 10/15/2027 |  | 35000 | &nbsp;&nbsp; 34919 |
| FirstCash, Inc. |  |  |  |
| 4.63%, 09/01/2028\* |  | 17000 | &nbsp;&nbsp; 16701 |
| 5.63%, 01/01/2030\* |  | 32000 | &nbsp;&nbsp; 31822 |
| 6.88%, 03/01/2032\* |  | 3000 | &nbsp;&nbsp; 3058 |
| Home Depot, Inc. |  |  |  |
| 4.90%, 04/15/2029 |  | 45000 | &nbsp;&nbsp; 45853 |
| Kohl's Corp. |  |  |  |
| 5.13%, 05/01/2031 |  | 31000 | &nbsp;&nbsp; 23332 |
| LBM Acquisition LLC |  |  |  |
| 6.25%, 01/15/2029\* |  | 55000 | &nbsp;&nbsp; 40192 |
| 9.50%, 06/15/2031\* |  | 130000 | &nbsp;&nbsp; 113158 |
| McDonald's Corp. |  |  |  |
| 3.63%, 09/01/2049 |  | 69000 | &nbsp;&nbsp; 49661 |
| 4.80%, 08/14/2028 |  | 139000 | &nbsp;&nbsp; 140702 |
| Murphy Oil USA, Inc. |  |  |  |
| 3.75%, 02/15/2031\* |  | 40000 | &nbsp;&nbsp; 37170 |
| 4.75%, 09/15/2029 |  | 14000 | &nbsp;&nbsp; 13808 |
| O'Reilly Automotive, Inc. |  |  |  |
| 3.60%, 09/01/2027 |  | 83000 | &nbsp;&nbsp; 82141 |
| Park River Holdings, Inc. |  |  |  |
| 8.00%, 03/15/2031\* |  | 45000 | &nbsp;&nbsp; 44792 |
| 8.75%, 12/31/2030\* |  | 21924 | &nbsp;&nbsp; 20193 |
| Petco Health & Wellness Co., Inc. |  |  |  |
| 8.25%, 02/01/2031\* |  | 173000 | &nbsp;&nbsp; 172763 |
| QXO Building Products, Inc. |  |  |  |
| 6.75%, 04/30/2032\* |  | 31000 | &nbsp;&nbsp; 31620 |
| Specialty Building Products Holdings <br> LLC/SBP Finance Corp.<br>|  |  |  |
| 7.75%, 10/15/2029\* |  | 95000 | &nbsp;&nbsp; 82478 |
| Staples, Inc. |  |  |  |
| 10.75%, 09/01/2029\* |  | 112000 | &nbsp;&nbsp; 103580 |
|  |  |  | &nbsp;&nbsp; 1265885 |
| **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** | **Semiconductors — 0.8%** |
| Amkor Technology, Inc. |  |  |  |
| 5.88%, 10/01/2033\* |  | 35000 | &nbsp;&nbsp; 34857 |
| Applied Materials, Inc. |  |  |  |
| 4.60%, 01/15/2036 |  | 39000 | &nbsp;&nbsp; 37884 |
| Broadcom, Inc. |  |  |  |
| 2.45%, 02/15/2031 |  | 140000 | &nbsp;&nbsp; 127147 |
| 3.19%, 11/15/2036\* |  | 158000 | &nbsp;&nbsp; 132034 |
| 4.20%, 10/15/2030 |  | 425000 | &nbsp;&nbsp; 420061 |
| 4.90%, 07/15/2032 |  | 44000 | &nbsp;&nbsp; 44385 |
| 5.05%, 07/12/2029 |  | 355000 | &nbsp;&nbsp; 362340 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| 5.20%, 07/15/2035 | $670000 | &nbsp;&nbsp; $675225 |
| Foundry JV Holdco LLC |  |  |
| 5.90%, 01/25/2033\* | 270000 | &nbsp;&nbsp; 277590 |
| 6.15%, 01/25/2032\* | 1175000 | &nbsp;&nbsp; 1226684 |
| Intel Corp. |  |  |
| 3.10%, 02/15/2060 | 280000 | &nbsp;&nbsp; 154677 |
| 3.25%, 11/15/2049 | 222000 | &nbsp;&nbsp; 140259 |
| 3.73%, 12/08/2047 | 1106000 | &nbsp;&nbsp; 772841 |
| 4.15%, 08/05/2032 | 206000 | &nbsp;&nbsp; 196395 |
| 4.75%, 03/25/2050 | 100000 | &nbsp;&nbsp; 80911 |
| 5.70%, 02/10/2053 | 37000 | &nbsp;&nbsp; 34068 |
| 5.90%, 02/10/2063 | 265000 | &nbsp;&nbsp; 245818 |
| Qorvo, Inc. |  |  |
| 3.38%, 04/01/2031\* | 675000 | &nbsp;&nbsp; 610525 |
| QUALCOMM, Inc. |  |  |
| 4.75%, 05/20/2032 | 34000 | &nbsp;&nbsp; 34185 |
| Texas Instruments, Inc. |  |  |
| 4.60%, 02/15/2028 | 55000 | &nbsp;&nbsp; 55414 |
|  |  | &nbsp;&nbsp; 5663300 |
| **Software — 1.6%** | **Software — 1.6%** | **Software — 1.6%** |
| Adobe, Inc. |  |  |
| 4.75%, 01/17/2028 | 50000 | &nbsp;&nbsp; 50613 |
| AthenaHealth Group, Inc. |  |  |
| 6.50%, 02/15/2030\* | 88000 | &nbsp;&nbsp; 82599 |
| Cloud Software Group, Inc. |  |  |
| 6.50%, 03/31/2029\* | 53000 | &nbsp;&nbsp; 51705 |
| 8.25%, 06/30/2032\* | 15000 | &nbsp;&nbsp; 14226 |
| Fidelity National Information Services, Inc. |  |  |
| 4.80%, 03/10/2031 | 33000 | &nbsp;&nbsp; 32741 |
| OAK-Eagle Acquireco, Inc. |  |  |
| 7.25%, 07/01/2033\* | 29000 | &nbsp;&nbsp; 30047 |
| 8.75%, 07/01/2034\* | 28000 | &nbsp;&nbsp; 29313 |
| Open Text Corp. |  |  |
| 3.88%, 02/15/2028\* | 2000 | &nbsp;&nbsp; 1926 |
| 3.88%, 12/01/2029\* | 301000 | &nbsp;&nbsp; 268990 |
| Oracle Corp. |  |  |
| 2.95%, 04/01/2030 | 230000 | &nbsp;&nbsp; 209952 |
| 3.60%, 04/01/2040 | 825000 | &nbsp;&nbsp; 598107 |
| 3.60%, 04/01/2050 | 575000 | &nbsp;&nbsp; 347144 |
| 3.65%, 03/25/2041 | 63000 | &nbsp;&nbsp; 44835 |
| 3.80%, 11/15/2037 | 118000 | &nbsp;&nbsp; 93709 |
| 3.85%, 04/01/2060 | 105000 | &nbsp;&nbsp; 61790 |
| 3.95%, 03/25/2051 | 345000 | &nbsp;&nbsp; 218611 |
| 4.00%, 11/15/2047 | 83000 | &nbsp;&nbsp; 54929 |
| 4.30%, 07/08/2034 | 174000 | &nbsp;&nbsp; 154296 |
| 4.45%, 09/26/2030 | 43000 | &nbsp;&nbsp; 41438 |
| 4.70%, 09/27/2034 | 825000 | &nbsp;&nbsp; 752911 |
| 4.80%, 09/26/2032 | 1860000 | &nbsp;&nbsp; 1771367 |
| 5.35%, 05/04/2033 | 670000 | &nbsp;&nbsp; 652231 |
| 5.38%, 09/27/2054 | 121000 | &nbsp;&nbsp; 93596 |
| 5.50%, 08/03/2035 | 40000 | &nbsp;&nbsp; 38184 |
| 5.50%, 09/27/2064 | 485000 | &nbsp;&nbsp; 371418 |
| 5.55%, 02/06/2053 | 364000 | &nbsp;&nbsp; 290421 |
| 5.88%, 09/26/2045 | 38000 | &nbsp;&nbsp; 32784 |
| 5.95%, 09/26/2055 | 79000 | &nbsp;&nbsp; 66460 |
| 6.00%, 08/03/2055 | 240000 | &nbsp;&nbsp; 201212 |
| 6.10%, 09/26/2065 | 80000 | &nbsp;&nbsp; 66334 |
| 6.13%, 08/03/2065 | 425000 | &nbsp;&nbsp; 353542 |
| 6.50%, 04/15/2038 | 35000 | &nbsp;&nbsp; 35080 |
| 6.55%, 02/04/2046 | 49000 | &nbsp;&nbsp; 45715 |
| 6.70%, 02/04/2056 | 27000 | &nbsp;&nbsp; 25059 |
| 6.85%, 02/04/2066 | 850000 | &nbsp;&nbsp; 781424 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** |  | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Rackspace Finance LLC |  |  |  |
| 3.50%, 05/15/2028\* |  | $80460 | &nbsp;&nbsp; $39828 |
| Rocket Software, Inc. |  |  |  |
| 6.50%, 02/15/2029\* |  | 134000 | &nbsp;&nbsp; 120599 |
| 9.00%, 11/28/2028\* |  | 75000 | &nbsp;&nbsp; 74887 |
| Roper Technologies, Inc. |  |  |  |
| 4.25%, 09/15/2028 |  | 36000 | &nbsp;&nbsp; 35765 |
| Salesforce, Inc. |  |  |  |
| 4.65%, 03/15/2029 |  | 664000 | &nbsp;&nbsp; 665375 |
| 5.20%, 03/15/2033 |  | 615000 | &nbsp;&nbsp; 613950 |
| 6.40%, 03/15/2046 |  | 1315000 | &nbsp;&nbsp; 1324104 |
| 6.55%, 03/15/2056 |  | 29000 | &nbsp;&nbsp; 29101 |
| 6.70%, 03/15/2066 |  | 610000 | &nbsp;&nbsp; 620012 |
|  |  |  | &nbsp;&nbsp; 11488330 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| Altice Financing SA |  |  |  |
| 5.00%, 01/15/2028\* |  | 200000 | &nbsp;&nbsp; 140430 |
| Altice France SA |  |  |  |
| 6.50%, 04/15/2032\* |  | 153409 | &nbsp;&nbsp; 145353 |
| APLD ComputeCo 2 LLC |  |  |  |
| 6.75%, 03/15/2031\* |  | 57000 | &nbsp;&nbsp; 56585 |
| AT&T, Inc. |  |  |  |
| 3.85%, 06/01/2060 |  | 29000 | &nbsp;&nbsp; 19511 |
| 4.50%, 05/15/2035 |  | 210000 | &nbsp;&nbsp; 199051 |
| 4.75%, 04/30/2033 |  | 38000 | &nbsp;&nbsp; 37640 |
| 4.90%, 08/15/2037 |  | 172000 | &nbsp;&nbsp; 165200 |
| 5.70%, 11/01/2054 |  | 77000 | &nbsp;&nbsp; 72097 |
| 6.05%, 08/15/2056 |  | 19000 | &nbsp;&nbsp; 18711 |
| Bell Telephone Co. of Canada or Bell Canada |  |  |  |
| 6.88%, 09/15/2055 |  | 37000 | &nbsp;&nbsp; 37419 |
| 7.00%, 09/15/2055 |  | 30000 | &nbsp;&nbsp; 30706 |
| Black Pearl Compute LLC |  |  |  |
| 6.13%, 02/15/2031\* |  | 65000 | &nbsp;&nbsp; 66157 |
| Cisco Systems, Inc. |  |  |  |
| 5.10%, 02/24/2035 |  | 101000 | &nbsp;&nbsp; 102378 |
| EchoStar Corp. |  |  |  |
| 6.75%, 11/30/2030(2) |  | 175000 | &nbsp;&nbsp; 176708 |
| Flash Compute LLC |  |  |  |
| 7.25%, 12/31/2030\* |  | 55000 | &nbsp;&nbsp; 55374 |
| Iliad Holding SAS |  |  |  |
| 6.88%, 04/15/2031 | EUR | 200000 | &nbsp;&nbsp; 240831 |
| 7.00%, 04/15/2032\* |  | 200000 | &nbsp;&nbsp; 200240 |
| Level 3 Financing, Inc. |  |  |  |
| 7.00%, 03/31/2034\* |  | 100000 | &nbsp;&nbsp; 102359 |
| 8.50%, 01/15/2036\* |  | 80000 | &nbsp;&nbsp; 83473 |
| NTT Finance Corp. |  |  |  |
| 5.17%, 07/16/2032\* |  | 560000 | &nbsp;&nbsp; 564098 |
| Orange SA |  |  |  |
| 4.25%, 01/13/2031\* |  | 710000 | &nbsp;&nbsp; 696461 |
| Rogers Communications, Inc. |  |  |  |
| 7.00%, 04/15/2055 |  | 9000 | &nbsp;&nbsp; 9035 |
| 7.13%, 04/15/2055 |  | 43000 | &nbsp;&nbsp; 44001 |
| Sable International Finance, Ltd. |  |  |  |
| 7.13%, 10/15/2032\* |  | 200000 | &nbsp;&nbsp; 197555 |
| T-Mobile USA, Inc. |  |  |  |
| 2.55%, 02/15/2031 |  | 400000 | &nbsp;&nbsp; 363485 |
| 3.00%, 02/15/2041 |  | 238000 | &nbsp;&nbsp; 174008 |
| 3.50%, 04/15/2031 |  | 165000 | &nbsp;&nbsp; 156054 |
| 3.60%, 11/15/2060 |  | 62000 | &nbsp;&nbsp; 40240 |
| 3.88%, 04/15/2030 |  | 130000 | &nbsp;&nbsp; 126603 |
| 5.75%, 01/15/2034 |  | 242000 | &nbsp;&nbsp; 252359 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** |  | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| Verizon Communications, Inc. |  |  |  |
| 2.85%, 09/03/2041 |  | $135000 | &nbsp;&nbsp; $94962 |
| 3.00%, 11/20/2060 |  | 92000 | &nbsp;&nbsp; 52891 |
| 3.40%, 03/22/2041 |  | 62000 | &nbsp;&nbsp; 47605 |
| 3.88%, 03/01/2052 |  | 10000 | &nbsp;&nbsp; 7291 |
| 4.50%, 08/10/2033 |  | 83000 | &nbsp;&nbsp; 80505 |
| 5.25%, 04/02/2035 |  | 79000 | &nbsp;&nbsp; 79097 |
| 5.75%, 11/30/2045 |  | 30000 | &nbsp;&nbsp; 29214 |
| 6.00%, 11/30/2065 |  | 57000 | &nbsp;&nbsp; 55218 |
| Viasat, Inc. |  |  |  |
| 5.63%, 04/15/2027\* |  | 58000 | &nbsp;&nbsp; 57608 |
| 7.50%, 05/30/2031\* |  | 76000 | &nbsp;&nbsp; 75104 |
| Vodafone Group PLC |  |  |  |
| 5.13%, 06/04/2081 |  | 29000 | &nbsp;&nbsp; 22540 |
| 5.75%, 06/28/2054 |  | 40000 | &nbsp;&nbsp; 37798 |
| 5.75%, 02/10/2063 |  | 45000 | &nbsp;&nbsp; 41777 |
| 5.88%, 06/28/2064 |  | 62000 | &nbsp;&nbsp; 58856 |
| WULF Compute LLC |  |  |  |
| 7.75%, 10/15/2030\* |  | 80000 | &nbsp;&nbsp; 84534 |
| Zayo Group Holdings, Inc. |  |  |  |
| 9.25%, 03/09/2030\*(2) |  | 10820 | &nbsp;&nbsp; 10757 |
| 13.75%, 09/09/2030\*(2) |  | 63556 | &nbsp;&nbsp; 59360 |
|  |  |  | &nbsp;&nbsp; 5469239 |
| **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** | **Transportation — 0.2%** |
| Burlington Northern Santa Fe LLC |  |  |  |
| 4.15%, 12/15/2048 |  | 70000 | &nbsp;&nbsp; 56057 |
| 4.45%, 03/15/2043 |  | 64000 | &nbsp;&nbsp; 55755 |
| 5.80%, 03/15/2056 |  | 20000 | &nbsp;&nbsp; 20177 |
| Canadian Pacific Railway Co. |  |  |  |
| 6.13%, 09/15/2115 |  | 49000 | &nbsp;&nbsp; 49258 |
| FedEx Corp. Pass Through Trust |  |  |  |
| 1.88%, 02/20/2034 |  | 143298 | &nbsp;&nbsp; 123347 |
| Fedex Freight Holding Co, Inc. |  |  |  |
| 4.30%, 03/15/2029\* |  | 36000 | &nbsp;&nbsp; 35568 |
| 4.65%, 03/15/2031\* |  | 395000 | &nbsp;&nbsp; 388232 |
| 4.95%, 03/15/2033\* |  | 430000 | &nbsp;&nbsp; 419379 |
| GXO Logistics, Inc. |  |  |  |
| 6.25%, 05/06/2029 |  | 47000 | &nbsp;&nbsp; 48724 |
| Star Leasing Co. LLC |  |  |  |
| 7.63%, 02/15/2030\* |  | 56000 | &nbsp;&nbsp; 51824 |
| Stonepeak Nile Parent LLC |  |  |  |
| 7.25%, 03/15/2032\* |  | 56000 | &nbsp;&nbsp; 58246 |
|  |  |  | &nbsp;&nbsp; 1306567 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| Penske Truck Leasing Co. LP/PTL Finance <br> Corp.<br>|  |  |  |
| 4.55%, 01/15/2031\* |  | 560000 | &nbsp;&nbsp; 553882 |
| 5.25%, 02/01/2030\* |  | 71000 | &nbsp;&nbsp; 72065 |
| 5.35%, 03/30/2029\* |  | 30000 | &nbsp;&nbsp; 30512 |
| 6.05%, 08/01/2028\* |  | 70000 | &nbsp;&nbsp; 72034 |
| 6.20%, 06/15/2030\* |  | 50000 | &nbsp;&nbsp; 52636 |
|  |  |  | &nbsp;&nbsp; 781129 |
| **Total Corporate Bonds & Notes** <br>(cost $186,196,685)<br>|  |  | &nbsp;&nbsp; 181233726 |
| **CONVERTIBLE BONDS & NOTES — 0.0%** | **CONVERTIBLE BONDS & NOTES — 0.0%** | **CONVERTIBLE BONDS & NOTES — 0.0%** | **CONVERTIBLE BONDS & NOTES — 0.0%** |
| **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| Mitsubishi UFJ Investor Services & Banking <br> Luxembourg SA FRS<br>|  |  |  |
| <br>6.53%, (3 ME+4.50%), 12/15/2050 <br>(cost $74,731)<br>| EUR | 100000 | &nbsp;&nbsp; 74009 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **ASSET BACKED SECURITIES — 3.2%** | **ASSET BACKED SECURITIES — 3.2%** | **ASSET BACKED SECURITIES — 3.2%** |
| **Auto Loan Receivables — 0.2%** | **Auto Loan Receivables — 0.2%** | **Auto Loan Receivables — 0.2%** |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2024-3A, Class B <br>5.58%, 12/20/2030\*<br>| $130000 | &nbsp;&nbsp; $131782 |
| CarMax Auto Owner Trust |  |  |
| Series 2026-1, Class A3 <br>4.04%, 03/17/2031<br>| 200000 | &nbsp;&nbsp; 199294 |
| GM Financial Revolving Receivables Trust |  |  |
| Series 2025-1, Class A <br>4.64%, 12/11/2037\*<br>| 200000 | &nbsp;&nbsp; 201944 |
| M&T Bank RV Trust |  |  |
| Series 2026-1A, Class A <br>4.35%, 01/15/2046\*<br>| 95709 | &nbsp;&nbsp; 94627 |
| Mercedes-Benz Auto Lease Trust |  |  |
| Series 2026-A, Class A4 <br>3.97%, 04/15/2031<br>| 300000 | &nbsp;&nbsp; 298190 |
| SFS Auto Receivables Securitization Trust |  |  |
| Series 2023-1A, Class B <br>5.71%, 01/22/2030\*<br>| 215000 | &nbsp;&nbsp; 218681 |
| Toyota Auto Receivables Owner Trust |  |  |
| Series 2023-B, Class A4 <br>4.66%, 09/15/2028<br>| 140000 | &nbsp;&nbsp; 140726 |
| Series 2024-A, Class A4 <br>4.77%, 04/16/2029<br>| 40000 | &nbsp;&nbsp; 40369 |
| Volkswagen Auto Loan Enhanced Trust |  |  |
| Series 2025-1, Class A4 <br>4.61%, 07/21/2031<br>| 250000 | &nbsp;&nbsp; 252016 |
|  |  | &nbsp;&nbsp; 1577629 |
| **Credit Card Receivables — 0.1%** | **Credit Card Receivables — 0.1%** | **Credit Card Receivables — 0.1%** |
| American Express Credit Account Master Trust |  |  |
| Series 2025-4, Class A <br>4.30%, 07/15/2030<br>| 200000 | &nbsp;&nbsp; 200881 |
| BA Credit Card Trust |  |  |
| Series 2023-A2, Class A2 <br>4.98%, 11/15/2028<br>| 205000 | &nbsp;&nbsp; 206305 |
| Capital One Multi-Asset Execution Trust |  |  |
| Series 2025-A3, Class A <br>4.65%, 10/15/2037<br>| 100000 | &nbsp;&nbsp; 98728 |
|  |  | &nbsp;&nbsp; 505914 |
| **Home Equity — 0.1%** | **Home Equity — 0.1%** | **Home Equity — 0.1%** |
| COOPR Residential Mtg. Trust |  |  |
| Series 2026-CES1, Class A1A <br>4.87%, 01/01/2061\*(4)<br>| 98634 | &nbsp;&nbsp; 97807 |
| FIGRE Trust VRS |  |  |
| Series 2026-HE1, Class A <br>4.98%, 01/25/2056\*(1)<br>| 144312 | &nbsp;&nbsp; 143126 |
|  |  | &nbsp;&nbsp; 240933 |
| **Other Asset Backed Securities — 2.8%** | **Other Asset Backed Securities — 2.8%** | **Other Asset Backed Securities — 2.8%** |
| ACREC LLC FRS |  |  |
| Series 2026-FL4, Class AS <br>5.28%, (TSFR1M+1.60%), 01/18/2043\*<br>| 225000 | &nbsp;&nbsp; 225273 |
| Aligned Data Centers Issuer LLC |  |  |
| Series 2023-1A, Class A2 <br>6.00%, 08/17/2048\*<br>| 485000 | &nbsp;&nbsp; 487275 |
| Bain Capital Credit CLO, Ltd. FRS |  |  |
| Series 2022-5A, Class CRR <br>5.42%, (TSFR3M+1.75%), 01/24/2037\*<br>| 380000 | &nbsp;&nbsp; 376424 |
| Benefit Street Partners CLO X, Ltd. FRS |  |  |
| Series 2016-10A, Class A1R3 <br>4.97%, (TSFR3M+1.30%), 07/20/2038\*<br>| 1580000 | &nbsp;&nbsp; 1579169 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| Benefit Street Partners CLO XXXI, Ltd. FRS |  |  |
| Series 2023-31A, Class BR <br>5.42%, (TSFR3M+1.75%), 04/25/2038\*<br>| $515000 | &nbsp;&nbsp; $516101 |
| Blue Owl Asset Leasing Trust LLC |  |  |
| Series 2024-1A, Class B <br>5.41%, 03/15/2030\*<br>| 100000 | &nbsp;&nbsp; 100812 |
| BXMT, Ltd. FRS |  |  |
| Series 2026-FL6, Class A <br>5.13%, (TSFR1M+1.45%), 08/19/2043\*<br>| 210000 | &nbsp;&nbsp; 209895 |
| CF Hippolyta Issuer LLC |  |  |
| Series 2021-1A, Class A1 <br>1.53%, 03/15/2061\*<br>| 92452 | &nbsp;&nbsp; 74366 |
| Series 2020-1, Class A1 <br>1.69%, 07/15/2060\*<br>| 193200 | &nbsp;&nbsp; 161873 |
| Series 2021-1A, Class B1 <br>1.98%, 03/15/2061\*<br>| 108381 | &nbsp;&nbsp; 66024 |
| Series 2020-1, Class A2 <br>1.99%, 07/15/2060\*<br>| 218094 | &nbsp;&nbsp; 177370 |
| Series 2022-1A, Class A1 <br>5.97%, 08/15/2062\*<br>| 123654 | &nbsp;&nbsp; 122876 |
| Columbia Cent CLO, Ltd. FRS |  |  |
| Series 2018-27A, Class AR <br>5.12%, (TSFR3M+1.45%), 01/25/2035\*<br>| 720000 | &nbsp;&nbsp; 720001 |
| Commercial Equipment Finance LLC |  |  |
| Series 2025-1A, Class A <br>4.83%, 05/15/2031\*<br>| 474450 | &nbsp;&nbsp; 474579 |
| DB Master Finance LLC |  |  |
| Series 2021-1A, Class A23 <br>2.79%, 11/20/2051\*<br>| 1335713 | &nbsp;&nbsp; 1180830 |
| Domino's Pizza Master Issuer LLC |  |  |
| Series 2019-1A, Class A2 <br>3.67%, 10/25/2049\*<br>| 326400 | &nbsp;&nbsp; 313422 |
| Elmwood CLO, Ltd. FRS |  |  |
| Series 2023-2A, Class BR <br>5.42%, (TSFR3M+1.75%), 04/16/2036\*<br>| 450000 | &nbsp;&nbsp; 450210 |
| GreenSky Home Improvement Issuer Trust |  |  |
| Series 2025-2A, Class B <br>5.07%, 06/25/2060\*<br>| 145000 | &nbsp;&nbsp; 144753 |
| Home Re, Ltd. FRS |  |  |
| Series 2026-1, Class M1B <br>5.81%, (SOFR30A+2.15%), 01/25/2036\*<br>| 300000 | &nbsp;&nbsp; 300403 |
| Jersey Mike's Funding LLC |  |  |
| Series 2026-1A, Class A2I <br>4.95%, 02/15/2056\*<br>| 350000 | &nbsp;&nbsp; 345207 |
| Magnetite XXXI, Ltd. FRS |  |  |
| Series 2021-31A, Class CR <br>5.22%, (TSFR3M+1.55%), 07/15/2034\*<br>| 285000 | &nbsp;&nbsp; 283824 |
| MAPS Trust |  |  |
| Series 2026-1A, Class A <br>5.20%, 01/15/2051\*<br>| 479121 | &nbsp;&nbsp; 468007 |
| Navient Private Education Refi Loan Trust |  |  |
| Series 2021-FA, Class A <br>1.11%, 02/18/2070\*<br>| 263857 | &nbsp;&nbsp; 235252 |
| Series 2023-A, Class A <br>5.51%, 10/15/2071\*<br>| 327578 | &nbsp;&nbsp; 331268 |
| Navient Refinance Loan Trust |  |  |
| Series 2026-A, Class A <br>4.50%, 01/18/2056\*<br>| 200000 | &nbsp;&nbsp; 197746 |
| Series 2025-B, Class A <br>4.72%, 09/15/2055\*<br>| 86409 | &nbsp;&nbsp; 85840 |
| NMEF Funding |  |  |
| Series 2025-B, Class B <br>4.73%, 01/18/2033\*<br>| 290000 | &nbsp;&nbsp; 290618 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **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)** |
| PEAC Solutions Receivables LLC |  |  |
| Series 2025-1A, Class A3 <br>5.04%, 07/20/2032\*<br>| $415000 | &nbsp;&nbsp; $420179 |
| PK Alift Loan Funding 8 LP |  |  |
| Series 2026-1, Class A <br>4.61%, 09/15/2043\*<br>| 250000 | &nbsp;&nbsp; 246817 |
| Post Road Equipment Finance LLC |  |  |
| Series 2025-1A, Class A2 <br>4.90%, 05/15/2031\*<br>| 94048 | &nbsp;&nbsp; 94653 |
| Series 2025-1A, Class B <br>5.04%, 05/15/2031\*<br>| 100000 | &nbsp;&nbsp; 100998 |
| Progress Residential Trust |  |  |
| Series 2024-SFR2, Class A <br>3.30%, 04/17/2041\*<br>| 296581 | &nbsp;&nbsp; 284391 |
| Series 2026-SFR1, Class B <br>4.00%, 02/17/2043\*<br>| 135000 | &nbsp;&nbsp; 128151 |
| Series 2023-SFR1, Class A <br>4.30%, 03/17/2040\*<br>| 391468 | &nbsp;&nbsp; 388199 |
| Series 2022-SFR5, Class A <br>4.45%, 06/17/2039\*<br>| 178250 | &nbsp;&nbsp; 177452 |
| Series 2022-SFR7, Class A <br>4.75%, 10/27/2039\*<br>| 302001 | &nbsp;&nbsp; 301770 |
| QTS Issuer ABS I LLC |  |  |
| Series 2025-1A, Class A2 <br>5.44%, 05/25/2055\*<br>| 1465000 | &nbsp;&nbsp; 1448690 |
| Rad CLO 12, Ltd. FRS |  |  |
| Series 2021-12A, Class A1AR <br>4.99%, (TSFR3M+1.32%), 07/30/2040\*<br>| 685000 | &nbsp;&nbsp; 684288 |
| Retained Vantage Data Centers Issuer LLC |  |  |
| Series 2023-1A, Class A2A <br>5.00%, 09/15/2048\*<br>| 675000 | &nbsp;&nbsp; 673084 |
| RR 23, Ltd. FRS |  |  |
| Series 2022-23A, Class A2R2 <br>5.32%, (TSFR3M+1.65%), 07/15/2037\*<br>| 990000 | &nbsp;&nbsp; 991938 |
| Stack Infrastructure Issuer LLC |  |  |
| Series 2023-2A, Class A2 <br>5.90%, 07/25/2048\*<br>| 385000 | &nbsp;&nbsp; 385880 |
| Series 2024-1A, Class A2 <br>5.90%, 03/25/2049\*<br>| 205000 | &nbsp;&nbsp; 206575 |
| STAR Trust FRS |  |  |
| Series 2026-SFR7, Class B <br>5.38%, (TSFR1M+1.70%), 05/17/2043\*<br>| 170000 | &nbsp;&nbsp; 170003 |
| Series 2026-SFR7, Class C <br>5.68%, (TSFR1M+2.00%), 05/17/2043\*<br>| 100000 | &nbsp;&nbsp; 100002 |
| Stream Innovations Issuer Trust |  |  |
| Series 2025-1A, Class A <br>5.05%, 09/15/2045\*<br>| 219172 | &nbsp;&nbsp; 219870 |
| Symphony CLO 36, Ltd. FRS |  |  |
| Series 2025-52A, Class CR <br>5.52%, (TSFR3M+1.85%), 01/20/2036\*<br>| 250000 | &nbsp;&nbsp; 247909 |
| Texas Debt Capital CLO, Ltd. FRS |  |  |
| Series 2023-1A, Class BR <br>5.32%, (TSFR3M+1.65%), 07/20/2038\*<br>| 565000 | &nbsp;&nbsp; 565330 |
| Tricon Residential Trust |  |  |
| Series 2024-SFR1, Class A <br>4.65%, 04/17/2041\*<br>| 164767 | &nbsp;&nbsp; 163009 |
| Series 2024-SFR2, Class A <br>4.75%, 06/17/2040\*<br>| 134574 | &nbsp;&nbsp; 133570 |
| Series 2023-SFR1, Class A <br>5.10%, 07/17/2040\*<br>| 263903 | &nbsp;&nbsp; 262743 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| Tricon Residential Trust FRS |  |  |
| Series 2026-SFR1, Class A <br>4.77%, (TSFR1M+1.10%), 02/17/2043\*<br>| $503772 | &nbsp;&nbsp; $503772 |
| Series 2026-SFR1, Class B <br>5.02%, (TSFR1M+1.35%), 02/17/2043\*<br>| 139988 | &nbsp;&nbsp; 139811 |
| Verizon Master Trust |  |  |
| Series 2025-10, Class A <br>4.28%, 10/20/2033\*<br>| 100000 | &nbsp;&nbsp; 99236 |
| Wingstop Funding LLC |  |  |
| Series 2020-1A, Class A2 <br>2.84%, 12/05/2050\*<br>| 280725 | &nbsp;&nbsp; 271724 |
| Series 2024-1A, Class A2 <br>5.86%, 12/05/2054\*<br>| 170000 | &nbsp;&nbsp; 172647 |
| Zayo Issuer LLC |  |  |
| Series 2025-1A, Class A2 <br>5.65%, 03/20/2055\*<br>| 440000 | &nbsp;&nbsp; 444026 |
|  |  | &nbsp;&nbsp; 19946135 |
| **Total Asset Backed Securities** <br>(cost $22,135,081)<br>|  | &nbsp;&nbsp; 22270611 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 9.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 9.1%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 9.1%** |
| **Commercial and Residential — 6.8%** | **Commercial and Residential — 6.8%** | **Commercial and Residential — 6.8%** |
| 1211 Avenue of the Americas Trust |  |  |
| Series 2015-1211, Class A1A2 <br>3.90%, 08/10/2035\*<br>| 1440000 | &nbsp;&nbsp; 1375200 |
| 280 Park Avenue Mtg. Trust FRS |  |  |
| Series 2017-280P, Class E <br>6.09%, (TSFR1M+2.42%), 09/15/2034\*<br>| 339000 | &nbsp;&nbsp; 332220 |
| ALA Trust FRS |  |  |
| Series 2025-OANA, Class A <br>5.42%, (TSFR1M+1.74%), 06/15/2040\*<br>| 235000 | &nbsp;&nbsp; 235587 |
| Angel Oak Mtg. Trust VRS |  |  |
| Series 2020-R1, Class A1 <br>0.99%, 04/25/2053\*(1)<br>| 78097 | &nbsp;&nbsp; 75390 |
| Series 2021-2, Class A1 <br>0.99%, 04/25/2066\*(1)<br>| 181936 | &nbsp;&nbsp; 157727 |
| Series 2021-3, Class A1 <br>1.07%, 05/25/2066\*(1)<br>| 344133 | &nbsp;&nbsp; 298598 |
| Series 2021-8, Class A1 <br>1.82%, 11/25/2066\*(1)<br>| 304082 | &nbsp;&nbsp; 271912 |
| Series 2019-5, Class A1 <br>2.59%, 10/25/2049\*(1)<br>| 15261 | &nbsp;&nbsp; 15134 |
| Series 2022-2, Class A1 <br>4.04%, 01/25/2067\*(1)<br>| 84738 | &nbsp;&nbsp; 81029 |
| Angel Oak Mtg. Trust |  |  |
| Series 2022-3, Class A1 <br>4.00%, 01/25/2067\*<br>| 746619 | &nbsp;&nbsp; 728625 |
| AREIT FRS |  |  |
| Series 2025-CRE11, Class AS <br>5.43%, (TSFR1M+1.75%), 07/25/2043\*<br>| 245000 | &nbsp;&nbsp; 244847 |
| Arroyo Mtg. Trust |  |  |
| Series 2022-1, Class A1A <br>3.50%, 12/25/2056\*(4)<br>| 332467 | &nbsp;&nbsp; 323550 |
| BANK |  |  |
| Series 2017-BNK8, Class A4 <br>3.49%, 11/15/2050<br>| 470000 | &nbsp;&nbsp; 458657 |
| BANK VRS |  |  |
| Series 2018-BN14, Class XA <br>0.50%, 09/15/2060(1)(5)<br>| 8109535 | &nbsp;&nbsp; 74816 |
| Series 2019-BN24, Class XA <br>0.63%, 11/15/2062(1)(5)<br>| 2196409 | &nbsp;&nbsp; 45632 |
| Series 2019-BN23, Class XA <br>0.68%, 12/15/2052(1)(5)<br>| 6658341 | &nbsp;&nbsp; 138380 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **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)** |
| Series 2017-BNK8, Class XA <br>0.70%, 11/15/2050(1)(5)<br>| $6842820 | &nbsp;&nbsp; $51797 |
| Series 2019-BN20, Class XA <br>0.81%, 09/15/2062(1)(5)<br>| 4003642 | &nbsp;&nbsp; 94712 |
| Series 2019-BN18, Class XA <br>0.88%, 05/15/2062(1)(5)<br>| 2805709 | &nbsp;&nbsp; 68038 |
| Series 2023-BNK45, Class XA <br>1.07%, 02/15/2056(1)(5)<br>| 1073826 | &nbsp;&nbsp; 58240 |
| Series 2020-BN28, Class XA <br>1.76%, 03/15/2063(1)(5)<br>| 4623522 | &nbsp;&nbsp; 292624 |
| BANK5 |  |  |
| Series 2026-5YR20, Class B <br>5.54%, 02/15/2059<br>| 455000 | &nbsp;&nbsp; 459219 |
| BBCMS Mtg. Trust VRS |  |  |
| Series 2025-C32, Class XA <br>1.13%, 02/15/2062(1)(5)<br>| 1262762 | &nbsp;&nbsp; 101274 |
| Series 2024-C24, Class XA <br>1.62%, 02/15/2057(1)(5)<br>| 1600677 | &nbsp;&nbsp; 143106 |
| Series 2026-5C40, Class B <br>5.78%, 02/15/2059(1)<br>| 125000 | &nbsp;&nbsp; 126691 |
| Benchmark Mtg. Trust |  |  |
| Series 2026-V20, Class AM <br>5.44%, 02/15/2059<br>| 145000 | &nbsp;&nbsp; 146324 |
| Benchmark Mtg. Trust VRS |  |  |
| Series 2018-B4, Class XA <br>0.46%, 07/15/2051(1)(5)<br>| 3777662 | &nbsp;&nbsp; 37429 |
| Series 2018-B1, Class XA <br>0.52%, 01/15/2051(1)(5)<br>| 1586184 | &nbsp;&nbsp; 13305 |
| Series 2018-B8, Class XA <br>0.61%, 01/15/2052(1)(5)<br>| 8005048 | &nbsp;&nbsp; 101296 |
| Series 2019-B12, Class XA <br>1.02%, 08/15/2052(1)(5)<br>| 1735671 | &nbsp;&nbsp; 40251 |
| Series 2019-B10, Class XA <br>1.21%, 03/15/2062(1)(5)<br>| 4711066 | &nbsp;&nbsp; 140794 |
| Series 2020-B22, Class XA <br>1.49%, 01/15/2054(1)(5)<br>| 2124161 | &nbsp;&nbsp; 120111 |
| Series 2020-B18, Class XA <br>1.74%, 07/15/2053(1)(5)<br>| 956162 | &nbsp;&nbsp; 49046 |
| Series 2026-V20, Class B <br>5.69%, 02/15/2059(1)<br>| 150000 | &nbsp;&nbsp; 152071 |
| BPR Trust VRS |  |  |
| Series 2024-PMDW, Class B <br>5.85%, 11/05/2041\*(1)<br>| 160000 | &nbsp;&nbsp; 162758 |
| BRAVO Residential Funding Trust VRS |  |  |
| Series 2021-NQM1, Class A1 <br>0.94%, 02/25/2049\*(1)<br>| 82587 | &nbsp;&nbsp; 78210 |
| Series 2021-NQM2, Class A1 <br>0.97%, 03/25/2060\*(1)<br>| 24655 | &nbsp;&nbsp; 24302 |
| Bunker Hill Loan Depositary Trust |  |  |
| Series 2019-2, Class A1 <br>2.88%, 07/25/2049\*(4)<br>| 97565 | &nbsp;&nbsp; 95921 |
| BX Commercial Mtg. Trust FRS |  |  |
| Series 2019-IMC, Class A <br>4.72%, (TSFR1M+1.05%), 04/15/2034\*<br>| 94196 | &nbsp;&nbsp; 93725 |
| Series 2026-ALOHA, Class B <br>5.25%, (TSFR1M+1.55%), 04/15/2043\*<br>| 1015000 | &nbsp;&nbsp; 1015317 |
| Series 2026-CSMO, Class B <br>5.37%, (TSFR1M+1.70%), 02/15/2043\*<br>| 410000 | &nbsp;&nbsp; 410000 |
| BX Trust FRS |  |  |
| Series 2026-CART, Class B <br>5.02%, (TSFR1M+1.35%), 02/15/2036\*<br>| 195000 | &nbsp;&nbsp; 193521 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| Series 2026-RISE, Class B <br>5.12%, (TSFR1M+1.45%), 04/15/2041\*<br>| $145000 | &nbsp;&nbsp; $145000 |
| BX Trust VRS |  |  |
| Series 2025-ARIA, Class B <br>5.18%, 12/13/2042\*(1)<br>| 245000 | &nbsp;&nbsp; 245181 |
| CD Mtg. Trust VRS |  |  |
| Series 2016-CD2, Class A4 <br>3.53%, 11/10/2049(1)<br>| 1300000 | &nbsp;&nbsp; 1277002 |
| Chase Mtg. Finance Corp. VRS |  |  |
| Series 2016-SH2, Class M2 <br>3.75%, 12/25/2045\*(1)<br>| 68663 | &nbsp;&nbsp; 64143 |
| COLT Mtg. Loan Trust |  |  |
| Series 2026-1, Class A2 <br>4.96%, 02/25/2071\*(4)<br>| 99612 | &nbsp;&nbsp; 98526 |
| Series 2026-1, Class A3 <br>5.11%, 02/25/2071\*(4)<br>| 99612 | &nbsp;&nbsp; 98609 |
| COLT Mtg. Loan Trust VRS |  |  |
| Series 2021-1, Class A1 <br>0.91%, 06/25/2066\*(1)<br>| 272429 | &nbsp;&nbsp; 237053 |
| Series 2021-3, Class A1 <br>0.96%, 09/27/2066\*(1)<br>| 513544 | &nbsp;&nbsp; 429612 |
| Series 2026-1, Class A1 <br>4.76%, 02/25/2071\*(1)<br>| 207194 | &nbsp;&nbsp; 205647 |
| Commercial Mtg. Trust |  |  |
| Series 2022-HC, Class A <br>2.82%, 01/10/2039\*<br>| 186000 | &nbsp;&nbsp; 180543 |
| Commercial Mtg. Trust VRS |  |  |
| Series 2022-HC, Class D <br>3.90%, 01/10/2039\*(1)<br>| 190000 | &nbsp;&nbsp; 180927 |
| Connecticut Avenue Securities Trust FRS |  |  |
| Series 2024-R01, Class 1M2 <br>5.46%, (SOFR30A+1.80%), 01/25/2044\*<br>| 110000 | &nbsp;&nbsp; 110856 |
| Series 2022-R01, Class 1B1 <br>6.81%, (SOFR30A+3.15%), 12/25/2041\*<br>| 311000 | &nbsp;&nbsp; 313807 |
| CSAIL Commercial Mtg. Trust VRS |  |  |
| Series 2016-C6, Class XA <br>1.66%, 01/15/2049(1)(5)<br>| 565711 | &nbsp;&nbsp; 6 |
| CSMC Trust VRS |  |  |
| Series 2021-NQM5, Class A1 <br>0.94%, 05/25/2066\*(1)<br>| 279940 | &nbsp;&nbsp; 230894 |
| Series 2021-NQM8, Class A1 <br>2.84%, 10/25/2066\*(1)<br>| 336818 | &nbsp;&nbsp; 306754 |
| Series 2017-FHA1, Class A1 <br>3.25%, 04/25/2047\*(1)<br>| 242208 | &nbsp;&nbsp; 228061 |
| Series 2022-NQM1, Class A1 <br>3.27%, 11/25/2066\*(1)<br>| 601502 | &nbsp;&nbsp; 544444 |
| Series 2016-NXSR, Class A4 <br>3.79%, 12/15/2049(1)<br>| 1381893 | &nbsp;&nbsp; 1376697 |
| Series 2021-RPL4, Class A1 <br>4.15%, 12/27/2060\*(1)<br>| 202844 | &nbsp;&nbsp; 202131 |
| DBJPM Mtg. Trust |  |  |
| Series 2016-C3, Class A5 <br>2.89%, 08/10/2049<br>| 1625000 | &nbsp;&nbsp; 1617746 |
| DBJPM Mtg. Trust VRS |  |  |
| Series 2020-C9, Class XA <br>1.58%, 09/15/2053(1)(5)<br>| 738290 | &nbsp;&nbsp; 29525 |
| DC Trust VRS |  |  |
| Series 2024-HLTN, Class A <br>5.73%, 04/13/2040\*(1)<br>| 150000 | &nbsp;&nbsp; 150599 |
| Deephaven Residential Mtg. Trust VRS |  |  |
| Series 2021-2, Class A1 <br>0.90%, 04/25/2066\*(1)<br>| 121168 | &nbsp;&nbsp; 108063 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **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)** |
| EFMT |  |  |
| Series 2025-INV5, Class A3 <br>5.38%, 12/25/2070\*(4)<br>| $233705 | &nbsp;&nbsp; $232866 |
| Ellington Financial Mtg. Trust VRS |  |  |
| Series 2021-2, Class A1 <br>0.93%, 06/25/2066\*(1)<br>| 133073 | &nbsp;&nbsp; 113326 |
| Extended Stay America Trust FRS |  |  |
| Series 2026-ESH2, Class A <br>4.87%, (TSFR1M+1.20%), 02/15/2043\*<br>| 406178 | &nbsp;&nbsp; 406178 |
| Series 2026-ESH2, Class B <br>5.07%, (TSFR1M+1.40%), 02/15/2043\*<br>| 435899 | &nbsp;&nbsp; 436307 |
| Series 2025-ESH, Class B <br>5.27%, (TSFR1M+1.60%), 10/15/2042\*<br>| 100000 | &nbsp;&nbsp; 100125 |
| Series 2026-ESH2, Class E <br>6.57%, (TSFR1M+2.90%), 02/15/2043\*<br>| 183276 | &nbsp;&nbsp; 183677 |
| GCAT Trust VRS |  |  |
| Series 2021-NQM1, Class A1 <br>0.87%, 01/25/2066\*(1)<br>| 294117 | &nbsp;&nbsp; 262921 |
| GS Mtg. Securities Corp. II |  |  |
| Series 2012-BWTR, Class A <br>2.95%, 11/05/2034\*<br>| 1212495 | &nbsp;&nbsp; 1060086 |
| GS Mtg. Securities Corp. II VRS |  |  |
| Series 2024-70P, Class B <br>5.32%, 03/10/2041\*(1)<br>| 485000 | &nbsp;&nbsp; 488491 |
| GS Mtg. Securities Trust |  |  |
| Series 2017-GS7, Class A4 <br>3.43%, 08/10/2050<br>| 1255000 | &nbsp;&nbsp; 1236972 |
| GS Mtg. Securities Trust VRS |  |  |
| Series 2020-GC45, Class XA <br>0.61%, 02/13/2053(1)(5)<br>| 4664793 | &nbsp;&nbsp; 87706 |
| GS Mtg.-Backed Securities Trust |  |  |
| Series 2026-NQM1, Class A3 <br>5.23%, 03/25/2066\*(4)<br>| 96991 | &nbsp;&nbsp; 96455 |
| GS Mtg.-Backed Securities Trust VRS |  |  |
| Series 2026-NQM1, Class A1 <br>4.87%, 03/25/2066\*(1)<br>| 247327 | &nbsp;&nbsp; 245851 |
| INT Commercial Mtg. Trust VRS |  |  |
| Series 2025-PLAZA, Class A <br>4.55%, 11/05/2037\*(1)<br>| 535000 | &nbsp;&nbsp; 533206 |
| JPMDB Commercial Mtg. Securities Trust |  |  |
| Series 2016-C4, Class A3 <br>3.14%, 12/15/2049<br>| 1110000 | &nbsp;&nbsp; 1097867 |
| JPMorgan Chase Commercial Mtg. Securities <br> Trust<br>|  |  |
| Series 2020-NNN, Class AFX <br>2.81%, 01/16/2037\*<br>| 305000 | &nbsp;&nbsp; 274491 |
| Legacy Mtg. Asset Trust |  |  |
| Series 2021-GS2, Class A1 <br>5.75%, 04/25/2061\*(4)<br>| 187323 | &nbsp;&nbsp; 187650 |
| Series 2021-GS3, Class A1 <br>5.75%, 07/25/2061\*(4)<br>| 267319 | &nbsp;&nbsp; 267404 |
| MAD Commercial Mtg. Trust VRS |  |  |
| Series 2025-11MD, Class B <br>4.76%, 10/15/2042\*(1)<br>| 490000 | &nbsp;&nbsp; 488166 |
| MFA Trust VRS |  |  |
| Series 2020-NQM3, Class A1 <br>1.01%, 01/26/2065\*(1)<br>| 18483 | &nbsp;&nbsp; 17741 |
| Series 2021-NQM2, Class A1 <br>1.03%, 11/25/2064\*(1)<br>| 172904 | &nbsp;&nbsp; 153138 |
| Morgan Stanley Capital I Trust VRS |  |  |
| Series 2017-H1, Class XA <br>1.27%, 06/15/2050(1)(5)<br>| 1345280 | &nbsp;&nbsp; 13983 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| Morgan Stanley Residential Mtg. Loan Trust |  |  |
| Series 2026-NQM1, Class A2 <br>5.03%, 12/25/2070\*(4)<br>| $96881 | &nbsp;&nbsp; $96002 |
| Series 2026-DSC1, Class A3 <br>5.17%, 01/25/2071\*(4)<br>| 198524 | &nbsp;&nbsp; 196426 |
| Morgan Stanley Residential Mtg. Loan Trust <br> VRS<br>|  |  |
| Series 2025-SPL1, Class A1 <br>4.25%, 02/25/2065\*(1)<br>| 674632 | &nbsp;&nbsp; 655980 |
| Series 2026-DSC1, Class A1 <br>4.77%, 01/25/2071\*(1)<br>| 427620 | &nbsp;&nbsp; 422914 |
| New Residential Mtg. Loan Trust |  |  |
| Series 2026-NQM1, Class A3 <br>5.18%, 11/25/2065\*(4)<br>| 97020 | &nbsp;&nbsp; 96002 |
| Series 2025-NQM7, Class A3 <br>5.37%, 10/26/2065\*(4)<br>| 387382 | &nbsp;&nbsp; 384872 |
| New Residential Mtg. Loan Trust FRS |  |  |
| Series 2017-5A, Class A1 <br>5.29%, (TSFR1M+1.61%), 06/25/2057\*<br>| 183668 | &nbsp;&nbsp; 185876 |
| New Residential Mtg. Loan Trust VRS |  |  |
| Series 2019-NQM4, Class A1 <br>2.49%, 09/25/2059\*(1)<br>| 41884 | &nbsp;&nbsp; 40339 |
| Series 2019-5A, Class A1B <br>3.50%, 08/25/2059\*(1)<br>| 185367 | &nbsp;&nbsp; 174969 |
| Series 2016-2A, Class A1 <br>3.75%, 11/26/2035\*(1)<br>| 213362 | &nbsp;&nbsp; 206833 |
| Series 2016-4A, Class A1 <br>3.75%, 11/25/2056\*(1)<br>| 216737 | &nbsp;&nbsp; 207669 |
| Series 2022-NQM2, Class A1 <br>3.85%, 03/27/2062\*(1)<br>| 425572 | &nbsp;&nbsp; 401561 |
| Series 2025-NQM7, Class A1 <br>5.01%, 10/26/2065\*(1)<br>| 325209 | &nbsp;&nbsp; 323401 |
| NMLT Trust VRS |  |  |
| Series 2021-INV1, Class A1 <br>1.19%, 05/25/2056\*(1)<br>| 506065 | &nbsp;&nbsp; 446230 |
| NRTH Commercial Mtg. Trust FRS |  |  |
| Series 2025-PARK, Class B <br>5.32%, (TSFR1M+1.64%), 10/15/2040\*<br>| 60000 | &nbsp;&nbsp; 59887 |
| NYC Commercial Mtg. Trust FRS |  |  |
| Series 2026-1PARK, Class A <br>4.93%, (TSFR1M+1.25%), 02/15/2043\*<br>| 110000 | &nbsp;&nbsp; 109553 |
| Series 2026-1PARK, Class B <br>5.18%, (TSFR1M+1.50%), 02/15/2043\*<br>| 100000 | &nbsp;&nbsp; 99663 |
| Series 2025-3BP, Class B <br>5.36%, (TSFR1M+1.69%), 02/15/2042\*<br>| 590000 | &nbsp;&nbsp; 589855 |
| OBX Trust |  |  |
| Series 2022-NQM6, Class A1 <br>4.70%, 07/25/2062\*(4)<br>| 199827 | &nbsp;&nbsp; 197811 |
| Series 2026-NQM2, Class A2 <br>5.04%, 12/01/2065\*(4)<br>| 408497 | &nbsp;&nbsp; 404821 |
| Series 2026-NQM2, Class A3 <br>5.14%, 12/01/2065\*(4)<br>| 275612 | &nbsp;&nbsp; 273084 |
| OBX Trust VRS |  |  |
| Series 2021-NQM1, Class A1 <br>1.07%, 02/25/2066\*(1)<br>| 331776 | &nbsp;&nbsp; 294673 |
| Series 2021-NQM2, Class A1 <br>1.10%, 05/25/2061\*(1)<br>| 451591 | &nbsp;&nbsp; 371587 |
| Series 2026-NQM2, Class A1 <br>4.82%, 12/01/2065\*(1)<br>| 231317 | &nbsp;&nbsp; 229528 |
| OLIT VRS |  |  |
| Series 2025-HB2, Class A <br>3.00%, 11/25/2038\*(1)<br>| 78141 | &nbsp;&nbsp; 76174 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **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)** |
| Series 2025-HB2, Class M1 <br>3.00%, 11/25/2038\*(1)<br>| $235000 | &nbsp;&nbsp; $220676 |
| One Bryant Park Trust |  |  |
| Series 2019-OBP, Class A <br>2.52%, 09/15/2054\*<br>| 670000 | &nbsp;&nbsp; 619040 |
| PRET LLC |  |  |
| Series 2026-NPL2, Class A1 <br>5.15%, 02/25/2056\*(4)<br>| 1021137 | &nbsp;&nbsp; 1013100 |
| Series 2025-NPL14, Class A1 <br>5.27%, 12/25/2055\*(4)<br>| 387357 | &nbsp;&nbsp; 384543 |
| Series 2025-NPL9, Class A1 <br>5.39%, 08/25/2055\*(4)<br>| 668504 | &nbsp;&nbsp; 669087 |
| Series 2025-NPL7, Class A1 <br>5.66%, 07/25/2055\*(4)<br>| 518046 | &nbsp;&nbsp; 519029 |
| Series 2025-NPL8, Class A1 <br>5.73%, 08/25/2055\*(4)<br>| 497236 | &nbsp;&nbsp; 498286 |
| Series 2025-NPL6, Class A1 <br>5.74%, 06/25/2055\*(4)<br>| 813623 | &nbsp;&nbsp; 814875 |
| Series 2026-NPL3, Class A2 <br>6.22%, 02/25/2056\*(4)<br>| 105000 | &nbsp;&nbsp; 103829 |
| Series 2025-NPL3, Class A1 <br>6.71%, 04/25/2055\*(4)<br>| 499784 | &nbsp;&nbsp; 500258 |
| Series 2025-NPL14, Class A2 <br>6.78%, 12/25/2055\*(4)<br>| 290000 | &nbsp;&nbsp; 287129 |
| PRET Trust |  |  |
| Series 2025-RPL6, Class A1 <br>3.85%, 09/25/2069\*(4)<br>| 691790 | &nbsp;&nbsp; 667161 |
| Series 2025-RPL6, Class A2 <br>3.85%, 09/25/2069\*(4)<br>| 105000 | &nbsp;&nbsp; 98818 |
| PRPM LLC |  |  |
| Series 2025-RPL4, Class A1 <br>3.00%, 05/25/2055\*(4)<br>| 1035045 | &nbsp;&nbsp; 981968 |
| Series 2025-RPL3, Class A1 <br>3.25%, 04/25/2055\*(4)<br>| 1108493 | &nbsp;&nbsp; 1071632 |
| Series 2025-7, Class A1 <br>5.50%, 08/25/2030\*(4)<br>| 309734 | &nbsp;&nbsp; 308705 |
| Series 2024-6, Class A1 <br>5.70%, 11/25/2029\*(4)<br>| 94588 | &nbsp;&nbsp; 94658 |
| Series 2025-5, Class A1 <br>5.73%, 07/25/2030\*(4)<br>| 175605 | &nbsp;&nbsp; 175239 |
| Series 2025-6, Class A1 <br>5.77%, 08/25/2028\*(4)<br>| 439896 | &nbsp;&nbsp; 438951 |
| Series 2025-3, Class A1 <br>6.26%, 05/25/2030\*(4)<br>| 83820 | &nbsp;&nbsp; 83584 |
| PRPM Trust |  |  |
| Series 2026-RCF1, Class A1 <br>4.85%, 01/25/2056\*(4)<br>| 104633 | &nbsp;&nbsp; 104050 |
| RCO VIII Mtg. LLC |  |  |
| Series 2025-3, Class A1 <br>6.43%, 05/25/2030\*(4)<br>| 73858 | &nbsp;&nbsp; 73934 |
| RFR Trust VRS |  |  |
| Series 2025-SGRM, Class B <br>5.67%, 03/11/2041\*(1)<br>| 510000 | &nbsp;&nbsp; 513912 |
| SG Commercial Mtg. Securities Trust |  |  |
| Series 2020-COVE, Class A <br>2.63%, 03/15/2037\*<br>| 975000 | &nbsp;&nbsp; 934260 |
| SG Residential Mtg. Trust VRS |  |  |
| Series 2022-1, Class A1 <br>3.17%, 03/27/2062\*(1)<br>| 363358 | &nbsp;&nbsp; 345164 |
| Shellpoint Co.-Originator Trust VRS |  |  |
| Series 2017-2, Class A1 <br>3.50%, 10/25/2047\*(1)<br>| 18775 | &nbsp;&nbsp; 17349 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| Starwood Mtg. Residential Trust VRS |  |  |
| Series 2021-2, Class A1 <br>0.94%, 05/25/2065\*(1)<br>| $50951 | &nbsp;&nbsp; $48565 |
| Series 2021-6, Class A1 <br>1.92%, 11/25/2066\*(1)<br>| 507054 | &nbsp;&nbsp; 447983 |
| TEXAS Commercial Mtg. Trust FRS |  |  |
| Series 2025-TWR, Class B <br>5.27%, (TSFR1M+1.59%), 04/15/2042\*<br>| 105000 | &nbsp;&nbsp; 104344 |
| Towd Point Mtg. Trust |  |  |
| Series 2023-1, Class A1 <br>3.75%, 01/25/2063\*<br>| 337422 | &nbsp;&nbsp; 322431 |
| Towd Point Mtg. Trust VRS |  |  |
| Series 2021-R1, Class A1 <br>2.92%, 11/30/2060\*(1)<br>| 981746 | &nbsp;&nbsp; 883163 |
| Verus Securitization Trust |  |  |
| Series 2021-7, Class A1 <br>2.83%, 10/25/2066\*(4)<br>| 732665 | &nbsp;&nbsp; 671334 |
| Series 2022-3, Class A1 <br>5.13%, 02/25/2067\*(4)<br>| 291716 | &nbsp;&nbsp; 278675 |
| Series 2025-R2, Class A2 <br>5.24%, 07/25/2067\*(4)<br>| 785565 | &nbsp;&nbsp; 782333 |
| Verus Securitization Trust VRS |  |  |
| Series 2021-R2, Class A1 <br>0.92%, 02/25/2064\*(1)<br>| 104528 | &nbsp;&nbsp; 99536 |
| Series 2021-4, Class A1 <br>0.94%, 07/25/2066\*(1)<br>| 227785 | &nbsp;&nbsp; 194006 |
| Series 2021-2, Class A1 <br>1.03%, 02/25/2066\*(1)<br>| 122285 | &nbsp;&nbsp; 111759 |
| Series 2021-8, Class A1 <br>2.82%, 11/25/2066\*(1)<br>| 338653 | &nbsp;&nbsp; 310065 |
| Wells Fargo Commercial Mtg. Trust VRS |  |  |
| Series 2015-NXS1, Class D <br>3.82%, 05/15/2048(1)<br>| 73775 | &nbsp;&nbsp; 66810 |
| Series 2026-1250B, Class B <br>5.14%, 03/10/2041\*(1)<br>| 100000 | &nbsp;&nbsp; 99041 |
|  |  | &nbsp;&nbsp; 47998811 |
| **U.S. Government Agency — 2.3%** | **U.S. Government Agency — 2.3%** | **U.S. Government Agency — 2.3%** |
| Federal Home Loan Mtg. Corp. Multifamily <br> Structured Pass Through Certs.<br>|  |  |
| 1.35%, 05/25/2030 | 1000000 | &nbsp;&nbsp; 895751 |
| 3.75%, 11/25/2032 | 1000000 | &nbsp;&nbsp; 981332 |
| Series K-753, Class A2 <br>4.40%, 10/25/2030<br>| 1000000 | &nbsp;&nbsp; 1004887 |
| Federal Home Loan Mtg. Corp. Multifamily <br> Structured Pass Through Certs. VRS<br>|  |  |
| Series K064, Class X1 <br>0.58%, 03/25/2027(1)(5)<br>| 4436198 | &nbsp;&nbsp; 17802 |
| Series K124, Class X1 <br>0.71%, 12/25/2030(1)(5)<br>| 3442387 | &nbsp;&nbsp; 97346 |
| Series K122, Class X1 <br>0.87%, 11/25/2030(1)(5)<br>| 864019 | &nbsp;&nbsp; 28748 |
| Series K121, Class X1 <br>1.01%, 10/25/2030(1)(5)<br>| 1571876 | &nbsp;&nbsp; 58071 |
| Series K104, Class X1 <br>1.11%, 01/25/2030(1)(5)<br>| 2352528 | &nbsp;&nbsp; 82342 |
| Series K114, Class X1 <br>1.11%, 06/25/2030(1)(5)<br>| 2844583 | &nbsp;&nbsp; 112831 |
| Series K111, Class X1 <br>1.56%, 05/25/2030(1)(5)<br>| 1093990 | &nbsp;&nbsp; 58852 |
| Series K157, Class A2 <br>3.99%, 05/25/2033(1)<br>| 1000000 | &nbsp;&nbsp; 989439 |
| 4.16%, 10/25/2030(1) | 895000 | &nbsp;&nbsp; 891086 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **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)** |
| 4.29%, 07/25/2030(1) | $910000 | &nbsp;&nbsp; $911458 |
| 4.34%, 09/25/2030(1) | 1260000 | &nbsp;&nbsp; 1263764 |
| Federal Home Loan Mtg. Corp. REMIC |  |  |
| Series 5055, Class DG <br>1.50%, 12/25/2050<br>| 596422 | &nbsp;&nbsp; 484276 |
| Series 4961, Class JB <br>2.50%, 12/15/2042<br>| 252902 | &nbsp;&nbsp; 232027 |
| Series 3883, Class PB <br>3.00%, 05/15/2041<br>| 69269 | &nbsp;&nbsp; 66387 |
| Series 4740, Class BA <br>3.00%, 09/15/2045<br>| 14331 | &nbsp;&nbsp; 14169 |
| 5.00%, 08/25/2052 | 715188 | &nbsp;&nbsp; 716481 |
| Federal Home Loan Mtg. Corp. Seasoned <br> Credit Risk Transfer Trust<br>|  |  |
| Series 2020-1, Class MA <br>2.50%, 08/25/2059<br>| 210274 | &nbsp;&nbsp; 195969 |
| Federal Home Loan Mtg. Corp. Structured <br> Agency Credit Risk REMIC Trust FRS<br>|  |  |
| Series 2022-DNA3, Class M1B <br>6.56%, (SOFR30A+2.90%), 04/25/2042\*<br>| 780000 | &nbsp;&nbsp; 793970 |
| Series 2021-HQA3, Class B1 <br>7.01%, (SOFR30A+3.35%), 09/25/2041\*<br>| 845000 | &nbsp;&nbsp; 851899 |
| Series 2022-DNA4, Class M1B <br>7.01%, (SOFR30A+3.35%), 05/25/2042\*<br>| 440000 | &nbsp;&nbsp; 449350 |
| Series 2023-HQA1, Class M1B <br>7.16%, (SOFR30A+3.50%), 05/25/2043\*<br>| 840000 | &nbsp;&nbsp; 876990 |
| Series 2022-HQA3, Class M1B <br>7.21%, (SOFR30A+3.55%), 08/25/2042\*<br>| 135000 | &nbsp;&nbsp; 138802 |
| Series 2022-HQA2, Class M1B <br>7.66%, (SOFR30A+4.00%), 07/25/2042\*<br>| 335000 | &nbsp;&nbsp; 345261 |
| Series 2022-DNA5, Class M1B <br>8.16%, (SOFR30A+4.50%), 06/25/2042\*<br>| 535000 | &nbsp;&nbsp; 554977 |
| Federal National Mtg. Assoc. REMIC |  |  |
| Series 2012-21, Class PQ <br>2.00%, 09/25/2041<br>| 36495 | &nbsp;&nbsp; 34716 |
| Series 2012-18, Class GA <br>2.00%, 12/25/2041<br>| 74299 | &nbsp;&nbsp; 69887 |
| Series 2015-48, Class QB <br>3.00%, 02/25/2043<br>| 45975 | &nbsp;&nbsp; 45335 |
| Series 2017-16, Class PB <br>3.00%, 03/25/2047<br>| 515000 | &nbsp;&nbsp; 451480 |
| Series 2018-27, Class EA <br>3.00%, 05/25/2048<br>| 211643 | &nbsp;&nbsp; 189363 |
| Series 2018-35, Class CD <br>3.00%, 05/25/2048<br>| 134699 | &nbsp;&nbsp; 119113 |
| Series 2019-45, Class PT <br>3.00%, 08/25/2049<br>| 171125 | &nbsp;&nbsp; 155304 |
| Series 2012-52, Class PA <br>3.50%, 05/25/2042<br>| 58461 | &nbsp;&nbsp; 56388 |
| Series 2018-23, Class LA <br>3.50%, 04/25/2048<br>| 178456 | &nbsp;&nbsp; 170723 |
| Series 2022-90, Class AY <br>4.50%, 12/25/2041<br>| 1215000 | &nbsp;&nbsp; 1202081 |
| Government National Mtg. Assoc. |  |  |
| Series 2025-110, Class J <br>5.00%, 09/20/2051<br>| 687226 | &nbsp;&nbsp; 685760 |
|  |  | &nbsp;&nbsp; 16294417 |
| **Total Collateralized Mortgage Obligations** <br>(cost $66,278,945)<br>|  | &nbsp;&nbsp; 64293228 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 73.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 73.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 73.3%** |
| **U.S. Government — 42.2%** | **U.S. Government — 42.2%** | **U.S. Government — 42.2%** |
| United States Treasury Bonds |  |  |
| <br>1.13%, 05/15/2040 | $2018000 | &nbsp;&nbsp; $1271182 |
| <br>1.25%, 05/15/2050 | 7240000 | &nbsp;&nbsp; 3435889 |
| <br>1.38%, 11/15/2040 to 08/15/2050 | 4253000 | &nbsp;&nbsp; 2476229 |
| <br>1.75%, 08/15/2041 | 1543000 | &nbsp;&nbsp; 1031580 |
| <br>1.88%, 02/15/2041 to 02/15/2051 | 3667000 | &nbsp;&nbsp; 2220301 |
| <br>2.00%, 08/15/2051 | 3465000 | &nbsp;&nbsp; 1972749 |
| <br>2.25%, 05/15/2041 to 08/15/2046 | 3107000 | &nbsp;&nbsp; 2060197 |
| <br>2.38%, 02/15/2042 to 05/15/2051 | 10045000 | &nbsp;&nbsp; 6461840 |
| <br>2.50%, 02/15/2046 to 05/15/2046 | 2317000 | &nbsp;&nbsp; 1594840 |
| <br>2.75%, 11/15/2042 to 08/15/2047 | 981000 | &nbsp;&nbsp; 716049 |
| <br>2.88%, 05/15/2043 to 05/15/2049 | 5242000 | &nbsp;&nbsp; 3884745 |
| <br>3.00%, 05/15/2042 to 02/15/2049 | 7728000 | &nbsp;&nbsp; 5817731 |
| <br>3.00%, 08/15/2052(6)(7) | 11421000 | &nbsp;&nbsp; 8118725 |
| <br>3.13%, 02/15/2043 to 05/15/2048 | 2355000 | &nbsp;&nbsp; 1853228 |
| <br>3.38%, 05/15/2044 to 11/15/2048 | 3512000 | &nbsp;&nbsp; 2843874 |
| <br>3.63%, 08/15/2043 to 02/15/2044 | 1311000 | &nbsp;&nbsp; 1115484 |
| <br>3.63%, 05/15/2053(6)(7) | 4053000 | &nbsp;&nbsp; 3249841 |
| <br>4.13%, 08/15/2053 | 1153000 | &nbsp;&nbsp; 1011127 |
| <br>4.25%, 05/15/2039 to 08/15/2054 | 6271000 | &nbsp;&nbsp; 5643338 |
| <br>4.38%, 02/15/2038 to 05/15/2040 | 6230000 | &nbsp;&nbsp; 6168060 |
| <br>4.50%, 08/15/2039 to 11/15/2054 | 2014000 | &nbsp;&nbsp; 1921802 |
| <br>4.63%, 05/15/2044 to 11/15/2055 | 2738000 | &nbsp;&nbsp; 2635444 |
| <br>4.75%, 02/15/2041 to 08/15/2055 | 7008800 | &nbsp;&nbsp; 6854489 |
| <br>4.88%, 08/15/2045 | 7506000 | &nbsp;&nbsp; 7481371 |
| <br>5.00%, 05/15/2045 | 128000 | &nbsp;&nbsp; 129665 |
| <br>5.25%, 11/15/2028 to 02/15/2029 | 5086000 | &nbsp;&nbsp; 5275294 |
| <br>5.38%, 02/15/2031 | 2839000 | &nbsp;&nbsp; 3016881 |
| <br>6.38%, 08/15/2027 | 1817000 | &nbsp;&nbsp; 1879317 |
| United States Treasury Bonds TIPS |  |  |
| <br>0.63%, 02/15/2043(8) | 1082108 | &nbsp;&nbsp; 796837 |
| <br>0.75%, 02/15/2042(8) | 4879057 | &nbsp;&nbsp; 3757264 |
| <br>1.38%, 02/15/2044(8) | 1241915 | &nbsp;&nbsp; 1025757 |
| United States Treasury Notes |  |  |
| <br>0.38%, 07/31/2027 to 09/30/2027 | 6558000 | &nbsp;&nbsp; 6256867 |
| <br>0.50%, 05/31/2027 to 10/31/2027 | 9803000 | &nbsp;&nbsp; 9364574 |
| <br>0.63%, 12/31/2027 to 08/15/2030 | 11598000 | &nbsp;&nbsp; 10496850 |
| <br>0.75%, 01/31/2028 | 5225000 | &nbsp;&nbsp; 4942319 |
| <br>0.88%, 11/15/2030 | 3000000 | &nbsp;&nbsp; 2614688 |
| <br>1.13%, 02/29/2028 to 02/15/2031 | 8046000 | &nbsp;&nbsp; 7299431 |
| <br>1.25%, 05/31/2028 to 08/15/2031 | 9482000 | &nbsp;&nbsp; 8781111 |
| <br>1.38%, 11/15/2031 | 2820000 | &nbsp;&nbsp; 2445469 |
| <br>1.63%, 08/15/2029 to 05/15/2031 | 10238000 | &nbsp;&nbsp; 9292708 |
| <br>1.75%, 11/15/2029 | 5825000 | &nbsp;&nbsp; 5413837 |
| <br>2.25%, 02/15/2027 to 11/15/2027 | 5869000 | &nbsp;&nbsp; 5755747 |
| <br>2.38%, 05/15/2027 to 05/15/2029 | 15244000 | &nbsp;&nbsp; 14924023 |
| <br>2.63%, 02/15/2029 to 07/31/2029 | 15966000 | &nbsp;&nbsp; 15390519 |
| <br>2.75%, 07/31/2027 to 08/15/2032 | 6698000 | &nbsp;&nbsp; 6356753 |
| <br>2.88%, 05/15/2028 to 05/15/2032 | 11037000 | &nbsp;&nbsp; 10592975 |
| <br>3.25%, 06/30/2029 | 3673000 | &nbsp;&nbsp; 3606283 |
| <br>3.38%, 05/15/2033 | 2360000 | &nbsp;&nbsp; 2248177 |
| <br>3.50%, 09/30/2027 to 11/30/2030 | 1437000 | &nbsp;&nbsp; 1420332 |
| <br>3.63%, 05/31/2028 to 09/30/2030 | 8850000 | &nbsp;&nbsp; 8770079 |
| <br>3.75%, 04/30/2027 to 08/31/2031 | 4745000 | &nbsp;&nbsp; 4695692 |
| <br>3.88%, 04/30/2030 to 08/15/2034 | 11499000 | &nbsp;&nbsp; 11337382 |
| <br>4.00%, 01/15/2027 to 11/15/2035 | 9134000 | &nbsp;&nbsp; 8980493 |
| <br>4.13%, 11/15/2032 to 02/15/2036 | 3135000 | &nbsp;&nbsp; 3135798 |
| <br>4.25%, 06/30/2029 to 08/15/2035 | 10732000 | &nbsp;&nbsp; 10815486 |
| <br>4.38%, 08/31/2028 to 05/15/2034 | 11029000 | &nbsp;&nbsp; 11160833 |
| <br>4.50%, 04/15/2027 to 11/15/2033 | 8758000 | &nbsp;&nbsp; 8889629 |
| <br>4.63%, 02/15/2035 | 4441000 | &nbsp;&nbsp; 4556535 |
|  |  | &nbsp;&nbsp; 297265720 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** |
| **U.S. Government Agency — 31.1%** | **U.S. Government Agency — 31.1%** | **U.S. Government Agency — 31.1%** |
| Federal Home Loan Mtg. Corp. |  |  |
| <br>1.50%, 04/01/2037 | $770950 | &nbsp;&nbsp; $693274 |
| <br>2.00%, 02/01/2036 to 08/01/2052 | 9007113 | &nbsp;&nbsp; 7746733 |
| <br>2.50%, 01/01/2028 to 09/01/2051 | 766158 | &nbsp;&nbsp; 684033 |
| <br>3.00%, 08/01/2027 to 07/01/2052 | 2829755 | &nbsp;&nbsp; 2530719 |
| <br>3.50%, 11/01/2041 to 02/01/2052 | 1185503 | &nbsp;&nbsp; 1106713 |
| <br>4.00%, 09/01/2040 to 01/01/2050 | 737678 | &nbsp;&nbsp; 709286 |
| <br>4.50%, 05/01/2048 to 06/01/2052 | 618401 | &nbsp;&nbsp; 600615 |
| <br>5.00%, 09/01/2031 to 06/01/2055 | 5675470 | &nbsp;&nbsp; 5606954 |
| <br>5.50%, 01/01/2036 to 05/01/2055 | 14559424 | &nbsp;&nbsp; 14681628 |
| <br>6.00%, 03/01/2040 to 07/01/2055 | 1988309 | &nbsp;&nbsp; 2029730 |
| <br>6.25%, 07/15/2032 | 206000 | &nbsp;&nbsp; 229877 |
| <br>6.75%, 03/15/2031 | 100000 | &nbsp;&nbsp; 112341 |
| Federal Home Loan Mtg. Corp. FRS |  |  |
| <br>5.68%, (RFUCCT6M+1.49%), 02/01/2037 | 3592 | &nbsp;&nbsp; 3696 |
| Federal National Mtg. Assoc. |  |  |
| <br>1.50%, 12/01/2050 | 1265441 | &nbsp;&nbsp; 981117 |
| <br>1.88%, 09/24/2026 | 837000 | &nbsp;&nbsp; 829744 |
| <br>2.00%, 11/01/2035 to 05/01/2052 | 23927578 | &nbsp;&nbsp; 19718737 |
| <br>2.50%, 04/01/2028 to 04/01/2052 | 8383864 | &nbsp;&nbsp; 7231415 |
| <br>3.00%, 10/01/2027 to 03/01/2050 | 2228970 | &nbsp;&nbsp; 2054678 |
| <br>3.50%, 08/01/2026 to 05/01/2052 | 3700938 | &nbsp;&nbsp; 3445183 |
| <br>4.00%, 10/01/2040 to 03/01/2049 | 1620594 | &nbsp;&nbsp; 1554052 |
| <br>4.26%, 08/01/2030 | 1229000 | &nbsp;&nbsp; 1230247 |
| <br>4.50%, 12/01/2040 to 10/01/2052 | 2919476 | &nbsp;&nbsp; 2863385 |
| <br>5.00%, 05/01/2040 to 11/01/2054 | 9252562 | &nbsp;&nbsp; 9168646 |
| <br>5.50%, 08/01/2037 to 01/01/2054 | 10167747 | &nbsp;&nbsp; 10274540 |
| <br>6.00%, 11/01/2038 to 07/01/2054 | 1583309 | &nbsp;&nbsp; 1619325 |
| <br>6.50%, 10/01/2037 to 07/01/2054 | 1255490 | &nbsp;&nbsp; 1300069 |
| <br>6.63%, 11/15/2030 | 871000 | &nbsp;&nbsp; 968132 |
| <br>7.25%, 05/15/2030 | 2260000 | &nbsp;&nbsp; 2551878 |
| Federal National Mtg. Assoc. FRS |  |  |
| <br>6.12%, (RFUCCT1Y+1.57%), 05/01/2037 | 5027 | &nbsp;&nbsp; 5197 |
| <br>6.35%, (H15T1Y+2.28%), 11/01/2036 | 11864 | &nbsp;&nbsp; 12352 |
| <br>6.35%, (RFUCCT1Y+1.83%), 10/01/2040 | 19405 | &nbsp;&nbsp; 20161 |
| <br>6.57%, (RFUCCT1Y+1.83%), 10/01/2040 | 4509 | &nbsp;&nbsp; 4691 |
| Government National Mtg. Assoc. |  |  |
| <br>2.00%, 11/20/2050 | 1114524 | &nbsp;&nbsp; 921233 |
| 2.00%, April 30 TBA | 4500000 | &nbsp;&nbsp; 3716367 |
| 2.50%, April 30 TBA | 13305000 | &nbsp;&nbsp; 11444379 |
| <br>3.00%, 02/20/2045 to 03/20/2052 | 864145 | &nbsp;&nbsp; 779027 |
| 3.00%, April 30 TBA | 6565000 | &nbsp;&nbsp; 5859876 |
| <br>3.50%, 03/20/2045 to 07/20/2045 | 100087 | &nbsp;&nbsp; 94251 |
| 3.50%, May 30 TBA | 7190000 | &nbsp;&nbsp; 6562172 |
| <br>4.00%, 03/15/2039 to 05/20/2048 | 443448 | &nbsp;&nbsp; 425361 |
| <br>4.50%, 09/15/2033 to 04/20/2047 | 214508 | &nbsp;&nbsp; 212115 |
| 4.50%, April 30 TBA | 1085000 | &nbsp;&nbsp; 1048003 |
| <br>5.00%, 06/15/2033 to 08/15/2038 | 137806 | &nbsp;&nbsp; 139849 |
| <br>5.50%, 02/15/2032 to 05/20/2053 | 950512 | &nbsp;&nbsp; 966539 |
| 5.50%, April 30 TBA | 7635000 | &nbsp;&nbsp; 7683625 |
| <br>6.00%, 04/15/2028 to 12/15/2036 | 296223 | &nbsp;&nbsp; 305629 |
| 6.00%, April 30 TBA | 3030000 | &nbsp;&nbsp; 3080923 |
| <br>6.50%, 09/15/2031 to 12/15/2031 | 3025 | &nbsp;&nbsp; 3130 |
| Tennessee Valley Authority |  |  |
| <br>4.25%, 09/15/2065 | 577000 | &nbsp;&nbsp; 474620 |
| Uniform Mtg. Backed Securities |  |  |
| 2.00%, April 15 TBA | 720000 | &nbsp;&nbsp; 662157 |
| 2.00%, April 30 TBA | 1935000 | &nbsp;&nbsp; 1558128 |
| 2.50%, April 15 TBA | 740000 | &nbsp;&nbsp; 698919 |
| 2.50%, April 30 TBA | 12445000 | &nbsp;&nbsp; 10461578 |
| 3.00%, April 15 TBA | 795000 | &nbsp;&nbsp; 759198 |
| 3.00%, April 30 TBA | 3685000 | &nbsp;&nbsp; 3236091 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** |  | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| 3.00%, May 30 TBA |  | $3680000 | &nbsp;&nbsp; $3228825 |
| 3.50%, April 30 TBA |  | 1650000 | &nbsp;&nbsp; 1512463 |
| 4.00%, April 15 TBA |  | 3300000 | &nbsp;&nbsp; 3222560 |
| 4.00%, May 30 TBA |  | 5775000 | &nbsp;&nbsp; 5444563 |
| 4.50%, May 30 TBA |  | 5090000 | &nbsp;&nbsp; 4907306 |
| 5.50%, April 30 TBA |  | 6510000 | &nbsp;&nbsp; 6539984 |
| 5.50%, May 30 TBA |  | 6510000 | &nbsp;&nbsp; 6531084 |
| 6.00%, April 30 TBA |  | 11625000 | &nbsp;&nbsp; 11849688 |
| 6.00%, May 30 TBA |  | 11620000 | &nbsp;&nbsp; 11830520 |
|  |  |  | &nbsp;&nbsp; 218729311 |
| **Total U.S. Government & Agency Obligations** <br>(cost $540,680,191)<br>|  |  | &nbsp;&nbsp; 515995031 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 1.3%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.3%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.3%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.3%** |
| **Regional(State/Province) — 0.0%** | **Regional(State/Province) — 0.0%** | **Regional(State/Province) — 0.0%** | **Regional(State/Province) — 0.0%** |
| Province of British Columbia Canada |  |  |  |
| 4.20%, 07/06/2033 |  | 128000 | &nbsp;&nbsp; 126156 |
| **Sovereign — 1.3%** | **Sovereign — 1.3%** | **Sovereign — 1.3%** | **Sovereign — 1.3%** |
| Commonwealth of Bahamas |  |  |  |
| 8.25%, 06/24/2036 |  | 200000 | &nbsp;&nbsp; 213366 |
| Government of Romania |  |  |  |
| 2.63%, 12/02/2040\* | EUR | 305000 | &nbsp;&nbsp; 220809 |
| 2.75%, 04/14/2041 | EUR | 927000 | &nbsp;&nbsp; 669763 |
| 6.00%, 05/25/2034 |  | 120000 | &nbsp;&nbsp; 116381 |
| 6.63%, 05/16/2036\* |  | 60000 | &nbsp;&nbsp; 59586 |
| 7.63%, 01/17/2053 |  | 200000 | &nbsp;&nbsp; 209750 |
| Kingdom of Saudi Arabia |  |  |  |
| 3.25%, 10/22/2030 |  | 200000 | &nbsp;&nbsp; 187316 |
| 3.45%, 02/02/2061 |  | 200000 | &nbsp;&nbsp; 123446 |
| 5.00%, 01/18/2053 |  | 200000 | &nbsp;&nbsp; 169286 |
| 5.88%, 01/12/2056\* |  | 255000 | &nbsp;&nbsp; 244091 |
| Republic of Azerbaijan |  |  |  |
| 3.50%, 09/01/2032 |  | 200000 | &nbsp;&nbsp; 184186 |
| Republic of Chile |  |  |  |
| 4.85%, 01/22/2029 |  | 200000 | &nbsp;&nbsp; 202250 |
| 4.95%, 01/05/2036 |  | 300000 | &nbsp;&nbsp; 296343 |
| Republic of Colombia |  |  |  |
| 3.25%, 04/22/2032 |  | 510000 | &nbsp;&nbsp; 424952 |
| 5.63%, 02/19/2036 | EUR | 170000 | &nbsp;&nbsp; 179493 |
| Republic of Hungary |  |  |  |
| 5.25%, 06/16/2029 |  | 200000 | &nbsp;&nbsp; 200314 |
| 6.00%, 09/26/2035\* |  | 200000 | &nbsp;&nbsp; 203114 |
| Republic of Indonesia |  |  |  |
| 4.75%, 09/10/2034 |  | 200000 | &nbsp;&nbsp; 192239 |
| Republic of Ivory Coast |  |  |  |
| 8.08%, 04/01/2036 |  | 200000 | &nbsp;&nbsp; 203056 |
| Republic of Kazakhstan |  |  |  |
| 4.71%, 04/09/2035\* |  | 200000 | &nbsp;&nbsp; 193913 |
| 6.50%, 07/21/2045 |  | 200000 | &nbsp;&nbsp; 214706 |
| Republic of Peru |  |  |  |
| 2.84%, 06/20/2030 |  | 75000 | &nbsp;&nbsp; 69664 |
| 5.50%, 03/30/2036 |  | 200000 | &nbsp;&nbsp; 199280 |
| Republic of Serbia |  |  |  |
| 6.00%, 06/12/2034 |  | 400000 | &nbsp;&nbsp; 400785 |
| Republic of South Africa |  |  |  |
| 7.25%, 12/11/2055\* |  | 200000 | &nbsp;&nbsp; 182879 |
| Republic of Trinidad & Tobago |  |  |  |
| 6.40%, 06/26/2034 |  | 200000 | &nbsp;&nbsp; 198700 |
| State of Israel |  |  |  |
| 4.50%, 01/13/2031 |  | 265000 | &nbsp;&nbsp; 259445 |
| 5.38%, 03/12/2029 |  | 460000 | &nbsp;&nbsp; 466700 |

---

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** |
| United Mexican States |  |  |
| 5.38%, 03/22/2033 | $855000 | &nbsp;&nbsp; $834907 |
| 5.38%, 03/22/2033 | 555000 | &nbsp;&nbsp; 541957 |
| 5.63%, 02/09/2034 | 530000 | &nbsp;&nbsp; 518340 |
| 5.63%, 09/22/2035 | 200000 | &nbsp;&nbsp; 193500 |
| 5.63%, 09/22/2035 | 405000 | &nbsp;&nbsp; 389812 |
| 6.13%, 02/09/2038 | 200000 | &nbsp;&nbsp; 194900 |
| 6.75%, 02/09/2056 | 200000 | &nbsp;&nbsp; 194120 |
|  |  | &nbsp;&nbsp; 9353349 |
| **Total Foreign Government Obligations** <br>(cost $9,782,043)<br>|  | &nbsp;&nbsp; 9479505 |
| **MUNICIPAL SECURITIES — 0.1%** | **MUNICIPAL SECURITIES — 0.1%** | **MUNICIPAL SECURITIES — 0.1%** |
| Chicago Board of Education <br>General Obligation Bonds<br>|  |  |
| 6.14%, 12/01/2039 | 335000 | &nbsp;&nbsp; 316956 |
| 6.32%, 11/01/2029 | 235000 | &nbsp;&nbsp; 232302 |
| **Total Municipal Securities** <br>(cost $581,161)<br>|  | &nbsp;&nbsp; 549258 |
| **Total Long-Term Investment Securities** <br>(cost $825,728,837)<br>|  | &nbsp;&nbsp; 793895368 |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |
| **Unaffiliated Investment Companies — 0.2%** | **Unaffiliated Investment Companies — 0.2%** | **Unaffiliated Investment Companies — 0.2%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br>3.60%(9)<br>| 1577707 | &nbsp;&nbsp; 1577707 |
| **U.S. Government — 0.1%** | **U.S. Government — 0.1%** | **U.S. Government — 0.1%** |
| United States Treasury Bills |  |  |
| 3.62%, 04/30/2026 | 910000 | &nbsp;&nbsp; 907339 |
| **Total Short-Term Investments** <br>(cost $2,485,052)<br>|  | &nbsp;&nbsp; 2485046 |
| **REPURCHASE AGREEMENTS — 2.4%** | **REPURCHASE AGREEMENTS — 2.4%** | **REPURCHASE AGREEMENTS — 2.4%** |
| Bank of America Securities LLC Joint <br> Repurchase Agreement(10)<br>| 3230000 | &nbsp;&nbsp; 3230000 |
| Barclays Capital, Inc. Joint Repurchase <br> Agreement(10)<br>| 3450000 | &nbsp;&nbsp; 3450000 |
| BNP Paribas SA Joint Repurchase <br> Agreement(10)<br>| 3435000 | &nbsp;&nbsp; 3435000 |
| Deutsche Bank AG Joint Repurchase <br> Agreement(10)<br>| 3230000 | &nbsp;&nbsp; 3230000 |
| RBS Securities, Inc. Joint Repurchase <br> Agreement(10)<br>| 3230000 | &nbsp;&nbsp; 3230000 |
| **Total Repurchase Agreements** <br>(cost $16,575,000)<br>|  | &nbsp;&nbsp; 16575000 |
| **TOTAL INVESTMENTS** <br>(cost $844,788,889)(11)<br>| 115.4<br> %<br>| &nbsp;&nbsp; 812955414 |
| Other assets less liabilities | (15.4)<br>| &nbsp;&nbsp; (108647739)<br>|
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $704307675 |

---

\* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The SA Multi-Managed Diversified Fixed Income Portfolio has no right to demand registration of these securities. At March 31, 2026, the aggregate value of these securities was $106,219,733 representing 15.1% of net assets. 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(2) PIK ("Payment-in-Kind") security – Income may be paid in additional securities and/or cash at the discretion of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Perpetual maturity - maturity date reflects the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(4) "Step-up" security where the rate increases ("steps-up") at a predetermined rate.
 The rate reflected is as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Interest Only

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(9) The rate shown is the 7-day yield as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(10) See Note 2 for details of Joint Repurchase Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(11) See Note 4 for cost of investments on a tax basis.

---

| |
|:---|
| 3 ME—3 Month Euribor |
| CLO—Collateralized Loan Obligation |
| DAC—Designated Activity Company |
| FRS—Floating Rate Security |
| H15T1Y—US Treasury Yield Curve Rate Note Constant Maturity 1 Year |
| REMIC—Real Estate Mortgage Investment Conduit |
| RFUCCT1Y—Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year |
| RFUCCT6M—Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Month |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| TBA—Securities purchased on a forward commitment basis with an approximate principal <br> amount and no definite maturity date. The actual principal amount and maturity date will be <br> determined upon settlement date.<br>|
| 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 <br> GBP—British Pound

The rates shown on FRS and/or VRS are the current interest rates at March 31, 2026 and unless noted otherwise, the dates shown are the original maturity dates.

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| **Counterparty (OTC)/** <br>**Centrally cleared**<br>| **Notional** <br>**amount**<br>| **Currency** | **Payments** <br>**made**<br>| **Payments** <br>**received**<br>| **Fixed** <br>**payment** <br>**frequency**<br>| **Floating** <br>**payment** <br>**frequency**<br>| **Maturity** <br>**date**<br>| **Upfront** <br>**payment paid** <br>**(received)**<br>| **Unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Value** |
| Centrally Cleared | 830000 | USD | Fixed 2.880% | 12-Month SOFR | Annual | Annual | Mar 2053 | $8705 | $164216 | $172921 |
| Centrally Cleared | 2225000 | USD | Fixed 2.970 | 12-Month SOFR | Annual | Annual | Mar 2053 | 3377 | 427587 | 430964 |
| Centrally Cleared | 1380000 | USD | Fixed 3.250 | 12-Month SOFR | Annual | Annual | Jun 2053 | (13713)<br>| 218901 | 205188 |
| Centrally Cleared | 1530000 | USD | Fixed 3.590 | 12-Month SOFR | Annual | Annual | Sep 2053 | 6020 | 136700 | 142720 |
| Centrally Cleared | 5995000 | USD | Fixed 4.160 | 12-Month SOFR | Annual | Annual | Mar 2045 | (11298)<br>| 10410 | (888)<br>|
|  |  |  |  |  |  |  |  | $(6909)<br>| $957814 | $950905 |

---

SOFR—Secured Overnight Financing Rate<br>

USD—United States Dollar<br>

**Futures Contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number** <br>**of** <br>**Contracts**<br>| **Type** | **Description** | &nbsp;&nbsp; **Expiration** <br>**Month**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Basis\***<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value\***<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| 25 | Long | U.S. Treasury 2 Year Notes | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $5174152 | &nbsp;&nbsp;&nbsp;&nbsp; $5186133 | &nbsp;&nbsp;&nbsp;&nbsp; $11981 |
| 18 | Short | Euro-BTP | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2465219 | &nbsp;&nbsp;&nbsp;&nbsp; 2419241 | &nbsp;&nbsp;&nbsp;&nbsp; 45978 |
| 30 | Short | Euro-BUND | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 4424146 | &nbsp;&nbsp;&nbsp;&nbsp; 4347964 | &nbsp;&nbsp;&nbsp;&nbsp; 76182 |
| 17 | Short | Euro-OAT | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2353008 | &nbsp;&nbsp;&nbsp;&nbsp; 2332194 | &nbsp;&nbsp;&nbsp;&nbsp; 20814 |
| 34 | Short | U.S. Treasury 10 Year Notes | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3852842 | &nbsp;&nbsp;&nbsp;&nbsp; 3775593 | &nbsp;&nbsp;&nbsp;&nbsp; 77249 |
| 70 | Short | U.S. Treasury 5 Year Notes | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 7642506 | &nbsp;&nbsp;&nbsp;&nbsp; 7572578 | &nbsp;&nbsp;&nbsp;&nbsp; 69928 |
| 33 | Short | U.S. Treasury Ultra 10 Year Notes | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 3755887 | &nbsp;&nbsp;&nbsp;&nbsp; 3746015 | &nbsp;&nbsp;&nbsp;&nbsp; 9872 |
| 107 | Short | U.S. Treasury Ultra Bonds | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 12859589 | &nbsp;&nbsp;&nbsp;&nbsp; 12472188 | &nbsp;&nbsp;&nbsp;&nbsp; 387401 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $699405 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **Unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 61 | Long | Australian 10 Year Bonds | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $4576153 | &nbsp;&nbsp;&nbsp;&nbsp; $4535029 | &nbsp;&nbsp;&nbsp;&nbsp; $(41124)<br>|
| 21 | Long | Euro Buxl 30 Year Bonds | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 2712755 | &nbsp;&nbsp;&nbsp;&nbsp; 2676324 | &nbsp;&nbsp;&nbsp;&nbsp; (36431)<br>|
| 56 | Long | U.S. Treasury Long Bonds | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 6522935 | &nbsp;&nbsp;&nbsp;&nbsp; 6377000 | &nbsp;&nbsp;&nbsp;&nbsp; (145935)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(223490)<br>|
|  |  | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp; $475915 |

---

\* 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** | **Delivery** <br>**Date**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>|
| Deutsche Bank AG | EUR | &nbsp;&nbsp; 3728000 | USD | &nbsp;&nbsp; 4337220 | &nbsp;&nbsp; 04/30/2026 | &nbsp;&nbsp; $22472 | &nbsp;&nbsp; $— |
|  | USD | &nbsp;&nbsp; 739934 | EUR | &nbsp;&nbsp; 636000 | &nbsp;&nbsp; 04/30/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3834)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; 22472 | &nbsp;&nbsp; (3834)<br>|
| Westpac Banking Corp. | GBP | &nbsp;&nbsp; 217000 | USD | &nbsp;&nbsp; 290798 | &nbsp;&nbsp; 04/30/2026 | &nbsp;&nbsp; 3587 | &nbsp;&nbsp; — |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp; $26059 | &nbsp;&nbsp; $(3834)<br>|

---

EUR—Euro Currency <br> GBP—British Pound <br> USD—United States Dollar

------

**Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp; $— | &nbsp;&nbsp; $181233726 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $181233726 |
| Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 74009 | &nbsp;&nbsp; — | &nbsp;&nbsp; 74009 |
| Asset Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 22270611 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22270611 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 64293228 | &nbsp;&nbsp; — | &nbsp;&nbsp; 64293228 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 515995031 | &nbsp;&nbsp; — | &nbsp;&nbsp; 515995031 |
| Foreign Government Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp; 9479505 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9479505 |
| Municipal Securities | &nbsp;&nbsp; — | &nbsp;&nbsp; 549258 | &nbsp;&nbsp; — | &nbsp;&nbsp; 549258 |
| Short-Term Investments: |  |  |  |  |
| U.S. Government | &nbsp;&nbsp; — | &nbsp;&nbsp; 907339 | &nbsp;&nbsp; — | &nbsp;&nbsp; 907339 |
| Other Short-Term Investments | &nbsp;&nbsp; 1577707 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1577707 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 16575000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16575000 |
| **Total Investments at Value** | &nbsp;&nbsp; $1577707 | &nbsp;&nbsp; $811377707 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $812955414 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $957814 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $957814 |
| Futures Contracts | &nbsp;&nbsp; 699405 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 699405 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 26059 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26059 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; $699405 | &nbsp;&nbsp; $983873 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1683278 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $223490 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $223490 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 3834 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3834 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; $223490 | &nbsp;&nbsp; $3834 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $227324 |

---

---

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

---

See Notes to Financial Statements

------

**Seasons Series Trust SA Multi-Managed International Equity Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **Australia — 3.9%** | **Australia — 3.9%** | **Australia — 3.9%** |
| ANZ Group Holdings, Ltd. | 50497 | &nbsp;&nbsp; $1269409 |
| APA Group | 5705 | &nbsp;&nbsp; 39231 |
| Aristocrat Leisure, Ltd. | 2492 | &nbsp;&nbsp; 79182 |
| ASX, Ltd. | 887 | &nbsp;&nbsp; 32203 |
| BHP Group, Ltd. (ASX) | 34111 | &nbsp;&nbsp; 1246355 |
| BHP Group, Ltd. (LSE) | 8667 | &nbsp;&nbsp; 311466 |
| Brambles, Ltd. | 6053 | &nbsp;&nbsp; 94584 |
| CAR Group, Ltd. | 1599 | &nbsp;&nbsp; 25858 |
| Cochlear, Ltd. | 310 | &nbsp;&nbsp; 36405 |
| Coles Group, Ltd. | 6133 | &nbsp;&nbsp; 93086 |
| Commonwealth Bank of Australia | 7408 | &nbsp;&nbsp; 865307 |
| Computershare, Ltd. | 2447 | &nbsp;&nbsp; 48325 |
| CSL, Ltd. | 2144 | &nbsp;&nbsp; 210623 |
| Evolution Mining, Ltd. | 8976 | &nbsp;&nbsp; 81347 |
| Fortescue, Ltd. | 7522 | &nbsp;&nbsp; 106256 |
| Goodman Group | 9039 | &nbsp;&nbsp; 160912 |
| Insurance Australia Group, Ltd. | 10065 | &nbsp;&nbsp; 50651 |
| Lottery Corp., Ltd. | 10133 | &nbsp;&nbsp; 37768 |
| Lynas Rare Earths, Ltd.† | 3949 | &nbsp;&nbsp; 53666 |
| Macquarie Group, Ltd. | 5078 | &nbsp;&nbsp; 720469 |
| Medibank Private, Ltd. | 12562 | &nbsp;&nbsp; 38017 |
| National Australia Bank, Ltd. | 13561 | &nbsp;&nbsp; 392203 |
| Northern Star Resources, Ltd. | 6207 | &nbsp;&nbsp; 90615 |
| Origin Energy, Ltd. | 7515 | &nbsp;&nbsp; 64406 |
| Pro Medicus, Ltd. | 263 | &nbsp;&nbsp; 21728 |
| Qantas Airways, Ltd. | 3175 | &nbsp;&nbsp; 18647 |
| QBE Insurance Group, Ltd. | 6811 | &nbsp;&nbsp; 100074 |
| REA Group, Ltd. | 226 | &nbsp;&nbsp; 25031 |
| Rio Tinto, Ltd. | 10573 | &nbsp;&nbsp; 1188763 |
| Santos, Ltd. | 15025 | &nbsp;&nbsp; 82515 |
| Scentre Group | 246590 | &nbsp;&nbsp; 568917 |
| SGH, Ltd. | 871 | &nbsp;&nbsp; 24702 |
| Sigma Healthcare, Ltd. | 21523 | &nbsp;&nbsp; 39574 |
| Sonic Healthcare, Ltd. | 2166 | &nbsp;&nbsp; 30659 |
| South32, Ltd. | 20492 | &nbsp;&nbsp; 61597 |
| Stockland | 11055 | &nbsp;&nbsp; 33107 |
| Suncorp Group, Ltd. | 34822 | &nbsp;&nbsp; 388481 |
| Telstra Group, Ltd. | 155122 | &nbsp;&nbsp; 571321 |
| Transurban Group | 13634 | &nbsp;&nbsp; 132504 |
| Vicinity, Ltd. | 17041 | &nbsp;&nbsp; 27648 |
| Washington H. Soul Pattinson & Co., Ltd. | 1554 | &nbsp;&nbsp; 43439 |
| Wesfarmers, Ltd. | 5054 | &nbsp;&nbsp; 256199 |
| Westpac Banking Corp. | 15138 | &nbsp;&nbsp; 415858 |
| WiseTech Global, Ltd. | 961 | &nbsp;&nbsp; 26229 |
| Woodside Energy Group, Ltd. | 8421 | &nbsp;&nbsp; 200846 |
| Woolworths Group, Ltd. | 5389 | &nbsp;&nbsp; 135693 |
|  |  | &nbsp;&nbsp; 10541876 |
| **Austria — 0.7%** | **Austria — 0.7%** | **Austria — 0.7%** |
| BAWAG Group AG\* | 2449 | &nbsp;&nbsp; 373786 |
| Erste Group Bank AG | 12963 | &nbsp;&nbsp; 1400727 |
| OMV AG | 646 | &nbsp;&nbsp; 46915 |
| Raiffeisen Bank International AG | 519 | &nbsp;&nbsp; 22200 |
| Verbund AG | 275 | &nbsp;&nbsp; 20952 |
|  |  | &nbsp;&nbsp; 1864580 |
| **Belgium — 0.6%** | **Belgium — 0.6%** | **Belgium — 0.6%** |
| Ageas SA | 609 | &nbsp;&nbsp; 44604 |
| Anheuser-Busch InBev SA NV | 4407 | &nbsp;&nbsp; 305803 |
| D'ieteren Group | 93 | &nbsp;&nbsp; 17194 |
| Elia Group SA | 210 | &nbsp;&nbsp; 32182 |
| Financiere de Tubize SA | 95 | &nbsp;&nbsp; 23489 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| Groupe Bruxelles Lambert NV | 375 | &nbsp;&nbsp; $33897 |
| KBC Group NV | 1030 | &nbsp;&nbsp; 125911 |
| Lotus Bakeries NV | 1 | &nbsp;&nbsp; 11364 |
| Sofina SA | 82 | &nbsp;&nbsp; 19867 |
| Syensqo SA | 318 | &nbsp;&nbsp; 18397 |
| UCB SA | 3675 | &nbsp;&nbsp; 1106951 |
|  |  | &nbsp;&nbsp; 1739659 |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** | **Bermuda — 0.1%** |
| Aegon, Ltd. | 5331 | &nbsp;&nbsp; 38868 |
| CK Infrastructure Holdings, Ltd. | 3000 | &nbsp;&nbsp; 23944 |
| Hongkong Land Holdings, Ltd. | 4900 | &nbsp;&nbsp; 38325 |
| Jardine Matheson Holdings, Ltd. | 700 | &nbsp;&nbsp; 50250 |
|  |  | &nbsp;&nbsp; 151387 |
| **Canada — 1.5%** | **Canada — 1.5%** | **Canada — 1.5%** |
| Brookfield Corp. | 12451 | &nbsp;&nbsp; 504538 |
| Canadian Natural Resources, Ltd. | 12800 | &nbsp;&nbsp; 624404 |
| Definity Financial Corp. | 13061 | &nbsp;&nbsp; 614884 |
| Element Fleet Management Corp. | 28324 | &nbsp;&nbsp; 614287 |
| National Bank of Canada | 2753 | &nbsp;&nbsp; 356241 |
| Nutrien, Ltd. | 8286 | &nbsp;&nbsp; 625486 |
| Toronto-Dominion Bank | 8484 | &nbsp;&nbsp; 792352 |
|  |  | &nbsp;&nbsp; 4132192 |
| **China — 0.4%** | **China — 0.4%** | **China — 0.4%** |
| Contemporary Amperex Technology Co., Ltd., Class A | 7700 | &nbsp;&nbsp; 451323 |
| Tencent Holdings, Ltd. | 3600 | &nbsp;&nbsp; 227275 |
| Tencent Music Entertainment Group ADR | 35503 | &nbsp;&nbsp; 329468 |
|  |  | &nbsp;&nbsp; 1008066 |
| **Denmark — 1.4%** | **Denmark — 1.4%** | **Denmark — 1.4%** |
| AP Moller-Maersk A/S, Series A | 12 | &nbsp;&nbsp; 29150 |
| AP Moller-Maersk A/S, Series B | 19 | &nbsp;&nbsp; 47087 |
| Carlsberg A/S, Class B | 408 | &nbsp;&nbsp; 50908 |
| Coloplast A/S, Class B | 567 | &nbsp;&nbsp; 38660 |
| Danske Bank A/S | 2921 | &nbsp;&nbsp; 141809 |
| Demant A/S† | 370 | &nbsp;&nbsp; 11245 |
| DSV A/S | 898 | &nbsp;&nbsp; 214536 |
| Genmab A/S† | 270 | &nbsp;&nbsp; 72242 |
| Novo Nordisk A/S, Class B | 32768 | &nbsp;&nbsp; 1207474 |
| Novonesis (Novozymes), Class B | 1544 | &nbsp;&nbsp; 91358 |
| Orsted A/S\*† | 16846 | &nbsp;&nbsp; 412450 |
| Pandora A/S | 3723 | &nbsp;&nbsp; 261485 |
| ROCKWOOL A/S, Class B | 485 | &nbsp;&nbsp; 13539 |
| Tryg A/S | 1473 | &nbsp;&nbsp; 35260 |
| Vestas Wind Systems A/S | 39333 | &nbsp;&nbsp; 1177650 |
|  |  | &nbsp;&nbsp; 3804853 |
| **Finland — 1.0%** | **Finland — 1.0%** | **Finland — 1.0%** |
| Elisa Oyj | 597 | &nbsp;&nbsp; 28946 |
| Fortum Oyj | 13439 | &nbsp;&nbsp; 341584 |
| Kesko Oyj, Class B | 1173 | &nbsp;&nbsp; 25958 |
| Kone Oyj, Class B | 1550 | &nbsp;&nbsp; 98822 |
| Mandatum Oyj | 40845 | &nbsp;&nbsp; 327814 |
| Metso Oyj | 2952 | &nbsp;&nbsp; 51055 |
| Neste Oyj | 1892 | &nbsp;&nbsp; 61100 |
| Nokia Oyj | 23559 | &nbsp;&nbsp; 187764 |
| Nordea Bank Abp | 13764 | &nbsp;&nbsp; 236915 |
| Orion Oyj, Class B | 478 | &nbsp;&nbsp; 38658 |
| Sampo Oyj, Class A | 78862 | &nbsp;&nbsp; 845039 |
| Stora Enso Oyj, Class R | 37084 | &nbsp;&nbsp; 436819 |

---

------

**Seasons Series Trust SA Multi-Managed International Equity Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| UPM-Kymmene Oyj | 2344 | &nbsp;&nbsp; $72911 |
| Wartsila OYJ Abp | 2289 | &nbsp;&nbsp; 85590 |
|  |  | &nbsp;&nbsp; 2838975 |
| **France — 8.5%** | **France — 8.5%** | **France — 8.5%** |
| Accor SA | 877 | &nbsp;&nbsp; 42019 |
| Aeroports de Paris SA | 166 | &nbsp;&nbsp; 20198 |
| Air Liquide SA | 7570 | &nbsp;&nbsp; 1559423 |
| Alstom SA† | 1567 | &nbsp;&nbsp; 44650 |
| Amundi SA\* | 260 | &nbsp;&nbsp; 22362 |
| AXA SA | 26070 | &nbsp;&nbsp; 1195197 |
| Ayvens SA\* | 1367 | &nbsp;&nbsp; 16105 |
| BioMerieux | 175 | &nbsp;&nbsp; 18636 |
| BNP Paribas SA | 4467 | &nbsp;&nbsp; 425531 |
| Bollore SE | 3543 | &nbsp;&nbsp; 20251 |
| Bouygues SA | 878 | &nbsp;&nbsp; 50654 |
| Bureau Veritas SA | 1567 | &nbsp;&nbsp; 47072 |
| Capgemini SE | 664 | &nbsp;&nbsp; 77612 |
| Carrefour SA | 2665 | &nbsp;&nbsp; 49131 |
| Cie de Saint-Gobain SA | 1996 | &nbsp;&nbsp; 164261 |
| Cie Generale des Etablissements Michelin SCA | 2986 | &nbsp;&nbsp; 101680 |
| Covivio SA | 212 | &nbsp;&nbsp; 12675 |
| Credit Agricole SA | 4616 | &nbsp;&nbsp; 86657 |
| Danone SA | 2867 | &nbsp;&nbsp; 230255 |
| Dassault Aviation SA | 85 | &nbsp;&nbsp; 31527 |
| Dassault Systemes SE | 3072 | &nbsp;&nbsp; 62546 |
| Eiffage SA | 309 | &nbsp;&nbsp; 47442 |
| Engie SA | 34639 | &nbsp;&nbsp; 1116768 |
| EssilorLuxottica SA | 3119 | &nbsp;&nbsp; 725901 |
| Gecina SA | 195 | &nbsp;&nbsp; 15419 |
| Getlink SE | 1375 | &nbsp;&nbsp; 29631 |
| Hermes International S.C.A. | 140 | &nbsp;&nbsp; 267386 |
| Ipsen SA | 161 | &nbsp;&nbsp; 30193 |
| Kering SA | 1639 | &nbsp;&nbsp; 495612 |
| Klepierre SA | 989 | &nbsp;&nbsp; 37276 |
| Legrand SA | 9597 | &nbsp;&nbsp; 1482973 |
| L'Oreal SA | 2535 | &nbsp;&nbsp; 1039516 |
| LVMH Moet Hennessy Louis Vuitton SE | 3384 | &nbsp;&nbsp; 1881048 |
| Orange SA | 8231 | &nbsp;&nbsp; 168178 |
| Pernod Ricard SA | 916 | &nbsp;&nbsp; 68369 |
| Publicis Groupe SA | 1012 | &nbsp;&nbsp; 83693 |
| Renault SA | 795 | &nbsp;&nbsp; 26974 |
| Rexel SA | 984 | &nbsp;&nbsp; 38484 |
| Safran SA | 7462 | &nbsp;&nbsp; 2440395 |
| Sanofi SA | 11181 | &nbsp;&nbsp; 1078472 |
| Sartorius Stedim Biotech | 130 | &nbsp;&nbsp; 25452 |
| Schneider Electric SE | 7561 | &nbsp;&nbsp; 2076780 |
| Societe Generale SA | 14031 | &nbsp;&nbsp; 1024489 |
| Sodexo SA | 435 | &nbsp;&nbsp; 22331 |
| Thales SA | 415 | &nbsp;&nbsp; 121847 |
| TotalEnergies SE | 38437 | &nbsp;&nbsp; 3549014 |
| Veolia Environnement SA | 2783 | &nbsp;&nbsp; 106311 |
| Vinci SA | 6241 | &nbsp;&nbsp; 934699 |
|  |  | &nbsp;&nbsp; 23213095 |
| **Germany — 7.5%** | **Germany — 7.5%** | **Germany — 7.5%** |
| adidas AG | 755 | &nbsp;&nbsp; 118978 |
| Allianz SE | 4854 | &nbsp;&nbsp; 2011439 |
| BASF SE | 4000 | &nbsp;&nbsp; 241705 |
| Bayer AG | 4337 | &nbsp;&nbsp; 197165 |
| Bayerische Motoren Werke AG | 9811 | &nbsp;&nbsp; 886075 |
| Bayerische Motoren Werke AG (Preference Shares) | 232 | &nbsp;&nbsp; 20844 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Beiersdorf AG | 10630 | &nbsp;&nbsp; $940462 |
| Brenntag SE | 543 | &nbsp;&nbsp; 35825 |
| Commerzbank AG | 3243 | &nbsp;&nbsp; 116428 |
| Continental AG | 445 | &nbsp;&nbsp; 30591 |
| CTS Eventim AG & Co. KGaA | 270 | &nbsp;&nbsp; 15484 |
| Daimler Truck Holding AG | 2032 | &nbsp;&nbsp; 96868 |
| Delivery Hero SE\*† | 815 | &nbsp;&nbsp; 14544 |
| Deutsche Bank AG | 7979 | &nbsp;&nbsp; 233481 |
| Deutsche Boerse AG | 832 | &nbsp;&nbsp; 241892 |
| Deutsche Lufthansa AG | 2521 | &nbsp;&nbsp; 20809 |
| Deutsche Post AG | 4099 | &nbsp;&nbsp; 211390 |
| Deutsche Telekom AG | 16338 | &nbsp;&nbsp; 602448 |
| Dr. Ing. h.c. F. Porsche AG (Preference Shares) | 496 | &nbsp;&nbsp; 22228 |
| E.ON SE | 9973 | &nbsp;&nbsp; 217978 |
| Evonik Industries AG | 1002 | &nbsp;&nbsp; 19408 |
| Fresenius Medical Care AG | 930 | &nbsp;&nbsp; 41377 |
| Fresenius SE & Co. KGaA | 1861 | &nbsp;&nbsp; 95329 |
| GEA Group AG | 625 | &nbsp;&nbsp; 44169 |
| Hannover Rueck SE | 257 | &nbsp;&nbsp; 79543 |
| Heidelberg Materials AG | 3360 | &nbsp;&nbsp; 692021 |
| Henkel AG & Co. KGaA | 475 | &nbsp;&nbsp; 34020 |
| Henkel AG & Co. KGaA (Preference Shares) | 695 | &nbsp;&nbsp; 53399 |
| Hensoldt AG | 272 | &nbsp;&nbsp; 23612 |
| HOCHTIEF AG | 74 | &nbsp;&nbsp; 32546 |
| Infineon Technologies AG | 43095 | &nbsp;&nbsp; 1893517 |
| KION Group AG | 6066 | &nbsp;&nbsp; 315153 |
| Knorr-Bremse AG | 325 | &nbsp;&nbsp; 36285 |
| LEG Immobilien SE | 364 | &nbsp;&nbsp; 23706 |
| Mercedes-Benz Group AG | 3171 | &nbsp;&nbsp; 192114 |
| Merck KGaA | 582 | &nbsp;&nbsp; 72278 |
| MTU Aero Engines AG | 235 | &nbsp;&nbsp; 84131 |
| Muenchener Rueckversicherungs-Gesellschaft AG | 580 | &nbsp;&nbsp; 361299 |
| Nemetschek SE | 247 | &nbsp;&nbsp; 18180 |
| Porsche Automobil Holding SE (Preference Shares) | 719 | &nbsp;&nbsp; 25863 |
| Rational AG | 20 | &nbsp;&nbsp; 14477 |
| Rheinmetall AG | 524 | &nbsp;&nbsp; 873876 |
| RWE AG | 2815 | &nbsp;&nbsp; 187490 |
| SAP SE | 17274 | &nbsp;&nbsp; 2923332 |
| Sartorius AG (Preference Shares) | 117 | &nbsp;&nbsp; 28551 |
| Scout24 SE\* | 330 | &nbsp;&nbsp; 25285 |
| Siemens AG | 16512 | &nbsp;&nbsp; 3916488 |
| Siemens Energy AG | 5210 | &nbsp;&nbsp; 857439 |
| Siemens Healthineers AG\* | 22793 | &nbsp;&nbsp; 956175 |
| Symrise AG | 616 | &nbsp;&nbsp; 52156 |
| Talanx AG | 285 | &nbsp;&nbsp; 34684 |
| Volkswagen AG (Preference Shares) | 916 | &nbsp;&nbsp; 91730 |
| Vonovia SE | 3385 | &nbsp;&nbsp; 84301 |
| Zalando SE\*† | 1036 | &nbsp;&nbsp; 24785 |
|  |  | &nbsp;&nbsp; 20485353 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| AIA Group, Ltd. | 201200 | &nbsp;&nbsp; 2260251 |
| Alibaba Group Holding, Ltd. | 14940 | &nbsp;&nbsp; 235193 |
| BOC Hong Kong Holdings, Ltd. | 133500 | &nbsp;&nbsp; 735598 |
| CK Asset Holdings, Ltd. | 9000 | &nbsp;&nbsp; 51410 |
| CK Hutchison Holdings, Ltd. | 12000 | &nbsp;&nbsp; 92225 |
| CLP Holdings, Ltd. | 7000 | &nbsp;&nbsp; 65907 |
| Futu Holdings, Ltd. ADR† | 241 | &nbsp;&nbsp; 32959 |
| Galaxy Entertainment Group, Ltd. | 9000 | &nbsp;&nbsp; 40574 |
| Henderson Land Development Co., Ltd. | 5000 | &nbsp;&nbsp; 18545 |
| HKT Trust & HKT, Ltd. | 19000 | &nbsp;&nbsp; 29623 |
| Hong Kong & China Gas Co., Ltd. | 52000 | &nbsp;&nbsp; 47665 |
| Hong Kong Exchanges & Clearing, Ltd. | 5400 | &nbsp;&nbsp; 273701 |

---

------

**Seasons Series Trust SA Multi-Managed International Equity Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Link REIT | 11500 | &nbsp;&nbsp; $53246 |
| MTR Corp., Ltd. | 6500 | &nbsp;&nbsp; 26674 |
| Power Assets Holdings, Ltd. | 6000 | &nbsp;&nbsp; 46748 |
| Sino Land Co., Ltd. | 18000 | &nbsp;&nbsp; 26822 |
| SITC International Holdings Co., Ltd. | 5000 | &nbsp;&nbsp; 22074 |
| Sun Hung Kai Properties, Ltd. | 6500 | &nbsp;&nbsp; 110168 |
| Swire Pacific, Ltd., Class A | 1000 | &nbsp;&nbsp; 10968 |
| Techtronic Industries Co., Ltd. | 75000 | &nbsp;&nbsp; 998298 |
| WH Group, Ltd.\* | 37000 | &nbsp;&nbsp; 48754 |
| Wharf Holdings, Ltd. | 5000 | &nbsp;&nbsp; 13815 |
| Wharf Real Estate Investment Co., Ltd. | 7000 | &nbsp;&nbsp; 20294 |
|  |  | &nbsp;&nbsp; 5261512 |
| **India — 0.2%** | **India — 0.2%** | **India — 0.2%** |
| HDFC Bank, Ltd. | 15536 | &nbsp;&nbsp; 124115 |
| HDFC Bank, Ltd. ADR | 13955 | &nbsp;&nbsp; 347200 |
|  |  | &nbsp;&nbsp; 471315 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| Bank Central Asia Tbk PT | 713000 | &nbsp;&nbsp; 272784 |
| **Ireland — 0.8%** | **Ireland — 0.8%** | **Ireland — 0.8%** |
| AIB Group PLC | 9773 | &nbsp;&nbsp; 103945 |
| Bank of Ireland Group PLC | 4354 | &nbsp;&nbsp; 79680 |
| Kerry Group PLC, Class A | 665 | &nbsp;&nbsp; 52665 |
| Kingspan Group PLC | 14282 | &nbsp;&nbsp; 1205532 |
| Ryanair Holdings PLC | 3845 | &nbsp;&nbsp; 108931 |
| Ryanair Holdings PLC ADR | 9618 | &nbsp;&nbsp; 555920 |
|  |  | &nbsp;&nbsp; 2106673 |
| **Isle of Man — 0.0%** | **Isle of Man — 0.0%** | **Isle of Man — 0.0%** |
| Entain PLC | 2355 | &nbsp;&nbsp; 17783 |
| **Israel — 0.7%** | **Israel — 0.7%** | **Israel — 0.7%** |
| Azrieli Group, Ltd. | 176 | &nbsp;&nbsp; 23572 |
| Bank Hapoalim BM | 5604 | &nbsp;&nbsp; 131169 |
| Bank Leumi Le-Israel BM | 6636 | &nbsp;&nbsp; 147885 |
| Check Point Software Technologies, Ltd.† | 381 | &nbsp;&nbsp; 54426 |
| CyberArk Software, Ltd. | 229 | &nbsp;&nbsp; 10305 |
| Elbit Systems, Ltd. | 123 | &nbsp;&nbsp; 103037 |
| ICL Group, Ltd. | 3429 | &nbsp;&nbsp; 17668 |
| Israel Discount Bank, Ltd., Class A | 5259 | &nbsp;&nbsp; 52729 |
| Mizrahi Tefahot Bank, Ltd. | 656 | &nbsp;&nbsp; 47570 |
| Monday.com, Ltd.† | 173 | &nbsp;&nbsp; 11956 |
| Nice, Ltd.† | 255 | &nbsp;&nbsp; 28116 |
| Nova, Ltd.† | 136 | &nbsp;&nbsp; 60414 |
| Phoenix Financial, Ltd. | 1015 | &nbsp;&nbsp; 53916 |
| Teva Pharmaceutical Industries, Ltd. ADR† | 37567 | &nbsp;&nbsp; 1131518 |
| Tower Semiconductor, Ltd.† | 494 | &nbsp;&nbsp; 86623 |
|  |  | &nbsp;&nbsp; 1960904 |
| **Italy — 2.9%** | **Italy — 2.9%** | **Italy — 2.9%** |
| Banca Mediolanum SpA | 946 | &nbsp;&nbsp; 19214 |
| Banca Monte dei Paschi di Siena SpA | 8791 | &nbsp;&nbsp; 76597 |
| Banco BPM SpA | 5026 | &nbsp;&nbsp; 70221 |
| BPER Banca SpA | 6599 | &nbsp;&nbsp; 86142 |
| Buzzi SpA | 366 | &nbsp;&nbsp; 18462 |
| Enel SpA | 110258 | &nbsp;&nbsp; 1200364 |
| Eni SpA | 8991 | &nbsp;&nbsp; 255311 |
| FinecoBank Banca Fineco SpA | 45245 | &nbsp;&nbsp; 1004573 |
| Generali | 14969 | &nbsp;&nbsp; 603562 |
| Intesa Sanpaolo SpA | 198384 | &nbsp;&nbsp; 1205921 |
| Italgas SpA | 2497 | &nbsp;&nbsp; 29084 |
| Leonardo SpA | 1806 | &nbsp;&nbsp; 121306 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Moncler SpA | 8014 | &nbsp;&nbsp; $482982 |
| Poste Italiane SpA\* | 2097 | &nbsp;&nbsp; 49337 |
| Prysmian SpA | 8688 | &nbsp;&nbsp; 1015921 |
| Recordati Industria Chimica e Farmaceutica SpA | 482 | &nbsp;&nbsp; 27418 |
| Snam SpA | 8732 | &nbsp;&nbsp; 66411 |
| Telecom Italia SpA† | 55559 | &nbsp;&nbsp; 38915 |
| Terna - Rete Elettrica Nazionale | 6441 | &nbsp;&nbsp; 73761 |
| UniCredit SpA | 17826 | &nbsp;&nbsp; 1284496 |
| Unipol Assicurazioni SpA | 1586 | &nbsp;&nbsp; 37127 |
|  |  | &nbsp;&nbsp; 7767125 |
| **Japan — 21.6%** | **Japan — 21.6%** | **Japan — 21.6%** |
| Advantest Corp. | 3400 | &nbsp;&nbsp; 460005 |
| Aeon Co., Ltd. | 9700 | &nbsp;&nbsp; 115775 |
| AGC, Inc. | 900 | &nbsp;&nbsp; 31739 |
| Aisin Corp. | 2000 | &nbsp;&nbsp; 27685 |
| Ajinomoto Co., Inc. | 18400 | &nbsp;&nbsp; 515911 |
| ANA Holdings, Inc. | 700 | &nbsp;&nbsp; 12446 |
| Asahi Group Holdings, Ltd. | 6600 | &nbsp;&nbsp; 66237 |
| Asahi Kasei Corp. | 5900 | &nbsp;&nbsp; 57131 |
| Asics Corp. | 29800 | &nbsp;&nbsp; 792419 |
| Astellas Pharma, Inc. | 8300 | &nbsp;&nbsp; 135514 |
| Bandai Namco Holdings, Inc. | 2600 | &nbsp;&nbsp; 64221 |
| Bridgestone Corp. | 5100 | &nbsp;&nbsp; 105855 |
| Canon, Inc. | 3900 | &nbsp;&nbsp; 108613 |
| Capcom Co., Ltd. | 1600 | &nbsp;&nbsp; 33928 |
| Central Japan Railway Co. | 3500 | &nbsp;&nbsp; 90633 |
| Chiba Bank, Ltd. | 2600 | &nbsp;&nbsp; 33500 |
| Chubu Electric Power Co., Inc. | 3000 | &nbsp;&nbsp; 49250 |
| Chugai Pharmaceutical Co., Ltd. | 17100 | &nbsp;&nbsp; 946115 |
| Dai Nippon Printing Co., Ltd. | 1700 | &nbsp;&nbsp; 30871 |
| Daifuku Co., Ltd. | 1500 | &nbsp;&nbsp; 52406 |
| Dai-ichi Life Holdings, Inc. | 15400 | &nbsp;&nbsp; 140726 |
| Daiichi Sankyo Co., Ltd. | 7900 | &nbsp;&nbsp; 139281 |
| Daikin Industries, Ltd. | 6700 | &nbsp;&nbsp; 812816 |
| Daito Trust Construction Co., Ltd. | 1200 | &nbsp;&nbsp; 27949 |
| Daiwa House Industry Co., Ltd. | 2600 | &nbsp;&nbsp; 81275 |
| Daiwa Securities Group, Inc. | 6300 | &nbsp;&nbsp; 59259 |
| Denso Corp. | 7900 | &nbsp;&nbsp; 98087 |
| Disco Corp. | 400 | &nbsp;&nbsp; 160279 |
| East Japan Railway Co. | 4200 | &nbsp;&nbsp; 95853 |
| Ebara Corp. | 2000 | &nbsp;&nbsp; 56355 |
| Eisai Co., Ltd. | 1200 | &nbsp;&nbsp; 37293 |
| ENEOS Holdings, Inc. | 12100 | &nbsp;&nbsp; 107979 |
| FANUC Corp. | 4200 | &nbsp;&nbsp; 146283 |
| Fast Retailing Co., Ltd. | 3300 | &nbsp;&nbsp; 1313441 |
| Fuji Electric Co., Ltd. | 600 | &nbsp;&nbsp; 42016 |
| FUJIFILM Holdings Corp. | 33400 | &nbsp;&nbsp; 634788 |
| Fujikura, Ltd. | 21600 | &nbsp;&nbsp; 587714 |
| Fujitsu, Ltd. | 7900 | &nbsp;&nbsp; 160548 |
| Hankyu Hanshin Holdings, Inc. | 1100 | &nbsp;&nbsp; 31799 |
| Hikari Tsushin, Inc. | 100 | &nbsp;&nbsp; 25316 |
| Hitachi, Ltd. | 99700 | &nbsp;&nbsp; 2913794 |
| Honda Motor Co., Ltd. | 16600 | &nbsp;&nbsp; 134370 |
| Hoya Corp. | 8800 | &nbsp;&nbsp; 1517964 |
| Hulic Co., Ltd. | 2000 | &nbsp;&nbsp; 23282 |
| Ibiden Co., Ltd. | 1100 | &nbsp;&nbsp; 53947 |
| Idemitsu Kosan Co., Ltd. | 3500 | &nbsp;&nbsp; 34026 |
| IHI Corp. | 4600 | &nbsp;&nbsp; 94014 |
| Inpex Corp. | 3800 | &nbsp;&nbsp; 111499 |
| Isetan Mitsukoshi Holdings, Ltd. | 25900 | &nbsp;&nbsp; 473320 |
| Isuzu Motors, Ltd. | 2300 | &nbsp;&nbsp; 33038 |
| ITOCHU Corp. | 107400 | &nbsp;&nbsp; 1365099 |

---

------

**Seasons Series Trust SA Multi-Managed International Equity Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Japan Airlines Co., Ltd. | 800 | &nbsp;&nbsp; $13016 |
| Japan Exchange Group, Inc. | 77300 | &nbsp;&nbsp; 897520 |
| Japan Post Bank Co., Ltd. | 7900 | &nbsp;&nbsp; 129972 |
| Japan Post Holdings Co., Ltd. | 8200 | &nbsp;&nbsp; 94076 |
| Japan Post Insurance Co., Ltd. | 2400 | &nbsp;&nbsp; 24247 |
| Japan Tobacco, Inc. | 5400 | &nbsp;&nbsp; 207201 |
| JFE Holdings, Inc. | 2700 | &nbsp;&nbsp; 31450 |
| JX Advanced Metals Corp. | 2300 | &nbsp;&nbsp; 49994 |
| Kajima Corp. | 1900 | &nbsp;&nbsp; 72177 |
| Kansai Electric Power Co., Inc. | 4100 | &nbsp;&nbsp; 67533 |
| Kao Corp. | 2000 | &nbsp;&nbsp; 78150 |
| Kawasaki Heavy Industries, Ltd. | 3500 | &nbsp;&nbsp; 66409 |
| Kawasaki Kisen Kaisha, Ltd. | 1500 | &nbsp;&nbsp; 25253 |
| KDDI Corp. | 106500 | &nbsp;&nbsp; 1823802 |
| Keyence Corp. | 3000 | &nbsp;&nbsp; 1062466 |
| Kikkoman Corp. | 2700 | &nbsp;&nbsp; 24612 |
| Kioxia Holdings Corp.† | 800 | &nbsp;&nbsp; 101701 |
| Kirin Holdings Co., Ltd. | 3600 | &nbsp;&nbsp; 57278 |
| Komatsu, Ltd. | 10700 | &nbsp;&nbsp; 420028 |
| Konami Group Corp. | 400 | &nbsp;&nbsp; 49768 |
| Kubota Corp. | 4400 | &nbsp;&nbsp; 69428 |
| Kyocera Corp. | 5700 | &nbsp;&nbsp; 88119 |
| Kyowa Kirin Co., Ltd. | 1200 | &nbsp;&nbsp; 19822 |
| Lasertec Corp. | 400 | &nbsp;&nbsp; 88196 |
| LY Corp. | 13000 | &nbsp;&nbsp; 31507 |
| M3, Inc.† | 2000 | &nbsp;&nbsp; 20418 |
| Makita Corp. | 1000 | &nbsp;&nbsp; 32479 |
| Marubeni Corp. | 6200 | &nbsp;&nbsp; 227981 |
| MatsukiyoCocokara & Co. | 1500 | &nbsp;&nbsp; 23971 |
| Minebea Mitsumi, Inc. | 1600 | &nbsp;&nbsp; 26246 |
| Mitsubishi Chemical Group Corp. | 51300 | &nbsp;&nbsp; 297080 |
| Mitsubishi Corp. | 14400 | &nbsp;&nbsp; 494513 |
| Mitsubishi Electric Corp. | 58800 | &nbsp;&nbsp; 1920260 |
| Mitsubishi Estate Co., Ltd. | 48800 | &nbsp;&nbsp; 1350361 |
| Mitsubishi HC Capital, Inc. | 4000 | &nbsp;&nbsp; 35737 |
| Mitsubishi Heavy Industries, Ltd. | 14200 | &nbsp;&nbsp; 387367 |
| Mitsubishi UFJ Financial Group, Inc. | 248800 | &nbsp;&nbsp; 4203642 |
| Mitsui & Co., Ltd. | 11000 | &nbsp;&nbsp; 423503 |
| Mitsui Fudosan Co., Ltd. | 59600 | &nbsp;&nbsp; 630840 |
| Mitsui OSK Lines, Ltd. | 1600 | &nbsp;&nbsp; 66222 |
| Mizuho Financial Group, Inc. | 11000 | &nbsp;&nbsp; 439063 |
| MonotaRO Co., Ltd. | 900 | &nbsp;&nbsp; 9675 |
| MS&AD Insurance Group Holdings, Inc. | 57700 | &nbsp;&nbsp; 1509979 |
| Murata Manufacturing Co., Ltd. | 7500 | &nbsp;&nbsp; 168155 |
| NEC Corp. | 5800 | &nbsp;&nbsp; 144499 |
| Nexon Co., Ltd. | 1700 | &nbsp;&nbsp; 32042 |
| NIDEC Corp.† | 3600 | &nbsp;&nbsp; 45308 |
| Nintendo Co., Ltd. | 22500 | &nbsp;&nbsp; 1283869 |
| Nippon Building Fund, Inc. | 35 | &nbsp;&nbsp; 29378 |
| Nippon Paint Holdings Co., Ltd. | 4100 | &nbsp;&nbsp; 25591 |
| Nippon Sanso Holdings Corp. | 700 | &nbsp;&nbsp; 24992 |
| Nippon Steel Corp. | 22000 | &nbsp;&nbsp; 80822 |
| Nippon Yusen KK | 1800 | &nbsp;&nbsp; 66064 |
| Nissan Motor Co., Ltd.† | 9600 | &nbsp;&nbsp; 20377 |
| Nitori Holdings Co., Ltd. | 1700 | &nbsp;&nbsp; 27000 |
| Nitto Denko Corp. | 2900 | &nbsp;&nbsp; 58021 |
| Nomura Holdings, Inc. | 13500 | &nbsp;&nbsp; 106780 |
| Nomura Research Institute, Ltd. | 1700 | &nbsp;&nbsp; 47103 |
| NTT, Inc. | 133300 | &nbsp;&nbsp; 132344 |
| Obayashi Corp. | 2900 | &nbsp;&nbsp; 69838 |
| Obic Co., Ltd. | 1500 | &nbsp;&nbsp; 36553 |
| Olympus Corp. | 5100 | &nbsp;&nbsp; 48554 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Oracle Corp. Japan | 200 | &nbsp;&nbsp; $10954 |
| Oriental Land Co., Ltd. | 4700 | &nbsp;&nbsp; 80012 |
| ORIX Corp. | 17900 | &nbsp;&nbsp; 536284 |
| Osaka Gas Co., Ltd. | 1600 | &nbsp;&nbsp; 64883 |
| Otsuka Corp. | 1100 | &nbsp;&nbsp; 21095 |
| Otsuka Holdings Co., Ltd. | 1900 | &nbsp;&nbsp; 134115 |
| Pan Pacific International Holdings Corp. | 8700 | &nbsp;&nbsp; 53368 |
| Panasonic Holdings Corp. | 39200 | &nbsp;&nbsp; 650884 |
| Rakuten Group, Inc.† | 7000 | &nbsp;&nbsp; 32649 |
| Recruit Holdings Co., Ltd. | 42300 | &nbsp;&nbsp; 1829937 |
| Renesas Electronics Corp. | 35700 | &nbsp;&nbsp; 506959 |
| Resona Holdings, Inc. | 48200 | &nbsp;&nbsp; 536320 |
| Ryohin Keikaku Co., Ltd. | 2300 | &nbsp;&nbsp; 48913 |
| Sanrio Co., Ltd. | 4500 | &nbsp;&nbsp; 27768 |
| SBI Holdings, Inc. | 2500 | &nbsp;&nbsp; 46569 |
| SCREEN Holdings Co., Ltd. | 800 | &nbsp;&nbsp; 47136 |
| Secom Co., Ltd. | 1800 | &nbsp;&nbsp; 69115 |
| Seibu Holdings, Inc. | 800 | &nbsp;&nbsp; 22339 |
| Sekisui Chemical Co., Ltd. | 1700 | &nbsp;&nbsp; 28343 |
| Sekisui House, Ltd. | 2600 | &nbsp;&nbsp; 58043 |
| Seven & i Holdings Co., Ltd. | 45100 | &nbsp;&nbsp; 607019 |
| Shimadzu Corp. | 1100 | &nbsp;&nbsp; 26095 |
| Shimano, Inc. | 4100 | &nbsp;&nbsp; 429646 |
| Shimizu Corp. | 22700 | &nbsp;&nbsp; 409212 |
| Shin-Etsu Chemical Co., Ltd. | 23500 | &nbsp;&nbsp; 956158 |
| Shionogi & Co., Ltd. | 3300 | &nbsp;&nbsp; 73422 |
| Shiseido Co., Ltd. | 1700 | &nbsp;&nbsp; 34866 |
| SMC Corp. | 2100 | &nbsp;&nbsp; 821394 |
| SoftBank Corp. | 127200 | &nbsp;&nbsp; 169754 |
| SoftBank Group Corp. | 42600 | &nbsp;&nbsp; 1023854 |
| Sompo Holdings, Inc. | 4000 | &nbsp;&nbsp; 156293 |
| Sony Financial Holdings, Inc. | 25400 | &nbsp;&nbsp; 23139 |
| Sony Group Corp. | 140600 | &nbsp;&nbsp; 2900064 |
| Subaru Corp. | 2600 | &nbsp;&nbsp; 41536 |
| Sumitomo Corp. | 33000 | &nbsp;&nbsp; 1228227 |
| Sumitomo Electric Industries, Ltd. | 3200 | &nbsp;&nbsp; 179185 |
| Sumitomo Metal Mining Co., Ltd. | 1100 | &nbsp;&nbsp; 63771 |
| Sumitomo Mitsui Financial Group, Inc. | 16300 | &nbsp;&nbsp; 537307 |
| Sumitomo Mitsui Trust Group, Inc. | 21700 | &nbsp;&nbsp; 690558 |
| Sumitomo Realty & Development Co., Ltd. | 2800 | &nbsp;&nbsp; 78721 |
| Suntory Beverage & Food, Ltd. | 600 | &nbsp;&nbsp; 16967 |
| Suzuki Motor Corp. | 43200 | &nbsp;&nbsp; 517578 |
| Sysmex Corp. | 1900 | &nbsp;&nbsp; 16564 |
| T&D Holdings, Inc. | 2000 | &nbsp;&nbsp; 50832 |
| Taisei Corp. | 600 | &nbsp;&nbsp; 62660 |
| Takeda Pharmaceutical Co., Ltd. | 22200 | &nbsp;&nbsp; 818977 |
| TDK Corp. | 8800 | &nbsp;&nbsp; 114096 |
| Terumo Corp. | 38200 | &nbsp;&nbsp; 511486 |
| TIS, Inc. | 900 | &nbsp;&nbsp; 19421 |
| Toho Co., Ltd. | 2500 | &nbsp;&nbsp; 26372 |
| Tokio Marine Holdings, Inc. | 24700 | &nbsp;&nbsp; 1153436 |
| Tokyo Electron, Ltd. | 4800 | &nbsp;&nbsp; 1173850 |
| Tokyo Gas Co., Ltd. | 1400 | &nbsp;&nbsp; 66104 |
| Tokyu Corp. | 2500 | &nbsp;&nbsp; 29530 |
| Toppan Holdings, Inc. | 1000 | &nbsp;&nbsp; 26500 |
| Toray Industries, Inc. | 6400 | &nbsp;&nbsp; 45123 |
| Toyota Industries Corp.† | 180 | &nbsp;&nbsp; 23158 |
| Toyota Motor Corp. | 150500 | &nbsp;&nbsp; 3119759 |
| Toyota Tsusho Corp. | 3200 | &nbsp;&nbsp; 125219 |
| Tsuruha Holdings, Inc. | 14700 | &nbsp;&nbsp; 232046 |
| Unicharm Corp. | 4800 | &nbsp;&nbsp; 27951 |
| West Japan Railway Co. | 1900 | &nbsp;&nbsp; 37738 |
| Yamaha Motor Co., Ltd. | 4100 | &nbsp;&nbsp; 29224 |

---

------

**Seasons Series Trust SA Multi-Managed International Equity Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Yokogawa Electric Corp. | 1000 | &nbsp;&nbsp; $30976 |
| Yokohama Financial Group, Inc. | 4800 | &nbsp;&nbsp; 42674 |
| Zensho Holdings Co., Ltd. | 400 | &nbsp;&nbsp; 23202 |
| ZOZO, Inc. | 1900 | &nbsp;&nbsp; 13288 |
|  |  | &nbsp;&nbsp; 58994654 |
| **Jersey — 0.5%** | **Jersey — 0.5%** | **Jersey — 0.5%** |
| CVC Capital Partners PLC\* | 16981 | &nbsp;&nbsp; 222625 |
| Experian PLC | 4063 | &nbsp;&nbsp; 141224 |
| Glencore PLC | 125548 | &nbsp;&nbsp; 956676 |
|  |  | &nbsp;&nbsp; 1320525 |
| **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** |
| ArcelorMittal SA | 1903 | &nbsp;&nbsp; 99149 |
| Eurofins Scientific SE | 544 | &nbsp;&nbsp; 39784 |
| InPost SA† | 1134 | &nbsp;&nbsp; 19908 |
| Spotify Technology SA† | 2475 | &nbsp;&nbsp; 1200152 |
| Tenaris SA | 1616 | &nbsp;&nbsp; 47203 |
|  |  | &nbsp;&nbsp; 1406196 |
| **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** |
| Sands China, Ltd. | 10800 | &nbsp;&nbsp; 22954 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Grupo Mexico SAB de CV, Class B | 20870 | &nbsp;&nbsp; 223232 |
| **Netherlands — 6.3%** | **Netherlands — 6.3%** | **Netherlands — 6.3%** |
| ABN AMRO Bank NV CVA | 13782 | &nbsp;&nbsp; 440819 |
| Adyen NV\*† | 114 | &nbsp;&nbsp; 114074 |
| AerCap Holdings NV | 4785 | &nbsp;&nbsp; 656406 |
| Airbus SE | 7694 | &nbsp;&nbsp; 1445129 |
| Akzo Nobel NV | 778 | &nbsp;&nbsp; 44646 |
| Argenx SE | 275 | &nbsp;&nbsp; 200368 |
| Argenx SE ADR† | 886 | &nbsp;&nbsp; 647002 |
| ASM International NV | 1089 | &nbsp;&nbsp; 829521 |
| ASML Holding NV | 5844 | &nbsp;&nbsp; 7735335 |
| ASR Nederland NV | 670 | &nbsp;&nbsp; 46158 |
| BE Semiconductor Industries NV | 2064 | &nbsp;&nbsp; 435479 |
| CSG NV† | 3424 | &nbsp;&nbsp; 92133 |
| Davide Campari-Milano NV | 2518 | &nbsp;&nbsp; 17934 |
| Euronext NV\* | 362 | &nbsp;&nbsp; 58245 |
| EXOR NV | 398 | &nbsp;&nbsp; 30503 |
| Ferrari NV | 554 | &nbsp;&nbsp; 186737 |
| Ferrovial SE | 2314 | &nbsp;&nbsp; 150453 |
| Heineken Holding NV | 580 | &nbsp;&nbsp; 41486 |
| Heineken NV | 12741 | &nbsp;&nbsp; 980463 |
| ING Groep NV | 31609 | &nbsp;&nbsp; 825921 |
| Koninklijke Ahold Delhaize NV | 3973 | &nbsp;&nbsp; 185475 |
| Koninklijke KPN NV | 16524 | &nbsp;&nbsp; 91905 |
| Koninklijke Philips NV | 28143 | &nbsp;&nbsp; 770828 |
| Magnum Ice Cream Co. NV† | 1985 | &nbsp;&nbsp; 29297 |
| Magnum Ice Cream Co. NV (XAMS)† | 22067 | &nbsp;&nbsp; 323916 |
| Nebius Group NV† | 955 | &nbsp;&nbsp; 99091 |
| NN Group NV | 1160 | &nbsp;&nbsp; 90737 |
| Prosus NV | 5783 | &nbsp;&nbsp; 264358 |
| QIAGEN NV | 938 | &nbsp;&nbsp; 37574 |
| Randstad NV | 415 | &nbsp;&nbsp; 10903 |
| Stellantis NV | 9234 | &nbsp;&nbsp; 65794 |
| STMicroelectronics NV | 2947 | &nbsp;&nbsp; 101167 |
| Universal Music Group NV | 4991 | &nbsp;&nbsp; 96776 |
| Wolters Kluwer NV | 1028 | &nbsp;&nbsp; 76905 |
|  |  | &nbsp;&nbsp; 17223538 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| Auckland International Airport, Ltd. | 7103 | &nbsp;&nbsp; $32581 |
| Contact Energy, Ltd. | 4150 | &nbsp;&nbsp; 22152 |
| Fisher & Paykel Healthcare Corp., Ltd. | 2550 | &nbsp;&nbsp; 55236 |
| Infratil, Ltd. | 4039 | &nbsp;&nbsp; 27194 |
| Meridian Energy, Ltd. | 5267 | &nbsp;&nbsp; 16834 |
| Xero, Ltd.† | 776 | &nbsp;&nbsp; 41508 |
|  |  | &nbsp;&nbsp; 195505 |
| **Norway — 1.4%** | **Norway — 1.4%** | **Norway — 1.4%** |
| Aker BP ASA | 11123 | &nbsp;&nbsp; 408356 |
| DNB Bank ASA | 70269 | &nbsp;&nbsp; 2191509 |
| Equinor ASA | 12951 | &nbsp;&nbsp; 548166 |
| Gjensidige Forsikring ASA | 873 | &nbsp;&nbsp; 22790 |
| Kongsberg Gruppen ASA | 1944 | &nbsp;&nbsp; 83239 |
| Mowi ASA | 2094 | &nbsp;&nbsp; 47564 |
| Norsk Hydro ASA | 47089 | &nbsp;&nbsp; 499302 |
| Orkla ASA | 3105 | &nbsp;&nbsp; 39050 |
| Salmar ASA | 254 | &nbsp;&nbsp; 14837 |
| Telenor ASA | 2888 | &nbsp;&nbsp; 50865 |
| Yara International ASA | 724 | &nbsp;&nbsp; 42144 |
|  |  | &nbsp;&nbsp; 3947822 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| Banco Comercial Portugues SA | 30962 | &nbsp;&nbsp; 30353 |
| EDP SA | 13809 | &nbsp;&nbsp; 73109 |
| Galp Energia SGPS SA | 1901 | &nbsp;&nbsp; 46216 |
| Jeronimo Martins SGPS SA | 30605 | &nbsp;&nbsp; 734183 |
|  |  | &nbsp;&nbsp; 883861 |
| **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** |
| CapitaLand Ascendas REIT | 18300 | &nbsp;&nbsp; 35358 |
| CapitaLand Integrated Commercial Trust | 27612 | &nbsp;&nbsp; 49591 |
| CapitaLand Investment, Ltd. | 9900 | &nbsp;&nbsp; 21103 |
| DBS Group Holdings, Ltd. | 28830 | &nbsp;&nbsp; 1281013 |
| Grab Holdings, Ltd., Class A† | 10331 | &nbsp;&nbsp; 37811 |
| Keppel, Ltd. | 6400 | &nbsp;&nbsp; 59396 |
| Oversea-Chinese Banking Corp., Ltd. | 15100 | &nbsp;&nbsp; 260067 |
| Sea, Ltd. ADR† | 8848 | &nbsp;&nbsp; 732703 |
| Sembcorp Industries, Ltd. | 3500 | &nbsp;&nbsp; 18177 |
| Singapore Airlines, Ltd. | 7500 | &nbsp;&nbsp; 38809 |
| Singapore Exchange, Ltd. | 3900 | &nbsp;&nbsp; 59841 |
| Singapore Technologies Engineering, Ltd. | 7100 | &nbsp;&nbsp; 60511 |
| Singapore Telecommunications, Ltd. | 223000 | &nbsp;&nbsp; 863266 |
| United Overseas Bank, Ltd. | 5500 | &nbsp;&nbsp; 158189 |
| Wilmar International, Ltd. | 7700 | &nbsp;&nbsp; 23198 |
| Yangzijiang Shipbuilding Holdings, Ltd. | 11500 | &nbsp;&nbsp; 34172 |
|  |  | &nbsp;&nbsp; 3733205 |
| **South Korea — 0.5%** | **South Korea — 0.5%** | **South Korea — 0.5%** |
| KT Corp. | 9227 | &nbsp;&nbsp; 371222 |
| Samsung Electronics Co., Ltd. | 8054 | &nbsp;&nbsp; 904706 |
| SK Square Co., Ltd.† | 275 | &nbsp;&nbsp; 87277 |
|  |  | &nbsp;&nbsp; 1363205 |
| **Spain — 4.0%** | **Spain — 4.0%** | **Spain — 4.0%** |
| Acciona SA | 107 | &nbsp;&nbsp; 28238 |
| ACS Actividades de Construccion y Servicios SA | 808 | &nbsp;&nbsp; 99984 |
| Aena SME SA\* | 3338 | &nbsp;&nbsp; 99390 |
| Amadeus IT Group SA | 5806 | &nbsp;&nbsp; 330044 |
| Banco Bilbao Vizcaya Argentaria SA | 134589 | &nbsp;&nbsp; 2937583 |
| Banco de Sabadell SA | 22529 | &nbsp;&nbsp; 80999 |
| Banco Santander SA | 163822 | &nbsp;&nbsp; 1853698 |
| Bankinter SA | 48133 | &nbsp;&nbsp; 757737 |
| CaixaBank SA | 17283 | &nbsp;&nbsp; 207368 |

---

------

**Seasons Series Trust SA Multi-Managed International Equity Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Cellnex Telecom SA\* | 2187 | &nbsp;&nbsp; $71006 |
| EDP Renovaveis SA | 1296 | &nbsp;&nbsp; 20738 |
| Endesa SA | 1352 | &nbsp;&nbsp; 57015 |
| Grifols SA | 1155 | &nbsp;&nbsp; 12131 |
| Iberdrola SA | 87930 | &nbsp;&nbsp; 2018497 |
| Indra Sistemas SA | 7929 | &nbsp;&nbsp; 436914 |
| Industria de Diseno Textil SA | 25857 | &nbsp;&nbsp; 1486674 |
| International Consolidated Airlines Group SA | 4690 | &nbsp;&nbsp; 22415 |
| Mapfre SA | 4388 | &nbsp;&nbsp; 19643 |
| Naturgy Energy Group SA | 1125 | &nbsp;&nbsp; 33776 |
| Repsol SA | 5007 | &nbsp;&nbsp; 140677 |
| Telefonica SA | 16221 | &nbsp;&nbsp; 71727 |
|  |  | &nbsp;&nbsp; 10786254 |
| **SupraNational — 0.0%** | **SupraNational — 0.0%** | **SupraNational — 0.0%** |
| Unibail-Rodamco-Westfield | 545 | &nbsp;&nbsp; 60912 |
| **Sweden — 1.8%** | **Sweden — 1.8%** | **Sweden — 1.8%** |
| AddTech AB, Class B | 1154 | &nbsp;&nbsp; 39211 |
| Alfa Laval AB | 1292 | &nbsp;&nbsp; 70497 |
| Assa Abloy AB, Class B | 4393 | &nbsp;&nbsp; 157535 |
| Atlas Copco AB, Class A | 11953 | &nbsp;&nbsp; 210241 |
| Atlas Copco AB, Class B | 6841 | &nbsp;&nbsp; 106292 |
| Beijer Ref AB | 1839 | &nbsp;&nbsp; 25273 |
| Boliden AB† | 1245 | &nbsp;&nbsp; 66086 |
| Epiroc AB, Class A | 2922 | &nbsp;&nbsp; 71740 |
| Epiroc AB, Class B | 1784 | &nbsp;&nbsp; 38366 |
| EQT AB | 2223 | &nbsp;&nbsp; 68265 |
| Essity AB, Class B | 2692 | &nbsp;&nbsp; 69395 |
| Evolution AB\* | 618 | &nbsp;&nbsp; 38542 |
| Fastighets AB Balder, Class B† | 3031 | &nbsp;&nbsp; 17826 |
| H & M Hennes & Mauritz AB, Class B | 2069 | &nbsp;&nbsp; 38573 |
| Hexagon AB, Class B | 9232 | &nbsp;&nbsp; 89826 |
| Holmen AB, Class B | 261 | &nbsp;&nbsp; 9343 |
| Industrivarden AB, Class A | 487 | &nbsp;&nbsp; 24235 |
| Industrivarden AB, Class C | 676 | &nbsp;&nbsp; 33668 |
| Indutrade AB | 1183 | &nbsp;&nbsp; 27358 |
| Investment AB Latour, Class B | 761 | &nbsp;&nbsp; 16348 |
| Investor AB, Class B | 8014 | &nbsp;&nbsp; 303368 |
| L E Lundbergforetagen AB, Class B | 380 | &nbsp;&nbsp; 21704 |
| Lifco AB, Class B | 1092 | &nbsp;&nbsp; 32856 |
| Nibe Industrier AB, Class B | 6499 | &nbsp;&nbsp; 27093 |
| Saab AB, Class B | 1438 | &nbsp;&nbsp; 94330 |
| Sagax AB, Class B | 875 | &nbsp;&nbsp; 16309 |
| Sandvik AB | 29110 | &nbsp;&nbsp; 1112447 |
| Securitas AB, Class B | 2080 | &nbsp;&nbsp; 34966 |
| Skandinaviska Enskilda Banken AB, Class A | 6831 | &nbsp;&nbsp; 125503 |
| Skanska AB, Class B | 1476 | &nbsp;&nbsp; 39808 |
| SKF AB, Class B | 1528 | &nbsp;&nbsp; 36495 |
| Svenska Cellulosa AB SCA, Class B | 2769 | &nbsp;&nbsp; 32050 |
| Svenska Handelsbanken AB, Class A | 54325 | &nbsp;&nbsp; 709334 |
| Swedbank AB, Class A | 3679 | &nbsp;&nbsp; 124910 |
| Swedish Orphan Biovitrum AB† | 843 | &nbsp;&nbsp; 35244 |
| Tele2 AB, Class B | 2441 | &nbsp;&nbsp; 50178 |
| Telefonaktiebolaget LM Ericsson, Class B | 54061 | &nbsp;&nbsp; 612356 |
| Telia Co. AB | 10667 | &nbsp;&nbsp; 54546 |
| Trelleborg AB, Class B | 954 | &nbsp;&nbsp; 35547 |
| Volvo AB, Class B | 7034 | &nbsp;&nbsp; 229483 |
|  |  | &nbsp;&nbsp; 4947147 |
| **Switzerland — 8.3%** | **Switzerland — 8.3%** | **Switzerland — 8.3%** |
| ABB, Ltd. | 17623 | &nbsp;&nbsp; 1433326 |
| Alcon AG | 12627 | &nbsp;&nbsp; 947289 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Avolta AG | 364 | &nbsp;&nbsp; $21835 |
| Banque Cantonale Vaudoise | 134 | &nbsp;&nbsp; 21709 |
| Barry Callebaut AG | 14 | &nbsp;&nbsp; 24547 |
| Belimo Holding AG | 44 | &nbsp;&nbsp; 35564 |
| BKW AG | 82 | &nbsp;&nbsp; 16151 |
| Chocoladefabriken Lindt & Spruengli AG | 1 | &nbsp;&nbsp; 142222 |
| Chocoladefabriken Lindt & Spruengli AG (Participation <br> Certificate)<br>| 61 | &nbsp;&nbsp; 856534 |
| Cie Financiere Richemont SA, Class A | 9899 | &nbsp;&nbsp; 1763931 |
| Coca-Cola HBC AG | 1007 | &nbsp;&nbsp; 57086 |
| DSM-Firmenich AG | 758 | &nbsp;&nbsp; 54137 |
| EMS-Chemie Holding AG | 28 | &nbsp;&nbsp; 21864 |
| Galderma Group AG | 834 | &nbsp;&nbsp; 161679 |
| Geberit AG | 153 | &nbsp;&nbsp; 103532 |
| Givaudan SA | 41 | &nbsp;&nbsp; 138675 |
| Helvetia Holding AG | 354 | &nbsp;&nbsp; 91442 |
| Holcim AG | 10161 | &nbsp;&nbsp; 843191 |
| Julius Baer Group, Ltd. | 9849 | &nbsp;&nbsp; 725759 |
| Kuehne & Nagel International AG | 217 | &nbsp;&nbsp; 49575 |
| Logitech International SA | 662 | &nbsp;&nbsp; 60486 |
| Lonza Group AG | 1663 | &nbsp;&nbsp; 1063969 |
| Nestle SA | 26678 | &nbsp;&nbsp; 2646163 |
| Novartis AG | 17564 | &nbsp;&nbsp; 2666734 |
| Partners Group Holding AG | 101 | &nbsp;&nbsp; 108511 |
| Roche Holding AG | 12898 | &nbsp;&nbsp; 5092980 |
| Roche Holding AG (BR) | 146 | &nbsp;&nbsp; 60476 |
| Sandoz Group AG | 1875 | &nbsp;&nbsp; 147072 |
| Schindler Holding AG | 105 | &nbsp;&nbsp; 33025 |
| Schindler Holding AG (Participation Certificate) | 176 | &nbsp;&nbsp; 57960 |
| SGS SA | 734 | &nbsp;&nbsp; 77688 |
| Sika AG | 675 | &nbsp;&nbsp; 112259 |
| Sonova Holding AG | 923 | &nbsp;&nbsp; 209219 |
| Straumann Holding AG | 4669 | &nbsp;&nbsp; 487077 |
| Swatch Group AG | 124 | &nbsp;&nbsp; 27565 |
| Swiss Life Holding AG | 122 | &nbsp;&nbsp; 133720 |
| Swiss Prime Site AG | 339 | &nbsp;&nbsp; 57435 |
| Swiss Re AG | 1323 | &nbsp;&nbsp; 220929 |
| Swisscom AG | 115 | &nbsp;&nbsp; 95997 |
| UBS Group AG | 30494 | &nbsp;&nbsp; 1186034 |
| VAT Group AG\* | 117 | &nbsp;&nbsp; 72176 |
| Zurich Insurance Group AG | 644 | &nbsp;&nbsp; 459172 |
|  |  | &nbsp;&nbsp; 22586695 |
| **Taiwan — 1.1%** | **Taiwan — 1.1%** | **Taiwan — 1.1%** |
| Hon Hai Precision Industry Co., Ltd. | 57000 | &nbsp;&nbsp; 342956 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 46000 | &nbsp;&nbsp; 2593270 |
|  |  | &nbsp;&nbsp; 2936226 |
| **United Kingdom — 17.8%** | **United Kingdom — 17.8%** | **United Kingdom — 17.8%** |
| 3i Group PLC | 18374 | &nbsp;&nbsp; 602061 |
| Admiral Group PLC | 12553 | &nbsp;&nbsp; 529574 |
| Airtel Africa PLC\* | 3669 | &nbsp;&nbsp; 16926 |
| Anglo American PLC | 5016 | &nbsp;&nbsp; 213103 |
| Antofagasta PLC | 22601 | &nbsp;&nbsp; 1005446 |
| ARM Holdings PLC ADR† | 3313 | &nbsp;&nbsp; 501191 |
| Associated British Foods PLC | 1442 | &nbsp;&nbsp; 36091 |
| AstraZeneca PLC (LSE) | 19557 | &nbsp;&nbsp; 3819836 |
| AstraZeneca PLC (NYSE) | 11005 | &nbsp;&nbsp; 2170406 |
| Auto Trader Group PLC\* | 3907 | &nbsp;&nbsp; 24439 |
| Aviva PLC | 13659 | &nbsp;&nbsp; 108801 |
| BAE Systems PLC | 64293 | &nbsp;&nbsp; 1871504 |
| Barclays PLC | 199895 | &nbsp;&nbsp; 1053337 |
| Barratt Redrow PLC | 6115 | &nbsp;&nbsp; 21390 |

---

------

**Seasons Series Trust SA Multi-Managed International Equity Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| BP PLC | 69910 | &nbsp;&nbsp; $551072 |
| Bridgepoint Group PLC\* | 69332 | &nbsp;&nbsp; 213564 |
| British American Tobacco PLC | 9707 | &nbsp;&nbsp; 565440 |
| BT Group PLC | 255458 | &nbsp;&nbsp; 716043 |
| Bunzl PLC | 30740 | &nbsp;&nbsp; 920963 |
| Centrica PLC | 20879 | &nbsp;&nbsp; 59059 |
| Coca-Cola Europacific Partners PLC | 933 | &nbsp;&nbsp; 84595 |
| Compass Group PLC | 39645 | &nbsp;&nbsp; 1101486 |
| Diageo PLC | 57359 | &nbsp;&nbsp; 1065748 |
| Endeavour Mining PLC | 846 | &nbsp;&nbsp; 51217 |
| Fresnillo PLC | 976 | &nbsp;&nbsp; 43236 |
| GSK PLC | 65075 | &nbsp;&nbsp; 1784673 |
| Haleon PLC | 316775 | &nbsp;&nbsp; 1568013 |
| Halma PLC | 1744 | &nbsp;&nbsp; 88603 |
| HSBC Holdings PLC (LSE) | 76183 | &nbsp;&nbsp; 1246600 |
| HSBC Holdings PLC (SEHK) | 94800 | &nbsp;&nbsp; 1555924 |
| Imperial Brands PLC | 3346 | &nbsp;&nbsp; 136180 |
| Informa PLC | 5880 | &nbsp;&nbsp; 58618 |
| InterContinental Hotels Group PLC | 639 | &nbsp;&nbsp; 84157 |
| Intertek Group PLC | 673 | &nbsp;&nbsp; 32813 |
| J Sainsbury PLC | 7389 | &nbsp;&nbsp; 33181 |
| JD Sports Fashion PLC | 13312 | &nbsp;&nbsp; 12499 |
| Kingfisher PLC | 197675 | &nbsp;&nbsp; 750624 |
| Land Securities Group PLC | 3086 | &nbsp;&nbsp; 22899 |
| Legal & General Group PLC | 25036 | &nbsp;&nbsp; 82516 |
| Lloyds Banking Group PLC | 1694530 | &nbsp;&nbsp; 2094362 |
| London Stock Exchange Group PLC | 12083 | &nbsp;&nbsp; 1428040 |
| M&G PLC | 10177 | &nbsp;&nbsp; 36991 |
| Marks & Spencer Group PLC | 9239 | &nbsp;&nbsp; 41494 |
| Melrose Industries PLC | 33268 | &nbsp;&nbsp; 224092 |
| National Grid PLC | 130596 | &nbsp;&nbsp; 2201711 |
| NatWest Group PLC | 35264 | &nbsp;&nbsp; 261661 |
| Next PLC | 3604 | &nbsp;&nbsp; 607772 |
| Pearson PLC | 2537 | &nbsp;&nbsp; 33291 |
| Persimmon PLC | 9173 | &nbsp;&nbsp; 131235 |
| Prudential PLC | 11411 | &nbsp;&nbsp; 159130 |
| Reckitt Benckiser Group PLC | 14234 | &nbsp;&nbsp; 965957 |
| RELX PLC | 40671 | &nbsp;&nbsp; 1340891 |
| Rentokil Initial PLC | 11021 | &nbsp;&nbsp; 68525 |
| Rio Tinto PLC | 6595 | &nbsp;&nbsp; 613017 |
| Rolls-Royce Holdings PLC | 95469 | &nbsp;&nbsp; 1457903 |
| Sage Group PLC | 46175 | &nbsp;&nbsp; 515715 |
| Schroders PLC | 2957 | &nbsp;&nbsp; 22547 |
| Segro PLC | 34709 | &nbsp;&nbsp; 301841 |
| Severn Trent PLC | 1227 | &nbsp;&nbsp; 50382 |
| Shell PLC | 25321 | &nbsp;&nbsp; 1182410 |
| Shell PLC (XAMS) | 57857 | &nbsp;&nbsp; 2704663 |
| Shell PLC ADR | 19334 | &nbsp;&nbsp; 1798062 |
| Smith & Nephew PLC | 3638 | &nbsp;&nbsp; 57468 |
| Smiths Group PLC | 1444 | &nbsp;&nbsp; 43981 |
| Spirax Group PLC | 324 | &nbsp;&nbsp; 28997 |
| SSE PLC | 5417 | &nbsp;&nbsp; 187017 |
| Standard Chartered PLC | 43902 | &nbsp;&nbsp; 911750 |
| Standard Life PLC | 3372 | &nbsp;&nbsp; 30494 |
| Tesco PLC | 115913 | &nbsp;&nbsp; 730870 |
| Unilever PLC | 50231 | &nbsp;&nbsp; 2816288 |
| United Utilities Group PLC | 3140 | &nbsp;&nbsp; 54895 |
| Verisure PLC† | 813 | &nbsp;&nbsp; 8416 |
| Vodafone Group PLC | 84551 | &nbsp;&nbsp; 128202 |
| Whitbread PLC | 13724 | &nbsp;&nbsp; 417136 |
| Wise PLC, Class A† | 3113 | &nbsp;&nbsp; 37363 |
|  |  | &nbsp;&nbsp; 48498397 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **United States — 0.7%** | **United States — 0.7%** | **United States — 0.7%** |
| Autoliv, Inc. SDR | 3020 | &nbsp;&nbsp; $316809 |
| Broadcom, Inc. | 1583 | &nbsp;&nbsp; 489955 |
| Liberty Media Corp.-Liberty Formula One, Class C† | 2166 | &nbsp;&nbsp; 184153 |
| MercadoLibre, Inc.† | 108 | &nbsp;&nbsp; 186734 |
| Philip Morris International, Inc. | 4055 | &nbsp;&nbsp; 670454 |
| Sunbelt Rentals Holdings, Inc. | 1891 | &nbsp;&nbsp; 120756 |
|  |  | &nbsp;&nbsp; 1968861 |
| **Total Common Stocks** <br>(cost $201,561,494)<br>|  | &nbsp;&nbsp; 268737321 |
| **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** | **PREFERRED STOCKS — 0.0%** |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Telecom Italia SpA (RSP)† <br>(cost $20,447)<br>| 23276 | &nbsp;&nbsp; 19225 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Telecom Italia SpA† <br>Expires 04/01/2026<br>| 78835 | &nbsp;&nbsp; 1 |
| **Singapore — 0.0%** | **Singapore — 0.0%** | **Singapore — 0.0%** |
| CapitaLand Ascendas REIT† <br>Expires 04/15/2026<br>| 512 | &nbsp;&nbsp; 48 |
| **Total Rights** <br>(cost $0)<br>|  | &nbsp;&nbsp; 49 |
| **Total Long-Term Investment Securities** <br>(cost $201,581,941)<br>|  | &nbsp;&nbsp; 268756595 |
| **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%** |
| State Street Institutional U.S. Government Money Market <br> Fund, Premier Class 3.60%(1)<br>| 134077 | &nbsp;&nbsp; 134077 |
| T. Rowe Price Government Reserve Fund 3.66%(1) | 412 | &nbsp;&nbsp; 412 |
| **Total Short-Term Investments** <br>(cost $134,489)<br>|  | &nbsp;&nbsp; 134489 |
| **TOTAL INVESTMENTS** <br>(cost $201,716,430)(2)<br>| 98.7<br> %<br>| &nbsp;&nbsp; 268891084 |
| Other assets less liabilities | 1.3 | &nbsp;&nbsp; 3668346 |
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $272559430 |

---

---

| | |
|:---|:---|
| † | Non-income producing security |
| \* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be sold in transactions exempt from registration, normally to qualified <br> institutional buyers. The SA Multi-Managed International Equity Portfolio has no right to <br> demand registration of these securities. At March 31, 2026, the aggregate value of these <br> securities was $2,874,570 representing 1.1% of net assets.<br>|
| (1) | The rate shown is the 7-day yield as of March 31, 2026. |
| (2) | See Note 4 for cost of investments on a tax basis. |

---

---

| |
|:---|
| ADR—American Depositary Receipt |
| ASX—Australian Stock Exchange  |
| BR—Bearer Shares |
| CVA—Certification Van Aandelen (Dutch Cert.) |
| LSE—London Stock Exchange |
| NYSE—New York Stock Exchange |
| RSP—Risparmio Shares-Savings Shares on the Italian Stock Exchange |
| SDR—Swedish Depositary Receipt |
| SEHK—Hong Kong Stock Exchange |
| XAMS—Euronext Amsterdam Stock Exchange  |

---

------

**Seasons Series Trust SA Multi-Managed International Equity Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (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** | **Contracts For Difference Swaps** |
| **Counterparty** | **Pay/** <br>**Receive**<br>| &nbsp;&nbsp; **Underlying** <br>**Reference**<br>| **Number of** <br>**Contracts**<br>| **Financing** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional** <br>**Amount**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value** |
| **Spain** |  |  |  |  |  |  |  |  |  |
| BNP Paribas SA | Pay | Redeia Corp. SA | 1861 | 2.19% (ESTR + 0.26%) | Monthly | 05/19/2027 | $32316 | $(965)<br>| $(965)<br>|
|  |  |  |  |  |  |  |  | $(965)<br>| $(965)<br>|
| ESTR—Euro Short-Term Rate |  |  |  |  |  |  |  |  |  |

---

**Futures Contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number** <br>**of** <br>**Contracts**<br>| **Type** | **Description** | &nbsp;&nbsp; **Expiration** <br>**Month**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Basis\***<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value\***<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| 1 | Long | FTSE 100 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $134248 | &nbsp;&nbsp;&nbsp;&nbsp; $134994 | &nbsp;&nbsp;&nbsp;&nbsp; $746 |
| 1 | Long | SPI 200 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 145133 | &nbsp;&nbsp;&nbsp;&nbsp; 146839 | &nbsp;&nbsp;&nbsp;&nbsp; 1706 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $2452 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **Unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 5 | Long | Euro STOXX 50 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $322034 | &nbsp;&nbsp;&nbsp;&nbsp; $317570 | &nbsp;&nbsp;&nbsp;&nbsp; $(4464)<br>|
| 1 | Long | SGX Nikkei 225 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 165404 | &nbsp;&nbsp;&nbsp;&nbsp; 161716 | &nbsp;&nbsp;&nbsp;&nbsp; (3688)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(8152)<br>|
|  |  | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp; $(5700)<br>|

---

\* 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 | 16.4<br> %<br>|
| Pharmaceuticals | 8.8 |
| Semiconductors | 6.7 |
| Insurance | 5.1 |
| Oil & Gas | 4.6 |
| Aerospace/Defense | 3.5 |
| Electric | 3.1 |
| Retail | 3.1 |
| Telecommunications | 3.0 |
| Food | 2.9 |
| Electrical Components & Equipment | 2.5 |
| Cosmetics/Personal Care | 2.4 |
| Mining | 2.3 |
| Building Materials | 2.2 |
| Machinery-Construction & Mining | 2.2 |
| Healthcare-Products | 2.2 |
| Auto Manufacturers | 2.1 |
| Distribution/Wholesale | 1.9 |
| Diversified Financial Services | 1.8 |
| Commercial Services | 1.7 |
| Chemicals | 1.5 |
| Miscellaneous Manufacturing | 1.5 |
| Apparel | 1.4 |
| Software | 1.3 |
| Home Furnishings | 1.3 |
| Internet | 1.3 |
| Machinery-Diversified | 1.3 |
| Electronics | 1.0 |
| Beverages | 0.9 |
| Real Estate | 0.8 |
| Engineering & Construction | 0.7 |
| Private Equity | 0.6 |
| Agriculture | 0.6 |
| Toys/Games/Hobbies | 0.5 |
| REITS | 0.4 |
| Auto Parts & Equipment | 0.4 |
| Healthcare-Services | 0.4 |

---

------

**Seasons Series Trust SA Multi-Managed International Equity Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Hand/Machine Tools | 0.4<br> %<br>|
| Biotechnology | 0.4 |
| Energy-Alternate Sources | 0.4 |
| Food Service | 0.4 |
| Household Products/Wares | 0.4 |
| Computers | 0.4 |
| Airlines | 0.3 |
| Leisure Time | 0.3 |
| Transportation | 0.2 |
| Lodging | 0.2 |
| Packaging & Containers | 0.2 |
| Investment Companies | 0.1 |
| Entertainment | 0.1 |
| Home Builders | 0.1 |
| Iron/Steel | 0.1 |
| Short-Term Investments | 0.1 |
| Office/Business Equipment | 0.1 |
| Holding Companies-Diversified | 0.1 |
|  | 98.7<br> %<br>|

---

\* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Canada | &nbsp;&nbsp; $4132192 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4132192 |
| China | &nbsp;&nbsp; 329468 | &nbsp;&nbsp; 678598 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1008066 |
| Hong Kong | &nbsp;&nbsp; 32959 | &nbsp;&nbsp; 5228553 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5261512 |
| India | &nbsp;&nbsp; 347200 | &nbsp;&nbsp; 124115 | &nbsp;&nbsp; — | &nbsp;&nbsp; 471315 |
| Ireland | &nbsp;&nbsp; 555920 | &nbsp;&nbsp; 1550753 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2106673 |
| Israel | &nbsp;&nbsp; 1197900 | &nbsp;&nbsp; 763004 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1960904 |
| Luxembourg | &nbsp;&nbsp; 1200152 | &nbsp;&nbsp; 206044 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1406196 |
| Mexico | &nbsp;&nbsp; 223232 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 223232 |
| Netherlands | &nbsp;&nbsp; 1726415 | &nbsp;&nbsp; 15497123 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17223538 |
| Singapore | &nbsp;&nbsp; 770514 | &nbsp;&nbsp; 2962691 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3733205 |
| United Kingdom | &nbsp;&nbsp; 4554254 | &nbsp;&nbsp; 43944143 | &nbsp;&nbsp; — | &nbsp;&nbsp; 48498397 |
| United States | &nbsp;&nbsp; 1531296 | &nbsp;&nbsp; 437565 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1968861 |
| Other Countries | &nbsp;&nbsp; — | &nbsp;&nbsp; 180743230 | &nbsp;&nbsp; — | &nbsp;&nbsp; 180743230 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 19225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19225 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; 49 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49 |
| Short-Term Investments | &nbsp;&nbsp; 134489 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 134489 |
| **Total Investments at Value** | &nbsp;&nbsp; $16735991 | &nbsp;&nbsp; $252155093 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $268891084 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $2452 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2452 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $965 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $965 |
| Futures Contracts | &nbsp;&nbsp; 8152 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8152 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; $8152 | &nbsp;&nbsp; $965 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9117 |

---

---

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

---

See Notes to Financial Statements

------

**Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** | **COMMON STOCKS — 97.6%** |
| **Aerospace/Defense — 1.7%** | **Aerospace/Defense — 1.7%** | **Aerospace/Defense — 1.7%** |
| Boeing Co.† | 952 | &nbsp;&nbsp; $189477 |
| General Dynamics Corp. | 377 | &nbsp;&nbsp; 129394 |
| General Electric Co. | 6193 | &nbsp;&nbsp; 1757388 |
| Howmet Aerospace, Inc. | 1121 | &nbsp;&nbsp; 258346 |
| RTX Corp. | 3725 | &nbsp;&nbsp; 718552 |
| TransDigm Group, Inc. | 694 | &nbsp;&nbsp; 804318 |
|  |  | &nbsp;&nbsp; 3857475 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| Philip Morris International, Inc. | 2422 | &nbsp;&nbsp; 400453 |
| **Apparel — 0.3%** | **Apparel — 0.3%** | **Apparel — 0.3%** |
| On Holding AG, Class A† | 15326 | &nbsp;&nbsp; 521390 |
| Ralph Lauren Corp. | 107 | &nbsp;&nbsp; 36807 |
| Tapestry, Inc. | 569 | &nbsp;&nbsp; 80292 |
|  |  | &nbsp;&nbsp; 638489 |
| **Auto Manufacturers — 3.8%** | **Auto Manufacturers — 3.8%** | **Auto Manufacturers — 3.8%** |
| Cummins, Inc. | 260 | &nbsp;&nbsp; 139885 |
| Tesla, Inc.† | 22858 | &nbsp;&nbsp; 8497462 |
|  |  | &nbsp;&nbsp; 8637347 |
| **Banks — 1.9%** | **Banks — 1.9%** | **Banks — 1.9%** |
| Bank of America Corp. | 14571 | &nbsp;&nbsp; 710336 |
| Bank of New York Mellon Corp. | 1212 | &nbsp;&nbsp; 143779 |
| Goldman Sachs Group, Inc. | 541 | &nbsp;&nbsp; 457681 |
| JPMorgan Chase & Co. | 8893 | &nbsp;&nbsp; 2615965 |
| Morgan Stanley | 2035 | &nbsp;&nbsp; 334900 |
|  |  | &nbsp;&nbsp; 4262661 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Coca-Cola Co. | 4514 | &nbsp;&nbsp; 343290 |
| Monster Beverage Corp.† | 2014 | &nbsp;&nbsp; 145934 |
|  |  | &nbsp;&nbsp; 489224 |
| **Biotechnology — 4.5%** | **Biotechnology — 4.5%** | **Biotechnology — 4.5%** |
| Amgen, Inc. | 1015 | &nbsp;&nbsp; 357128 |
| Argenx SE ADR† | 681 | &nbsp;&nbsp; 497300 |
| Biogen, Inc.† | 2311 | &nbsp;&nbsp; 423676 |
| Gilead Sciences, Inc. | 1886 | &nbsp;&nbsp; 262852 |
| Incyte Corp.† | 462 | &nbsp;&nbsp; 43483 |
| Insmed, Inc.† | 4761 | &nbsp;&nbsp; 778519 |
| Roivant Sciences, Ltd.† | 104871 | &nbsp;&nbsp; 2904927 |
| Royalty Pharma PLC, Class A | 106150 | &nbsp;&nbsp; 5092015 |
|  |  | &nbsp;&nbsp; 10359900 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| Johnson Controls International PLC | 1138 | &nbsp;&nbsp; 149021 |
| Martin Marietta Materials, Inc. | 1220 | &nbsp;&nbsp; 718190 |
| Trane Technologies PLC | 331 | &nbsp;&nbsp; 137941 |
|  |  | &nbsp;&nbsp; 1005152 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Sherwin-Williams Co. | 2134 | &nbsp;&nbsp; 684054 |
| **Commercial Services — 2.2%** | **Commercial Services — 2.2%** | **Commercial Services — 2.2%** |
| Adyen NV\*† | 938 | &nbsp;&nbsp; 938609 |
| Affirm Holdings, Inc.† | 20756 | &nbsp;&nbsp; 951040 |
| Moody's Corp. | 205 | &nbsp;&nbsp; 89431 |
| Quanta Services, Inc. | 412 | &nbsp;&nbsp; 226196 |
| Rollins, Inc. | 18626 | &nbsp;&nbsp; 994815 |
| S&P Global, Inc. | 376 | &nbsp;&nbsp; 159928 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| United Rentals, Inc. | 999 | &nbsp;&nbsp; $727831 |
| Verisk Analytics, Inc. | 5125 | &nbsp;&nbsp; 972469 |
|  |  | &nbsp;&nbsp; 5060319 |
| **Computers — 6.2%** | **Computers — 6.2%** | **Computers — 6.2%** |
| Apple, Inc. | 44581 | &nbsp;&nbsp; 11314212 |
| Crowdstrike Holdings, Inc., Class A† | 4398 | &nbsp;&nbsp; 1717023 |
| Fortinet, Inc.† | 1111 | &nbsp;&nbsp; 90791 |
| International Business Machines Corp. | 1349 | &nbsp;&nbsp; 326984 |
| Lumentum Holdings, Inc.† | 200 | &nbsp;&nbsp; 140552 |
| Sandisk Corp.† | 409 | &nbsp;&nbsp; 259854 |
| Seagate Technology Holdings PLC | 393 | &nbsp;&nbsp; 153962 |
| Zscaler, Inc.† | 1766 | &nbsp;&nbsp; 247752 |
|  |  | &nbsp;&nbsp; 14251130 |
| **Distribution/Wholesale — 1.1%** | **Distribution/Wholesale — 1.1%** | **Distribution/Wholesale — 1.1%** |
| Copart, Inc.† | 28366 | &nbsp;&nbsp; 941751 |
| Core & Main, Inc., Class A† | 31537 | &nbsp;&nbsp; 1557928 |
|  |  | &nbsp;&nbsp; 2499679 |
| **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** | **Diversified Financial Services — 3.1%** |
| American Express Co. | 1009 | &nbsp;&nbsp; 305202 |
| Apollo Global Management, Inc. | 657 | &nbsp;&nbsp; 73203 |
| Capital One Financial Corp. | 3871 | &nbsp;&nbsp; 706187 |
| Cboe Global Markets, Inc. | 149 | &nbsp;&nbsp; 41879 |
| CME Group, Inc. | 552 | &nbsp;&nbsp; 163033 |
| Coinbase Global, Inc., Class A† | 2867 | &nbsp;&nbsp; 500607 |
| Federal National Mtg. Assoc.† | 208177 | &nbsp;&nbsp; 1511365 |
| Interactive Brokers Group, Inc., Class A | 1202 | &nbsp;&nbsp; 80618 |
| Mastercard, Inc., Class A | 5685 | &nbsp;&nbsp; 2840567 |
| Visa, Inc., Class A | 2566 | &nbsp;&nbsp; 775548 |
|  |  | &nbsp;&nbsp; 6998209 |
| **Electric — 0.2%** | **Electric — 0.2%** | **Electric — 0.2%** |
| Constellation Energy Corp. | 573 | &nbsp;&nbsp; 160010 |
| NRG Energy, Inc. | 433 | &nbsp;&nbsp; 63279 |
| Vistra Corp. | 897 | &nbsp;&nbsp; 134846 |
|  |  | &nbsp;&nbsp; 358135 |
| **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** |
| Eaton Corp. PLC | 2565 | &nbsp;&nbsp; 917424 |
| **Electronics — 0.7%** | **Electronics — 0.7%** | **Electronics — 0.7%** |
| Allegion PLC | 123 | &nbsp;&nbsp; 17871 |
| Amphenol Corp., Class A | 3428 | &nbsp;&nbsp; 433128 |
| Coherent Corp.† | 3730 | &nbsp;&nbsp; 888523 |
| Jabil, Inc. | 183 | &nbsp;&nbsp; 48610 |
| Mettler-Toledo International, Inc.† | 28 | &nbsp;&nbsp; 35314 |
| TE Connectivity PLC | 569 | &nbsp;&nbsp; 118932 |
|  |  | &nbsp;&nbsp; 1542378 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| First Solar, Inc.† | 308 | &nbsp;&nbsp; 60756 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| Comfort Systems USA, Inc. | 99 | &nbsp;&nbsp; 136520 |
| EMCOR Group, Inc. | 124 | &nbsp;&nbsp; 91550 |
|  |  | &nbsp;&nbsp; 228070 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Live Nation Entertainment, Inc.† | 229 | &nbsp;&nbsp; 34925 |
| TKO Group Holdings, Inc. | 2214 | &nbsp;&nbsp; 446453 |
|  |  | &nbsp;&nbsp; 481378 |

---

------

**Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| Waste Connections, Inc. | 2080 | &nbsp;&nbsp; $337875 |
| **Healthcare-Products — 2.8%** | **Healthcare-Products — 2.8%** | **Healthcare-Products — 2.8%** |
| Boston Scientific Corp.† | 9074 | &nbsp;&nbsp; 569394 |
| Edwards Lifesciences Corp.† | 703 | &nbsp;&nbsp; 56296 |
| Guardant Health, Inc.† | 6481 | &nbsp;&nbsp; 598650 |
| IDEXX Laboratories, Inc.† | 225 | &nbsp;&nbsp; 126425 |
| Insulet Corp.† | 198 | &nbsp;&nbsp; 41548 |
| Intuitive Surgical, Inc.† | 3320 | &nbsp;&nbsp; 1530487 |
| Medline, Inc., Class A† | 72524 | &nbsp;&nbsp; 3227318 |
| ResMed, Inc. | 208 | &nbsp;&nbsp; 46692 |
| STERIS PLC | 144 | &nbsp;&nbsp; 31843 |
| Stryker Corp. | 407 | &nbsp;&nbsp; 133736 |
|  |  | &nbsp;&nbsp; 6362389 |
| **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
| HCA Healthcare, Inc. | 432 | &nbsp;&nbsp; 204440 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| D.R. Horton, Inc. | 1679 | &nbsp;&nbsp; 230392 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| Berkshire Hathaway, Inc., Class B† | 5091 | &nbsp;&nbsp; 2439607 |
| Cincinnati Financial Corp. | 257 | &nbsp;&nbsp; 40439 |
| Progressive Corp. | 902 | &nbsp;&nbsp; 178812 |
| W.R. Berkley Corp. | 463 | &nbsp;&nbsp; 30688 |
|  |  | &nbsp;&nbsp; 2689546 |
| **Internet — 20.9%** | **Internet — 20.9%** | **Internet — 20.9%** |
| Airbnb, Inc., Class A† | 13497 | &nbsp;&nbsp; 1704401 |
| Alphabet, Inc., Class A | 28590 | &nbsp;&nbsp; 8221340 |
| Alphabet, Inc., Class C | 21343 | &nbsp;&nbsp; 6122453 |
| Amazon.com, Inc.† | 36041 | &nbsp;&nbsp; 7506259 |
| AppLovin Corp., Class A† | 10955 | &nbsp;&nbsp; 4360090 |
| Booking Holdings, Inc. | 90 | &nbsp;&nbsp; 378929 |
| DoorDash, Inc., Class A† | 23971 | &nbsp;&nbsp; 3599246 |
| eBay, Inc. | 930 | &nbsp;&nbsp; 84649 |
| Expedia Group, Inc. | 324 | &nbsp;&nbsp; 74808 |
| Meta Platforms, Inc., Class A | 12741 | &nbsp;&nbsp; 7289508 |
| Netflix, Inc.† | 11719 | &nbsp;&nbsp; 1126782 |
| Palo Alto Networks, Inc.† | 1245 | &nbsp;&nbsp; 199598 |
| Robinhood Markets, Inc., Class A† | 2221 | &nbsp;&nbsp; 153915 |
| Shopify, Inc., Class A† | 27353 | &nbsp;&nbsp; 3244613 |
| Spotify Technology SA† | 7068 | &nbsp;&nbsp; 3427344 |
| Uber Technologies, Inc.† | 5722 | &nbsp;&nbsp; 411584 |
| VeriSign, Inc. | 237 | &nbsp;&nbsp; 58861 |
|  |  | &nbsp;&nbsp; 47964380 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| Carnival Corp. | 3216 | &nbsp;&nbsp; 83230 |
| Norwegian Cruise Line Holdings, Ltd.† | 747 | &nbsp;&nbsp; 13969 |
| Royal Caribbean Cruises, Ltd. | 694 | &nbsp;&nbsp; 190975 |
|  |  | &nbsp;&nbsp; 288174 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| Hilton Worldwide Holdings, Inc. | 632 | &nbsp;&nbsp; 192179 |
| Las Vegas Sands Corp. | 861 | &nbsp;&nbsp; 46391 |
| Marriott International, Inc., Class A | 607 | &nbsp;&nbsp; 198531 |
| Wynn Resorts, Ltd. | 239 | &nbsp;&nbsp; 24270 |
|  |  | &nbsp;&nbsp; 461371 |
| **Machinery-Construction & Mining — 1.2%** | **Machinery-Construction & Mining — 1.2%** | **Machinery-Construction & Mining — 1.2%** |
| Caterpillar, Inc. | 1292 | &nbsp;&nbsp; 915330 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Machinery-Construction & Mining (continued)** | **Machinery-Construction & Mining (continued)** | **Machinery-Construction & Mining (continued)** |
| GE Vernova, Inc. | 1872 | &nbsp;&nbsp; $1634069 |
| Vertiv Holdings Co., Class A | 1070 | &nbsp;&nbsp; 268121 |
|  |  | &nbsp;&nbsp; 2817520 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| Rockwell Automation, Inc. | 2896 | &nbsp;&nbsp; 1039316 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| Fox Corp., Class A | 393 | &nbsp;&nbsp; 22951 |
| Fox Corp., Class B | 246 | &nbsp;&nbsp; 13063 |
|  |  | &nbsp;&nbsp; 36014 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| Newmont Corp. | 3022 | &nbsp;&nbsp; 327131 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| Axon Enterprise, Inc.† | 138 | &nbsp;&nbsp; 58607 |
| Parker-Hannifin Corp. | 194 | &nbsp;&nbsp; 173677 |
|  |  | &nbsp;&nbsp; 232284 |
| **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** |
| AbbVie, Inc. | 2258 | &nbsp;&nbsp; 491093 |
| Dexcom, Inc.† | 548 | &nbsp;&nbsp; 34414 |
| Eli Lilly & Co. | 5127 | &nbsp;&nbsp; 4715661 |
| Johnson & Johnson | 9059 | &nbsp;&nbsp; 2214382 |
|  |  | &nbsp;&nbsp; 7455550 |
| **Pipelines — 0.7%** | **Pipelines — 0.7%** | **Pipelines — 0.7%** |
| Targa Resources Corp. | 6265 | &nbsp;&nbsp; 1570823 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| KKR & Co., Inc. | 1033 | &nbsp;&nbsp; 95553 |
| **REITS — 0.2%** | **REITS — 0.2%** | **REITS — 0.2%** |
| Simon Property Group, Inc. | 356 | &nbsp;&nbsp; 66405 |
| Ventas, Inc. | 700 | &nbsp;&nbsp; 57246 |
| Welltower, Inc. | 1922 | &nbsp;&nbsp; 379998 |
|  |  | &nbsp;&nbsp; 503649 |
| **Retail — 2.2%** | **Retail — 2.2%** | **Retail — 2.2%** |
| AutoZone, Inc.† | 30 | &nbsp;&nbsp; 101333 |
| Carvana Co.† | 198 | &nbsp;&nbsp; 62247 |
| Costco Wholesale Corp. | 1618 | &nbsp;&nbsp; 1612224 |
| Dutch Bros, Inc., Class A† | 14917 | &nbsp;&nbsp; 755695 |
| Home Depot, Inc. | 2552 | &nbsp;&nbsp; 839327 |
| McDonald's Corp. | 882 | &nbsp;&nbsp; 274117 |
| O'Reilly Automotive, Inc.† | 2325 | &nbsp;&nbsp; 214621 |
| Ross Stores, Inc. | 3205 | &nbsp;&nbsp; 694299 |
| TJX Cos., Inc. | 1704 | &nbsp;&nbsp; 272129 |
| Ulta Beauty, Inc.† | 125 | &nbsp;&nbsp; 65339 |
| Yum! Brands, Inc. | 358 | &nbsp;&nbsp; 55662 |
|  |  | &nbsp;&nbsp; 4946993 |
| **Semiconductors — 18.1%** | **Semiconductors — 18.1%** | **Semiconductors — 18.1%** |
| Advanced Micro Devices, Inc.† | 10873 | &nbsp;&nbsp; 2211894 |
| Applied Materials, Inc. | 4627 | &nbsp;&nbsp; 1581462 |
| Broadcom, Inc. | 22880 | &nbsp;&nbsp; 7081589 |
| KLA Corp. | 1023 | &nbsp;&nbsp; 1506275 |
| Lam Research Corp. | 3466 | &nbsp;&nbsp; 740546 |
| Marvell Technology, Inc. | 12350 | &nbsp;&nbsp; 1223268 |
| Micron Technology, Inc. | 5221 | &nbsp;&nbsp; 1763863 |
| Monolithic Power Systems, Inc. | 134 | &nbsp;&nbsp; 146509 |
| NVIDIA Corp. | 139086 | &nbsp;&nbsp; 24256598 |
| Teradyne, Inc. | 242 | &nbsp;&nbsp; 71743 |
| Texas Instruments, Inc. | 3914 | &nbsp;&nbsp; 759864 |
|  |  | &nbsp;&nbsp; 41343611 |

---

------

**Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software — 17.0%** | **Software — 17.0%** | **Software — 17.0%** |
| Autodesk, Inc.† | 333 | &nbsp;&nbsp; $79720 |
| Cadence Design Systems, Inc.† | 483 | &nbsp;&nbsp; 134211 |
| Cloudflare, Inc., Class A† | 45572 | &nbsp;&nbsp; 9403326 |
| Datadog, Inc., Class A† | 4863 | &nbsp;&nbsp; 574077 |
| Electronic Arts, Inc. | 302 | &nbsp;&nbsp; 61569 |
| Fair Isaac Corp.† | 32 | &nbsp;&nbsp; 34161 |
| Intuit, Inc. | 1621 | &nbsp;&nbsp; 700888 |
| Microsoft Corp. | 39610 | &nbsp;&nbsp; 14662434 |
| MSCI, Inc. | 1896 | &nbsp;&nbsp; 1021963 |
| Oracle Corp. | 2450 | &nbsp;&nbsp; 360419 |
| Palantir Technologies, Inc., Class A† | 14639 | &nbsp;&nbsp; 2141393 |
| ROBLOX Corp., Class A† | 51530 | &nbsp;&nbsp; 2914537 |
| Samsara, Inc., Class A† | 61687 | &nbsp;&nbsp; 1954861 |
| ServiceNow, Inc.† | 1767 | &nbsp;&nbsp; 184740 |
| Snowflake, Inc.† | 16724 | &nbsp;&nbsp; 2522314 |
| Strategy, Inc.† | 16866 | &nbsp;&nbsp; 2104877 |
| Take-Two Interactive Software, Inc.† | 256 | &nbsp;&nbsp; 50560 |
| Workday, Inc., Class A† | 262 | &nbsp;&nbsp; 34039 |
|  |  | &nbsp;&nbsp; 38940089 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| Arista Networks, Inc.† | 2859 | &nbsp;&nbsp; 351028 |
| Ciena Corp.† | 396 | &nbsp;&nbsp; 153739 |
| Cisco Systems, Inc. | 5817 | &nbsp;&nbsp; 451341 |
| Corning, Inc. | 1485 | &nbsp;&nbsp; 201916 |
| EchoStar Corp., Class A† | 376 | &nbsp;&nbsp; 44018 |
| Motorola Solutions, Inc. | 1267 | &nbsp;&nbsp; 549840 |
|  |  | &nbsp;&nbsp; 1751882 |
| **Transportation — 0.5%** | **Transportation — 0.5%** | **Transportation — 0.5%** |
| Old Dominion Freight Line, Inc. | 5852 | &nbsp;&nbsp; 1143481 |
| **Total Common Stocks** <br>(cost $177,837,507)<br>|  | &nbsp;&nbsp; 223474696 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** |
| SPDR Portfolio S&P 500 Growth ETF <br>(cost $45,520)<br>| 561 | &nbsp;&nbsp; 54928 |
| **PURCHASED OPTIONS† — 0.1%** | **PURCHASED OPTIONS† — 0.1%** | **PURCHASED OPTIONS† — 0.1%** |
| **Purchased Options - Calls — 0.1%** | **Purchased Options - Calls — 0.1%** | **Purchased Options - Calls — 0.1%** |
| Over the Counter call option on the USD vs. CNH <br> (Expiration Date: 02/12/2027; Strike Price: USD 7.20; <br> Counterparty: Barclays Bank PLC)<br>| 25351289 | &nbsp;&nbsp; 40841 |
| Over the Counter call option on the USD vs. CNY <br> (Expiration Date: 04/01/2026; Strike Price: USD 7.90; <br> Counterparty: Standard Chartered Bank)<br>| 14837364 | &nbsp;&nbsp; 15 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Purchased Options - Calls (continued)** | **Purchased Options - Calls (continued)** | **Purchased Options - Calls (continued)** |
| Over the Counter call option on the USD vs. CNY <br> (Expiration Date: 05/13/2026; Strike Price: USD 7.71; <br> Counterparty: Goldman Sachs International)<br>| 23427474 | &nbsp;&nbsp; $23 |
| Over the Counter call option on the USD vs. CNY <br> (Expiration Date: 08/11/2026; Strike Price: USD 7.58; <br> Counterparty: Standard Chartered Bank)<br>| 31640559 | &nbsp;&nbsp; 285 |
| Over the Counter call option on the USD vs. CNY <br> (Expiration Date: 12/17/2026; Strike Price: USD 7.32; <br> Counterparty: Standard Chartered Bank)<br>| 30689463 | &nbsp;&nbsp; 21728 |
| **Total Purchased Options** <br>(cost $426,600)<br>|  | &nbsp;&nbsp; 62892 |
| **Total Long-Term Investment Securities** <br>(cost $178,309,627)<br>|  | &nbsp;&nbsp; 223592516 |
| **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%** |
| State Street Institutional U.S. Government Money Market <br> Fund, Administration Class <br>3.35%(1)<br>| 325702 | &nbsp;&nbsp; 325702 |
| State Street Institutional U.S. Government Money Market <br> Fund, Premier Class <br>3.60%(1)<br>| 315098 | &nbsp;&nbsp; 315098 |
| **Total Short-Term Investments** <br>(cost $640,800)<br>|  | &nbsp;&nbsp; 640800 |
| **TOTAL INVESTMENTS** <br>(cost $178,950,427)(2)<br>| 98.0<br> %<br>| &nbsp;&nbsp; 224233316 |
| Other assets less liabilities | 2.0 | &nbsp;&nbsp; 4653965 |
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $228887281 |

---

---

| | |
|:---|:---|
| † | Non-income producing security |
| \* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be sold in transactions exempt from registration, normally to qualified <br> institutional buyers. The SA Multi-Managed Large Cap Growth Portfolio has no right to <br> demand registration of these securities. At March 31, 2026, the aggregate value of these <br> securities was $938,609 representing 0.4% of net assets.<br>|
| (1) | The rate shown is the 7-day yield as of March 31, 2026. |
| (2) | See Note 4 for cost of investments on a tax basis. |

---

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

CNH—Yuan Renminbi Offshore <br> CNY—Chinese Yuan

**Futures Contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number** <br>**of** <br>**Contracts**<br>| **Type** | **Description** | &nbsp;&nbsp; **Expiration** <br>**Month**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Basis\***<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value\***<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 1 | Long | E-Mini Russell 1000 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $224262 | &nbsp;&nbsp;&nbsp;&nbsp; $216290 | &nbsp;&nbsp;&nbsp;&nbsp; $(7972)<br>|

---

\* 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 Large Cap Growth Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Commercial Services | &nbsp;&nbsp; $4121710 | &nbsp;&nbsp; $938609 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5060319 |
| Other Industries | &nbsp;&nbsp; 218414377 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 218414377 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 54928 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54928 |
| Purchased Options | &nbsp;&nbsp; — | &nbsp;&nbsp; 62892 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62892 |
| Short-Term Investments | &nbsp;&nbsp; 640800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 640800 |
| **Total Investments at Value** | &nbsp;&nbsp; $223231815 | &nbsp;&nbsp; $1001501 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $224233316 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $7972 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7972 |

---

---

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

---

See Notes to Financial Statements

------

**Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **COMMON STOCKS — 99.3%** | **COMMON STOCKS — 99.3%** | **COMMON STOCKS — 99.3%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Omnicom Group, Inc. | 1189 | &nbsp;&nbsp; $89544 |
| Trade Desk, Inc., Class A† | 1654 | &nbsp;&nbsp; 37529 |
|  |  | &nbsp;&nbsp; 127073 |
| **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** |
| Boeing Co.† | 1644 | &nbsp;&nbsp; 327205 |
| General Dynamics Corp. | 449 | &nbsp;&nbsp; 154106 |
| General Electric Co. | 1878 | &nbsp;&nbsp; 532920 |
| L3Harris Technologies, Inc. | 6398 | &nbsp;&nbsp; 2208270 |
| Lockheed Martin Corp. | 762 | &nbsp;&nbsp; 460545 |
| Northrop Grumman Corp. | 501 | &nbsp;&nbsp; 341802 |
| RTX Corp. | 6346 | &nbsp;&nbsp; 1224144 |
|  |  | &nbsp;&nbsp; 5248992 |
| **Agriculture — 1.1%** | **Agriculture — 1.1%** | **Agriculture — 1.1%** |
| Altria Group, Inc. | 6266 | &nbsp;&nbsp; 413493 |
| Archer-Daniels-Midland Co. | 29941 | &nbsp;&nbsp; 2176411 |
| Bunge Global SA | 518 | &nbsp;&nbsp; 65890 |
| Philip Morris International, Inc. | 2562 | &nbsp;&nbsp; 423601 |
|  |  | &nbsp;&nbsp; 3079395 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Delta Air Lines, Inc. | 2448 | &nbsp;&nbsp; 162743 |
| Southwest Airlines Co. | 11320 | &nbsp;&nbsp; 425293 |
| United Airlines Holdings, Inc.† | 1215 | &nbsp;&nbsp; 111865 |
|  |  | &nbsp;&nbsp; 699901 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| Deckers Outdoor Corp.† | 528 | &nbsp;&nbsp; 52848 |
| NIKE, Inc., Class B | 4472 | &nbsp;&nbsp; 236211 |
|  |  | &nbsp;&nbsp; 289059 |
| **Auto Manufacturers — 1.6%** | **Auto Manufacturers — 1.6%** | **Auto Manufacturers — 1.6%** |
| Cummins, Inc. | 169 | &nbsp;&nbsp; 90925 |
| Ford Motor Co. | 14569 | &nbsp;&nbsp; 168126 |
| General Motors Co. | 3394 | &nbsp;&nbsp; 252853 |
| PACCAR, Inc. | 22911 | &nbsp;&nbsp; 2646221 |
| Tesla, Inc.† | 3991 | &nbsp;&nbsp; 1483654 |
|  |  | &nbsp;&nbsp; 4641779 |
| **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** |
| Aptiv PLC† | 816 | &nbsp;&nbsp; 56663 |
| Gentex Corp. | 91281 | &nbsp;&nbsp; 1994490 |
|  |  | &nbsp;&nbsp; 2051153 |
| **Banks — 7.8%** | **Banks — 7.8%** | **Banks — 7.8%** |
| Bank of America Corp. | 24812 | &nbsp;&nbsp; 1209585 |
| Bank of New York Mellon Corp. | 6117 | &nbsp;&nbsp; 725660 |
| Citigroup, Inc. | 6560 | &nbsp;&nbsp; 743970 |
| Citizens Financial Group, Inc. | 1599 | &nbsp;&nbsp; 95892 |
| Commerce Bancshares, Inc. | 16945 | &nbsp;&nbsp; 833694 |
| Fifth Third Bancorp | 3325 | &nbsp;&nbsp; 154479 |
| Goldman Sachs Group, Inc. | 392 | &nbsp;&nbsp; 331628 |
| Huntington Bancshares, Inc. | 109824 | &nbsp;&nbsp; 1718746 |
| JPMorgan Chase & Co. | 21144 | &nbsp;&nbsp; 6219719 |
| KeyCorp | 3504 | &nbsp;&nbsp; 70255 |
| M&T Bank Corp. | 9700 | &nbsp;&nbsp; 2005184 |
| Morgan Stanley | 9712 | &nbsp;&nbsp; 1598304 |
| Northern Trust Corp. | 5045 | &nbsp;&nbsp; 704131 |
| PNC Financial Services Group, Inc. | 10764 | &nbsp;&nbsp; 2239881 |
| Regions Financial Corp. | 3258 | &nbsp;&nbsp; 85099 |
| State Street Corp. | 1048 | &nbsp;&nbsp; 132635 |
| Truist Financial Corp. | 34173 | &nbsp;&nbsp; 1570933 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| US Bancorp | 32355 | &nbsp;&nbsp; $1682783 |
| Wells Fargo & Co. | 11563 | &nbsp;&nbsp; 920530 |
|  |  | &nbsp;&nbsp; 23043108 |
| **Beverages — 2.4%** | **Beverages — 2.4%** | **Beverages — 2.4%** |
| Brown-Forman Corp., Class B | 705 | &nbsp;&nbsp; 18640 |
| Coca-Cola Co. | 8385 | &nbsp;&nbsp; 637679 |
| Constellation Brands, Inc., Class A | 520 | &nbsp;&nbsp; 78000 |
| Heineken Holding NV | 12064 | &nbsp;&nbsp; 862916 |
| Keurig Dr Pepper, Inc. | 63467 | &nbsp;&nbsp; 1671086 |
| Molson Coors Beverage Co., Class B | 638 | &nbsp;&nbsp; 27473 |
| PepsiCo., Inc. | 19696 | &nbsp;&nbsp; 3058592 |
| Pernod Ricard SA | 10195 | &nbsp;&nbsp; 760945 |
|  |  | &nbsp;&nbsp; 7115331 |
| **Biotechnology — 1.2%** | **Biotechnology — 1.2%** | **Biotechnology — 1.2%** |
| Amgen, Inc. | 645 | &nbsp;&nbsp; 226943 |
| Biogen, Inc.† | 547 | &nbsp;&nbsp; 100282 |
| Corteva, Inc. | 2516 | &nbsp;&nbsp; 210614 |
| Gilead Sciences, Inc. | 15511 | &nbsp;&nbsp; 2161768 |
| Moderna, Inc.† | 1320 | &nbsp;&nbsp; 67056 |
| Regeneron Pharmaceuticals, Inc. | 378 | &nbsp;&nbsp; 292058 |
| Vertex Pharmaceuticals, Inc.† | 947 | &nbsp;&nbsp; 422874 |
|  |  | &nbsp;&nbsp; 3481595 |
| **Building Materials — 1.7%** | **Building Materials — 1.7%** | **Building Materials — 1.7%** |
| Amrize, Ltd.† | 14928 | &nbsp;&nbsp; 836266 |
| Builders FirstSource, Inc.† | 419 | &nbsp;&nbsp; 34496 |
| Carrier Global Corp. | 2941 | &nbsp;&nbsp; 165608 |
| CRH PLC | 2524 | &nbsp;&nbsp; 265323 |
| Johnson Controls International PLC | 14028 | &nbsp;&nbsp; 1836966 |
| Lennox International, Inc. | 122 | &nbsp;&nbsp; 56624 |
| Martin Marietta Materials, Inc. | 227 | &nbsp;&nbsp; 133630 |
| Masco Corp. | 791 | &nbsp;&nbsp; 47753 |
| Mohawk Industries, Inc.† | 4010 | &nbsp;&nbsp; 394825 |
| Owens Corning | 9264 | &nbsp;&nbsp; 1002550 |
| Trane Technologies PLC | 386 | &nbsp;&nbsp; 160862 |
| Vulcan Materials Co. | 497 | &nbsp;&nbsp; 135333 |
|  |  | &nbsp;&nbsp; 5070236 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| Air Products & Chemicals, Inc. | 832 | &nbsp;&nbsp; 241688 |
| Albemarle Corp. | 434 | &nbsp;&nbsp; 77916 |
| CF Industries Holdings, Inc. | 580 | &nbsp;&nbsp; 75307 |
| Dow, Inc. | 2640 | &nbsp;&nbsp; 109956 |
| DuPont de Nemours, Inc. | 1536 | &nbsp;&nbsp; 70349 |
| Ecolab, Inc. | 947 | &nbsp;&nbsp; 251921 |
| International Flavors & Fragrances, Inc. | 959 | &nbsp;&nbsp; 69575 |
| Linde PLC | 1744 | &nbsp;&nbsp; 864605 |
| LyondellBasell Industries NV, Class A | 962 | &nbsp;&nbsp; 77499 |
| Mosaic Co. | 1181 | &nbsp;&nbsp; 30115 |
| PPG Industries, Inc. | 7887 | &nbsp;&nbsp; 842963 |
| Qnity Electronics, Inc. | 774 | &nbsp;&nbsp; 89304 |
| Sherwin-Williams Co. | 858 | &nbsp;&nbsp; 275032 |
|  |  | &nbsp;&nbsp; 3076230 |
| **Commercial Services — 1.4%** | **Commercial Services — 1.4%** | **Commercial Services — 1.4%** |
| Automatic Data Processing, Inc. | 1511 | &nbsp;&nbsp; 307005 |
| Block, Inc.† | 2057 | &nbsp;&nbsp; 123790 |
| Cintas Corp. | 1281 | &nbsp;&nbsp; 216668 |
| Corpay, Inc.† | 259 | &nbsp;&nbsp; 75366 |
| Equifax, Inc. | 455 | &nbsp;&nbsp; 81932 |
| Global Payments, Inc. | 909 | &nbsp;&nbsp; 61176 |
| H&R Block, Inc. | 32825 | &nbsp;&nbsp; 1041865 |

---

------

**Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Moody's Corp. | 296 | &nbsp;&nbsp; $129130 |
| PayPal Holdings, Inc. | 3453 | &nbsp;&nbsp; 156179 |
| S&P Global, Inc. | 4331 | &nbsp;&nbsp; 1842148 |
| United Rentals, Inc. | 105 | &nbsp;&nbsp; 76499 |
| Verisk Analytics, Inc. | 245 | &nbsp;&nbsp; 46489 |
|  |  | &nbsp;&nbsp; 4158247 |
| **Computers — 5.2%** | **Computers — 5.2%** | **Computers — 5.2%** |
| Accenture PLC, Class A | 11254 | &nbsp;&nbsp; 2231556 |
| Amdocs, Ltd. | 36357 | &nbsp;&nbsp; 2372658 |
| Apple, Inc. | 27448 | &nbsp;&nbsp; 6966028 |
| Cognizant Technology Solutions Corp., Class A | 13474 | &nbsp;&nbsp; 826630 |
| Dell Technologies, Inc., Class C | 1131 | &nbsp;&nbsp; 185631 |
| EPAM Systems, Inc.† | 218 | &nbsp;&nbsp; 29517 |
| Fortinet, Inc.† | 863 | &nbsp;&nbsp; 70524 |
| Gartner, Inc.† | 270 | &nbsp;&nbsp; 42752 |
| Hewlett Packard Enterprise Co. | 4930 | &nbsp;&nbsp; 117383 |
| HP, Inc. | 3268 | &nbsp;&nbsp; 62778 |
| International Business Machines Corp. | 1674 | &nbsp;&nbsp; 405761 |
| Leidos Holdings, Inc. | 474 | &nbsp;&nbsp; 73717 |
| NetApp, Inc. | 14053 | &nbsp;&nbsp; 1438887 |
| Seagate Technology Holdings PLC | 293 | &nbsp;&nbsp; 114786 |
| Super Micro Computer, Inc.† | 1924 | &nbsp;&nbsp; 43809 |
| Western Digital Corp. | 1278 | &nbsp;&nbsp; 345686 |
|  |  | &nbsp;&nbsp; 15328103 |
| **Cosmetics/Personal Care — 1.7%** | **Cosmetics/Personal Care — 1.7%** | **Cosmetics/Personal Care — 1.7%** |
| Colgate-Palmolive Co. | 11318 | &nbsp;&nbsp; 964633 |
| Estee Lauder Cos., Inc., Class A | 3865 | &nbsp;&nbsp; 277391 |
| Kenvue, Inc. | 7187 | &nbsp;&nbsp; 123904 |
| Procter & Gamble Co. | 8691 | &nbsp;&nbsp; 1255328 |
| Unilever PLC ADR | 43720 | &nbsp;&nbsp; 2490729 |
|  |  | &nbsp;&nbsp; 5111985 |
| **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** | **Distribution/Wholesale — 0.2%** |
| Copart, Inc.† | 3339 | &nbsp;&nbsp; 110855 |
| Fastenal Co. | 4279 | &nbsp;&nbsp; 198545 |
| Pool Corp. | 120 | &nbsp;&nbsp; 24280 |
| WW Grainger, Inc. | 162 | &nbsp;&nbsp; 176711 |
|  |  | &nbsp;&nbsp; 510391 |
| **Diversified Financial Services — 5.2%** | **Diversified Financial Services — 5.2%** | **Diversified Financial Services — 5.2%** |
| American Express Co. | 640 | &nbsp;&nbsp; 193587 |
| Ameriprise Financial, Inc. | 2524 | &nbsp;&nbsp; 1121666 |
| Apollo Global Management, Inc. | 811 | &nbsp;&nbsp; 90362 |
| Ares Management Corp., Class A | 13930 | &nbsp;&nbsp; 1519763 |
| Blackrock, Inc. | 2783 | &nbsp;&nbsp; 2676439 |
| Capital One Financial Corp. | 2347 | &nbsp;&nbsp; 428163 |
| Cboe Global Markets, Inc. | 195 | &nbsp;&nbsp; 54809 |
| Charles Schwab Corp. | 24849 | &nbsp;&nbsp; 2335309 |
| CME Group, Inc. | 599 | &nbsp;&nbsp; 176915 |
| Coinbase Global, Inc., Class A† | 837 | &nbsp;&nbsp; 146148 |
| Franklin Resources, Inc. | 1129 | &nbsp;&nbsp; 26667 |
| Intercontinental Exchange, Inc. | 2133 | &nbsp;&nbsp; 335478 |
| Invesco, Ltd. | 1635 | &nbsp;&nbsp; 39714 |
| LPL Financial Holdings, Inc. | 5152 | &nbsp;&nbsp; 1549876 |
| Mastercard, Inc., Class A | 1013 | &nbsp;&nbsp; 506156 |
| Nasdaq, Inc. | 19815 | &nbsp;&nbsp; 1682095 |
| Raymond James Financial, Inc. | 10477 | &nbsp;&nbsp; 1516965 |
| Synchrony Financial | 1291 | &nbsp;&nbsp; 87814 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| T. Rowe Price Group, Inc. | 803 | &nbsp;&nbsp; $72382 |
| Visa, Inc., Class A | 2838 | &nbsp;&nbsp; 857757 |
|  |  | &nbsp;&nbsp; 15418065 |
| **Electric — 4.5%** | **Electric — 4.5%** | **Electric — 4.5%** |
| AES Corp. | 2738 | &nbsp;&nbsp; 38578 |
| Alliant Energy Corp. | 958 | &nbsp;&nbsp; 68746 |
| Ameren Corp. | 1012 | &nbsp;&nbsp; 111239 |
| American Electric Power Co., Inc. | 18471 | &nbsp;&nbsp; 2421179 |
| CenterPoint Energy, Inc. | 2437 | &nbsp;&nbsp; 105181 |
| CMS Energy Corp. | 1123 | &nbsp;&nbsp; 87122 |
| Consolidated Edison, Inc. | 1358 | &nbsp;&nbsp; 153699 |
| Constellation Energy Corp. | 382 | &nbsp;&nbsp; 106674 |
| Dominion Energy, Inc. | 3185 | &nbsp;&nbsp; 196897 |
| DTE Energy Co. | 777 | &nbsp;&nbsp; 113613 |
| Duke Energy Corp. | 18839 | &nbsp;&nbsp; 2466779 |
| Edison International | 1436 | &nbsp;&nbsp; 105087 |
| Entergy Corp. | 1658 | &nbsp;&nbsp; 186293 |
| Evergy, Inc. | 862 | &nbsp;&nbsp; 70615 |
| Eversource Energy | 9862 | &nbsp;&nbsp; 683239 |
| Exelon Corp. | 3757 | &nbsp;&nbsp; 184168 |
| FirstEnergy Corp. | 1937 | &nbsp;&nbsp; 98128 |
| NextEra Energy, Inc. | 7780 | &nbsp;&nbsp; 722606 |
| NRG Energy, Inc. | 200 | &nbsp;&nbsp; 29228 |
| PG&E Corp. | 8277 | &nbsp;&nbsp; 145427 |
| Pinnacle West Capital Corp. | 441 | &nbsp;&nbsp; 44431 |
| PPL Corp. | 2762 | &nbsp;&nbsp; 105508 |
| Public Service Enterprise Group, Inc. | 1882 | &nbsp;&nbsp; 152348 |
| Sempra | 24125 | &nbsp;&nbsp; 2344226 |
| Southern Co. | 4129 | &nbsp;&nbsp; 398531 |
| WEC Energy Group, Inc. | 1222 | &nbsp;&nbsp; 141471 |
| Xcel Energy, Inc. | 25959 | &nbsp;&nbsp; 2062183 |
|  |  | &nbsp;&nbsp; 13343196 |
| **Electrical Components & Equipment — 1.4%** | **Electrical Components & Equipment — 1.4%** | **Electrical Components & Equipment — 1.4%** |
| AMETEK, Inc. | 858 | &nbsp;&nbsp; 183921 |
| Eaton Corp. PLC | 6073 | &nbsp;&nbsp; 2172130 |
| Emerson Electric Co. | 12932 | &nbsp;&nbsp; 1694351 |
| Generac Holdings, Inc.† | 219 | &nbsp;&nbsp; 42777 |
|  |  | &nbsp;&nbsp; 4093179 |
| **Electronics — 0.7%** | **Electronics — 0.7%** | **Electronics — 0.7%** |
| Allegion PLC | 144 | &nbsp;&nbsp; 20922 |
| Fortive Corp. | 1167 | &nbsp;&nbsp; 64512 |
| Garmin, Ltd. | 611 | &nbsp;&nbsp; 141758 |
| Honeywell International, Inc. | 5579 | &nbsp;&nbsp; 1261021 |
| Hubbell, Inc. | 197 | &nbsp;&nbsp; 96676 |
| Jabil, Inc. | 155 | &nbsp;&nbsp; 41173 |
| Keysight Technologies, Inc.† | 639 | &nbsp;&nbsp; 180434 |
| Mettler-Toledo International, Inc.† | 41 | &nbsp;&nbsp; 51709 |
| TE Connectivity PLC | 335 | &nbsp;&nbsp; 70022 |
| Trimble, Inc.† | 910 | &nbsp;&nbsp; 59359 |
|  |  | &nbsp;&nbsp; 1987586 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| Jacobs Solutions, Inc. | 434 | &nbsp;&nbsp; 55240 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Live Nation Entertainment, Inc.† | 276 | &nbsp;&nbsp; 42093 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| Pentair PLC | 626 | &nbsp;&nbsp; 54531 |
| Republic Services, Inc. | 745 | &nbsp;&nbsp; 163170 |

---

------

**Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| Veralto Corp. | 921 | &nbsp;&nbsp; $81435 |
| Waste Management, Inc. | 1384 | &nbsp;&nbsp; 318029 |
|  |  | &nbsp;&nbsp; 617165 |
| **Food — 1.5%** | **Food — 1.5%** | **Food — 1.5%** |
| Campbell's Co. | 777 | &nbsp;&nbsp; 17304 |
| Conagra Brands, Inc. | 1793 | &nbsp;&nbsp; 28186 |
| General Mills, Inc. | 14093 | &nbsp;&nbsp; 524541 |
| Hershey Co. | 556 | &nbsp;&nbsp; 115587 |
| Hormel Foods Corp. | 1042 | &nbsp;&nbsp; 23601 |
| J.M. Smucker Co. | 414 | &nbsp;&nbsp; 39926 |
| Kraft Heinz Co. | 3134 | &nbsp;&nbsp; 70484 |
| Kroger Co. | 2186 | &nbsp;&nbsp; 158179 |
| McCormick & Co., Inc. | 931 | &nbsp;&nbsp; 46959 |
| Mondelez International, Inc., Class A | 26762 | &nbsp;&nbsp; 1542562 |
| Sysco Corp. | 1806 | &nbsp;&nbsp; 128822 |
| Tyson Foods, Inc., Class A | 1057 | &nbsp;&nbsp; 67722 |
| US Foods Holding Corp.† | 18009 | &nbsp;&nbsp; 1660610 |
|  |  | &nbsp;&nbsp; 4424483 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| International Paper Co. | 1956 | &nbsp;&nbsp; 69829 |
| **Gas — 0.6%** | **Gas — 0.6%** | **Gas — 0.6%** |
| Atmos Energy Corp. | 9720 | &nbsp;&nbsp; 1795478 |
| NiSource, Inc. | 1812 | &nbsp;&nbsp; 84548 |
|  |  | &nbsp;&nbsp; 1880026 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| Snap-on, Inc. | 195 | &nbsp;&nbsp; 70828 |
| Stanley Black & Decker, Inc. | 570 | &nbsp;&nbsp; 40504 |
|  |  | &nbsp;&nbsp; 111332 |
| **Healthcare-Products — 2.4%** | **Healthcare-Products — 2.4%** | **Healthcare-Products — 2.4%** |
| Abbott Laboratories | 6496 | &nbsp;&nbsp; 666944 |
| Agilent Technologies, Inc. | 1065 | &nbsp;&nbsp; 121389 |
| Align Technology, Inc.† | 253 | &nbsp;&nbsp; 43372 |
| Baxter International, Inc. | 1970 | &nbsp;&nbsp; 33096 |
| Bio-Techne Corp. | 606 | &nbsp;&nbsp; 31670 |
| Boston Scientific Corp.† | 1839 | &nbsp;&nbsp; 115397 |
| Cooper Cos., Inc.† | 761 | &nbsp;&nbsp; 54411 |
| Danaher Corp. | 2355 | &nbsp;&nbsp; 446508 |
| Edwards Lifesciences Corp.† | 1167 | &nbsp;&nbsp; 93453 |
| GE HealthCare Technologies, Inc. | 1713 | &nbsp;&nbsp; 121931 |
| Hologic, Inc.† | 828 | &nbsp;&nbsp; 62589 |
| Medtronic PLC | 26576 | &nbsp;&nbsp; 2302810 |
| ResMed, Inc. | 239 | &nbsp;&nbsp; 53651 |
| Revvity, Inc. | 411 | &nbsp;&nbsp; 36008 |
| Solventum Corp.† | 537 | &nbsp;&nbsp; 35066 |
| STERIS PLC | 184 | &nbsp;&nbsp; 40688 |
| Stryker Corp. | 741 | &nbsp;&nbsp; 243485 |
| Thermo Fisher Scientific, Inc. | 1403 | &nbsp;&nbsp; 689617 |
| Waters Corp.† | 364 | &nbsp;&nbsp; 108399 |
| West Pharmaceutical Services, Inc. | 273 | &nbsp;&nbsp; 68425 |
| Zimmer Biomet Holdings, Inc. | 18396 | &nbsp;&nbsp; 1663366 |
|  |  | &nbsp;&nbsp; 7032275 |
| **Healthcare-Services — 3.3%** | **Healthcare-Services — 3.3%** | **Healthcare-Services — 3.3%** |
| Centene Corp.† | 1796 | &nbsp;&nbsp; 58801 |
| Charles River Laboratories International, Inc.† | 192 | &nbsp;&nbsp; 33120 |
| Cigna Group | 977 | &nbsp;&nbsp; 260615 |
| DaVita, Inc.† | 121 | &nbsp;&nbsp; 18596 |
| Elevance Health, Inc. | 7094 | &nbsp;&nbsp; 2076768 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| Humana, Inc. | 445 | &nbsp;&nbsp; $77159 |
| IQVIA Holdings, Inc.† | 7919 | &nbsp;&nbsp; 1350506 |
| Labcorp Holdings, Inc. | 3892 | &nbsp;&nbsp; 1038425 |
| Quest Diagnostics, Inc. | 393 | &nbsp;&nbsp; 77020 |
| UnitedHealth Group, Inc. | 14703 | &nbsp;&nbsp; 3978485 |
| Universal Health Services, Inc., Class B | 3767 | &nbsp;&nbsp; 674180 |
|  |  | &nbsp;&nbsp; 9643675 |
| **Home Builders — 0.4%** | **Home Builders — 0.4%** | **Home Builders — 0.4%** |
| D.R. Horton, Inc. | 1011 | &nbsp;&nbsp; 138730 |
| Lennar Corp., Class A | 798 | &nbsp;&nbsp; 69298 |
| NVR, Inc.† | 10 | &nbsp;&nbsp; 65898 |
| PulteGroup, Inc. | 6871 | &nbsp;&nbsp; 808098 |
|  |  | &nbsp;&nbsp; 1082024 |
| **Household Products/Wares — 0.8%** | **Household Products/Wares — 0.8%** | **Household Products/Wares — 0.8%** |
| Avery Dennison Corp. | 287 | &nbsp;&nbsp; 49559 |
| Church & Dwight Co., Inc. | 893 | &nbsp;&nbsp; 83335 |
| Clorox Co. | 463 | &nbsp;&nbsp; 47981 |
| Kimberly-Clark Corp. | 20832 | &nbsp;&nbsp; 2009663 |
|  |  | &nbsp;&nbsp; 2190538 |
| **Insurance — 5.1%** | **Insurance — 5.1%** | **Insurance — 5.1%** |
| Aflac, Inc. | 1757 | &nbsp;&nbsp; 192761 |
| Allstate Corp. | 4591 | &nbsp;&nbsp; 951898 |
| American International Group, Inc. | 2035 | &nbsp;&nbsp; 153134 |
| Aon PLC, Class A | 807 | &nbsp;&nbsp; 260483 |
| Arch Capital Group, Ltd.† | 1303 | &nbsp;&nbsp; 125075 |
| Arthur J. Gallagher & Co. | 958 | &nbsp;&nbsp; 207484 |
| Assurant, Inc. | 186 | &nbsp;&nbsp; 40513 |
| Berkshire Hathaway, Inc., Class B† | 4650 | &nbsp;&nbsp; 2228280 |
| Brown & Brown, Inc. | 1085 | &nbsp;&nbsp; 70753 |
| Chubb, Ltd. | 1355 | &nbsp;&nbsp; 441635 |
| Cincinnati Financial Corp. | 238 | &nbsp;&nbsp; 37449 |
| Erie Indemnity Co., Class A | 89 | &nbsp;&nbsp; 22367 |
| Everest Group, Ltd. | 159 | &nbsp;&nbsp; 51969 |
| Globe Life, Inc. | 304 | &nbsp;&nbsp; 42308 |
| Hartford Insurance Group, Inc. | 1049 | &nbsp;&nbsp; 141856 |
| Loews Corp. | 631 | &nbsp;&nbsp; 67353 |
| Marsh & McLennan Cos., Inc. | 29755 | &nbsp;&nbsp; 5161005 |
| MetLife, Inc. | 22837 | &nbsp;&nbsp; 1615033 |
| Principal Financial Group, Inc. | 699 | &nbsp;&nbsp; 62987 |
| Progressive Corp. | 7751 | &nbsp;&nbsp; 1536558 |
| Prudential Financial, Inc. | 1315 | &nbsp;&nbsp; 128462 |
| Reinsurance Group of America, Inc. | 5290 | &nbsp;&nbsp; 1080006 |
| Travelers Cos., Inc. | 812 | &nbsp;&nbsp; 236844 |
| W.R. Berkley Corp. | 469 | &nbsp;&nbsp; 31085 |
| Willis Towers Watson PLC | 357 | &nbsp;&nbsp; 103780 |
|  |  | &nbsp;&nbsp; 14991078 |
| **Internet — 4.0%** | **Internet — 4.0%** | **Internet — 4.0%** |
| Airbnb, Inc., Class A† | 842 | &nbsp;&nbsp; 106328 |
| Alphabet, Inc., Class A | 8209 | &nbsp;&nbsp; 2360580 |
| Alphabet, Inc., Class C | 4579 | &nbsp;&nbsp; 1313532 |
| Amazon.com, Inc.† | 17170 | &nbsp;&nbsp; 3575996 |
| CDW Corp. | 6626 | &nbsp;&nbsp; 801878 |
| eBay, Inc. | 436 | &nbsp;&nbsp; 39685 |
| F5, Inc.† | 11002 | &nbsp;&nbsp; 3183209 |
| Gen Digital, Inc. | 2130 | &nbsp;&nbsp; 40108 |
| GoDaddy, Inc., Class A† | 511 | &nbsp;&nbsp; 42244 |
| Palo Alto Networks, Inc.† | 1305 | &nbsp;&nbsp; 209217 |
|  |  | &nbsp;&nbsp; 11672777 |

---

------

**Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Iron/Steel — 0.3%** | **Iron/Steel — 0.3%** | **Iron/Steel — 0.3%** |
| Nucor Corp. | 861 | &nbsp;&nbsp; $145595 |
| Reliance, Inc. | 1946 | &nbsp;&nbsp; 591428 |
| Steel Dynamics, Inc. | 511 | &nbsp;&nbsp; 91980 |
|  |  | &nbsp;&nbsp; 829003 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| Norwegian Cruise Line Holdings, Ltd.† | 808 | &nbsp;&nbsp; 15110 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| MGM Resorts International† | 734 | &nbsp;&nbsp; 27165 |
| **Machinery-Diversified — 1.4%** | **Machinery-Diversified — 1.4%** | **Machinery-Diversified — 1.4%** |
| Deere & Co. | 937 | &nbsp;&nbsp; 527812 |
| Dover Corp. | 4473 | &nbsp;&nbsp; 932397 |
| IDEX Corp. | 285 | &nbsp;&nbsp; 54022 |
| Ingersoll Rand, Inc. | 1346 | &nbsp;&nbsp; 107842 |
| Middleby Corp.† | 9576 | &nbsp;&nbsp; 1269586 |
| Nordson Corp. | 203 | &nbsp;&nbsp; 54010 |
| Otis Worldwide Corp. | 1464 | &nbsp;&nbsp; 112845 |
| Rockwell Automation, Inc. | 194 | &nbsp;&nbsp; 69623 |
| Toro Co. | 8769 | &nbsp;&nbsp; 819375 |
| Westinghouse Air Brake Technologies Corp. | 645 | &nbsp;&nbsp; 161192 |
| Xylem, Inc. | 912 | &nbsp;&nbsp; 108984 |
|  |  | &nbsp;&nbsp; 4217688 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications, Inc., Class A† | 325 | &nbsp;&nbsp; 70161 |
| Comcast Corp., Class A | 13368 | &nbsp;&nbsp; 383795 |
| FactSet Research Systems, Inc. | 135 | &nbsp;&nbsp; 29294 |
| Fox Corp., Class A | 232 | &nbsp;&nbsp; 13549 |
| Fox Corp., Class B | 203 | &nbsp;&nbsp; 10779 |
| News Corp., Class A | 1445 | &nbsp;&nbsp; 36024 |
| News Corp., Class B | 503 | &nbsp;&nbsp; 14340 |
| Paramount Skydance Corp., Class B | 1143 | &nbsp;&nbsp; 10310 |
| Walt Disney Co. | 19819 | &nbsp;&nbsp; 1910155 |
| Warner Bros. Discovery, Inc.† | 9306 | &nbsp;&nbsp; 255543 |
|  |  | &nbsp;&nbsp; 2733950 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| Freeport-McMoRan, Inc. | 5374 | &nbsp;&nbsp; 315884 |
| **Miscellaneous Manufacturing — 1.5%** | **Miscellaneous Manufacturing — 1.5%** | **Miscellaneous Manufacturing — 1.5%** |
| 3M Co. | 11033 | &nbsp;&nbsp; 1602322 |
| A.O. Smith Corp. | 23606 | &nbsp;&nbsp; 1556580 |
| Axon Enterprise, Inc.† | 100 | &nbsp;&nbsp; 42469 |
| Illinois Tool Works, Inc. | 992 | &nbsp;&nbsp; 258208 |
| Parker-Hannifin Corp. | 206 | &nbsp;&nbsp; 184419 |
| Siemens AG | 2579 | &nbsp;&nbsp; 611714 |
| Teledyne Technologies, Inc.† | 176 | &nbsp;&nbsp; 106482 |
| Textron, Inc. | 668 | &nbsp;&nbsp; 58490 |
|  |  | &nbsp;&nbsp; 4420684 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| Zebra Technologies Corp., Class A† | 191 | &nbsp;&nbsp; 39934 |
| **Oil & Gas — 5.3%** | **Oil & Gas — 5.3%** | **Oil & Gas — 5.3%** |
| Antero Resources Corp.† | 30724 | &nbsp;&nbsp; 1303926 |
| APA Corp. | 1291 | &nbsp;&nbsp; 54790 |
| Chevron Corp. | 16571 | &nbsp;&nbsp; 3428540 |
| ConocoPhillips | 4574 | &nbsp;&nbsp; 603768 |
| Coterra Energy, Inc. | 23314 | &nbsp;&nbsp; 819254 |
| Devon Energy Corp. | 2341 | &nbsp;&nbsp; 117799 |
| Diamondback Energy, Inc. | 7570 | &nbsp;&nbsp; 1497270 |
| EOG Resources, Inc. | 2033 | &nbsp;&nbsp; 293911 |
| EQT Corp. | 2347 | &nbsp;&nbsp; 149363 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Expand Energy Corp. | 886 | &nbsp;&nbsp; $97265 |
| Exxon Mobil Corp. | 20050 | &nbsp;&nbsp; 3401683 |
| Marathon Petroleum Corp. | 7272 | &nbsp;&nbsp; 1775677 |
| Occidental Petroleum Corp. | 2705 | &nbsp;&nbsp; 175825 |
| Phillips 66 | 1509 | &nbsp;&nbsp; 274910 |
| Texas Pacific Land Corp. | 216 | &nbsp;&nbsp; 102505 |
| TotalEnergies SE | 13717 | &nbsp;&nbsp; 1247973 |
| Valero Energy Corp. | 1141 | &nbsp;&nbsp; 281918 |
|  |  | &nbsp;&nbsp; 15626377 |
| **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** | **Oil & Gas Services — 0.8%** |
| Baker Hughes Co. | 29765 | &nbsp;&nbsp; 1817153 |
| Halliburton Co. | 3148 | &nbsp;&nbsp; 122741 |
| SLB, Ltd. | 5554 | &nbsp;&nbsp; 285420 |
|  |  | &nbsp;&nbsp; 2225314 |
| **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
| Amcor PLC | 1709 | &nbsp;&nbsp; 67933 |
| Ball Corp. | 1017 | &nbsp;&nbsp; 60115 |
| Packaging Corp. of America | 4253 | &nbsp;&nbsp; 902571 |
| Smurfit WestRock PLC | 1986 | &nbsp;&nbsp; 79142 |
|  |  | &nbsp;&nbsp; 1109761 |
| **Pharmaceuticals — 8.7%** | **Pharmaceuticals — 8.7%** | **Pharmaceuticals — 8.7%** |
| AbbVie, Inc. | 3566 | &nbsp;&nbsp; 775569 |
| AstraZeneca PLC (NYSE) | 6641 | &nbsp;&nbsp; 1309738 |
| Becton Dickinson & Co. | 14457 | &nbsp;&nbsp; 2273074 |
| Bristol-Myers Squibb Co. | 7609 | &nbsp;&nbsp; 461486 |
| Cardinal Health, Inc. | 868 | &nbsp;&nbsp; 183417 |
| Cencora, Inc. | 728 | &nbsp;&nbsp; 228694 |
| CVS Health Corp. | 10869 | &nbsp;&nbsp; 780612 |
| Dexcom, Inc.† | 724 | &nbsp;&nbsp; 45467 |
| Eli Lilly & Co. | 1446 | &nbsp;&nbsp; 1329988 |
| Henry Schein, Inc.† | 13409 | &nbsp;&nbsp; 988243 |
| Johnson & Johnson | 21593 | &nbsp;&nbsp; 5278193 |
| McKesson Corp. | 463 | &nbsp;&nbsp; 400662 |
| Merck & Co., Inc. | 39839 | &nbsp;&nbsp; 4792233 |
| Pfizer, Inc. | 103310 | &nbsp;&nbsp; 2900945 |
| Roche Holding AG | 1796 | &nbsp;&nbsp; 709179 |
| Roche Holding AG ADR | 23487 | &nbsp;&nbsp; 1167539 |
| Viatris, Inc. | 4296 | &nbsp;&nbsp; 58039 |
| Zoetis, Inc. | 15211 | &nbsp;&nbsp; 1798092 |
|  |  | &nbsp;&nbsp; 25481170 |
| **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |
| Kinder Morgan, Inc. | 7332 | &nbsp;&nbsp; 245842 |
| ONEOK, Inc. | 16262 | &nbsp;&nbsp; 1469922 |
| Targa Resources Corp. | 8426 | &nbsp;&nbsp; 2112651 |
| Williams Cos., Inc. | 4564 | &nbsp;&nbsp; 332168 |
|  |  | &nbsp;&nbsp; 4160583 |
| **Private Equity — 0.7%** | **Private Equity — 0.7%** | **Private Equity — 0.7%** |
| Blackstone, Inc. | 2810 | &nbsp;&nbsp; 323122 |
| KKR & Co., Inc. | 17249 | &nbsp;&nbsp; 1595532 |
|  |  | &nbsp;&nbsp; 1918654 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| CBRE Group, Inc., Class A† | 1082 | &nbsp;&nbsp; 146568 |
| CoStar Group, Inc.† | 1563 | &nbsp;&nbsp; 63051 |
|  |  | &nbsp;&nbsp; 209619 |
| **REITS — 2.9%** | **REITS — 2.9%** | **REITS — 2.9%** |
| Alexandria Real Estate Equities, Inc. | 572 | &nbsp;&nbsp; 26552 |
| American Tower Corp. | 6215 | &nbsp;&nbsp; 1072585 |

---

------

**Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| AvalonBay Communities, Inc. | 526 | &nbsp;&nbsp; $85922 |
| BXP, Inc. | 555 | &nbsp;&nbsp; 28805 |
| Camden Property Trust | 398 | &nbsp;&nbsp; 38869 |
| Crown Castle, Inc. | 20702 | &nbsp;&nbsp; 1683280 |
| Digital Realty Trust, Inc. | 1205 | &nbsp;&nbsp; 217153 |
| Equinix, Inc. | 366 | &nbsp;&nbsp; 358768 |
| Equity Residential | 22888 | &nbsp;&nbsp; 1353825 |
| Essex Property Trust, Inc. | 247 | &nbsp;&nbsp; 59774 |
| Extra Space Storage, Inc. | 794 | &nbsp;&nbsp; 104117 |
| Federal Realty Investment Trust | 283 | &nbsp;&nbsp; 30057 |
| Gaming & Leisure Properties, Inc. | 30016 | &nbsp;&nbsp; 1331810 |
| Healthpeak Properties, Inc. | 2578 | &nbsp;&nbsp; 42357 |
| Host Hotels & Resorts, Inc. | 2411 | &nbsp;&nbsp; 46195 |
| Invitation Homes, Inc. | 2059 | &nbsp;&nbsp; 51166 |
| Iron Mountain, Inc. | 1108 | &nbsp;&nbsp; 113171 |
| Kimco Realty Corp. | 2579 | &nbsp;&nbsp; 57950 |
| Mid-America Apartment Communities, Inc. | 447 | &nbsp;&nbsp; 54588 |
| Prologis, Inc. | 3480 | &nbsp;&nbsp; 459986 |
| Public Storage | 585 | &nbsp;&nbsp; 158465 |
| Realty Income Corp. | 11052 | &nbsp;&nbsp; 676161 |
| Regency Centers Corp. | 600 | &nbsp;&nbsp; 45396 |
| SBA Communications Corp. | 394 | &nbsp;&nbsp; 67811 |
| Simon Property Group, Inc. | 724 | &nbsp;&nbsp; 135048 |
| UDR, Inc. | 1126 | &nbsp;&nbsp; 38036 |
| Ventas, Inc. | 832 | &nbsp;&nbsp; 68041 |
| VICI Properties, Inc. | 4006 | &nbsp;&nbsp; 109444 |
| Weyerhaeuser Co. | 2723 | &nbsp;&nbsp; 66523 |
|  |  | &nbsp;&nbsp; 8581855 |
| **Retail — 4.9%** | **Retail — 4.9%** | **Retail — 4.9%** |
| AutoZone, Inc.† | 21 | &nbsp;&nbsp; 70933 |
| Best Buy Co., Inc. | 737 | &nbsp;&nbsp; 47315 |
| Carvana Co.† | 257 | &nbsp;&nbsp; 80796 |
| Chipotle Mexican Grill, Inc.† | 4800 | &nbsp;&nbsp; 153648 |
| Costco Wholesale Corp. | 1656 | &nbsp;&nbsp; 1650088 |
| Darden Restaurants, Inc. | 431 | &nbsp;&nbsp; 84493 |
| Dick's Sporting Goods, Inc. | 7435 | &nbsp;&nbsp; 1474286 |
| Dollar General Corp. | 825 | &nbsp;&nbsp; 97952 |
| Dollar Tree, Inc.† | 702 | &nbsp;&nbsp; 76876 |
| Domino's Pizza, Inc. | 116 | &nbsp;&nbsp; 41620 |
| Ferguson Enterprises, Inc. | 5826 | &nbsp;&nbsp; 1358973 |
| Genuine Parts Co. | 527 | &nbsp;&nbsp; 55730 |
| Home Depot, Inc. | 3720 | &nbsp;&nbsp; 1223471 |
| Industria de Diseno Textil SA ADR | 119961 | &nbsp;&nbsp; 1726239 |
| Lowe's Cos., Inc. | 2091 | &nbsp;&nbsp; 494061 |
| Lululemon Athletica, Inc.† | 396 | &nbsp;&nbsp; 60628 |
| McDonald's Corp. | 1494 | &nbsp;&nbsp; 464320 |
| MSC Industrial Direct Co., Inc., Class A | 11578 | &nbsp;&nbsp; 1068302 |
| Ross Stores, Inc. | 632 | &nbsp;&nbsp; 136910 |
| Starbucks Corp. | 4241 | &nbsp;&nbsp; 379951 |
| Target Corp. | 8746 | &nbsp;&nbsp; 1060015 |
| TJX Cos., Inc. | 1864 | &nbsp;&nbsp; 297681 |
| Tractor Supply Co. | 1972 | &nbsp;&nbsp; 89332 |
| Walmart, Inc. | 16389 | &nbsp;&nbsp; 2036825 |
| Williams-Sonoma, Inc. | 453 | &nbsp;&nbsp; 82596 |
| Yum! Brands, Inc. | 525 | &nbsp;&nbsp; 81627 |
|  |  | &nbsp;&nbsp; 14394668 |
| **Semiconductors — 3.8%** | **Semiconductors — 3.8%** | **Semiconductors — 3.8%** |
| Analog Devices, Inc. | 6498 | &nbsp;&nbsp; 2067274 |
| Broadcom, Inc. | 4777 | &nbsp;&nbsp; 1478529 |
| Infineon Technologies AG | 16455 | &nbsp;&nbsp; 723003 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Intel Corp.† | 17555 | &nbsp;&nbsp; $774702 |
| Microchip Technology, Inc. | 2036 | &nbsp;&nbsp; 131546 |
| NVIDIA Corp. | 7836 | &nbsp;&nbsp; 1366599 |
| NXP Semiconductors NV | 9621 | &nbsp;&nbsp; 1893990 |
| ON Semiconductor Corp.† | 1496 | &nbsp;&nbsp; 92633 |
| QUALCOMM, Inc. | 15714 | &nbsp;&nbsp; 2023649 |
| Skyworks Solutions, Inc. | 533 | &nbsp;&nbsp; 28542 |
| Teradyne, Inc. | 242 | &nbsp;&nbsp; 71743 |
| Texas Instruments, Inc. | 3393 | &nbsp;&nbsp; 658717 |
|  |  | &nbsp;&nbsp; 11310927 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries, Inc. | 146 | &nbsp;&nbsp; 55465 |
| **Software — 2.8%** | **Software — 2.8%** | **Software — 2.8%** |
| Adobe, Inc.† | 1528 | &nbsp;&nbsp; 371426 |
| Akamai Technologies, Inc.† | 526 | &nbsp;&nbsp; 60411 |
| Autodesk, Inc.† | 332 | &nbsp;&nbsp; 79481 |
| Broadridge Financial Solutions, Inc. | 432 | &nbsp;&nbsp; 70191 |
| Cadence Design Systems, Inc.† | 376 | &nbsp;&nbsp; 104479 |
| Electronic Arts, Inc. | 442 | &nbsp;&nbsp; 90111 |
| Fair Isaac Corp.† | 46 | &nbsp;&nbsp; 49107 |
| Fidelity National Information Services, Inc. | 21398 | &nbsp;&nbsp; 1003780 |
| Fiserv, Inc.† | 2013 | &nbsp;&nbsp; 112325 |
| Intuit, Inc. | 456 | &nbsp;&nbsp; 197165 |
| Jack Henry & Associates, Inc. | 272 | &nbsp;&nbsp; 42987 |
| Microsoft Corp. | 7935 | &nbsp;&nbsp; 2937299 |
| MSCI, Inc. | 133 | &nbsp;&nbsp; 71688 |
| Oracle Corp. | 3055 | &nbsp;&nbsp; 449421 |
| Paychex, Inc. | 1204 | &nbsp;&nbsp; 110913 |
| PTC, Inc.† | 441 | &nbsp;&nbsp; 62838 |
| Roper Technologies, Inc. | 404 | &nbsp;&nbsp; 142959 |
| Salesforce, Inc. | 9380 | &nbsp;&nbsp; 1750965 |
| ServiceNow, Inc.† | 1526 | &nbsp;&nbsp; 159543 |
| Synopsys, Inc.† | 710 | &nbsp;&nbsp; 281501 |
| Take-Two Interactive Software, Inc.† | 320 | &nbsp;&nbsp; 63200 |
| Tyler Technologies, Inc.† | 163 | &nbsp;&nbsp; 55808 |
| Workday, Inc., Class A† | 454 | &nbsp;&nbsp; 58984 |
|  |  | &nbsp;&nbsp; 8326582 |
| **Telecommunications — 3.2%** | **Telecommunications — 3.2%** | **Telecommunications — 3.2%** |
| AT&T, Inc. | 26279 | &nbsp;&nbsp; 761828 |
| Cisco Systems, Inc. | 54446 | &nbsp;&nbsp; 4224465 |
| Corning, Inc. | 908 | &nbsp;&nbsp; 123461 |
| Motorola Solutions, Inc. | 619 | &nbsp;&nbsp; 268628 |
| T-Mobile US, Inc. | 10026 | &nbsp;&nbsp; 2105761 |
| Verizon Communications, Inc. | 40816 | &nbsp;&nbsp; 2048963 |
|  |  | &nbsp;&nbsp; 9533106 |
| **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |
| Hasbro, Inc. | 514 | &nbsp;&nbsp; 48110 |
| **Transportation — 1.7%** | **Transportation — 1.7%** | **Transportation — 1.7%** |
| C.H. Robinson Worldwide, Inc. | 449 | &nbsp;&nbsp; 74565 |
| CSX Corp. | 31640 | &nbsp;&nbsp; 1298822 |
| Expeditors International of Washington, Inc. | 492 | &nbsp;&nbsp; 70469 |
| FedEx Corp. | 808 | &nbsp;&nbsp; 287794 |
| JB Hunt Transport Services, Inc. | 282 | &nbsp;&nbsp; 59756 |
| Norfolk Southern Corp. | 7799 | &nbsp;&nbsp; 2238313 |
| Old Dominion Freight Line, Inc. | 691 | &nbsp;&nbsp; 135021 |
| Union Pacific Corp. | 2216 | &nbsp;&nbsp; 537646 |
| United Parcel Service, Inc., Class B | 2755 | &nbsp;&nbsp; 271037 |
|  |  | &nbsp;&nbsp; 4973423 |

---

------

**Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Water — 0.0%** | **Water — 0.0%** | **Water — 0.0%** |
| American Water Works Co., Inc. | 724 | &nbsp;&nbsp; $98529 |
| **Total Common Stocks** <br>(cost $267,913,809)<br>|  | &nbsp;&nbsp; 292340700 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** |
| iShares S&P 500 Value ETF <br>(cost $55,848)<br>| 283 | &nbsp;&nbsp; 59755 |
| **Total Long-Term Investment Securities** <br>(cost $267,969,657)<br>|  | &nbsp;&nbsp; 292400455 |
| **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%** |
| State Street Institutional U.S. Government Money Market <br> Fund, Premier Class <br>3.60%(1) <br>(cost $322,186)<br>| 322186 | &nbsp;&nbsp; 322186 |
| **REPURCHASE AGREEMENTS — 0.4%** | **REPURCHASE AGREEMENTS — 0.4%** | **REPURCHASE AGREEMENTS — 0.4%** |
| Bank of America Securities LLC Joint Repurchase <br> Agreement(2)<br>| $220000 | &nbsp;&nbsp; 220000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| Barclays Capital, Inc. Joint Repurchase Agreement(2) | $245000 | &nbsp;&nbsp; $245000 |
| BNP Paribas SA Joint Repurchase Agreement(2) | 235000 | &nbsp;&nbsp; 235000 |
| Deutsche Bank AG Joint Repurchase Agreement(2) | 220000 | &nbsp;&nbsp; 220000 |
| RBS Securities, Inc. Joint Repurchase Agreement(2) | 220000 | &nbsp;&nbsp; 220000 |
| **Total Repurchase Agreements** <br>(cost $1,140,000)<br>|  | &nbsp;&nbsp; 1140000 |
| **TOTAL INVESTMENTS** <br>(cost $269,431,843)(3)<br>| 99.8<br> %<br>| &nbsp;&nbsp; 293862641 |
| Other assets less liabilities | 0.2 | &nbsp;&nbsp; 709399 |
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $294572040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Non-income producing security

&nbsp;&nbsp;&nbsp;&nbsp;(1) The rate shown is the 7-day yield as of March 31, 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;(3) See Note 4 for cost of investments on a tax basis.

ADR—American Depositary Receipt <br> ETF—Exchange Traded Fund <br> NYSE—New York Stock Exchange

**Futures Contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number** <br>**of** <br>**Contracts**<br>| **Type** | **Description** | &nbsp;&nbsp; **Expiration** <br>**Month**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Basis\***<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value\***<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| 3 | Long | E-Mini Russell 1000 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $317005 | &nbsp;&nbsp;&nbsp;&nbsp; $317445 | &nbsp;&nbsp;&nbsp;&nbsp; $440 |
| 3 | Long | Micro E-mini S&P 500 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; 98451 | &nbsp;&nbsp;&nbsp;&nbsp; 98561 | &nbsp;&nbsp;&nbsp;&nbsp; 110 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $550 |

---

\* 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** | **Delivery** <br>**Date**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>|
| Bank of America, N.A. | CHF | &nbsp;&nbsp; 476299 | USD | &nbsp;&nbsp; 608900 | &nbsp;&nbsp; 04/27/2026 | &nbsp;&nbsp; $11582 | &nbsp;&nbsp; $— |
|  | EUR | &nbsp;&nbsp; 3060244 | USD | &nbsp;&nbsp; 3566792 | &nbsp;&nbsp; 04/27/2026 | &nbsp;&nbsp; 25407 | &nbsp;&nbsp; — |
|  | GBP | &nbsp;&nbsp; 860394 | USD | &nbsp;&nbsp; 1159033 | &nbsp;&nbsp; 04/27/2026 | &nbsp;&nbsp; 20252 | &nbsp;&nbsp; — |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp; $57241 | &nbsp;&nbsp; $— |

---

---

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

---

------

**Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Beverages | &nbsp;&nbsp; $5491470 | &nbsp;&nbsp; $1623861 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7115331 |
| Miscellaneous Manufacturing | &nbsp;&nbsp; 3808970 | &nbsp;&nbsp; 611714 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4420684 |
| Pharmaceuticals | &nbsp;&nbsp; 24771991 | &nbsp;&nbsp; 709179 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25481170 |
| Semiconductors | &nbsp;&nbsp; 10587924 | &nbsp;&nbsp; 723003 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11310927 |
| Other Industries | &nbsp;&nbsp; 244012588 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 244012588 |
| Unaffiliated Investment Companies | &nbsp;&nbsp; 59755 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59755 |
| Short-Term Investments | &nbsp;&nbsp; 322186 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 322186 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1140000 |
| **Total Investments at Value** | &nbsp;&nbsp; $289054884 | &nbsp;&nbsp; $4807757 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $293862641 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $550 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $550 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 57241 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57241 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; $550 | &nbsp;&nbsp; $57241 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $57791 |

---

---

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

---

See Notes to Financial Statements

------

**Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| Trade Desk, Inc., Class A† | 7482 | &nbsp;&nbsp; $169767 |
| **Aerospace/Defense — 7.0%** | **Aerospace/Defense — 7.0%** | **Aerospace/Defense — 7.0%** |
| Curtiss-Wright Corp. | 104 | &nbsp;&nbsp; 70836 |
| FTAI Aviation, Ltd. | 8242 | &nbsp;&nbsp; 2019290 |
| HEICO Corp. | 2552 | &nbsp;&nbsp; 699758 |
| HEICO Corp., Class A | 1280 | &nbsp;&nbsp; 270195 |
| Howmet Aerospace, Inc. | 21605 | &nbsp;&nbsp; 4979088 |
| Karman Holdings, Inc.† | 2073 | &nbsp;&nbsp; 165944 |
| Kratos Defense & Security Solutions, Inc.† | 8192 | &nbsp;&nbsp; 577618 |
| Leonardo DRS, Inc. | 1814 | &nbsp;&nbsp; 80759 |
| Loar Holdings, Inc.† | 1795 | &nbsp;&nbsp; 102836 |
| Rocket Lab Corp.† | 15668 | &nbsp;&nbsp; 1006199 |
| StandardAero, Inc.† | 2614 | &nbsp;&nbsp; 67520 |
|  |  | &nbsp;&nbsp; 10040043 |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| Darling Ingredients, Inc.† | 306 | &nbsp;&nbsp; 18926 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| Alaska Air Group, Inc.† | 352 | &nbsp;&nbsp; 12946 |
| American Airlines Group, Inc.† | 706 | &nbsp;&nbsp; 7582 |
| Southwest Airlines Co. | 838 | &nbsp;&nbsp; 31484 |
| United Airlines Holdings, Inc.† | 595 | &nbsp;&nbsp; 54782 |
|  |  | &nbsp;&nbsp; 106794 |
| **Apparel — 1.9%** | **Apparel — 1.9%** | **Apparel — 1.9%** |
| Birkenstock Holding PLC† | 1319 | &nbsp;&nbsp; 47260 |
| Deckers Outdoor Corp.† | 2477 | &nbsp;&nbsp; 247923 |
| On Holding AG, Class A† | 29634 | &nbsp;&nbsp; 1008149 |
| Ralph Lauren Corp. | 514 | &nbsp;&nbsp; 176811 |
| Tapestry, Inc. | 8506 | &nbsp;&nbsp; 1200281 |
|  |  | &nbsp;&nbsp; 2680424 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| Allison Transmission Holdings, Inc. | 234 | &nbsp;&nbsp; 27393 |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| Bank of New York Mellon Corp. | 3080 | &nbsp;&nbsp; 365380 |
| East West Bancorp, Inc. | 891 | &nbsp;&nbsp; 95123 |
| Popular, Inc. | 103 | &nbsp;&nbsp; 13820 |
| Western Alliance Bancorp | 393 | &nbsp;&nbsp; 27844 |
|  |  | &nbsp;&nbsp; 502167 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Celsius Holdings, Inc.† | 6233 | &nbsp;&nbsp; 221147 |
| Coca-Cola Consolidated, Inc. | 128 | &nbsp;&nbsp; 24542 |
| Monster Beverage Corp.† | 3178 | &nbsp;&nbsp; 230278 |
|  |  | &nbsp;&nbsp; 475967 |
| **Biotechnology — 4.2%** | **Biotechnology — 4.2%** | **Biotechnology — 4.2%** |
| Alnylam Pharmaceuticals, Inc.† | 4258 | &nbsp;&nbsp; 1408845 |
| Apellis Pharmaceuticals, Inc.† | 1866 | &nbsp;&nbsp; 75069 |
| Argenx SE ADR† | 843 | &nbsp;&nbsp; 615601 |
| BeOne Medicines, Ltd. ADR† | 203 | &nbsp;&nbsp; 60285 |
| Exelixis, Inc.† | 3654 | &nbsp;&nbsp; 156720 |
| Halozyme Therapeutics, Inc.† | 1988 | &nbsp;&nbsp; 128484 |
| Illumina, Inc.† | 5238 | &nbsp;&nbsp; 645636 |
| Incyte Corp.† | 707 | &nbsp;&nbsp; 66543 |
| Insmed, Inc.† | 6404 | &nbsp;&nbsp; 1047182 |
| Ionis Pharmaceuticals, Inc.† | 8900 | &nbsp;&nbsp; 668301 |
| Kymera Therapeutics, Inc.† | 1228 | &nbsp;&nbsp; 102280 |
| Nuvalent, Inc., Class A† | 575 | &nbsp;&nbsp; 58909 |
| Revolution Medicines, Inc.† | 620 | &nbsp;&nbsp; 60295 |
| Sarepta Therapeutics, Inc.† | 1281 | &nbsp;&nbsp; 27875 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Structure Therapeutics, Inc.† | 5471 | &nbsp;&nbsp; $263702 |
| Summit Therapeutics, Inc.† | 4091 | &nbsp;&nbsp; 77565 |
| Ultragenyx Pharmaceutical, Inc.† | 1562 | &nbsp;&nbsp; 32724 |
| United Therapeutics Corp.† | 935 | &nbsp;&nbsp; 554436 |
| Viking Therapeutics, Inc.† | 132 | &nbsp;&nbsp; 4295 |
|  |  | &nbsp;&nbsp; 6054747 |
| **Building Materials — 0.5%** | **Building Materials — 0.5%** | **Building Materials — 0.5%** |
| AAON, Inc. | 1664 | &nbsp;&nbsp; 137696 |
| Armstrong World Industries, Inc. | 217 | &nbsp;&nbsp; 35762 |
| Carlisle Cos., Inc. | 85 | &nbsp;&nbsp; 28358 |
| Eagle Materials, Inc. | 33 | &nbsp;&nbsp; 6252 |
| James Hardie Industries PLC† | 1610 | &nbsp;&nbsp; 30493 |
| Lennox International, Inc. | 885 | &nbsp;&nbsp; 410755 |
| Louisiana-Pacific Corp. | 615 | &nbsp;&nbsp; 44741 |
| Simpson Manufacturing Co., Inc. | 58 | &nbsp;&nbsp; 9954 |
|  |  | &nbsp;&nbsp; 704011 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| Sensient Technologies Corp. | 583 | &nbsp;&nbsp; 50394 |
| Solstice Advanced Materials, Inc. | 643 | &nbsp;&nbsp; 48971 |
|  |  | &nbsp;&nbsp; 99365 |
| **Commercial Services — 5.2%** | **Commercial Services — 5.2%** | **Commercial Services — 5.2%** |
| Affirm Holdings, Inc.† | 5383 | &nbsp;&nbsp; 246649 |
| API Group Corp.† | 1723 | &nbsp;&nbsp; 69816 |
| Avis Budget Group, Inc.† | 105 | &nbsp;&nbsp; 15314 |
| Block, Inc.† | 7867 | &nbsp;&nbsp; 473436 |
| Booz Allen Hamilton Holding Corp. | 3941 | &nbsp;&nbsp; 307516 |
| Bright Horizons Family Solutions, Inc.† | 714 | &nbsp;&nbsp; 58641 |
| Corpay, Inc.† | 2421 | &nbsp;&nbsp; 704487 |
| Equifax, Inc. | 612 | &nbsp;&nbsp; 110203 |
| EquipmentShare.com, Inc., Class A† | 5332 | &nbsp;&nbsp; 108613 |
| Global Payments, Inc. | 671 | &nbsp;&nbsp; 45158 |
| Grand Canyon Education, Inc.† | 136 | &nbsp;&nbsp; 23124 |
| H&R Block, Inc. | 373 | &nbsp;&nbsp; 11839 |
| Morningstar, Inc. | 248 | &nbsp;&nbsp; 41924 |
| NIQ Global Intelligence PLC† | 344 | &nbsp;&nbsp; 3911 |
| Paylocity Holding Corp.† | 1485 | &nbsp;&nbsp; 160439 |
| Quanta Services, Inc. | 5933 | &nbsp;&nbsp; 3257336 |
| Rollins, Inc. | 5116 | &nbsp;&nbsp; 273246 |
| Service Corp. International | 682 | &nbsp;&nbsp; 56272 |
| Shift4 Payments, Inc., Class A† | 1146 | &nbsp;&nbsp; 50115 |
| Toast, Inc., Class A† | 16067 | &nbsp;&nbsp; 425936 |
| U-Haul Holding Co. † | 62 | &nbsp;&nbsp; 2962 |
| U-Haul Holding Co. (Non-Voting) | 660 | &nbsp;&nbsp; 29482 |
| UL Solutions, Inc., Class A | 2529 | &nbsp;&nbsp; 216761 |
| Valvoline, Inc.† | 5484 | &nbsp;&nbsp; 184701 |
| Verisk Analytics, Inc. | 2908 | &nbsp;&nbsp; 551793 |
| WEX, Inc.† | 45 | &nbsp;&nbsp; 6887 |
| WillScot Holdings Corp. | 759 | &nbsp;&nbsp; 13176 |
|  |  | &nbsp;&nbsp; 7449737 |
| **Computer Data Security — 0.0%** | **Computer Data Security — 0.0%** | **Computer Data Security — 0.0%** |
| Snyk, Ltd.†(1)(2) | 4274 | &nbsp;&nbsp; 20643 |
| **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** |
| Canva, Inc., Class B†(1)(2) | 41 | &nbsp;&nbsp; 68602 |
| **Computers — 1.9%** | **Computers — 1.9%** | **Computers — 1.9%** |
| Everpure, Inc., Class A† | 8506 | &nbsp;&nbsp; 502194 |
| CACI International, Inc., Class A† | 107 | &nbsp;&nbsp; 58194 |
| ExlService Holdings, Inc.† | 3823 | &nbsp;&nbsp; 116410 |
| Figure Technology Solutions, Inc., Class A† | 111 | &nbsp;&nbsp; 3768 |
| Gartner, Inc.† | 1196 | &nbsp;&nbsp; 189375 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| Globant SA† | 86 | &nbsp;&nbsp; $3965 |
| KBR, Inc. | 157 | &nbsp;&nbsp; 5787 |
| Kyndryl Holdings, Inc.† | 244 | &nbsp;&nbsp; 3201 |
| Lumentum Holdings, Inc.† | 193 | &nbsp;&nbsp; 135633 |
| NetApp, Inc. | 1333 | &nbsp;&nbsp; 136486 |
| Okta, Inc.† | 2398 | &nbsp;&nbsp; 188747 |
| Rubrik, Inc., Class A† | 2749 | &nbsp;&nbsp; 134619 |
| Sandisk Corp.† | 896 | &nbsp;&nbsp; 569265 |
| Seagate Technology Holdings PLC | 179 | &nbsp;&nbsp; 70125 |
| Super Micro Computer, Inc.† | 4034 | &nbsp;&nbsp; 91854 |
| Zscaler, Inc.† | 3744 | &nbsp;&nbsp; 525246 |
|  |  | &nbsp;&nbsp; 2734869 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
| e.l.f. Beauty, Inc.† | 569 | &nbsp;&nbsp; 34487 |
| Estee Lauder Cos., Inc., Class A | 815 | &nbsp;&nbsp; 58493 |
|  |  | &nbsp;&nbsp; 92980 |
| **Distribution/Wholesale — 1.8%** | **Distribution/Wholesale — 1.8%** | **Distribution/Wholesale — 1.8%** |
| Core & Main, Inc., Class A† | 3167 | &nbsp;&nbsp; 156450 |
| Fastenal Co. | 29275 | &nbsp;&nbsp; 1358360 |
| Pool Corp. | 102 | &nbsp;&nbsp; 20638 |
| RB Global, Inc. | 193 | &nbsp;&nbsp; 18499 |
| SiteOne Landscape Supply, Inc.† | 244 | &nbsp;&nbsp; 32479 |
| WW Grainger, Inc. | 872 | &nbsp;&nbsp; 951186 |
|  |  | &nbsp;&nbsp; 2537612 |
| **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** |
| Ally Financial, Inc. | 563 | &nbsp;&nbsp; 22087 |
| Ameriprise Financial, Inc. | 2996 | &nbsp;&nbsp; 1331423 |
| Ares Management Corp., Class A | 5129 | &nbsp;&nbsp; 559574 |
| Blue Owl Capital, Inc. | 10826 | &nbsp;&nbsp; 98841 |
| Circle Internet Group, Inc.† | 301 | &nbsp;&nbsp; 28719 |
| Coinbase Global, Inc., Class A† | 769 | &nbsp;&nbsp; 134275 |
| Credit Acceptance Corp.† | 9 | &nbsp;&nbsp; 3811 |
| Evercore, Inc., Class A | 2507 | &nbsp;&nbsp; 748365 |
| Freedom Holding Corp.† | 261 | &nbsp;&nbsp; 37814 |
| Hamilton Lane, Inc., Class A | 456 | &nbsp;&nbsp; 45326 |
| Houlihan Lokey, Inc. | 352 | &nbsp;&nbsp; 50554 |
| Interactive Brokers Group, Inc., Class A | 7370 | &nbsp;&nbsp; 494306 |
| Invesco, Ltd. | 2231 | &nbsp;&nbsp; 54191 |
| Jefferies Financial Group, Inc. | 660 | &nbsp;&nbsp; 27238 |
| Lazard, Inc. | 1561 | &nbsp;&nbsp; 66311 |
| LPL Financial Holdings, Inc. | 2882 | &nbsp;&nbsp; 866992 |
| Rocket Cos., Inc., Class A† | 2974 | &nbsp;&nbsp; 42380 |
| SLM Corp. | 2379 | &nbsp;&nbsp; 50934 |
| SoFi Technologies, Inc.† | 2826 | &nbsp;&nbsp; 44877 |
| StepStone Group, Inc., Class A | 1053 | &nbsp;&nbsp; 50249 |
| Stifel Financial Corp. | 739 | &nbsp;&nbsp; 54627 |
| TPG, Inc. | 3365 | &nbsp;&nbsp; 136316 |
| Tradeweb Markets, Inc., Class A | 5758 | &nbsp;&nbsp; 677486 |
| UWM Holdings Corp. | 357 | &nbsp;&nbsp; 1292 |
| XP, Inc., Class A | 625 | &nbsp;&nbsp; 11900 |
|  |  | &nbsp;&nbsp; 5639888 |
| **Electric — 2.6%** | **Electric — 2.6%** | **Electric — 2.6%** |
| IDACORP, Inc. | 503 | &nbsp;&nbsp; 71914 |
| NRG Energy, Inc. | 13536 | &nbsp;&nbsp; 1978151 |
| Vistra Corp. | 11517 | &nbsp;&nbsp; 1731351 |
|  |  | &nbsp;&nbsp; 3781416 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| Belden, Inc. | 516 | &nbsp;&nbsp; 59252 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Electronics — 2.9%** | **Electronics — 2.9%** | **Electronics — 2.9%** |
| Badger Meter, Inc. | 221 | &nbsp;&nbsp; $33669 |
| Celestica, Inc.† | 4043 | &nbsp;&nbsp; 1138832 |
| Coherent Corp.† | 304 | &nbsp;&nbsp; 72416 |
| Flex, Ltd.† | 17815 | &nbsp;&nbsp; 1166170 |
| Hubbell, Inc. | 207 | &nbsp;&nbsp; 101583 |
| Jabil, Inc. | 1156 | &nbsp;&nbsp; 307068 |
| Mettler-Toledo International, Inc.† | 46 | &nbsp;&nbsp; 58015 |
| nVent Electric PLC | 535 | &nbsp;&nbsp; 63280 |
| TD SYNNEX Corp. | 984 | &nbsp;&nbsp; 166011 |
| TE Connectivity PLC | 326 | &nbsp;&nbsp; 68141 |
| Trimble, Inc.† | 13873 | &nbsp;&nbsp; 904936 |
| Vicor Corp.† | 280 | &nbsp;&nbsp; 45080 |
|  |  | &nbsp;&nbsp; 4125201 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| Nextpower, Inc., Class A† | 432 | &nbsp;&nbsp; 52077 |
| Enphase Energy, Inc.† | 2170 | &nbsp;&nbsp; 82048 |
|  |  | &nbsp;&nbsp; 134125 |
| **Engineering & Construction — 1.4%** | **Engineering & Construction — 1.4%** | **Engineering & Construction — 1.4%** |
| Comfort Systems USA, Inc. | 1204 | &nbsp;&nbsp; 1660304 |
| EMCOR Group, Inc. | 262 | &nbsp;&nbsp; 193437 |
| MasTec, Inc.† | 223 | &nbsp;&nbsp; 71748 |
| TopBuild Corp.† | 163 | &nbsp;&nbsp; 57262 |
|  |  | &nbsp;&nbsp; 1982751 |
| **Enterprise Software / Services — 0.0%** | **Enterprise Software / Services — 0.0%** | **Enterprise Software / Services — 0.0%** |
| Socure, Inc.†(1)(2) | 920 | &nbsp;&nbsp; 9237 |
| **Entertainment — 2.6%** | **Entertainment — 2.6%** | **Entertainment — 2.6%** |
| Churchill Downs, Inc. | 1489 | &nbsp;&nbsp; 133757 |
| DraftKings, Inc., Class A† | 59886 | &nbsp;&nbsp; 1294735 |
| Flutter Entertainment PLC† | 2671 | &nbsp;&nbsp; 272308 |
| Liberty Media Corp.-Liberty Formula One, Class A† | 123 | &nbsp;&nbsp; 9604 |
| Liberty Media Corp.-Liberty Formula One, Class C† | 9769 | &nbsp;&nbsp; 830560 |
| Live Nation Entertainment, Inc.† | 5710 | &nbsp;&nbsp; 870832 |
| TKO Group Holdings, Inc. | 1429 | &nbsp;&nbsp; 288158 |
| Vail Resorts, Inc. | 480 | &nbsp;&nbsp; 61594 |
|  |  | &nbsp;&nbsp; 3761548 |
| **Environmental Control — 0.7%** | **Environmental Control — 0.7%** | **Environmental Control — 0.7%** |
| Clean Harbors, Inc.† | 1950 | &nbsp;&nbsp; 559123 |
| GFL Environmental, Inc. | 1086 | &nbsp;&nbsp; 45308 |
| Tetra Tech, Inc. | 2373 | &nbsp;&nbsp; 71475 |
| Veralto Corp. | 3788 | &nbsp;&nbsp; 334935 |
|  |  | &nbsp;&nbsp; 1010841 |
| **Food — 0.8%** | **Food — 0.8%** | **Food — 0.8%** |
| Hershey Co. | 303 | &nbsp;&nbsp; 62990 |
| McCormick & Co., Inc. | 955 | &nbsp;&nbsp; 48170 |
| Performance Food Group Co.† | 1048 | &nbsp;&nbsp; 89772 |
| Sprouts Farmers Market, Inc.† | 3163 | &nbsp;&nbsp; 243962 |
| Sysco Corp. | 4381 | &nbsp;&nbsp; 312497 |
| US Foods Holding Corp.† | 3833 | &nbsp;&nbsp; 353441 |
|  |  | &nbsp;&nbsp; 1110832 |
| **Healthcare-Products — 4.0%** | **Healthcare-Products — 4.0%** | **Healthcare-Products — 4.0%** |
| Caris Life Sciences, Inc.† | 773 | &nbsp;&nbsp; 13821 |
| Glaukos Corp.† | 542 | &nbsp;&nbsp; 58352 |
| Guardant Health, Inc.† | 557 | &nbsp;&nbsp; 51450 |
| IDEXX Laboratories, Inc.† | 2802 | &nbsp;&nbsp; 1574416 |
| Inspire Medical Systems, Inc.† | 457 | &nbsp;&nbsp; 23572 |
| Insulet Corp.† | 2407 | &nbsp;&nbsp; 505085 |
| Masimo Corp.† | 776 | &nbsp;&nbsp; 138027 |
| Medline, Inc., Class A† | 1182 | &nbsp;&nbsp; 52599 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| Natera, Inc.† | 12742 | &nbsp;&nbsp; $2548273 |
| Penumbra, Inc.† | 641 | &nbsp;&nbsp; 210485 |
| Repligen Corp.† | 509 | &nbsp;&nbsp; 59970 |
| ResMed, Inc. | 1299 | &nbsp;&nbsp; 291599 |
| Tempus AI, Inc., Class A† | 1664 | &nbsp;&nbsp; 75246 |
| Waters Corp.† | 536 | &nbsp;&nbsp; 159621 |
|  |  | &nbsp;&nbsp; 5762516 |
| **Healthcare-Services — 1.7%** | **Healthcare-Services — 1.7%** | **Healthcare-Services — 1.7%** |
| BrightSpring Health Services, Inc.† | 2200 | &nbsp;&nbsp; 93742 |
| Charles River Laboratories International, Inc.† | 255 | &nbsp;&nbsp; 43988 |
| Chemed Corp. | 22 | &nbsp;&nbsp; 8310 |
| DaVita, Inc.† | 603 | &nbsp;&nbsp; 92675 |
| Encompass Health Corp. | 1369 | &nbsp;&nbsp; 132423 |
| Ensign Group, Inc. | 4463 | &nbsp;&nbsp; 899295 |
| HealthEquity, Inc.† | 525 | &nbsp;&nbsp; 43874 |
| Medpace Holdings, Inc.† | 1791 | &nbsp;&nbsp; 860020 |
| Molina Healthcare, Inc.† | 479 | &nbsp;&nbsp; 63851 |
| Quest Diagnostics, Inc. | 307 | &nbsp;&nbsp; 60166 |
| RadNet, Inc.† | 783 | &nbsp;&nbsp; 43762 |
| Sotera Health Co.† | 305 | &nbsp;&nbsp; 4374 |
| Tenet Healthcare Corp.† | 630 | &nbsp;&nbsp; 118887 |
|  |  | &nbsp;&nbsp; 2465367 |
| **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** | **Home Furnishings — 0.4%** |
| SharkNinja, Inc.† | 1306 | &nbsp;&nbsp; 138305 |
| Somnigroup International, Inc. | 6956 | &nbsp;&nbsp; 514188 |
|  |  | &nbsp;&nbsp; 652493 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| Allstate Corp. | 297 | &nbsp;&nbsp; 61580 |
| Arthur J. Gallagher & Co. | 468 | &nbsp;&nbsp; 101359 |
| Brown & Brown, Inc. | 521 | &nbsp;&nbsp; 33974 |
| Equitable Holdings, Inc. | 4406 | &nbsp;&nbsp; 163507 |
| Everest Group, Ltd. | 102 | &nbsp;&nbsp; 33339 |
| Globe Life, Inc. | 710 | &nbsp;&nbsp; 98811 |
| Hanover Insurance Group, Inc. | 391 | &nbsp;&nbsp; 67780 |
| Kinsale Capital Group, Inc. | 378 | &nbsp;&nbsp; 129147 |
| Markel Group, Inc.† | 43 | &nbsp;&nbsp; 82305 |
| RLI Corp. | 64 | &nbsp;&nbsp; 3651 |
| Ryan Specialty Holdings, Inc. | 1833 | &nbsp;&nbsp; 61845 |
|  |  | &nbsp;&nbsp; 837298 |
| **Internet — 4.1%** | **Internet — 4.1%** | **Internet — 4.1%** |
| CDW Corp. | 625 | &nbsp;&nbsp; 75638 |
| Chewy, Inc., Class A† | 5828 | &nbsp;&nbsp; 157356 |
| Coupang, Inc.† | 38621 | &nbsp;&nbsp; 729165 |
| DoorDash, Inc., Class A† | 4738 | &nbsp;&nbsp; 711411 |
| eBay, Inc. | 772 | &nbsp;&nbsp; 70267 |
| Etsy, Inc.† | 910 | &nbsp;&nbsp; 45482 |
| Expedia Group, Inc. | 6109 | &nbsp;&nbsp; 1410507 |
| Gen Digital, Inc. | 3300 | &nbsp;&nbsp; 62139 |
| GoDaddy, Inc., Class A† | 3665 | &nbsp;&nbsp; 302986 |
| Lyft, Inc., Class A† | 1088 | &nbsp;&nbsp; 14470 |
| Pinterest, Inc., Class A† | 5064 | &nbsp;&nbsp; 92874 |
| Reddit, Inc., Class A† | 10876 | &nbsp;&nbsp; 1464453 |
| Robinhood Markets, Inc., Class A† | 3838 | &nbsp;&nbsp; 265973 |
| Roku, Inc.† | 791 | &nbsp;&nbsp; 74844 |
| Trump Media & Technology Group Corp.† | 1547 | &nbsp;&nbsp; 14356 |
| Wayfair, Inc., Class A† | 877 | &nbsp;&nbsp; 65959 |
| Zillow Group, Inc., Class C† | 8705 | &nbsp;&nbsp; 360213 |
|  |  | &nbsp;&nbsp; 5918093 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** |
| Carpenter Technology Corp. | 1631 | &nbsp;&nbsp; $642859 |
| Steel Dynamics, Inc. | 736 | &nbsp;&nbsp; 132480 |
|  |  | &nbsp;&nbsp; 775339 |
| **Leisure Time — 4.5%** | **Leisure Time — 4.5%** | **Leisure Time — 4.5%** |
| Amer Sports, Inc.† | 14832 | &nbsp;&nbsp; 488269 |
| Carnival Corp. | 10349 | &nbsp;&nbsp; 267832 |
| Life Time Group Holdings, Inc.† | 24404 | &nbsp;&nbsp; 657444 |
| Norwegian Cruise Line Holdings, Ltd.† | 6979 | &nbsp;&nbsp; 130507 |
| Planet Fitness, Inc., Class A† | 3423 | &nbsp;&nbsp; 254603 |
| Royal Caribbean Cruises, Ltd. | 15144 | &nbsp;&nbsp; 4167326 |
| Viking Holdings, Ltd. | 1404 | &nbsp;&nbsp; 103166 |
| Viking Holdings, Ltd.† | 4958 | &nbsp;&nbsp; 364314 |
|  |  | &nbsp;&nbsp; 6433461 |
| **Lodging — 2.8%** | **Lodging — 2.8%** | **Lodging — 2.8%** |
| Choice Hotels International, Inc. | 144 | &nbsp;&nbsp; 14904 |
| Hilton Worldwide Holdings, Inc. | 8461 | &nbsp;&nbsp; 2572821 |
| Hyatt Hotels Corp., Class A | 400 | &nbsp;&nbsp; 57516 |
| Las Vegas Sands Corp. | 9546 | &nbsp;&nbsp; 514338 |
| Marriott International, Inc., Class A | 2438 | &nbsp;&nbsp; 797397 |
| Travel & Leisure Co. | 335 | &nbsp;&nbsp; 23179 |
| Wyndham Hotels & Resorts, Inc. | 1146 | &nbsp;&nbsp; 93089 |
|  |  | &nbsp;&nbsp; 4073244 |
| **Machinery-Construction & Mining — 4.1%** | **Machinery-Construction & Mining — 4.1%** | **Machinery-Construction & Mining — 4.1%** |
| Bloom Energy Corp., Class A† | 437 | &nbsp;&nbsp; 59209 |
| BWX Technologies, Inc. | 661 | &nbsp;&nbsp; 135168 |
| Vertiv Holdings Co., Class A | 23051 | &nbsp;&nbsp; 5776120 |
|  |  | &nbsp;&nbsp; 5970497 |
| **Machinery-Diversified — 0.6%** | **Machinery-Diversified — 0.6%** | **Machinery-Diversified — 0.6%** |
| Applied Industrial Technologies, Inc. | 193 | &nbsp;&nbsp; 51207 |
| Cognex Corp. | 8483 | &nbsp;&nbsp; 415582 |
| ESAB Corp. | 637 | &nbsp;&nbsp; 61572 |
| Middleby Corp.† | 483 | &nbsp;&nbsp; 64036 |
| Rockwell Automation, Inc. | 311 | &nbsp;&nbsp; 111612 |
| Symbotic, Inc.† | 909 | &nbsp;&nbsp; 48359 |
| Westinghouse Air Brake Technologies Corp. | 264 | &nbsp;&nbsp; 65976 |
|  |  | &nbsp;&nbsp; 818344 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| FactSet Research Systems, Inc. | 42 | &nbsp;&nbsp; 9114 |
| Liberty Broadband Corp., Class A† | 69 | &nbsp;&nbsp; 3465 |
| Liberty Broadband Corp., Class C† | 412 | &nbsp;&nbsp; 20724 |
| Nexstar Media Group, Inc. | 27 | &nbsp;&nbsp; 4882 |
|  |  | &nbsp;&nbsp; 38185 |
| **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** |
| Mueller Industries, Inc. | 413 | &nbsp;&nbsp; 45761 |
| RBC Bearings, Inc.† | 334 | &nbsp;&nbsp; 181402 |
|  |  | &nbsp;&nbsp; 227163 |
| **Mining — 0.7%** | **Mining — 0.7%** | **Mining — 0.7%** |
| Anglogold Ashanti PLC | 1794 | &nbsp;&nbsp; 174664 |
| Cameco Corp. | 5626 | &nbsp;&nbsp; 611040 |
| Kinross Gold Corp. (NYSE) | 2550 | &nbsp;&nbsp; 77826 |
| MP Materials Corp.† | 891 | &nbsp;&nbsp; 43000 |
| Uranium Energy Corp.† | 5053 | &nbsp;&nbsp; 68215 |
|  |  | &nbsp;&nbsp; 974745 |
| **Miscellaneous Manufacturing — 1.8%** | **Miscellaneous Manufacturing — 1.8%** | **Miscellaneous Manufacturing — 1.8%** |
| Axon Enterprise, Inc.† | 5564 | &nbsp;&nbsp; 2362975 |
| Entegris, Inc. | 853 | &nbsp;&nbsp; 100006 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** |
| Fabrinet† | 124 | &nbsp;&nbsp; $64669 |
| JBT Marel Corp. | 328 | &nbsp;&nbsp; 41941 |
| Teledyne Technologies, Inc.† | 90 | &nbsp;&nbsp; 54451 |
|  |  | &nbsp;&nbsp; 2624042 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| Zebra Technologies Corp., Class A† | 237 | &nbsp;&nbsp; 49552 |
| **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** |
| Diamondback Energy, Inc. | 296 | &nbsp;&nbsp; 58546 |
| EQT Corp. | 899 | &nbsp;&nbsp; 57212 |
| HF Sinclair Corp. | 1148 | &nbsp;&nbsp; 71624 |
| Ovintiv, Inc. | 1300 | &nbsp;&nbsp; 77168 |
| Permian Resources Corp., Class A | 3001 | &nbsp;&nbsp; 63981 |
| Phillips 66 | 494 | &nbsp;&nbsp; 89997 |
| Texas Pacific Land Corp. | 1669 | &nbsp;&nbsp; 792041 |
|  |  | &nbsp;&nbsp; 1210569 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| TechnipFMC PLC | 1384 | &nbsp;&nbsp; 95676 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| Packaging Corp. of America | 225 | &nbsp;&nbsp; 47750 |
| **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** |
| Ascendis Pharma A/S ADR† | 264 | &nbsp;&nbsp; 60385 |
| Cardinal Health, Inc. | 4407 | &nbsp;&nbsp; 931243 |
| Cencora, Inc. | 6485 | &nbsp;&nbsp; 2037198 |
| Corcept Therapeutics, Inc.† | 1634 | &nbsp;&nbsp; 65866 |
| Dexcom, Inc.† | 12627 | &nbsp;&nbsp; 792976 |
| Elanco Animal Health, Inc.† | 2738 | &nbsp;&nbsp; 65520 |
| Neurocrine Biosciences, Inc.† | 1420 | &nbsp;&nbsp; 187071 |
| Vaxcyte, Inc.† | 1100 | &nbsp;&nbsp; 63921 |
|  |  | &nbsp;&nbsp; 4204180 |
| **Pipelines — 2.6%** | **Pipelines — 2.6%** | **Pipelines — 2.6%** |
| Cheniere Energy, Inc. | 3253 | &nbsp;&nbsp; 923071 |
| Targa Resources Corp. | 11012 | &nbsp;&nbsp; 2761039 |
|  |  | &nbsp;&nbsp; 3684110 |
| **Private Equity — 0.3%** | **Private Equity — 0.3%** | **Private Equity — 0.3%** |
| KKR & Co., Inc. | 5324 | &nbsp;&nbsp; 492470 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| CBRE Group, Inc., Class A† | 1277 | &nbsp;&nbsp; 172983 |
| CoStar Group, Inc.† | 886 | &nbsp;&nbsp; 35741 |
| Jones Lang LaSalle, Inc.† | 219 | &nbsp;&nbsp; 66646 |
|  |  | &nbsp;&nbsp; 275370 |
| **REITS — 0.8%** | **REITS — 0.8%** | **REITS — 0.8%** |
| Iron Mountain, Inc. | 795 | &nbsp;&nbsp; 81201 |
| Lamar Advertising Co., Class A | 3117 | &nbsp;&nbsp; 394799 |
| Simon Property Group, Inc. | 2635 | &nbsp;&nbsp; 491507 |
| Sun Communities, Inc. | 407 | &nbsp;&nbsp; 51266 |
| UDR, Inc. | 319 | &nbsp;&nbsp; 10776 |
| Ventas, Inc. | 754 | &nbsp;&nbsp; 61662 |
|  |  | &nbsp;&nbsp; 1091211 |
| **Retail — 7.9%** | **Retail — 7.9%** | **Retail — 7.9%** |
| Aritzia, Inc.† | 9050 | &nbsp;&nbsp; 738520 |
| AutoZone, Inc.† | 15 | &nbsp;&nbsp; 50667 |
| BJ's Wholesale Club Holdings, Inc.† | 934 | &nbsp;&nbsp; 91924 |
| Boot Barn Holdings, Inc.† | 314 | &nbsp;&nbsp; 45957 |
| Burlington Stores, Inc.† | 2311 | &nbsp;&nbsp; 751953 |
| Carvana Co.† | 7007 | &nbsp;&nbsp; 2202861 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| Casey's General Stores, Inc. | 262 | &nbsp;&nbsp; $190699 |
| Cava Group, Inc.† | 5943 | &nbsp;&nbsp; 480789 |
| Darden Restaurants, Inc. | 4141 | &nbsp;&nbsp; 811802 |
| Dollar General Corp. | 435 | &nbsp;&nbsp; 51647 |
| Domino's Pizza, Inc. | 464 | &nbsp;&nbsp; 166478 |
| Dutch Bros, Inc., Class A† | 5848 | &nbsp;&nbsp; 296260 |
| Ferguson Enterprises, Inc. | 592 | &nbsp;&nbsp; 138090 |
| Five Below, Inc.† | 2560 | &nbsp;&nbsp; 584909 |
| Floor & Decor Holdings, Inc., Class A† | 571 | &nbsp;&nbsp; 29007 |
| Freshpet, Inc.† | 734 | &nbsp;&nbsp; 43277 |
| Lithia Motors, Inc. | 46 | &nbsp;&nbsp; 11487 |
| Lululemon Athletica, Inc.† | 1010 | &nbsp;&nbsp; 154631 |
| Murphy USA, Inc. | 292 | &nbsp;&nbsp; 144239 |
| Ollie's Bargain Outlet Holdings, Inc.† | 8316 | &nbsp;&nbsp; 765405 |
| Restaurant Brands International, Inc. | 3712 | &nbsp;&nbsp; 274317 |
| RH† | 41 | &nbsp;&nbsp; 5733 |
| Ross Stores, Inc. | 4914 | &nbsp;&nbsp; 1064520 |
| Texas Roadhouse, Inc. | 2083 | &nbsp;&nbsp; 343987 |
| Tractor Supply Co. | 17523 | &nbsp;&nbsp; 793792 |
| Ulta Beauty, Inc.† | 526 | &nbsp;&nbsp; 274945 |
| Wendy's Co. | 1198 | &nbsp;&nbsp; 8326 |
| Williams-Sonoma, Inc. | 635 | &nbsp;&nbsp; 115779 |
| Wingstop, Inc. | 1164 | &nbsp;&nbsp; 180385 |
| Yum! Brands, Inc. | 3532 | &nbsp;&nbsp; 549155 |
|  |  | &nbsp;&nbsp; 11361541 |
| **Semiconductors — 2.6%** | **Semiconductors — 2.6%** | **Semiconductors — 2.6%** |
| Astera Labs, Inc.† | 4357 | &nbsp;&nbsp; 477527 |
| Impinj, Inc.† | 400 | &nbsp;&nbsp; 41080 |
| Lattice Semiconductor Corp.† | 3862 | &nbsp;&nbsp; 358239 |
| MACOM Technology Solutions Holdings, Inc.† | 550 | &nbsp;&nbsp; 122139 |
| MKS, Inc. | 2456 | &nbsp;&nbsp; 564414 |
| Monolithic Power Systems, Inc. | 1623 | &nbsp;&nbsp; 1774507 |
| Onto Innovation, Inc.† | 614 | &nbsp;&nbsp; 125913 |
| Rambus, Inc.† | 664 | &nbsp;&nbsp; 57124 |
| SiTime Corp.† | 171 | &nbsp;&nbsp; 59055 |
| Teradyne, Inc. | 233 | &nbsp;&nbsp; 69075 |
| Tower Semiconductor, Ltd.† | 559 | &nbsp;&nbsp; 98093 |
|  |  | &nbsp;&nbsp; 3747166 |
| **Software — 12.5%** | **Software — 12.5%** | **Software — 12.5%** |
| Appfolio, Inc., Class A† | 708 | &nbsp;&nbsp; 111737 |
| Bentley Systems, Inc., Class B | 2706 | &nbsp;&nbsp; 95035 |
| Broadridge Financial Solutions, Inc. | 3329 | &nbsp;&nbsp; 540896 |
| Bullish† | 92 | &nbsp;&nbsp; 3287 |
| Cloudflare, Inc., Class A† | 20439 | &nbsp;&nbsp; 4217383 |
| Databricks, Inc.†(1)(2) | 2067 | &nbsp;&nbsp; 392730 |
| Datadog, Inc., Class A† | 17457 | &nbsp;&nbsp; 2060799 |
| Descartes Systems Group, Inc.† | 525 | &nbsp;&nbsp; 37569 |
| DigitalOcean Holdings, Inc.† | 866 | &nbsp;&nbsp; 74285 |
| DocuSign, Inc.† | 2562 | &nbsp;&nbsp; 121464 |
| DoubleVerify Holdings, Inc.† | 1137 | &nbsp;&nbsp; 10802 |
| Doximity, Inc., Class A† | 4277 | &nbsp;&nbsp; 99654 |
| Dropbox, Inc., Class A† | 842 | &nbsp;&nbsp; 19130 |
| Duolingo, Inc.† | 649 | &nbsp;&nbsp; 63972 |
| Dynatrace, Inc.† | 9550 | &nbsp;&nbsp; 353160 |
| Elastic NV† | 2303 | &nbsp;&nbsp; 115127 |
| Fair Isaac Corp.† | 989 | &nbsp;&nbsp; 1055797 |
| Gitlab, Inc., Class A† | 2397 | &nbsp;&nbsp; 51871 |
| Guidewire Software, Inc.† | 7196 | &nbsp;&nbsp; 1076234 |
| HubSpot, Inc.† | 1688 | &nbsp;&nbsp; 412041 |
| JFrog, Ltd.† | 926 | &nbsp;&nbsp; 43457 |
| Magic Leap, Inc., Class A†(1)(2) | 9 | &nbsp;&nbsp; 4 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Manhattan Associates, Inc.† | 1476 | &nbsp;&nbsp; $196485 |
| MongoDB, Inc.† | 282 | &nbsp;&nbsp; 69025 |
| MSCI, Inc. | 1348 | &nbsp;&nbsp; 726586 |
| nCino, Inc.† | 242 | &nbsp;&nbsp; 3625 |
| Nutanix, Inc., Class A† | 2599 | &nbsp;&nbsp; 98788 |
| Paychex, Inc. | 2678 | &nbsp;&nbsp; 246697 |
| Paycom Software, Inc. | 477 | &nbsp;&nbsp; 57975 |
| Pegasystems, Inc. | 1385 | &nbsp;&nbsp; 58946 |
| Procore Technologies, Inc.† | 3846 | &nbsp;&nbsp; 219222 |
| PTC, Inc.† | 621 | &nbsp;&nbsp; 88486 |
| RingCentral, Inc., Class A | 1281 | &nbsp;&nbsp; 47640 |
| ROBLOX Corp., Class A† | 31451 | &nbsp;&nbsp; 1778869 |
| Samsara, Inc., Class A† | 36677 | &nbsp;&nbsp; 1162294 |
| SentinelOne, Inc., Class A† | 3683 | &nbsp;&nbsp; 47437 |
| Take-Two Interactive Software, Inc.† | 1770 | &nbsp;&nbsp; 349575 |
| Teradata Corp.† | 383 | &nbsp;&nbsp; 9816 |
| Twilio, Inc., Class A† | 814 | &nbsp;&nbsp; 102418 |
| Tyler Technologies, Inc.† | 1041 | &nbsp;&nbsp; 356418 |
| Unity Software, Inc.† | 326 | &nbsp;&nbsp; 7152 |
| Veeva Systems, Inc., Class A† | 8224 | &nbsp;&nbsp; 1444628 |
| Waystar Holding Corp.† | 1604 | &nbsp;&nbsp; 38672 |
|  |  | &nbsp;&nbsp; 18067188 |
| **Telecommunications — 2.7%** | **Telecommunications — 2.7%** | **Telecommunications — 2.7%** |
| AST SpaceMobile, Inc.† | 11339 | &nbsp;&nbsp; 939663 |
| Corning, Inc. | 12070 | &nbsp;&nbsp; 1641158 |
| Credo Technology Group Holding, Ltd.† | 410 | &nbsp;&nbsp; 38487 |
| EchoStar Corp., Class A† | 9487 | &nbsp;&nbsp; 1110643 |
| GCI Liberty, Inc., Class A† | 13 | &nbsp;&nbsp; 479 |
| GCI Liberty, Inc., Class C† | 97 | &nbsp;&nbsp; 3609 |
| InterDigital, Inc. | 334 | &nbsp;&nbsp; 100868 |
| Iridium Communications, Inc. | 130 | &nbsp;&nbsp; 3606 |
| Ubiquiti, Inc. | 72 | &nbsp;&nbsp; 56901 |
| Viavi Solutions, Inc.† | 1615 | &nbsp;&nbsp; 53747 |
|  |  | &nbsp;&nbsp; 3949161 |
| **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** |
| C.H. Robinson Worldwide, Inc. | 3066 | &nbsp;&nbsp; 509171 |
| GXO Logistics, Inc.† | 1275 | &nbsp;&nbsp; 66109 |
| Old Dominion Freight Line, Inc. | 584 | &nbsp;&nbsp; 114113 |
| XPO, Inc.† | 830 | &nbsp;&nbsp; 161476 |
|  |  | &nbsp;&nbsp; 850869 |
| **Total Common Stocks** <br>(cost $129,686,175)<br>|  | &nbsp;&nbsp; 142096738 |
| **CONVERTIBLE PREFERRED STOCKS — 1.0%** | **CONVERTIBLE PREFERRED STOCKS — 1.0%** | **CONVERTIBLE PREFERRED STOCKS — 1.0%** |
| **Computer Data Security — 0.0%** | **Computer Data Security — 0.0%** | **Computer Data Security — 0.0%** |
| Snyk, Ltd. <br>Series F†(1)(2)<br>| 7164 | &nbsp;&nbsp; 34602 |
| **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** |
| Canva, Inc. <br>Series A †(1)(2)<br>| 2 | &nbsp;&nbsp; 3347 |
| **E-Commerce/Services — 0.1%** | **E-Commerce/Services — 0.1%** | **E-Commerce/Services — 0.1%** |
| Rappi, Inc. <br>Series E †(1)(2)<br>| 1959 | &nbsp;&nbsp; 46791 |
| **Enterprise Software / Services — 0.0%** | **Enterprise Software / Services — 0.0%** | **Enterprise Software / Services — 0.0%** |
| Socure, Inc. <br>Series A †(1)(2)<br>| 1118 | &nbsp;&nbsp; 11225 |
| Socure, Inc. <br>Series A1†(1)(2)<br>| 918 | &nbsp;&nbsp; 9217 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Enterprise Software / Services (continued)** | **Enterprise Software / Services (continued)** | **Enterprise Software / Services (continued)** |
| Socure, Inc. <br>Series B†(1)(2)<br>| 17 | &nbsp;&nbsp; $170 |
| Socure, Inc. <br>Series E†(1)(2)<br>| 2127 | &nbsp;&nbsp; 21355 |
|  |  | &nbsp;&nbsp; 41967 |
| **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
| DataRobot, Inc. <br>Series G†(1)(2)<br>| 2952 | &nbsp;&nbsp; 3247 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| Databricks, Inc. <br>Series F †(1)(2)<br>| 5040 | &nbsp;&nbsp; 957600 |
| Databricks, Inc. <br>Series G †(1)(2)<br>| 486 | &nbsp;&nbsp; 92340 |
| Databricks, Inc. <br>Series H†(1)(2)<br>| 1092 | &nbsp;&nbsp; 207480 |
|  |  | &nbsp;&nbsp; 1257420 |
| **Total Convertible Preferred Stocks** <br>(cost $551,723)<br>|  | &nbsp;&nbsp; 1387374 |
| **Total Long-Term Investment Securities** <br>(cost $130,237,898)<br>|  | &nbsp;&nbsp; 143484112 |
| **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%** |
| State Street Institutional U.S. Government Money Market <br> Fund, Premier Class <br>3.60%(3)<br>| 301678 | &nbsp;&nbsp; 301678 |
| T. Rowe Price Government Reserve Fund <br>3.66%(3)<br>| 105 | &nbsp;&nbsp; 105 |
| **Total Short-Term Investments** <br>(cost $301,783)<br>|  | &nbsp;&nbsp; 301783 |
| **REPURCHASE AGREEMENTS — 0.4%** | **REPURCHASE AGREEMENTS — 0.4%** | **REPURCHASE AGREEMENTS — 0.4%** |
| Bank of America Securities LLC Joint Repurchase <br> Agreement(4)<br>| $95000 | &nbsp;&nbsp; 95000 |
| Barclays Capital, Inc. Joint Repurchase Agreement(4) | 120000 | &nbsp;&nbsp; 120000 |
| BNP Paribas SA Joint Repurchase Agreement(4) | 100000 | &nbsp;&nbsp; 100000 |
| Deutsche Bank AG Joint Repurchase Agreement(4) | 95000 | &nbsp;&nbsp; 95000 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** | **REPURCHASE AGREEMENTS (continued)** |
| RBS Securities, Inc. Joint Repurchase Agreement(4) | $95000 | &nbsp;&nbsp; $95000 |
| **Total Repurchase Agreements** <br>(cost $505,000)<br>|  | &nbsp;&nbsp; 505000 |
| **TOTAL INVESTMENTS** <br>(cost $131,044,681)(5)<br>| 100.1<br> %<br>| &nbsp;&nbsp; 144290895 |
| Other assets less liabilities | (0.1)<br>| &nbsp;&nbsp; (110050)<br>|
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $144180845 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Non-income producing security

&nbsp;&nbsp;&nbsp;&nbsp;(1) Securities classified as Level 3 (see Note 2).

&nbsp;&nbsp;&nbsp;&nbsp;(2) Denotes a restricted security that: (a) cannot be offered for public sale without
 first being registered, or being able to take advantage of an exemption from registration, under
 the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales
 by operation of applicable law. Restricted securities are valued pursuant to Note 2.
 Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right
 to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held,
 publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair
 price and may substantially delay the sale of the security. In addition, certain restricted
 securities may exhibit greater price volatility than securities for which secondary markets exist.
 As of March 31, 2026, the Portfolio held the following restricted securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition** <br>**Date**<br>| **Shares or** <br>**Principal** <br>**Amount**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value** <br>**Per Share**<br>| **% of** <br>**Net Assets**<br>|
| **<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., Class B | 08/16/21, 11/04/21 | 41 | $69887 | $68602 | $1673.21 | 0.0<br> %<br>|
| Databricks, Inc. | 07/24/20, 08/28/20 | 2067 | 33089 | 392730 | 190.00 | 0.3 |
| Magic Leap, Inc., Class A | 12/28/15 | 9 | 114566 | 4 | 0.48 | 0.0 |
| Snyk, Ltd. | 09/03/21 | 4274 | 61309 | 20643 | 4.83 | 0.0 |
| Socure, Inc. | 12/22/21 | 920 | 14783 | 9237 | 10.04 | 0.0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition**<br> **Date**<br>| **Shares or**<br> **Principal**<br> **Amount**<br>| **Acquisition**<br> **Cost**<br>| **Value** | **Value**<br> **Per Share**<br>| **% of**<br> **Net Assets**<br>|
| **<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<br>| 11/04/21 | 2 | $3410 | $3347 | $1673.50 | 0.0<br> %<br>|
| Databricks, Inc. <br>Series F<br>| 10/22/19 | 5040 | 72153 | 957600 | 190.00 | 0.7 |
| Databricks, Inc. <br>Series G<br>| 02/01/21 | 486 | 28734 | 92340 | 190.00 | 0.1 |
| Databricks, Inc. <br>Series H<br>| 08/31/21 | 1092 | 80245 | 207480 | 190.00 | 0.1 |
| DataRobot, Inc. <br>Series G<br>| 06/11/21 | 2952 | 80768 | 3247 | 1.10 | 0.0 |
| Rappi, Inc. <br>Series E<br>| 09/08/20 | 1959 | 117042 | 46791 | 23.89 | 0.1 |
| Snyk, Ltd. <br>Series F<br>| 09/03/21 | 7164 | 102204 | 34602 | 4.83 | 0.0 |
| Socure, Inc. <br>Series A<br>| 12/22/21 | 1118 | 17965 | 11225 | 10.04 | 0.0 |
| Socure, Inc. <br>Series A1<br>| 12/22/21 | 918 | 14751 | 9217 | 10.04 | 0.0 |
| Socure, Inc. <br>Series B<br>| 12/22/21 | 17 | 273 | 170 | 10.04 | 0.0 |
| Socure, Inc. <br>Series E<br>| 10/27/21 | 2127 | 34178 | 21355 | 10.04 | 0.0 |
|  |  |  |  | $1878590 |  | 1.3<br> %\*\*<br>|

---

\*\* 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. 

&nbsp;&nbsp;&nbsp;&nbsp;(3) The rate shown is the 7-day yield as of March 31, 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;(5) See Note 4 for cost of investments on a tax basis.

ADR—American Depositary Receipt <br> NYSE—New York 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** | **Contracts For Difference Swaps** |
| **Counterparty** | **Pay/** <br>**Receive**<br>| &nbsp;&nbsp; **Underlying** <br>**Reference**<br>| **Number of** <br>**Contracts**<br>| **Financing** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional** <br>**Amount**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value** |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| Goldman Sachs & Co. LLC | Pay | Equitable Holdings, Inc. | 188 | 3.84% (OBFR + 0.20%) | Monthly | 08/18/2026 | $7101 | $(124)<br>| $(124)<br>|
| HSBC Holdings | Pay | Equitable Holdings, Inc. | 281 | 4.04% (OBFR + 0.40%) | Monthly | 02/09/2028 | 11082 | (655)<br>| (655)<br>|
|  |  |  |  |  |  |  |  | $(779)<br>| $(779)<br>|
| OBFR—Overnight Bank Funding <br> Rate<br>|  |  |  |  |  |  |  |  |  |

---

**Futures Contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number** <br>**of** <br>**Contracts**<br>| **Type** | **Description** | &nbsp;&nbsp; **Expiration** <br>**Month**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Basis\***<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value\***<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| 24 | Long | Micro E-mini Russell 2000 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $297721 | &nbsp;&nbsp;&nbsp;&nbsp; $301464 | &nbsp;&nbsp;&nbsp;&nbsp; $3743 |

---

\* 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**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Computer Data Security | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20643 | &nbsp;&nbsp; $20643 |
| Computer Graphics | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 68602 | &nbsp;&nbsp; 68602 |
| Enterprise Software / Services | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9237 | &nbsp;&nbsp; 9237 |
| Software | &nbsp;&nbsp; 17674454 | &nbsp;&nbsp; — | &nbsp;&nbsp; 392734 | &nbsp;&nbsp; 18067188 |
| Other Industries | &nbsp;&nbsp; 123931068 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 123931068 |
| Convertible Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1387374 | &nbsp;&nbsp; 1387374 |
| Short-Term Investments | &nbsp;&nbsp; 301783 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 301783 |
| Repurchase Agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 505000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 505000 |
| **Total Investments at Value** | &nbsp;&nbsp; $141907305 | &nbsp;&nbsp; $505000 | &nbsp;&nbsp; $1878590 | &nbsp;&nbsp; $144290895 |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp; $3743 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3743 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $779 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $779 |

---

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

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

---

| | | |
|:---|:---|:---|
|  | **Common Stocks** | &nbsp;&nbsp; **Convertible** <br>**Preferred Securities**<br>|
| Balance as of March 31, 2025 | &nbsp;&nbsp; $316530 | &nbsp;&nbsp;&nbsp; $937398 |
| Accrued Discounts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued Premiums | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Realized Gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Realized Loss | &nbsp;&nbsp; (14125)<br>| &nbsp;&nbsp;&nbsp; (31454)<br>|
| Change in unrealized appreciation(1) | &nbsp;&nbsp; 218660 | &nbsp;&nbsp;&nbsp; 669833 |
| Change in unrealized depreciation(1) | &nbsp;&nbsp; (22209)<br>| &nbsp;&nbsp;&nbsp; (57927)<br>|
| Net purchases | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net sales | &nbsp;&nbsp; (7640)<br>| &nbsp;&nbsp;&nbsp; (130476)<br>|
| Transfers into Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Transfers out of Level 3 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Balance as of March 31, 2026 | &nbsp;&nbsp; $491216 | &nbsp;&nbsp;&nbsp; $1387374 |

---

(1) The total change in unrealized appreciation (depreciation) attributable to Level 3 investments still held at March 31, 2026 includes:

---

| | |
|:---|:---|
| **Common Stocks** | &nbsp;&nbsp; **Convertible** <br>**Preferred Securities**<br>|
| &nbsp;&nbsp; $184733 | &nbsp;&nbsp;&nbsp; $621551 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

Any differences between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at March 31, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value at** <br>**March 31, 2026**<br>| &nbsp;&nbsp; **Valuation** <br>**Technique(s)**<br>| &nbsp;&nbsp; **Unobservable** <br>**Input (1)**<br>| &nbsp;&nbsp; **Range** <br>**(weighted** <br>**average)**<br>|
| Common Stocks | &nbsp;&nbsp; $392730 | Market Approach | Series L Capital Raise Price\* | $190.00 |
|  | &nbsp;&nbsp; $68602 | Market Approach | Tender Offer Price\* | $1646.14 |
|  |  |  | Potential Secondary Transaction Price\* | $1850.00 |
|  |  |  | Revenue Multiple\* | 6.05x |
|  |  |  | Gross Profit Multiple\* | 9.70x |
|  | &nbsp;&nbsp; $4 | Market Approach & | Series AA Transaction Price\* | $19.20 |
|  |  | Cost Approach | Tangible Book Value\* | $0.00 |
|  |  |  | Discounts for Uncertainty | 97.50% |
|  | &nbsp;&nbsp; $9237 | Market Approach | Revenue Multiple\* | 4.85x |
|  |  |  | Gross Profit Multiple\* | 6.85x |
|  |  |  | Discount for Lack of Marketability | 10.0% |
|  | &nbsp;&nbsp; $20643 | Market Approach | Revenue Multiple\* | 10.5x |
|  |  |  | Gross Profit Multiple\* | 13.8x |
|  |  |  | Discount for Lack of Marketability | 10.0% |
| Convertible Preferred Securities | &nbsp;&nbsp; $1257420 | Market Approach | Series L Capital Raise Price\* | $190.00 |
|  | &nbsp;&nbsp; $3346 | Market Approach | Tender Offer Price\* | $1646.14 |
|  |  |  | Potential Secondary Transaction Price\* | $1850.00 |
|  |  |  | Revenue Multiple\* | 6.05x |
|  |  |  | Gross Profit Multiple\* | 9.70x |
|  | &nbsp;&nbsp; $46791 | Market Approach | Potential Secondary Transaction Price\* | $30.00 |
|  |  |  | 3rd Party Liquidation Valuation\* | $17.77 |
|  | &nbsp;&nbsp; $41967 | Market Approach | Revenue Multiple\* | 4.85x |
|  |  |  | Gross Profit Multiple\* | 6.85x |
|  |  |  | Discount for Lack of Marketability | 10.0% |
|  | &nbsp;&nbsp; $34602 | Market Approach | Revenue Multiple\* | 10.5x |
|  |  |  | Gross Profit Multiple\* | 13.8x |
|  |  |  | Discount for Lack of Marketability | 10.0% |
|  | &nbsp;&nbsp; $3247 | Market Approach | Sales Multiple\* | 1.6x |
|  |  |  | Gross Profit Multiple\* | 2.3x |
|  |  |  | Discount for Lack of Marketability | 10.0% |

---

(1) The significant unobservable inputs regarding the Level 3 securities in the table above are attributable to private securities and include assumptions made from non-public financial statements, private transactions, and/or market comparables. For those unobservable inputs indicated with \*, a significant increase (decrease) in any of those inputs in isolation may result in a significantly higher (lower) fair value measurement, while the remaining unobservable inputs have an inverse relationship.

See Notes to Financial Statements

------

**Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** |
| **Advertising — 0.2%** | **Advertising — 0.2%** | **Advertising — 0.2%** |
| Omnicom Group, Inc. | 6001 | &nbsp;&nbsp; $451935 |
| **Aerospace/Defense — 2.2%** | **Aerospace/Defense — 2.2%** | **Aerospace/Defense — 2.2%** |
| ATI, Inc.† | 830 | &nbsp;&nbsp; 120732 |
| Curtiss-Wright Corp. | 226 | &nbsp;&nbsp; 153933 |
| Hexcel Corp. | 10897 | &nbsp;&nbsp; 881894 |
| L3Harris Technologies, Inc. | 4798 | &nbsp;&nbsp; 1656030 |
| Leonardo DRS, Inc. | 277 | &nbsp;&nbsp; 12332 |
| Loar Holdings, Inc.† | 23 | &nbsp;&nbsp; 1318 |
| StandardAero, Inc.† | 42186 | &nbsp;&nbsp; 1089664 |
|  |  | &nbsp;&nbsp; 3915903 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| Archer-Daniels-Midland Co. | 2940 | &nbsp;&nbsp; 213709 |
| Bunge Global SA | 799 | &nbsp;&nbsp; 101633 |
| Darling Ingredients, Inc.† | 846 | &nbsp;&nbsp; 52325 |
|  |  | &nbsp;&nbsp; 367667 |
| **Airlines — 1.1%** | **Airlines — 1.1%** | **Airlines — 1.1%** |
| Alaska Air Group, Inc.† | 7282 | &nbsp;&nbsp; 267832 |
| American Airlines Group, Inc.† | 3820 | &nbsp;&nbsp; 41027 |
| Delta Air Lines, Inc. | 10243 | &nbsp;&nbsp; 680955 |
| Southwest Airlines Co. | 23804 | &nbsp;&nbsp; 894316 |
| United Airlines Holdings, Inc.† | 2001 | &nbsp;&nbsp; 184232 |
|  |  | &nbsp;&nbsp; 2068362 |
| **Apparel — 0.4%** | **Apparel — 0.4%** | **Apparel — 0.4%** |
| Birkenstock Holding PLC† | 6085 | &nbsp;&nbsp; 218026 |
| Columbia Sportswear Co. | 163 | &nbsp;&nbsp; 8934 |
| Crocs, Inc.† | 317 | &nbsp;&nbsp; 26317 |
| PVH Corp. | 279 | &nbsp;&nbsp; 19463 |
| Ralph Lauren Corp. | 1304 | &nbsp;&nbsp; 448563 |
| Tapestry, Inc. | 106 | &nbsp;&nbsp; 14958 |
| Under Armour, Inc., Class A† | 1185 | &nbsp;&nbsp; 7003 |
| Under Armour, Inc., Class C† | 1178 | &nbsp;&nbsp; 6821 |
| VF Corp. | 2203 | &nbsp;&nbsp; 37429 |
|  |  | &nbsp;&nbsp; 787514 |
| **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** | **Auto Manufacturers — 0.7%** |
| Cummins, Inc. | 844 | &nbsp;&nbsp; 454089 |
| Ford Motor Co. | 24023 | &nbsp;&nbsp; 277225 |
| Lucid Group, Inc.† | 783 | &nbsp;&nbsp; 7462 |
| PACCAR, Inc. | 3256 | &nbsp;&nbsp; 376068 |
| Rivian Automotive, Inc., Class A† | 4832 | &nbsp;&nbsp; 72722 |
|  |  | &nbsp;&nbsp; 1187566 |
| **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** | **Auto Parts & Equipment — 0.5%** |
| Allison Transmission Holdings, Inc. | 430 | &nbsp;&nbsp; 50336 |
| Aptiv PLC† | 8773 | &nbsp;&nbsp; 609197 |
| Aurora Innovation, Inc.† | 6958 | &nbsp;&nbsp; 28667 |
| BorgWarner, Inc. | 1303 | &nbsp;&nbsp; 70701 |
| Gentex Corp. | 1383 | &nbsp;&nbsp; 30218 |
| Lear Corp. | 323 | &nbsp;&nbsp; 39109 |
| QuantumScape Corp.† | 2682 | &nbsp;&nbsp; 17111 |
|  |  | &nbsp;&nbsp; 845339 |
| **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
| Bank of New York Mellon Corp. | 3918 | &nbsp;&nbsp; 464792 |
| Bank OZK | 645 | &nbsp;&nbsp; 29599 |
| BOK Financial Corp. | 115 | &nbsp;&nbsp; 14727 |
| Central BanCo, Inc. | 3942 | &nbsp;&nbsp; 94411 |
| Citizens Financial Group, Inc. | 2629 | &nbsp;&nbsp; 157661 |
| Columbia Banking System, Inc. | 21649 | &nbsp;&nbsp; 593832 |
| Commerce Bancshares, Inc. | 809 | &nbsp;&nbsp; 39803 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Cullen/Frost Bankers, Inc. | 370 | &nbsp;&nbsp; $50720 |
| East West Bancorp, Inc. | 4779 | &nbsp;&nbsp; 510206 |
| Fifth Third Bancorp | 26148 | &nbsp;&nbsp; 1214836 |
| First Citizens BancShares, Inc., Class A | 54 | &nbsp;&nbsp; 101772 |
| First Hawaiian, Inc. | 777 | &nbsp;&nbsp; 19145 |
| First Horizon Corp. | 2951 | &nbsp;&nbsp; 67165 |
| FNB Corp. | 2219 | &nbsp;&nbsp; 37102 |
| Huntington Bancshares, Inc. | 12339 | &nbsp;&nbsp; 193105 |
| KeyCorp | 30290 | &nbsp;&nbsp; 607314 |
| M&T Bank Corp. | 3836 | &nbsp;&nbsp; 792978 |
| Northern Trust Corp. | 5738 | &nbsp;&nbsp; 800853 |
| Pinnacle Financial Partners, Inc. | 918 | &nbsp;&nbsp; 79076 |
| Popular, Inc. | 5280 | &nbsp;&nbsp; 708418 |
| Prosperity Bancshares, Inc. | 4415 | &nbsp;&nbsp; 296600 |
| Regions Financial Corp. | 23569 | &nbsp;&nbsp; 615622 |
| SouthState Bank Corp. | 600 | &nbsp;&nbsp; 55512 |
| State Street Corp. | 1715 | &nbsp;&nbsp; 217050 |
| Webster Financial Corp. | 983 | &nbsp;&nbsp; 68240 |
| Western Alliance Bancorp | 5870 | &nbsp;&nbsp; 415889 |
| Wintrust Financial Corp. | 404 | &nbsp;&nbsp; 56132 |
| Zions Bancorp NA | 903 | &nbsp;&nbsp; 52031 |
|  |  | &nbsp;&nbsp; 8354591 |
| **Beverages — 0.7%** | **Beverages — 0.7%** | **Beverages — 0.7%** |
| Boston Beer Co., Inc., Class A† | 49 | &nbsp;&nbsp; 11290 |
| Brown-Forman Corp., Class A | 274 | &nbsp;&nbsp; 7340 |
| Brown-Forman Corp., Class B | 10354 | &nbsp;&nbsp; 273760 |
| Coca-Cola Consolidated, Inc. | 299 | &nbsp;&nbsp; 57330 |
| Constellation Brands, Inc., Class A | 870 | &nbsp;&nbsp; 130500 |
| Keurig Dr Pepper, Inc. | 17839 | &nbsp;&nbsp; 469701 |
| Molson Coors Beverage Co., Class B | 1018 | &nbsp;&nbsp; 43835 |
| Pernod Ricard SA | 4006 | &nbsp;&nbsp; 299004 |
| Primo Brands Corp. | 1547 | &nbsp;&nbsp; 29130 |
|  |  | &nbsp;&nbsp; 1321890 |
| **Biotechnology — 1.0%** | **Biotechnology — 1.0%** | **Biotechnology — 1.0%** |
| Biogen, Inc.† | 2430 | &nbsp;&nbsp; 445492 |
| BioMarin Pharmaceutical, Inc.† | 1167 | &nbsp;&nbsp; 65924 |
| BioNTech SE ADR† | 1825 | &nbsp;&nbsp; 162206 |
| Bio-Rad Laboratories, Inc., Class A† | 116 | &nbsp;&nbsp; 32335 |
| Certara, Inc.† | 788 | &nbsp;&nbsp; 4492 |
| Corteva, Inc. | 4153 | &nbsp;&nbsp; 347648 |
| Exelixis, Inc.† | 315 | &nbsp;&nbsp; 13510 |
| Illumina, Inc.† | 939 | &nbsp;&nbsp; 115741 |
| Incyte Corp.† | 731 | &nbsp;&nbsp; 68802 |
| Insmed, Inc.† | 80 | &nbsp;&nbsp; 13082 |
| Ionis Pharmaceuticals, Inc.† | 70 | &nbsp;&nbsp; 5256 |
| Moderna, Inc.† | 2214 | &nbsp;&nbsp; 112471 |
| Revolution Medicines, Inc.† | 1044 | &nbsp;&nbsp; 101529 |
| Roivant Sciences, Ltd.† | 2605 | &nbsp;&nbsp; 72158 |
| Royalty Pharma PLC, Class A | 2359 | &nbsp;&nbsp; 113161 |
| Sarepta Therapeutics, Inc.† | 112 | &nbsp;&nbsp; 2437 |
| United Therapeutics Corp.† | 262 | &nbsp;&nbsp; 155361 |
| Viking Therapeutics, Inc.† | 633 | &nbsp;&nbsp; 20598 |
|  |  | &nbsp;&nbsp; 1852203 |
| **Building Materials — 1.3%** | **Building Materials — 1.3%** | **Building Materials — 1.3%** |
| Armstrong World Industries, Inc. | 191 | &nbsp;&nbsp; 31477 |
| Builders FirstSource, Inc.† | 2842 | &nbsp;&nbsp; 233982 |
| Carlisle Cos., Inc. | 225 | &nbsp;&nbsp; 75064 |
| Eagle Materials, Inc. | 179 | &nbsp;&nbsp; 33912 |
| Fortune Brands Innovations, Inc. | 759 | &nbsp;&nbsp; 29578 |
| Hayward Holdings, Inc.† | 1251 | &nbsp;&nbsp; 16738 |
| James Hardie Industries PLC† | 12801 | &nbsp;&nbsp; 242451 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| Knife River Corp.† | 6014 | &nbsp;&nbsp; $491043 |
| Louisiana-Pacific Corp. | 381 | &nbsp;&nbsp; 27718 |
| Martin Marietta Materials, Inc. | 367 | &nbsp;&nbsp; 216046 |
| Masco Corp. | 1281 | &nbsp;&nbsp; 77334 |
| Mohawk Industries, Inc.† | 3081 | &nbsp;&nbsp; 303355 |
| Owens Corning | 3596 | &nbsp;&nbsp; 389159 |
| Simpson Manufacturing Co., Inc. | 234 | &nbsp;&nbsp; 40159 |
| Trex Co., Inc.† | 673 | &nbsp;&nbsp; 24511 |
| Vulcan Materials Co. | 813 | &nbsp;&nbsp; 221380 |
|  |  | &nbsp;&nbsp; 2453907 |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| Albemarle Corp. | 724 | &nbsp;&nbsp; 129980 |
| Ashland, Inc. | 6070 | &nbsp;&nbsp; 337553 |
| Axalta Coating Systems, Ltd.† | 1327 | &nbsp;&nbsp; 36758 |
| Celanese Corp. | 664 | &nbsp;&nbsp; 43671 |
| CF Industries Holdings, Inc. | 952 | &nbsp;&nbsp; 123608 |
| Dow, Inc. | 4332 | &nbsp;&nbsp; 180428 |
| DuPont de Nemours, Inc. | 16696 | &nbsp;&nbsp; 764677 |
| Eastman Chemical Co. | 6525 | &nbsp;&nbsp; 497988 |
| Element Solutions, Inc. | 1378 | &nbsp;&nbsp; 47045 |
| FMC Corp. | 755 | &nbsp;&nbsp; 13001 |
| Huntsman Corp. | 1036 | &nbsp;&nbsp; 13789 |
| International Flavors & Fragrances, Inc. | 6386 | &nbsp;&nbsp; 463304 |
| LyondellBasell Industries NV, Class A | 1580 | &nbsp;&nbsp; 127285 |
| Mosaic Co. | 1965 | &nbsp;&nbsp; 50108 |
| NewMarket Corp. | 35 | &nbsp;&nbsp; 22433 |
| Olin Corp. | 729 | &nbsp;&nbsp; 21673 |
| PPG Industries, Inc. | 1388 | &nbsp;&nbsp; 148349 |
| Qnity Electronics, Inc. | 3672 | &nbsp;&nbsp; 423675 |
| RPM International, Inc. | 779 | &nbsp;&nbsp; 77433 |
| Westlake Corp. | 5748 | &nbsp;&nbsp; 671481 |
|  |  | &nbsp;&nbsp; 4194239 |
| **Coal — 0.1%** | **Coal — 0.1%** | **Coal — 0.1%** |
| Peabody Energy Corp. | 5972 | &nbsp;&nbsp; 196777 |
| **Commercial Services — 3.4%** | **Commercial Services — 3.4%** | **Commercial Services — 3.4%** |
| ADT, Inc. | 3218 | &nbsp;&nbsp; 21142 |
| Affirm Holdings, Inc.† | 677 | &nbsp;&nbsp; 31020 |
| API Group Corp.† | 21966 | &nbsp;&nbsp; 890062 |
| Avis Budget Group, Inc.† | 70 | &nbsp;&nbsp; 10209 |
| Block, Inc.† | 9643 | &nbsp;&nbsp; 580316 |
| Bright Horizons Family Solutions, Inc.† | 312 | &nbsp;&nbsp; 25625 |
| Clarivate PLC† | 2304 | &nbsp;&nbsp; 5829 |
| Colliers International Group, Inc. | 1861 | &nbsp;&nbsp; 198922 |
| Corpay, Inc.† | 3122 | &nbsp;&nbsp; 908471 |
| Equifax, Inc. | 623 | &nbsp;&nbsp; 112184 |
| EquipmentShare.com, Inc., Class A† | 12713 | &nbsp;&nbsp; 258964 |
| Euronet Worldwide, Inc.† | 245 | &nbsp;&nbsp; 16261 |
| First Advantage Corp.† | 35222 | &nbsp;&nbsp; 414211 |
| FTI Consulting, Inc.† | 1608 | &nbsp;&nbsp; 284246 |
| Global Payments, Inc. | 7987 | &nbsp;&nbsp; 537525 |
| Grand Canyon Education, Inc.† | 125 | &nbsp;&nbsp; 21254 |
| H&R Block, Inc. | 664 | &nbsp;&nbsp; 21075 |
| ManpowerGroup, Inc. | 290 | &nbsp;&nbsp; 8543 |
| MarketAxess Holdings, Inc. | 222 | &nbsp;&nbsp; 36626 |
| Marqeta, Inc., Class A† | 88397 | &nbsp;&nbsp; 360660 |
| Morningstar, Inc. | 45 | &nbsp;&nbsp; 7607 |
| Paylocity Holding Corp.† | 23 | &nbsp;&nbsp; 2485 |
| Quanta Services, Inc. | 204 | &nbsp;&nbsp; 112000 |
| Robert Half, Inc. | 618 | &nbsp;&nbsp; 15697 |
| Service Corp. International | 840 | &nbsp;&nbsp; 69308 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| TransUnion | 7098 | &nbsp;&nbsp; $491111 |
| U-Haul Holding Co. † | 34 | &nbsp;&nbsp; 1624 |
| U-Haul Holding Co. (Non-Voting) | 393 | &nbsp;&nbsp; 17555 |
| United Rentals, Inc. | 389 | &nbsp;&nbsp; 283410 |
| Valvoline, Inc.† | 91 | &nbsp;&nbsp; 3065 |
| Verisk Analytics, Inc. | 344 | &nbsp;&nbsp; 65274 |
| Verra Mobility Corp.† | 20765 | &nbsp;&nbsp; 296732 |
| WEX, Inc.† | 189 | &nbsp;&nbsp; 28925 |
| WillScot Holdings Corp. | 829 | &nbsp;&nbsp; 14391 |
|  |  | &nbsp;&nbsp; 6152329 |
| **Computers — 3.3%** | **Computers — 3.3%** | **Computers — 3.3%** |
| Everpure, Inc., Class A† | 279 | &nbsp;&nbsp; 16472 |
| Amdocs, Ltd. | 652 | &nbsp;&nbsp; 42549 |
| Amentum Holdings, Inc.† | 960 | &nbsp;&nbsp; 25037 |
| CACI International, Inc., Class A† | 132 | &nbsp;&nbsp; 71791 |
| Check Point Software Technologies, Ltd.† | 1829 | &nbsp;&nbsp; 261273 |
| Cognizant Technology Solutions Corp., Class A | 7544 | &nbsp;&nbsp; 462824 |
| Crane NXT Co. | 306 | &nbsp;&nbsp; 12421 |
| DXC Technology Co.† | 1083 | &nbsp;&nbsp; 13613 |
| EPAM Systems, Inc.† | 328 | &nbsp;&nbsp; 44411 |
| Figure Technology Solutions, Inc., Class A† | 178 | &nbsp;&nbsp; 6043 |
| Genpact, Ltd. | 978 | &nbsp;&nbsp; 36430 |
| Globant SA† | 244 | &nbsp;&nbsp; 11251 |
| Hewlett Packard Enterprise Co. | 8103 | &nbsp;&nbsp; 192932 |
| HP, Inc. | 5635 | &nbsp;&nbsp; 108248 |
| KBR, Inc. | 7115 | &nbsp;&nbsp; 262259 |
| Kyndryl Holdings, Inc.† | 1357 | &nbsp;&nbsp; 17804 |
| Leidos Holdings, Inc. | 3309 | &nbsp;&nbsp; 514616 |
| Lumentum Holdings, Inc.† | 400 | &nbsp;&nbsp; 281104 |
| NetApp, Inc. | 743 | &nbsp;&nbsp; 76076 |
| Okta, Inc.† | 618 | &nbsp;&nbsp; 48643 |
| Parsons Corp.† | 333 | &nbsp;&nbsp; 18039 |
| Rubrik, Inc., Class A† | 338 | &nbsp;&nbsp; 16552 |
| SailPoint, Inc.† | 379 | &nbsp;&nbsp; 5018 |
| Sandisk Corp.† | 2017 | &nbsp;&nbsp; 1281481 |
| Science Applications International Corp. | 275 | &nbsp;&nbsp; 26103 |
| Seagate Technology Holdings PLC | 1221 | &nbsp;&nbsp; 478339 |
| Super Micro Computer, Inc.† | 1732 | &nbsp;&nbsp; 39438 |
| Western Digital Corp. | 5058 | &nbsp;&nbsp; 1368138 |
| Zscaler, Inc.† | 2468 | &nbsp;&nbsp; 346236 |
|  |  | &nbsp;&nbsp; 6085141 |
| **Cosmetics/Personal Care — 1.0%** | **Cosmetics/Personal Care — 1.0%** | **Cosmetics/Personal Care — 1.0%** |
| Colgate-Palmolive Co. | 8619 | &nbsp;&nbsp; 734597 |
| Coty, Inc., Class A† | 2167 | &nbsp;&nbsp; 4356 |
| e.l.f. Beauty, Inc.† | 345 | &nbsp;&nbsp; 20910 |
| Estee Lauder Cos., Inc., Class A | 1513 | &nbsp;&nbsp; 108588 |
| Kenvue, Inc. | 39853 | &nbsp;&nbsp; 687066 |
| Perrigo Co. PLC | 30897 | &nbsp;&nbsp; 331834 |
|  |  | &nbsp;&nbsp; 1887351 |
| **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** |
| Core & Main, Inc., Class A† | 502 | &nbsp;&nbsp; 24799 |
| Fastenal Co. | 1278 | &nbsp;&nbsp; 59299 |
| LKQ Corp. | 13919 | &nbsp;&nbsp; 408801 |
| Pool Corp. | 167 | &nbsp;&nbsp; 33789 |
| RB Global, Inc. | 1071 | &nbsp;&nbsp; 102655 |
| SiteOne Landscape Supply, Inc.† | 2758 | &nbsp;&nbsp; 367118 |
| Watsco, Inc. | 214 | &nbsp;&nbsp; 77851 |
| WESCO International, Inc. | 293 | &nbsp;&nbsp; 80171 |
| WW Grainger, Inc. | 411 | &nbsp;&nbsp; 448323 |
|  |  | &nbsp;&nbsp; 1602806 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Diversified Financial Services — 3.7%** | **Diversified Financial Services — 3.7%** | **Diversified Financial Services — 3.7%** |
| Affiliated Managers Group, Inc. | 167 | &nbsp;&nbsp; $46209 |
| Air Lease Corp. | 651 | &nbsp;&nbsp; 42276 |
| Ally Financial, Inc. | 1490 | &nbsp;&nbsp; 58453 |
| Ameriprise Financial, Inc. | 54 | &nbsp;&nbsp; 23998 |
| Cboe Global Markets, Inc. | 643 | &nbsp;&nbsp; 180728 |
| Circle Internet Group, Inc.† | 589 | &nbsp;&nbsp; 56196 |
| Coinbase Global, Inc., Class A† | 1236 | &nbsp;&nbsp; 215818 |
| Credit Acceptance Corp.† | 21 | &nbsp;&nbsp; 8893 |
| Evercore, Inc., Class A | 225 | &nbsp;&nbsp; 67165 |
| Franklin Resources, Inc. | 1646 | &nbsp;&nbsp; 38879 |
| Freedom Holding Corp.† | 19 | &nbsp;&nbsp; 2753 |
| Hamilton Lane, Inc., Class A | 84 | &nbsp;&nbsp; 8350 |
| Houlihan Lokey, Inc. | 210 | &nbsp;&nbsp; 30160 |
| Invesco, Ltd. | 15461 | &nbsp;&nbsp; 375548 |
| Janus Henderson Group PLC | 758 | &nbsp;&nbsp; 38938 |
| Jefferies Financial Group, Inc. | 726 | &nbsp;&nbsp; 29962 |
| Lazard, Inc. | 21055 | &nbsp;&nbsp; 894416 |
| London Stock Exchange Group PLC | 2171 | &nbsp;&nbsp; 256582 |
| Nasdaq, Inc. | 2787 | &nbsp;&nbsp; 236588 |
| OneMain Holdings, Inc. | 742 | &nbsp;&nbsp; 39690 |
| Raymond James Financial, Inc. | 5345 | &nbsp;&nbsp; 773903 |
| Rocket Cos., Inc., Class A† | 5783 | &nbsp;&nbsp; 82408 |
| SEI Investments Co. | 637 | &nbsp;&nbsp; 49985 |
| SLM Corp. | 31249 | &nbsp;&nbsp; 669041 |
| SoFi Technologies, Inc.† | 6403 | &nbsp;&nbsp; 101680 |
| StepStone Group, Inc., Class A | 7113 | &nbsp;&nbsp; 339432 |
| Stifel Financial Corp. | 910 | &nbsp;&nbsp; 67267 |
| Synchrony Financial | 6616 | &nbsp;&nbsp; 450020 |
| T. Rowe Price Group, Inc. | 1324 | &nbsp;&nbsp; 119345 |
| TPG, Inc. | 5326 | &nbsp;&nbsp; 215756 |
| Tradeweb Markets, Inc., Class A | 657 | &nbsp;&nbsp; 77303 |
| UWM Holdings Corp. | 999 | &nbsp;&nbsp; 3616 |
| Virtu Financial, Inc., Class A | 498 | &nbsp;&nbsp; 21902 |
| Voya Financial, Inc. | 14789 | &nbsp;&nbsp; 1010384 |
| Western Union Co. | 1992 | &nbsp;&nbsp; 17390 |
| XP, Inc., Class A | 2254 | &nbsp;&nbsp; 42916 |
|  |  | &nbsp;&nbsp; 6693950 |
| **Electric — 7.0%** | **Electric — 7.0%** | **Electric — 7.0%** |
| AES Corp. | 4336 | &nbsp;&nbsp; 61094 |
| Alliant Energy Corp. | 10000 | &nbsp;&nbsp; 717600 |
| Ameren Corp. | 9739 | &nbsp;&nbsp; 1070511 |
| Brookfield Renewable Corp. | 847 | &nbsp;&nbsp; 33736 |
| CenterPoint Energy, Inc. | 29587 | &nbsp;&nbsp; 1276975 |
| Clearway Energy, Inc., Class A | 218 | &nbsp;&nbsp; 8539 |
| Clearway Energy, Inc., Class C | 510 | &nbsp;&nbsp; 20038 |
| CMS Energy Corp. | 9771 | &nbsp;&nbsp; 758034 |
| Consolidated Edison, Inc. | 8808 | &nbsp;&nbsp; 996890 |
| Dominion Energy, Inc. | 11211 | &nbsp;&nbsp; 693064 |
| DTE Energy Co. | 1273 | &nbsp;&nbsp; 186138 |
| Edison International | 2338 | &nbsp;&nbsp; 171095 |
| Entergy Corp. | 2744 | &nbsp;&nbsp; 308316 |
| Evergy, Inc. | 5483 | &nbsp;&nbsp; 449167 |
| Eversource Energy | 2279 | &nbsp;&nbsp; 157889 |
| Exelon Corp. | 6218 | &nbsp;&nbsp; 304806 |
| FirstEnergy Corp. | 19419 | &nbsp;&nbsp; 983767 |
| IDACORP, Inc. | 329 | &nbsp;&nbsp; 47037 |
| OGE Energy Corp. | 1230 | &nbsp;&nbsp; 58991 |
| PG&E Corp. | 91283 | &nbsp;&nbsp; 1603842 |
| Pinnacle West Capital Corp. | 5728 | &nbsp;&nbsp; 577096 |
| PPL Corp. | 4541 | &nbsp;&nbsp; 173466 |
| Public Service Enterprise Group, Inc. | 10541 | &nbsp;&nbsp; 853294 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Sempra | 5308 | &nbsp;&nbsp; $515778 |
| Talen Energy Corp.† | 633 | &nbsp;&nbsp; 202073 |
| WEC Energy Group, Inc. | 2004 | &nbsp;&nbsp; 232003 |
| Xcel Energy, Inc. | 3638 | &nbsp;&nbsp; 289003 |
|  |  | &nbsp;&nbsp; 12750242 |
| **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** |
| Acuity, Inc. | 192 | &nbsp;&nbsp; 53802 |
| AMETEK, Inc. | 1417 | &nbsp;&nbsp; 303748 |
| Belden, Inc. | 3938 | &nbsp;&nbsp; 452201 |
| Generac Holdings, Inc.† | 355 | &nbsp;&nbsp; 69342 |
| Littelfuse, Inc. | 150 | &nbsp;&nbsp; 50903 |
| Novanta, Inc.† | 2938 | &nbsp;&nbsp; 347007 |
| Universal Display Corp. | 276 | &nbsp;&nbsp; 25298 |
|  |  | &nbsp;&nbsp; 1302301 |
| **Electronics — 4.3%** | **Electronics — 4.3%** | **Electronics — 4.3%** |
| Allegion PLC | 4253 | &nbsp;&nbsp; 617919 |
| Arrow Electronics, Inc.† | 315 | &nbsp;&nbsp; 45174 |
| Avnet, Inc. | 489 | &nbsp;&nbsp; 30132 |
| Coherent Corp.† | 2766 | &nbsp;&nbsp; 658889 |
| Flex, Ltd.† | 15016 | &nbsp;&nbsp; 982947 |
| Fortive Corp. | 18599 | &nbsp;&nbsp; 1028153 |
| Garmin, Ltd. | 1003 | &nbsp;&nbsp; 232706 |
| Hubbell, Inc. | 1122 | &nbsp;&nbsp; 550610 |
| Ingram Micro Holding Corp. | 129 | &nbsp;&nbsp; 3007 |
| Jabil, Inc. | 221 | &nbsp;&nbsp; 58704 |
| Keysight Technologies, Inc.† | 3202 | &nbsp;&nbsp; 904149 |
| Mettler-Toledo International, Inc.† | 125 | &nbsp;&nbsp; 157650 |
| nVent Electric PLC | 5468 | &nbsp;&nbsp; 646755 |
| Ralliant Corp. | 686 | &nbsp;&nbsp; 28531 |
| Sensata Technologies Holding PLC | 19542 | &nbsp;&nbsp; 688269 |
| TD SYNNEX Corp. | 468 | &nbsp;&nbsp; 78956 |
| TE Connectivity PLC | 3948 | &nbsp;&nbsp; 825211 |
| Trimble, Inc.† | 1470 | &nbsp;&nbsp; 95888 |
| Vontier Corp. | 880 | &nbsp;&nbsp; 31214 |
| Woodward, Inc. | 366 | &nbsp;&nbsp; 130999 |
|  |  | &nbsp;&nbsp; 7795863 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| First Solar, Inc.† | 625 | &nbsp;&nbsp; 123288 |
| **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** | **Engineering & Construction — 0.5%** |
| AECOM | 791 | &nbsp;&nbsp; 67093 |
| EMCOR Group, Inc. | 178 | &nbsp;&nbsp; 131419 |
| Everus Construction Group, Inc.† | 310 | &nbsp;&nbsp; 36598 |
| Jacobs Solutions, Inc. | 4285 | &nbsp;&nbsp; 545395 |
| MasTec, Inc.† | 301 | &nbsp;&nbsp; 96844 |
| TopBuild Corp.† | 160 | &nbsp;&nbsp; 56208 |
|  |  | &nbsp;&nbsp; 933557 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| Brightstar Lottery PLC | 15559 | &nbsp;&nbsp; 198222 |
| Caesars Entertainment, Inc.† | 1229 | &nbsp;&nbsp; 32482 |
| Churchill Downs, Inc. | 65 | &nbsp;&nbsp; 5839 |
| Flutter Entertainment PLC† | 172 | &nbsp;&nbsp; 17535 |
| Liberty Live Holdings, Inc., Class A† | 123 | &nbsp;&nbsp; 11272 |
| Liberty Live Holdings, Inc., Class C† | 287 | &nbsp;&nbsp; 27010 |
| Liberty Media Corp.-Liberty Formula One, Class A† | 98 | &nbsp;&nbsp; 7652 |
| Liberty Media Corp.-Liberty Formula One, Class C† | 886 | &nbsp;&nbsp; 75328 |
| Madison Square Garden Sports Corp.† | 100 | &nbsp;&nbsp; 32140 |
| Penn Entertainment, Inc.† | 806 | &nbsp;&nbsp; 12114 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| TKO Group Holdings, Inc. | 233 | &nbsp;&nbsp; $46984 |
| Vail Resorts, Inc. | 40 | &nbsp;&nbsp; 5133 |
|  |  | &nbsp;&nbsp; 471711 |
| **Environmental Control — 0.6%** | **Environmental Control — 0.6%** | **Environmental Control — 0.6%** |
| Clean Harbors, Inc.† | 310 | &nbsp;&nbsp; 88886 |
| GFL Environmental, Inc. | 9687 | &nbsp;&nbsp; 404142 |
| Pentair PLC | 5863 | &nbsp;&nbsp; 510726 |
| Tetra Tech, Inc. | 1331 | &nbsp;&nbsp; 40090 |
| Veralto Corp. | 882 | &nbsp;&nbsp; 77986 |
|  |  | &nbsp;&nbsp; 1121830 |
| **Food — 2.5%** | **Food — 2.5%** | **Food — 2.5%** |
| Albertsons Cos., Inc., Class A | 21293 | &nbsp;&nbsp; 362833 |
| Campbell's Co. | 7455 | &nbsp;&nbsp; 166023 |
| Conagra Brands, Inc. | 2903 | &nbsp;&nbsp; 45635 |
| Flowers Foods, Inc. | 1155 | &nbsp;&nbsp; 9413 |
| General Mills, Inc. | 3293 | &nbsp;&nbsp; 122565 |
| Hershey Co. | 786 | &nbsp;&nbsp; 163401 |
| Hormel Foods Corp. | 1763 | &nbsp;&nbsp; 39932 |
| Ingredion, Inc. | 3329 | &nbsp;&nbsp; 375045 |
| J.M. Smucker Co. | 636 | &nbsp;&nbsp; 61336 |
| Kraft Heinz Co. | 5233 | &nbsp;&nbsp; 117690 |
| Kroger Co. | 3563 | &nbsp;&nbsp; 257819 |
| Lamb Weston Holdings, Inc. | 20879 | &nbsp;&nbsp; 882346 |
| McCormick & Co., Inc. | 1564 | &nbsp;&nbsp; 78888 |
| Performance Food Group Co.† | 819 | &nbsp;&nbsp; 70156 |
| Pilgrim's Pride Corp. | 259 | &nbsp;&nbsp; 9780 |
| Post Holdings, Inc.† | 281 | &nbsp;&nbsp; 27780 |
| Seaboard Corp. | 1 | &nbsp;&nbsp; 5654 |
| Smithfield Foods, Inc. | 282 | &nbsp;&nbsp; 7888 |
| Sysco Corp. | 6756 | &nbsp;&nbsp; 481905 |
| Tyson Foods, Inc., Class A | 6874 | &nbsp;&nbsp; 440417 |
| US Foods Holding Corp.† | 7946 | &nbsp;&nbsp; 732701 |
|  |  | &nbsp;&nbsp; 4459207 |
| **Food Service — 0.6%** | **Food Service — 0.6%** | **Food Service — 0.6%** |
| Aramark | 27060 | &nbsp;&nbsp; 1097012 |
| **Forest Products & Paper — 0.6%** | **Forest Products & Paper — 0.6%** | **Forest Products & Paper — 0.6%** |
| International Paper Co. | 28894 | &nbsp;&nbsp; 1031516 |
| **Gas — 0.7%** | **Gas — 0.7%** | **Gas — 0.7%** |
| Atmos Energy Corp. | 3425 | &nbsp;&nbsp; 632666 |
| MDU Resources Group, Inc. | 1278 | &nbsp;&nbsp; 26480 |
| National Fuel Gas Co. | 4478 | &nbsp;&nbsp; 420753 |
| NiSource, Inc. | 2928 | &nbsp;&nbsp; 136621 |
| UGI Corp. | 1339 | &nbsp;&nbsp; 48766 |
|  |  | &nbsp;&nbsp; 1265286 |
| **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** | **Hand/Machine Tools — 0.3%** |
| Lincoln Electric Holdings, Inc. | 330 | &nbsp;&nbsp; 82196 |
| MSA Safety, Inc. | 231 | &nbsp;&nbsp; 37872 |
| Snap-on, Inc. | 316 | &nbsp;&nbsp; 114778 |
| Stanley Black & Decker, Inc. | 5409 | &nbsp;&nbsp; 384364 |
|  |  | &nbsp;&nbsp; 619210 |
| **Healthcare-Products — 3.1%** | **Healthcare-Products — 3.1%** | **Healthcare-Products — 3.1%** |
| Agilent Technologies, Inc. | 6924 | &nbsp;&nbsp; 789198 |
| Align Technology, Inc.† | 412 | &nbsp;&nbsp; 70629 |
| Avantor, Inc.† | 4021 | &nbsp;&nbsp; 31525 |
| Baxter International, Inc. | 3136 | &nbsp;&nbsp; 52685 |
| Bio-Techne Corp. | 943 | &nbsp;&nbsp; 49281 |
| Bruker Corp. | 651 | &nbsp;&nbsp; 23514 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| Cooper Cos., Inc.† | 16552 | &nbsp;&nbsp; $1183468 |
| Dentsply Sirona, Inc. | 1250 | &nbsp;&nbsp; 14500 |
| Envista Holdings Corp.† | 1022 | &nbsp;&nbsp; 25928 |
| GE HealthCare Technologies, Inc. | 6244 | &nbsp;&nbsp; 444448 |
| Globus Medical, Inc., Class A† | 687 | &nbsp;&nbsp; 59192 |
| Hologic, Inc.† | 1361 | &nbsp;&nbsp; 102878 |
| Medline, Inc., Class A† | 1989 | &nbsp;&nbsp; 88510 |
| MiniMed Group, Inc.† | 16029 | &nbsp;&nbsp; 239153 |
| QIAGEN NV | 1236 | &nbsp;&nbsp; 49489 |
| Repligen Corp.† | 288 | &nbsp;&nbsp; 33932 |
| ResMed, Inc. | 683 | &nbsp;&nbsp; 153320 |
| Revvity, Inc. | 3591 | &nbsp;&nbsp; 314608 |
| Solventum Corp.† | 908 | &nbsp;&nbsp; 59292 |
| STERIS PLC | 2254 | &nbsp;&nbsp; 498427 |
| Teleflex, Inc. | 277 | &nbsp;&nbsp; 33132 |
| Waters Corp.† | 2460 | &nbsp;&nbsp; 732588 |
| West Pharmaceutical Services, Inc. | 442 | &nbsp;&nbsp; 110783 |
| Zimmer Biomet Holdings, Inc. | 5078 | &nbsp;&nbsp; 459153 |
|  |  | &nbsp;&nbsp; 5619633 |
| **Healthcare-Services — 2.2%** | **Healthcare-Services — 2.2%** | **Healthcare-Services — 2.2%** |
| Acadia Healthcare Co., Inc.† | 574 | &nbsp;&nbsp; 13426 |
| Centene Corp.† | 12633 | &nbsp;&nbsp; 413604 |
| Charles River Laboratories International, Inc.† | 297 | &nbsp;&nbsp; 51233 |
| Chemed Corp. | 79 | &nbsp;&nbsp; 29842 |
| Concentra Group Holdings Parent, Inc. | 32051 | &nbsp;&nbsp; 687494 |
| Encompass Health Corp. | 611 | &nbsp;&nbsp; 59102 |
| Humana, Inc. | 2944 | &nbsp;&nbsp; 510460 |
| ICON PLC† | 1828 | &nbsp;&nbsp; 202287 |
| IQVIA Holdings, Inc.† | 1036 | &nbsp;&nbsp; 176680 |
| Labcorp Holdings, Inc. | 2020 | &nbsp;&nbsp; 538956 |
| Molina Healthcare, Inc.† | 2118 | &nbsp;&nbsp; 282329 |
| Quest Diagnostics, Inc. | 687 | &nbsp;&nbsp; 134638 |
| RadNet, Inc.† | 6746 | &nbsp;&nbsp; 377034 |
| Sotera Health Co.† | 1158 | &nbsp;&nbsp; 16606 |
| Tenet Healthcare Corp.† | 533 | &nbsp;&nbsp; 100582 |
| Universal Health Services, Inc., Class B | 2286 | &nbsp;&nbsp; 409125 |
|  |  | &nbsp;&nbsp; 4003398 |
| **Home Builders — 1.1%** | **Home Builders — 1.1%** | **Home Builders — 1.1%** |
| D.R. Horton, Inc. | 1588 | &nbsp;&nbsp; 217905 |
| Installed Building Products, Inc. | 1123 | &nbsp;&nbsp; 297764 |
| Lennar Corp., Class A | 1266 | &nbsp;&nbsp; 109940 |
| Lennar Corp., Class B | 59 | &nbsp;&nbsp; 4963 |
| NVR, Inc.† | 16 | &nbsp;&nbsp; 105437 |
| PulteGroup, Inc. | 9435 | &nbsp;&nbsp; 1109650 |
| Thor Industries, Inc. | 316 | &nbsp;&nbsp; 25245 |
| Toll Brothers, Inc. | 578 | &nbsp;&nbsp; 78880 |
|  |  | &nbsp;&nbsp; 1949784 |
| **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** | **Home Furnishings — 0.0%** |
| Dolby Laboratories, Inc., Class A | 381 | &nbsp;&nbsp; 22883 |
| SharkNinja, Inc.† | 430 | &nbsp;&nbsp; 45537 |
| Whirlpool Corp. | 338 | &nbsp;&nbsp; 18225 |
|  |  | &nbsp;&nbsp; 86645 |
| **Household Products/Wares — 0.4%** | **Household Products/Wares — 0.4%** | **Household Products/Wares — 0.4%** |
| Avery Dennison Corp. | 2596 | &nbsp;&nbsp; 448277 |
| Church & Dwight Co., Inc. | 1484 | &nbsp;&nbsp; 138487 |
| Clorox Co. | 748 | &nbsp;&nbsp; 77515 |
| Reynolds Consumer Products, Inc. | 344 | &nbsp;&nbsp; 7286 |
|  |  | &nbsp;&nbsp; 671565 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Newell Brands, Inc. | 35407 | &nbsp;&nbsp; $121446 |
| Scotts Miracle-Gro Co. | 278 | &nbsp;&nbsp; 16905 |
|  |  | &nbsp;&nbsp; 138351 |
| **Insurance — 5.6%** | **Insurance — 5.6%** | **Insurance — 5.6%** |
| Allstate Corp. | 4012 | &nbsp;&nbsp; 831848 |
| American Financial Group, Inc. | 412 | &nbsp;&nbsp; 52617 |
| American International Group, Inc. | 14512 | &nbsp;&nbsp; 1092028 |
| Arch Capital Group, Ltd.† | 2161 | &nbsp;&nbsp; 207434 |
| Assurant, Inc. | 5062 | &nbsp;&nbsp; 1102554 |
| Assured Guaranty, Ltd. | 264 | &nbsp;&nbsp; 21511 |
| Axis Capital Holdings, Ltd. | 463 | &nbsp;&nbsp; 46953 |
| Brighthouse Financial, Inc.† | 360 | &nbsp;&nbsp; 21557 |
| Brown & Brown, Inc. | 5730 | &nbsp;&nbsp; 373653 |
| Cincinnati Financial Corp. | 943 | &nbsp;&nbsp; 148381 |
| CNA Financial Corp. | 133 | &nbsp;&nbsp; 6107 |
| Corebridge Financial, Inc. | 13469 | &nbsp;&nbsp; 321370 |
| Equitable Holdings, Inc. | 5242 | &nbsp;&nbsp; 194531 |
| Everest Group, Ltd. | 1289 | &nbsp;&nbsp; 421310 |
| Fidelity National Financial, Inc. | 1583 | &nbsp;&nbsp; 73420 |
| First American Financial Corp. | 594 | &nbsp;&nbsp; 35812 |
| Globe Life, Inc. | 489 | &nbsp;&nbsp; 68054 |
| Hanover Insurance Group, Inc. | 4023 | &nbsp;&nbsp; 697387 |
| Hartford Insurance Group, Inc. | 7101 | &nbsp;&nbsp; 960268 |
| Horace Mann Educators Corp. | 6005 | &nbsp;&nbsp; 256293 |
| Kemper Corp. | 388 | &nbsp;&nbsp; 11857 |
| Lincoln National Corp. | 19477 | &nbsp;&nbsp; 691434 |
| Loews Corp. | 1029 | &nbsp;&nbsp; 109836 |
| Markel Group, Inc.† | 60 | &nbsp;&nbsp; 114844 |
| MGIC Investment Corp. | 1338 | &nbsp;&nbsp; 35123 |
| Old Republic International Corp. | 1398 | &nbsp;&nbsp; 55780 |
| Primerica, Inc. | 198 | &nbsp;&nbsp; 49595 |
| Principal Financial Group, Inc. | 1347 | &nbsp;&nbsp; 121378 |
| Prudential Financial, Inc. | 2152 | &nbsp;&nbsp; 210229 |
| Reinsurance Group of America, Inc. | 406 | &nbsp;&nbsp; 82889 |
| RenaissanceRe Holdings, Ltd. | 1713 | &nbsp;&nbsp; 509155 |
| RLI Corp. | 488 | &nbsp;&nbsp; 27836 |
| Unum Group | 1019 | &nbsp;&nbsp; 74418 |
| W.R. Berkley Corp. | 1380 | &nbsp;&nbsp; 91466 |
| White Mountains Insurance Group, Ltd. | 15 | &nbsp;&nbsp; 32954 |
| Willis Towers Watson PLC | 3839 | &nbsp;&nbsp; 1115997 |
|  |  | &nbsp;&nbsp; 10267879 |
| **Internet — 1.6%** | **Internet — 1.6%** | **Internet — 1.6%** |
| CDW Corp. | 5710 | &nbsp;&nbsp; 691024 |
| eBay, Inc. | 7985 | &nbsp;&nbsp; 726795 |
| Etsy, Inc.† | 241 | &nbsp;&nbsp; 12045 |
| F5, Inc.† | 347 | &nbsp;&nbsp; 100398 |
| Gen Digital, Inc. | 3003 | &nbsp;&nbsp; 56546 |
| GoDaddy, Inc., Class A† | 3485 | &nbsp;&nbsp; 288105 |
| IAC, Inc.† | 395 | &nbsp;&nbsp; 15812 |
| Lyft, Inc., Class A† | 2035 | &nbsp;&nbsp; 27066 |
| Maplebear, Inc.† | 1052 | &nbsp;&nbsp; 39408 |
| Match Group, Inc. | 1444 | &nbsp;&nbsp; 44345 |
| Pinterest, Inc., Class A† | 13947 | &nbsp;&nbsp; 255788 |
| Robinhood Markets, Inc., Class A† | 4032 | &nbsp;&nbsp; 279418 |
| Roku, Inc.† | 687 | &nbsp;&nbsp; 65004 |
| Trump Media & Technology Group Corp.† | 340 | &nbsp;&nbsp; 3155 |
| VeriSign, Inc. | 508 | &nbsp;&nbsp; 126167 |
| Wayfair, Inc., Class A† | 502 | &nbsp;&nbsp; 37755 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| Zillow Group, Inc., Class A† | 302 | &nbsp;&nbsp; $12500 |
| Zillow Group, Inc., Class C† | 1032 | &nbsp;&nbsp; 42704 |
|  |  | &nbsp;&nbsp; 2824035 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| Main Street Capital Corp. | 5840 | &nbsp;&nbsp; 309286 |
| **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** | **Iron/Steel — 0.5%** |
| Carpenter Technology Corp. | 244 | &nbsp;&nbsp; 96173 |
| Cleveland-Cliffs, Inc.† | 3503 | &nbsp;&nbsp; 29600 |
| Nucor Corp. | 3659 | &nbsp;&nbsp; 618737 |
| Reliance, Inc. | 321 | &nbsp;&nbsp; 97558 |
| Steel Dynamics, Inc. | 756 | &nbsp;&nbsp; 136080 |
|  |  | &nbsp;&nbsp; 978148 |
| **Leisure Time — 0.8%** | **Leisure Time — 0.8%** | **Leisure Time — 0.8%** |
| Amer Sports, Inc.† | 906 | &nbsp;&nbsp; 29825 |
| Brunswick Corp. | 5807 | &nbsp;&nbsp; 422517 |
| Carnival Corp. | 4862 | &nbsp;&nbsp; 125829 |
| Harley-Davidson, Inc. | 687 | &nbsp;&nbsp; 13891 |
| Norwegian Cruise Line Holdings, Ltd.† | 17574 | &nbsp;&nbsp; 328634 |
| Viking Holdings, Ltd.† | 6238 | &nbsp;&nbsp; 458368 |
| YETI Holdings, Inc.† | 476 | &nbsp;&nbsp; 17417 |
|  |  | &nbsp;&nbsp; 1396481 |
| **Lodging — 0.3%** | **Lodging — 0.3%** | **Lodging — 0.3%** |
| Boyd Gaming Corp. | 347 | &nbsp;&nbsp; 28516 |
| Choice Hotels International, Inc. | 116 | &nbsp;&nbsp; 12006 |
| Hyatt Hotels Corp., Class A | 3225 | &nbsp;&nbsp; 463723 |
| MGM Resorts International† | 1276 | &nbsp;&nbsp; 47225 |
| Travel & Leisure Co. | 259 | &nbsp;&nbsp; 17920 |
| Wyndham Hotels & Resorts, Inc. | 48 | &nbsp;&nbsp; 3899 |
| Wynn Resorts, Ltd. | 475 | &nbsp;&nbsp; 48236 |
|  |  | &nbsp;&nbsp; 621525 |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |
| BWX Technologies, Inc. | 463 | &nbsp;&nbsp; 94679 |
| Oshkosh Corp. | 385 | &nbsp;&nbsp; 56676 |
| Terex Corp. | 3515 | &nbsp;&nbsp; 207736 |
|  |  | &nbsp;&nbsp; 359091 |
| **Machinery-Diversified — 3.7%** | **Machinery-Diversified — 3.7%** | **Machinery-Diversified — 3.7%** |
| AGCO Corp. | 8841 | &nbsp;&nbsp; 1024407 |
| Applied Industrial Technologies, Inc. | 229 | &nbsp;&nbsp; 60758 |
| CNH Industrial NV | 5383 | &nbsp;&nbsp; 59213 |
| Cognex Corp. | 1025 | &nbsp;&nbsp; 50215 |
| Crane Co. | 306 | &nbsp;&nbsp; 52326 |
| Dover Corp. | 833 | &nbsp;&nbsp; 173639 |
| ESAB Corp. | 6951 | &nbsp;&nbsp; 671884 |
| ESAB Corp. PIPE†(1) | 2251 | &nbsp;&nbsp; 206702 |
| Flowserve Corp. | 6102 | &nbsp;&nbsp; 448558 |
| Gates Industrial Corp. PLC† | 1543 | &nbsp;&nbsp; 34887 |
| Graco, Inc. | 1024 | &nbsp;&nbsp; 86682 |
| IDEX Corp. | 464 | &nbsp;&nbsp; 87951 |
| Ingersoll Rand, Inc. | 6662 | &nbsp;&nbsp; 533759 |
| Middleby Corp.† | 6998 | &nbsp;&nbsp; 927795 |
| Nordson Corp. | 1405 | &nbsp;&nbsp; 373814 |
| Otis Worldwide Corp. | 6703 | &nbsp;&nbsp; 516667 |
| Regal Rexnord Corp. | 407 | &nbsp;&nbsp; 76215 |
| Rockwell Automation, Inc. | 640 | &nbsp;&nbsp; 229683 |
| Toro Co. | 603 | &nbsp;&nbsp; 56344 |
| Westinghouse Air Brake Technologies Corp. | 3873 | &nbsp;&nbsp; 967902 |
| Xylem, Inc. | 1496 | &nbsp;&nbsp; 178772 |
|  |  | &nbsp;&nbsp; 6818173 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Charter Communications, Inc., Class A† | 502 | &nbsp;&nbsp; $108372 |
| FactSet Research Systems, Inc. | 213 | &nbsp;&nbsp; 46219 |
| Fox Corp., Class A | 1267 | &nbsp;&nbsp; 73993 |
| Fox Corp., Class B | 929 | &nbsp;&nbsp; 49330 |
| Liberty Broadband Corp., Class A† | 82 | &nbsp;&nbsp; 4118 |
| Liberty Broadband Corp., Class C† | 562 | &nbsp;&nbsp; 28269 |
| Liberty Global, Ltd., Class A† | 1055 | &nbsp;&nbsp; 12755 |
| Liberty Global, Ltd., Class C† | 824 | &nbsp;&nbsp; 9665 |
| New York Times Co., Class A | 983 | &nbsp;&nbsp; 82306 |
| News Corp., Class A | 2316 | &nbsp;&nbsp; 57738 |
| News Corp., Class B | 799 | &nbsp;&nbsp; 22779 |
| Nexstar Media Group, Inc. | 1343 | &nbsp;&nbsp; 242855 |
| Sirius XM Holdings, Inc. | 1191 | &nbsp;&nbsp; 27488 |
| Warner Bros. Discovery, Inc.† | 14291 | &nbsp;&nbsp; 392431 |
|  |  | &nbsp;&nbsp; 1158318 |
| **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** | **Metal Fabricate/Hardware — 0.2%** |
| Advanced Drainage Systems, Inc. | 434 | &nbsp;&nbsp; 59514 |
| Mueller Industries, Inc. | 664 | &nbsp;&nbsp; 73571 |
| RBC Bearings, Inc.† | 151 | &nbsp;&nbsp; 82011 |
| Timken Co. | 391 | &nbsp;&nbsp; 39323 |
| Valmont Industries, Inc. | 119 | &nbsp;&nbsp; 47549 |
|  |  | &nbsp;&nbsp; 301968 |
| **Mining — 0.7%** | **Mining — 0.7%** | **Mining — 0.7%** |
| Alcoa Corp. | 1595 | &nbsp;&nbsp; 105796 |
| Anglogold Ashanti PLC | 2723 | &nbsp;&nbsp; 265111 |
| Franco-Nevada Corp. | 1574 | &nbsp;&nbsp; 389738 |
| MP Materials Corp.† | 814 | &nbsp;&nbsp; 39284 |
| OR Royalties, Inc. | 8500 | &nbsp;&nbsp; 323661 |
| Royal Gold, Inc. | 502 | &nbsp;&nbsp; 127754 |
|  |  | &nbsp;&nbsp; 1251344 |
| **Miscellaneous Manufacturing — 1.5%** | **Miscellaneous Manufacturing — 1.5%** | **Miscellaneous Manufacturing — 1.5%** |
| A.O. Smith Corp. | 696 | &nbsp;&nbsp; 45894 |
| Donaldson Co., Inc. | 712 | &nbsp;&nbsp; 60428 |
| Entegris, Inc. | 8280 | &nbsp;&nbsp; 970747 |
| ITT, Inc. | 2147 | &nbsp;&nbsp; 409068 |
| JBT Marel Corp. | 4029 | &nbsp;&nbsp; 515188 |
| Teledyne Technologies, Inc.† | 286 | &nbsp;&nbsp; 173033 |
| Textron, Inc. | 5390 | &nbsp;&nbsp; 471948 |
|  |  | &nbsp;&nbsp; 2646306 |
| **Office/Business Equipment — 0.2%** | **Office/Business Equipment — 0.2%** | **Office/Business Equipment — 0.2%** |
| Zebra Technologies Corp., Class A† | 1546 | &nbsp;&nbsp; 323238 |
| **Oil & Gas — 5.7%** | **Oil & Gas — 5.7%** | **Oil & Gas — 5.7%** |
| Antero Resources Corp.† | 1777 | &nbsp;&nbsp; 75416 |
| APA Corp. | 2153 | &nbsp;&nbsp; 91373 |
| ARC Resources, Ltd. | 21700 | &nbsp;&nbsp; 451596 |
| Cenovus Energy, Inc. | 19513 | &nbsp;&nbsp; 517680 |
| Chord Energy Corp. | 2670 | &nbsp;&nbsp; 379621 |
| Coterra Energy, Inc. | 4621 | &nbsp;&nbsp; 162382 |
| Devon Energy Corp. | 3720 | &nbsp;&nbsp; 187190 |
| Diamondback Energy, Inc. | 4364 | &nbsp;&nbsp; 863156 |
| EQT Corp. | 3697 | &nbsp;&nbsp; 235277 |
| Expand Energy Corp. | 6528 | &nbsp;&nbsp; 716644 |
| HF Sinclair Corp. | 859 | &nbsp;&nbsp; 53593 |
| Marathon Petroleum Corp. | 3815 | &nbsp;&nbsp; 931547 |
| Matador Resources Co. | 712 | &nbsp;&nbsp; 44984 |
| Occidental Petroleum Corp. | 4341 | &nbsp;&nbsp; 282165 |
| Ovintiv, Inc. | 10465 | &nbsp;&nbsp; 621202 |
| Permian Resources Corp., Class A | 64827 | &nbsp;&nbsp; 1382112 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| Phillips 66 | 7285 | &nbsp;&nbsp; $1327181 |
| Range Resources Corp. | 1441 | &nbsp;&nbsp; 65104 |
| Valero Energy Corp. | 5255 | &nbsp;&nbsp; 1298405 |
| Viper Energy, Inc., Class A | 13228 | &nbsp;&nbsp; 621584 |
| Weatherford International PLC | 440 | &nbsp;&nbsp; 41615 |
|  |  | &nbsp;&nbsp; 10349827 |
| **Oil & Gas Services — 1.8%** | **Oil & Gas Services — 1.8%** | **Oil & Gas Services — 1.8%** |
| Baker Hughes Co. | 23457 | &nbsp;&nbsp; 1432050 |
| Halliburton Co. | 5153 | &nbsp;&nbsp; 200915 |
| NOV, Inc. | 2268 | &nbsp;&nbsp; 42661 |
| TechnipFMC PLC | 17344 | &nbsp;&nbsp; 1198991 |
| Tidewater, Inc.† | 5105 | &nbsp;&nbsp; 426523 |
|  |  | &nbsp;&nbsp; 3301140 |
| **Packaging & Containers — 0.9%** | **Packaging & Containers — 0.9%** | **Packaging & Containers — 0.9%** |
| Amcor PLC | 10411 | &nbsp;&nbsp; 413837 |
| AptarGroup, Inc. | 407 | &nbsp;&nbsp; 51290 |
| Ball Corp. | 1645 | &nbsp;&nbsp; 97236 |
| Crown Holdings, Inc. | 709 | &nbsp;&nbsp; 71077 |
| Graphic Packaging Holding Co. | 20588 | &nbsp;&nbsp; 204645 |
| Packaging Corp. of America | 544 | &nbsp;&nbsp; 115448 |
| Sealed Air Corp. | 888 | &nbsp;&nbsp; 37340 |
| Silgan Holdings, Inc. | 554 | &nbsp;&nbsp; 21495 |
| Smurfit WestRock PLC | 3186 | &nbsp;&nbsp; 126962 |
| Sonoco Products Co. | 598 | &nbsp;&nbsp; 32346 |
| Stora Enso Oyj, Class R | 45461 | &nbsp;&nbsp; 535493 |
|  |  | &nbsp;&nbsp; 1707169 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| Alkermes PLC† | 7318 | &nbsp;&nbsp; 258765 |
| Becton Dickinson & Co. | 2292 | &nbsp;&nbsp; 360371 |
| BellRing Brands, Inc.† | 719 | &nbsp;&nbsp; 11569 |
| Cardinal Health, Inc. | 727 | &nbsp;&nbsp; 153622 |
| Cencora, Inc. | 1229 | &nbsp;&nbsp; 386078 |
| Elanco Animal Health, Inc.† | 3012 | &nbsp;&nbsp; 72077 |
| Henry Schein, Inc.† | 623 | &nbsp;&nbsp; 45915 |
| Jazz Pharmaceuticals PLC† | 356 | &nbsp;&nbsp; 67302 |
| Neurocrine Biosciences, Inc.† | 87 | &nbsp;&nbsp; 11461 |
| Organon & Co. | 1574 | &nbsp;&nbsp; 9428 |
| Viatris, Inc. | 40289 | &nbsp;&nbsp; 544305 |
|  |  | &nbsp;&nbsp; 1920893 |
| **Pipelines — 1.4%** | **Pipelines — 1.4%** | **Pipelines — 1.4%** |
| Antero Midstream Corp. | 2041 | &nbsp;&nbsp; 46535 |
| Cheniere Energy, Inc. | 1559 | &nbsp;&nbsp; 442382 |
| DT Midstream, Inc. | 625 | &nbsp;&nbsp; 84169 |
| Kinder Morgan, Inc. | 11932 | &nbsp;&nbsp; 400080 |
| ONEOK, Inc. | 3831 | &nbsp;&nbsp; 346284 |
| Plains GP Holdings LP, Class A | 19248 | &nbsp;&nbsp; 467341 |
| Targa Resources Corp. | 2857 | &nbsp;&nbsp; 716336 |
|  |  | &nbsp;&nbsp; 2503127 |
| **Private Equity — 0.2%** | **Private Equity — 0.2%** | **Private Equity — 0.2%** |
| Carlyle Group, Inc. | 7787 | &nbsp;&nbsp; 376813 |
| **Real Estate — 0.7%** | **Real Estate — 0.7%** | **Real Estate — 0.7%** |
| CBRE Group, Inc., Class A† | 1629 | &nbsp;&nbsp; 220664 |
| CoStar Group, Inc.† | 2260 | &nbsp;&nbsp; 91169 |
| Howard Hughes Holdings, Inc.† | 193 | &nbsp;&nbsp; 12209 |
| Jones Lang LaSalle, Inc.† | 3294 | &nbsp;&nbsp; 1002430 |
|  |  | &nbsp;&nbsp; 1326472 |
| **REITS — 7.3%** | **REITS — 7.3%** | **REITS — 7.3%** |
| AGNC Investment Corp. | 6581 | &nbsp;&nbsp; 66007 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| Agree Realty Corp. | 704 | &nbsp;&nbsp; $53068 |
| Alexandria Real Estate Equities, Inc. | 1068 | &nbsp;&nbsp; 49577 |
| American Homes 4 Rent, Class A | 2093 | &nbsp;&nbsp; 58437 |
| Americold Realty Trust, Inc. | 1797 | &nbsp;&nbsp; 20594 |
| Annaly Capital Management, Inc. | 19202 | &nbsp;&nbsp; 406122 |
| Apartment Investment & Management Co., Class A | 41478 | &nbsp;&nbsp; 168815 |
| AvalonBay Communities, Inc. | 870 | &nbsp;&nbsp; 142114 |
| Brixmor Property Group, Inc. | 19306 | &nbsp;&nbsp; 556013 |
| BXP, Inc. | 967 | &nbsp;&nbsp; 50187 |
| Camden Property Trust | 645 | &nbsp;&nbsp; 62991 |
| Cousins Properties, Inc. | 1052 | &nbsp;&nbsp; 23744 |
| Crown Castle, Inc. | 2670 | &nbsp;&nbsp; 217098 |
| CubeSmart | 1410 | &nbsp;&nbsp; 51677 |
| Digital Realty Trust, Inc. | 5111 | &nbsp;&nbsp; 921053 |
| EastGroup Properties, Inc. | 324 | &nbsp;&nbsp; 59969 |
| EPR Properties | 470 | &nbsp;&nbsp; 23481 |
| Equity LifeStyle Properties, Inc. | 8320 | &nbsp;&nbsp; 519334 |
| Equity Residential | 11810 | &nbsp;&nbsp; 698561 |
| Essex Property Trust, Inc. | 1911 | &nbsp;&nbsp; 462462 |
| Extra Space Storage, Inc. | 5016 | &nbsp;&nbsp; 657748 |
| Federal Realty Investment Trust | 518 | &nbsp;&nbsp; 55017 |
| First Industrial Realty Trust, Inc. | 797 | &nbsp;&nbsp; 46106 |
| Gaming & Leisure Properties, Inc. | 1665 | &nbsp;&nbsp; 73876 |
| Healthcare Realty Trust, Inc. | 25904 | &nbsp;&nbsp; 440109 |
| Healthpeak Properties, Inc. | 4245 | &nbsp;&nbsp; 69745 |
| Highwoods Properties, Inc. | 681 | &nbsp;&nbsp; 14580 |
| Host Hotels & Resorts, Inc. | 4207 | &nbsp;&nbsp; 80606 |
| Invitation Homes, Inc. | 3775 | &nbsp;&nbsp; 93809 |
| Iron Mountain, Inc. | 1801 | &nbsp;&nbsp; 183954 |
| Kilroy Realty Corp. | 736 | &nbsp;&nbsp; 20763 |
| Kimco Realty Corp. | 4123 | &nbsp;&nbsp; 92644 |
| Lineage, Inc. | 442 | &nbsp;&nbsp; 14480 |
| Medical Properties Trust, Inc. | 3130 | &nbsp;&nbsp; 14492 |
| Mid-America Apartment Communities, Inc. | 3451 | &nbsp;&nbsp; 421436 |
| Millrose Properties, Inc. | 965 | &nbsp;&nbsp; 27020 |
| National Storage Affiliates Trust | 431 | &nbsp;&nbsp; 16266 |
| NNN REIT, Inc. | 1165 | &nbsp;&nbsp; 48965 |
| Omega Healthcare Investors, Inc. | 1811 | &nbsp;&nbsp; 79358 |
| Park Hotels & Resorts, Inc. | 1220 | &nbsp;&nbsp; 12847 |
| Rayonier, Inc. | 1861 | &nbsp;&nbsp; 38374 |
| Realty Income Corp. | 5617 | &nbsp;&nbsp; 343648 |
| Regency Centers Corp. | 10011 | &nbsp;&nbsp; 757432 |
| Rexford Industrial Realty, Inc. | 22291 | &nbsp;&nbsp; 729584 |
| Rithm Capital Corp. | 3380 | &nbsp;&nbsp; 32042 |
| SBA Communications Corp. | 650 | &nbsp;&nbsp; 111871 |
| Simon Property Group, Inc. | 1549 | &nbsp;&nbsp; 288935 |
| STAG Industrial, Inc. | 1163 | &nbsp;&nbsp; 41938 |
| Starwood Property Trust, Inc. | 2109 | &nbsp;&nbsp; 36317 |
| Sun Communities, Inc. | 6704 | &nbsp;&nbsp; 844436 |
| UDR, Inc. | 1911 | &nbsp;&nbsp; 64554 |
| Ventas, Inc. | 14410 | &nbsp;&nbsp; 1178450 |
| VICI Properties, Inc. | 22741 | &nbsp;&nbsp; 621284 |
| Vornado Realty Trust | 14429 | &nbsp;&nbsp; 375010 |
| Weyerhaeuser Co. | 4462 | &nbsp;&nbsp; 109007 |
| WP Carey, Inc. | 8379 | &nbsp;&nbsp; 569437 |
|  |  | &nbsp;&nbsp; 13217444 |
| **Retail — 3.1%** | **Retail — 3.1%** | **Retail — 3.1%** |
| Advance Auto Parts, Inc. | 18160 | &nbsp;&nbsp; 957940 |
| AutoNation, Inc.† | 166 | &nbsp;&nbsp; 32413 |
| Bath & Body Works, Inc. | 1299 | &nbsp;&nbsp; 24252 |
| Best Buy Co., Inc. | 1187 | &nbsp;&nbsp; 76205 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| BJ's Wholesale Club Holdings, Inc.† | 3779 | &nbsp;&nbsp; $371929 |
| Burlington Stores, Inc.† | 1258 | &nbsp;&nbsp; 409328 |
| CarMax, Inc.† | 869 | &nbsp;&nbsp; 36133 |
| Casey's General Stores, Inc. | 194 | &nbsp;&nbsp; 141205 |
| Darden Restaurants, Inc. | 1590 | &nbsp;&nbsp; 311704 |
| Dick's Sporting Goods, Inc. | 387 | &nbsp;&nbsp; 76738 |
| Dillard's, Inc., Class A | 18 | &nbsp;&nbsp; 10298 |
| Dollar General Corp. | 1350 | &nbsp;&nbsp; 160285 |
| Dollar Tree, Inc.† | 1152 | &nbsp;&nbsp; 126156 |
| Domino's Pizza, Inc. | 133 | &nbsp;&nbsp; 47719 |
| Ferguson Enterprises, Inc. | 2801 | &nbsp;&nbsp; 653361 |
| Five Below, Inc.† | 331 | &nbsp;&nbsp; 75627 |
| Floor & Decor Holdings, Inc., Class A† | 458 | &nbsp;&nbsp; 23266 |
| Freshpet, Inc.† | 213 | &nbsp;&nbsp; 12558 |
| GameStop Corp., Class A† | 2508 | &nbsp;&nbsp; 57784 |
| Gap, Inc. | 7225 | &nbsp;&nbsp; 174845 |
| Genuine Parts Co. | 853 | &nbsp;&nbsp; 90205 |
| Group 1 Automotive, Inc. | 604 | &nbsp;&nbsp; 199701 |
| Lithia Motors, Inc. | 128 | &nbsp;&nbsp; 31964 |
| Lululemon Athletica, Inc.† | 266 | &nbsp;&nbsp; 40725 |
| Macy's, Inc. | 1684 | &nbsp;&nbsp; 30464 |
| MSC Industrial Direct Co., Inc., Class A | 277 | &nbsp;&nbsp; 25559 |
| Ollie's Bargain Outlet Holdings, Inc.† | 383 | &nbsp;&nbsp; 35251 |
| Penske Automotive Group, Inc. | 114 | &nbsp;&nbsp; 17045 |
| QXO, Inc.† | 3768 | &nbsp;&nbsp; 73175 |
| Restaurant Brands International, Inc. | 731 | &nbsp;&nbsp; 54021 |
| RH† | 79 | &nbsp;&nbsp; 11046 |
| Ross Stores, Inc. | 4067 | &nbsp;&nbsp; 881034 |
| Ulta Beauty, Inc.† | 204 | &nbsp;&nbsp; 106633 |
| Wendy's Co. | 566 | &nbsp;&nbsp; 3934 |
| Williams-Sonoma, Inc. | 600 | &nbsp;&nbsp; 109398 |
| Yum! Brands, Inc. | 1137 | &nbsp;&nbsp; 176781 |
|  |  | &nbsp;&nbsp; 5666682 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| TFS Financial Corp. | 329 | &nbsp;&nbsp; 4622 |
| **Semiconductors — 1.7%** | **Semiconductors — 1.7%** | **Semiconductors — 1.7%** |
| Allegro MicroSystems, Inc.† | 772 | &nbsp;&nbsp; 24341 |
| Amkor Technology, Inc. | 777 | &nbsp;&nbsp; 34988 |
| Cirrus Logic, Inc.† | 319 | &nbsp;&nbsp; 46134 |
| GlobalFoundries, Inc.† | 621 | &nbsp;&nbsp; 27622 |
| IPG Photonics Corp.† | 155 | &nbsp;&nbsp; 17761 |
| Lattice Semiconductor Corp.† | 127 | &nbsp;&nbsp; 11781 |
| MACOM Technology Solutions Holdings, Inc.† | 1086 | &nbsp;&nbsp; 241168 |
| Microchip Technology, Inc. | 3248 | &nbsp;&nbsp; 209853 |
| MKS, Inc. | 2536 | &nbsp;&nbsp; 582798 |
| NXP Semiconductors NV | 1898 | &nbsp;&nbsp; 373640 |
| ON Semiconductor Corp.† | 2466 | &nbsp;&nbsp; 152695 |
| Onto Innovation, Inc.† | 232 | &nbsp;&nbsp; 47576 |
| Qorvo, Inc.† | 525 | &nbsp;&nbsp; 40635 |
| Rambus, Inc.† | 3304 | &nbsp;&nbsp; 284243 |
| Skyworks Solutions, Inc. | 4060 | &nbsp;&nbsp; 217413 |
| Teradyne, Inc. | 2278 | &nbsp;&nbsp; 675336 |
| Wolfspeed, Inc.† | 3939 | &nbsp;&nbsp; 64285 |
|  |  | &nbsp;&nbsp; 3052269 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| Huntington Ingalls Industries, Inc. | 241 | &nbsp;&nbsp; 91556 |
| **Software — 2.4%** | **Software — 2.4%** | **Software — 2.4%** |
| Akamai Technologies, Inc.† | 867 | &nbsp;&nbsp; 99575 |
| BILL Holdings, Inc.† | 505 | &nbsp;&nbsp; 19342 |
| Broadridge Financial Solutions, Inc. | 67 | &nbsp;&nbsp; 10886 |
| Bullish† | 175 | &nbsp;&nbsp; 6253 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| CCC Intelligent Solutions Holdings, Inc.† | 61759 | &nbsp;&nbsp; $370554 |
| Concentrix Corp. | 274 | &nbsp;&nbsp; 7497 |
| DocuSign, Inc.† | 7736 | &nbsp;&nbsp; 366764 |
| DoubleVerify Holdings, Inc.† | 466 | &nbsp;&nbsp; 4427 |
| Dropbox, Inc., Class A† | 779 | &nbsp;&nbsp; 17699 |
| Electronic Arts, Inc. | 1545 | &nbsp;&nbsp; 314979 |
| Fair Isaac Corp.† | 25 | &nbsp;&nbsp; 26688 |
| Fidelity National Information Services, Inc. | 10230 | &nbsp;&nbsp; 479889 |
| Global-e Online, Ltd.† | 13136 | &nbsp;&nbsp; 405246 |
| Jack Henry & Associates, Inc. | 445 | &nbsp;&nbsp; 70328 |
| MongoDB, Inc.† | 439 | &nbsp;&nbsp; 107454 |
| MSCI, Inc. | 222 | &nbsp;&nbsp; 119660 |
| nCino, Inc.† | 579 | &nbsp;&nbsp; 8673 |
| Nutanix, Inc., Class A† | 1216 | &nbsp;&nbsp; 46220 |
| Paychex, Inc. | 1357 | &nbsp;&nbsp; 125007 |
| Paycom Software, Inc. | 146 | &nbsp;&nbsp; 17745 |
| Pegasystems, Inc. | 3535 | &nbsp;&nbsp; 150450 |
| Procore Technologies, Inc.† | 8468 | &nbsp;&nbsp; 482676 |
| PTC, Inc.† | 640 | &nbsp;&nbsp; 91194 |
| SentinelOne, Inc., Class A† | 515 | &nbsp;&nbsp; 6633 |
| SS&C Technologies Holdings, Inc. | 7535 | &nbsp;&nbsp; 509140 |
| Take-Two Interactive Software, Inc.† | 738 | &nbsp;&nbsp; 145755 |
| Teradata Corp.† | 452 | &nbsp;&nbsp; 11585 |
| Twilio, Inc., Class A† | 721 | &nbsp;&nbsp; 90716 |
| Tyler Technologies, Inc.† | 46 | &nbsp;&nbsp; 15749 |
| UiPath, Inc., Class A† | 2437 | &nbsp;&nbsp; 27051 |
| Unity Software, Inc.† | 1848 | &nbsp;&nbsp; 40545 |
| Veeva Systems, Inc., Class A† | 188 | &nbsp;&nbsp; 33024 |
| Zoom Communications, Inc.† | 1642 | &nbsp;&nbsp; 132000 |
| ZoomInfo Technologies, Inc.† | 1692 | &nbsp;&nbsp; 10118 |
|  |  | &nbsp;&nbsp; 4371522 |
| **Telecommunications — 1.8%** | **Telecommunications — 1.8%** | **Telecommunications — 1.8%** |
| AST SpaceMobile, Inc.† | 93 | &nbsp;&nbsp; 7707 |
| Ciena Corp.† | 867 | &nbsp;&nbsp; 336595 |
| Corning, Inc. | 18638 | &nbsp;&nbsp; 2534209 |
| GCI Liberty, Inc., Class A† | 12 | &nbsp;&nbsp; 442 |
| GCI Liberty, Inc., Class C† | 160 | &nbsp;&nbsp; 5954 |
| Iridium Communications, Inc. | 519 | &nbsp;&nbsp; 14397 |
| Millicom International Cellular SA | 621 | &nbsp;&nbsp; 46538 |
| Viasat, Inc.† | 6824 | &nbsp;&nbsp; 312539 |
|  |  | &nbsp;&nbsp; 3258381 |
| **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** |
| Hasbro, Inc. | 813 | &nbsp;&nbsp; 76097 |
| Mattel, Inc.† | 1873 | &nbsp;&nbsp; 27214 |
|  |  | &nbsp;&nbsp; 103311 |
| **Transportation — 1.6%** | **Transportation — 1.6%** | **Transportation — 1.6%** |
| C.H. Robinson Worldwide, Inc. | 718 | &nbsp;&nbsp; 119238 |
| CSX Corp. | 12557 | &nbsp;&nbsp; 515465 |
| Expeditors International of Washington, Inc. | 818 | &nbsp;&nbsp; 117162 |
| FedEx Corp. | 967 | &nbsp;&nbsp; 344426 |
| GXO Logistics, Inc.† | 702 | &nbsp;&nbsp; 36399 |
| JB Hunt Transport Services, Inc. | 2245 | &nbsp;&nbsp; 475715 |
| Kirby Corp.† | 331 | &nbsp;&nbsp; 43983 |
| Knight-Swift Transportation Holdings, Inc. | 962 | &nbsp;&nbsp; 55392 |
| Landstar System, Inc. | 214 | &nbsp;&nbsp; 34306 |
| Old Dominion Freight Line, Inc. | 1064 | &nbsp;&nbsp; 207906 |
| Ryder System, Inc. | 241 | &nbsp;&nbsp; 49335 |
| Saia, Inc.† | 2145 | &nbsp;&nbsp; 753496 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| Schneider National, Inc., Class B | 287 | &nbsp;&nbsp; $7565 |
| XPO, Inc.† | 561 | &nbsp;&nbsp; 109143 |
|  |  | &nbsp;&nbsp; 2869531 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| American Water Works Co., Inc. | 1194 | &nbsp;&nbsp; 162491 |
| Essential Utilities, Inc. | 1721 | &nbsp;&nbsp; 69305 |
|  |  | &nbsp;&nbsp; 231796 |
| **Total Common Stocks** <br>(cost $150,985,545)<br>|  | &nbsp;&nbsp; 179468216 |
| **CONVERTIBLE PREFERRED STOCKS — 0.2%** | **CONVERTIBLE PREFERRED STOCKS — 0.2%** | **CONVERTIBLE PREFERRED STOCKS — 0.2%** |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |
| Boeing Co. <br>(cost $287,150)<br>| 5743 | &nbsp;&nbsp; 372606 |
| **CORPORATE BONDS & NOTES — 0.0%** | **CORPORATE BONDS & NOTES — 0.0%** | **CORPORATE BONDS & NOTES — 0.0%** |
| **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
| Wolfspeed, Inc. |  |  |
| <br>7.00%, 06/15/2031(2) <br>(cost $80,436)<br>| $47601 | &nbsp;&nbsp; 37724 |
| **CONVERTIBLE BONDS & NOTES — 0.1%** | **CONVERTIBLE BONDS & NOTES — 0.1%** | **CONVERTIBLE BONDS & NOTES — 0.1%** |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |
| Wolfspeed, Inc. |  |  |
| 2.50%, 06/15/2031 | 37000 | &nbsp;&nbsp; 52771 |
| 2.50%, 06/15/2031\* | 47000 | &nbsp;&nbsp; 67034 |
| 3.50%, 03/15/2031\* | 71000 | &nbsp;&nbsp; 74905 |
| **Total Convertible Bonds & Notes** <br>(cost $140,010)<br>|  | &nbsp;&nbsp; 194710 |
| **Total Long-Term Investment Securities** <br>(cost $151,493,141)<br>|  | &nbsp;&nbsp; 180073256 |
| **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** |
| **Sovereign — 0.4%** | **Sovereign — 0.4%** | **Sovereign — 0.4%** |
| Federal Home Loan Mtg. Corp. Disc. Notes |  |  |
| 3.50%, 04/01/2026 | 789000 | &nbsp;&nbsp; 788921 |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |
| **Unaffiliated Investment Companies — 0.8%** | **Unaffiliated Investment Companies — 0.8%** | **Unaffiliated Investment Companies — 0.8%** |
| State Street Institutional U.S. Government Money Market <br> Fund, Premier Class <br>3.60%(3)<br>| 1426073 | &nbsp;&nbsp; $1426073 |
| T. Rowe Price Government Reserve Fund <br>3.66%(3)<br>| 839 | &nbsp;&nbsp; 839 |
|  |  | &nbsp;&nbsp; 1426912 |
| **Total Short-Term Investments** <br>(cost $2,215,912)<br>|  | &nbsp;&nbsp; 2215833 |
| **TOTAL INVESTMENTS** <br>(cost $153,709,053)(4)<br>| 100.2<br> %<br>| &nbsp;&nbsp; 182289089 |
| Other assets less liabilities | (0.2)<br>| &nbsp;&nbsp; (433073)<br>|
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $181856016 |

---

---

| | |
|:---|:---|
| † | Non-income producing security |
| \* | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These <br> securities may be sold in transactions exempt from registration, normally to qualified <br> institutional buyers. The SA Multi-Managed Mid Cap Value Portfolio has no right to <br> demand registration of these securities. At March 31, 2026, the aggregate value of these <br> securities was $141,939 representing 0.1% of net assets.<br>|
| (1) | Denotes a restricted security that: (a) cannot be offered for public sale without first being <br> registered, or being able to take advantage of an exemption from registration, under the <br> Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual <br> restriction on public sales; or (c) is otherwise subject to a restriction on sales by <br> operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain <br> restricted securities held by the Portfolio may not be sold except in exempt transactions <br> or in a public offering registered under the 1933 Act. The Portfolio has no right to <br> demand registration of these securities. The risk of investing in certain restricted <br> securities is greater than the risk of investing in the securities of widely held, publicly <br> traded companies. To the extent applicable, lack of a secondary market and resale <br> restrictions may result in the inability of a Portfolio to sell a security at a fair price and <br> may substantially delay the sale of the security. In addition, certain restricted securities <br> may exhibit greater price volatility than securities for which secondary markets exist. As <br> of March 31, 2026, the Portfolio held the following restricted securities:<br>|

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition** <br>**Date**<br>| **Shares or** <br>**Principal** <br>**Amount**<br>| **Acquisition** <br>**Cost**<br>| **Value** | **Value** <br>**Per Share**<br>| **% of** <br>**Net Assets**<br>|
| **<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>** |
| ESAB Corp. PIPE | 02/02/26 | 2251 | $256614 | $206702 | $91.83 | 0.1<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) PIK ("Payment-in-Kind") security – Income may be paid in additional securities and/or cash at the discretion of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The rate shown is the 7-day yield as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(4) See Note 4 for cost of investments on a tax basis.

ADR—American Depositary Receipt<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Contracts For Difference Swaps** |
| **Counterparty** | **Pay/** <br>**Receive**<br>| &nbsp;&nbsp; **Underlying** <br>**Reference**<br>| **Number of** <br>**Contracts**<br>| **Financing** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional** <br>**Amount**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value** |
| **Insurance** |  |  |  |  |  |  |  |  |  |
| Goldman Sachs and Co. LLC | Pay | Lincoln National Corp. | 1061 | 3.84% (OBFR + 0.20%) | Monthly | 08/18/2026 | $35480 | $2186 | $2186 |
|  |  |  |  |  |  |  |  | $2186 | $2186 |
| OBFR—Overnight Bank Funding <br> Rate<br>|  |  |  |  |  |  |  |  |  |

---

------

**Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

**Futures Contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number** <br>**of** <br>**Contracts**<br>| **Type** | **Description** | &nbsp;&nbsp; **Expiration** <br>**Month**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Basis\***<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value\***<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| 24 | Long | Micro E-mini Russell 2000 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $298276 | &nbsp;&nbsp;&nbsp;&nbsp; $301464 | &nbsp;&nbsp;&nbsp;&nbsp; $3188 |

---

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

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| Beverages | &nbsp;&nbsp; $1022886 | &nbsp;&nbsp; $299004 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1321890 |
| Diversified Financial Services | &nbsp;&nbsp; 6437368 | &nbsp;&nbsp; 256582 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6693950 |
| Machinery-Diversified | &nbsp;&nbsp; 6611471 | &nbsp;&nbsp; 206702 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6818173 |
| Packaging & Containers | &nbsp;&nbsp; 1171676 | &nbsp;&nbsp; 535493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1707169 |
| Other Industries | &nbsp;&nbsp; 162927034 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 162927034 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 372606 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 372606 |
| Corporate Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 37724 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37724 |
| Convertible Bonds & Notes | &nbsp;&nbsp; — | &nbsp;&nbsp; 194710 | &nbsp;&nbsp; — | &nbsp;&nbsp; 194710 |
| Short-Term Investments: |  |  |  |  |
| Sovereign | &nbsp;&nbsp; — | &nbsp;&nbsp; 788921 | &nbsp;&nbsp; — | &nbsp;&nbsp; 788921 |
| Other Short-Term Investments | &nbsp;&nbsp; 1426912 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1426912 |
| **Total Investments at Value** | &nbsp;&nbsp; $179969953 | &nbsp;&nbsp; $2319136 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $182289089 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2186 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2186 |
| Futures Contracts | &nbsp;&nbsp; 3188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3188 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; $3188 | &nbsp;&nbsp; $2186 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5374 |

---

---

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

---

See Notes to Financial Statements

------

**Seasons Series Trust SA Multi-Managed Small Cap Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or** <br>**Principal** <br>**Amount**<br>| **Value** |
| **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** | **COMMON STOCKS — 98.2%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| Stagwell, Inc.† | 7314 | &nbsp;&nbsp; $46005 |
| TechTarget, Inc.† | 2045 | &nbsp;&nbsp; 7935 |
|  |  | &nbsp;&nbsp; 53940 |
| **Aerospace/Defense — 2.4%** | **Aerospace/Defense — 2.4%** | **Aerospace/Defense — 2.4%** |
| AAR Corp.† | 1089 | &nbsp;&nbsp; 119202 |
| AeroVironment, Inc.† | 439 | &nbsp;&nbsp; 80359 |
| Beta Technologies, Inc.† | 4013 | &nbsp;&nbsp; 58991 |
| Firefly Aerospace, Inc.† | 2688 | &nbsp;&nbsp; 76527 |
| Hexcel Corp. | 8838 | &nbsp;&nbsp; 715259 |
| Kratos Defense & Security Solutions, Inc.† | 1208 | &nbsp;&nbsp; 85176 |
| Mercury Systems, Inc.† | 2760 | &nbsp;&nbsp; 201232 |
| Moog, Inc., Class A | 4155 | &nbsp;&nbsp; 1215919 |
| National Presto Industries, Inc. | 151 | &nbsp;&nbsp; 20696 |
| Red Cat Holdings, Inc.† | 2938 | &nbsp;&nbsp; 38459 |
| StandardAero, Inc.† | 1229 | &nbsp;&nbsp; 31745 |
| York Space Systems, Inc.† | 16658 | &nbsp;&nbsp; 369308 |
|  |  | &nbsp;&nbsp; 3012873 |
| **Agriculture — 0.3%** | **Agriculture — 0.3%** | **Agriculture — 0.3%** |
| Andersons, Inc. | 3126 | &nbsp;&nbsp; 224384 |
| Dole PLC | 4625 | &nbsp;&nbsp; 66091 |
| Fresh Del Monte Produce, Inc. | 934 | &nbsp;&nbsp; 37603 |
| Turning Point Brands, Inc. | 316 | &nbsp;&nbsp; 27426 |
| Universal Corp. | 702 | &nbsp;&nbsp; 36996 |
| Vital Farms, Inc.† | 3068 | &nbsp;&nbsp; 43320 |
|  |  | &nbsp;&nbsp; 435820 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| Allegiant Travel Co.† | 367 | &nbsp;&nbsp; 29742 |
| JetBlue Airways Corp.† | 13315 | &nbsp;&nbsp; 58852 |
| SkyWest, Inc.† | 1689 | &nbsp;&nbsp; 155101 |
| Sun Country Airlines Holdings, Inc.† | 2701 | &nbsp;&nbsp; 44620 |
|  |  | &nbsp;&nbsp; 288315 |
| **Apparel — 0.6%** | **Apparel — 0.6%** | **Apparel — 0.6%** |
| Capri Holdings, Ltd.† | 5144 | &nbsp;&nbsp; 90637 |
| Carter's, Inc. | 1033 | &nbsp;&nbsp; 36940 |
| Kontoor Brands, Inc. | 1427 | &nbsp;&nbsp; 100304 |
| Oxford Industries, Inc. | 8871 | &nbsp;&nbsp; 341622 |
| Steven Madden, Ltd. | 2027 | &nbsp;&nbsp; 68756 |
| Under Armour, Inc., Class A† | 5336 | &nbsp;&nbsp; 31536 |
| Under Armour, Inc., Class C† | 3239 | &nbsp;&nbsp; 18754 |
| Wolverine World Wide, Inc. | 2308 | &nbsp;&nbsp; 37666 |
|  |  | &nbsp;&nbsp; 726215 |
| **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** | **Auto Manufacturers — 0.0%** |
| Blue Bird Corp.† | 1041 | &nbsp;&nbsp; 59118 |
| **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** |
| Dauch Corp.† | 12673 | &nbsp;&nbsp; 75151 |
| Adient PLC† | 4236 | &nbsp;&nbsp; 85609 |
| Dana, Inc. | 6321 | &nbsp;&nbsp; 212702 |
| Dorman Products, Inc.† | 766 | &nbsp;&nbsp; 79940 |
| Fox Factory Holding Corp.† | 1205 | &nbsp;&nbsp; 19834 |
| Garrett Motion, Inc. | 8356 | &nbsp;&nbsp; 151828 |
| Gentherm, Inc.† | 868 | &nbsp;&nbsp; 24113 |
| Motorcar Parts of America, Inc.† | 5019 | &nbsp;&nbsp; 55510 |
| Phinia, Inc. | 1934 | &nbsp;&nbsp; 132363 |
| Standard Motor Products, Inc. | 590 | &nbsp;&nbsp; 20497 |
| Titan International, Inc.† | 5248 | &nbsp;&nbsp; 36264 |
| XPEL, Inc.† | 688 | &nbsp;&nbsp; 30451 |
|  |  | &nbsp;&nbsp; 924262 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Banks — 8.7%** | **Banks — 8.7%** | **Banks — 8.7%** |
| Alerus Financial Corp. | 360 | &nbsp;&nbsp; $8536 |
| Amerant Bancorp, Inc. | 548 | &nbsp;&nbsp; 12078 |
| Ameris Bancorp | 3835 | &nbsp;&nbsp; 299092 |
| Associated Banc-Corp. | 625 | &nbsp;&nbsp; 16162 |
| Atlantic Union Bankshares Corp. | 5380 | &nbsp;&nbsp; 192281 |
| BancFirst Corp. | 574 | &nbsp;&nbsp; 62279 |
| Bancorp, Inc.† | 1182 | &nbsp;&nbsp; 63509 |
| Bank of Hawaii Corp. | 1096 | &nbsp;&nbsp; 81378 |
| Bank of N.T. Butterfield & Son, Ltd. | 5061 | &nbsp;&nbsp; 265601 |
| BankUnited, Inc. | 4038 | &nbsp;&nbsp; 182356 |
| Banner Corp. | 951 | &nbsp;&nbsp; 57707 |
| BayCom Corp. | 126 | &nbsp;&nbsp; 3745 |
| Bridgewater Bancshares, Inc.† | 1345 | &nbsp;&nbsp; 23806 |
| Burke & Herbert Financial Services Corp. | 156 | &nbsp;&nbsp; 9717 |
| Business First Bancshares, Inc. | 1541 | &nbsp;&nbsp; 41669 |
| Byline Bancorp, Inc. | 3554 | &nbsp;&nbsp; 112200 |
| Cathay General Bancorp | 1875 | &nbsp;&nbsp; 93487 |
| Central Pacific Financial Corp. | 1244 | &nbsp;&nbsp; 39758 |
| ChoiceOne Financial Services, Inc. | 327 | &nbsp;&nbsp; 9195 |
| City Holding Co. | 401 | &nbsp;&nbsp; 47928 |
| CNB Financial Corp. | 2652 | &nbsp;&nbsp; 76802 |
| Community Financial System, Inc. | 1468 | &nbsp;&nbsp; 86098 |
| Community Trust Bancorp, Inc. | 601 | &nbsp;&nbsp; 36493 |
| ConnectOne Bancorp, Inc. | 2285 | &nbsp;&nbsp; 61169 |
| Customers Bancorp, Inc.† | 2292 | &nbsp;&nbsp; 159088 |
| CVB Financial Corp. | 4593 | &nbsp;&nbsp; 89058 |
| Dime Community Bancshares, Inc. | 1551 | &nbsp;&nbsp; 52455 |
| Eagle Bancorp, Inc. | 741 | &nbsp;&nbsp; 18429 |
| Eastern Bankshares, Inc. | 9221 | &nbsp;&nbsp; 180363 |
| Enterprise Financial Services Corp. | 1637 | &nbsp;&nbsp; 88578 |
| Equity Bancshares, Inc., Class A | 706 | &nbsp;&nbsp; 31353 |
| Farmers National Banc Corp. | 2903 | &nbsp;&nbsp; 38203 |
| FB Financial Corp. | 7366 | &nbsp;&nbsp; 382590 |
| Financial Institutions, Inc. | 2186 | &nbsp;&nbsp; 69318 |
| First BanCorp Puerto Rico | 33631 | &nbsp;&nbsp; 718358 |
| First Bancorp Southern Pines NC | 12976 | &nbsp;&nbsp; 731198 |
| First Busey Corp. | 325 | &nbsp;&nbsp; 8213 |
| First Commonwealth Financial Corp. | 2823 | &nbsp;&nbsp; 49628 |
| First Financial Bancorp | 4902 | &nbsp;&nbsp; 136668 |
| First Financial Corp. | 1447 | &nbsp;&nbsp; 91450 |
| First Hawaiian, Inc. | 3423 | &nbsp;&nbsp; 84343 |
| First Interstate BancSystem, Inc., Class A | 3332 | &nbsp;&nbsp; 111289 |
| First Merchants Corp. | 1826 | &nbsp;&nbsp; 70721 |
| First Mid Bancshares, Inc. | 1173 | &nbsp;&nbsp; 48316 |
| Five Star Bancorp | 1337 | &nbsp;&nbsp; 50432 |
| Fulton Financial Corp. | 5019 | &nbsp;&nbsp; 102086 |
| Glacier Bancorp, Inc. | 1244 | &nbsp;&nbsp; 55569 |
| Hancock Whitney Corp. | 245 | &nbsp;&nbsp; 15580 |
| Hanmi Financial Corp. | 3216 | &nbsp;&nbsp; 84774 |
| HBT Financial, Inc. | 142 | &nbsp;&nbsp; 3794 |
| Heritage Commerce Corp. | 6695 | &nbsp;&nbsp; 83554 |
| Heritage Financial Corp. | 1147 | &nbsp;&nbsp; 29822 |
| Hilltop Holdings, Inc. | 3589 | &nbsp;&nbsp; 128558 |
| Home BancShares, Inc. | 733 | &nbsp;&nbsp; 19740 |
| Hope Bancorp, Inc. | 3593 | &nbsp;&nbsp; 40134 |
| Horizon Bancorp, Inc. | 5502 | &nbsp;&nbsp; 91168 |
| Independent Bank Corp. | 1376 | &nbsp;&nbsp; 103489 |
| Lakeland Financial Corp. | 692 | &nbsp;&nbsp; 39707 |
| Mercantile Bank Corp. | 1380 | &nbsp;&nbsp; 69690 |
| Merchants Bancorp | 814 | &nbsp;&nbsp; 34929 |
| Metropolitan Bank Holding Corp. | 993 | &nbsp;&nbsp; 82707 |
| Mid Penn Bancorp, Inc. | 258 | &nbsp;&nbsp; 8297 |
| National Bank Holdings Corp., Class A | 1569 | &nbsp;&nbsp; 61442 |

---

------

**Seasons Series Trust SA Multi-Managed Small Cap Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| NBT Bancorp, Inc. | 1457 | &nbsp;&nbsp; $62039 |
| Nicolet Bankshares, Inc. | 562 | &nbsp;&nbsp; 83524 |
| Northrim BanCorp, Inc. | 1152 | &nbsp;&nbsp; 26358 |
| OFG Bancorp | 1207 | &nbsp;&nbsp; 48835 |
| Old National Bancorp | 8040 | &nbsp;&nbsp; 177684 |
| Old Second Bancorp, Inc. | 3714 | &nbsp;&nbsp; 74874 |
| Origin Bancorp, Inc. | 2415 | &nbsp;&nbsp; 100126 |
| Park National Corp. | 449 | &nbsp;&nbsp; 73389 |
| Pathward Financial, Inc. | 2361 | &nbsp;&nbsp; 210672 |
| Peapack-Gladstone Financial Corp. | 2222 | &nbsp;&nbsp; 78237 |
| QCR Holdings, Inc. | 6772 | &nbsp;&nbsp; 578667 |
| Renasant Corp. | 2640 | &nbsp;&nbsp; 95383 |
| S&T Bancorp, Inc. | 1033 | &nbsp;&nbsp; 43210 |
| Seacoast Banking Corp. of Florida | 23273 | &nbsp;&nbsp; 704939 |
| ServisFirst Bancshares, Inc. | 1402 | &nbsp;&nbsp; 102108 |
| Simmons First National Corp., Class A | 8136 | &nbsp;&nbsp; 158245 |
| SmartFinancial, Inc. | 212 | &nbsp;&nbsp; 8285 |
| South Plains Financial, Inc. | 3503 | &nbsp;&nbsp; 146776 |
| Southside Bancshares, Inc. | 1477 | &nbsp;&nbsp; 45920 |
| SouthState Bank Corp. | 5692 | &nbsp;&nbsp; 526624 |
| Stellar Bancorp, Inc. | 1266 | &nbsp;&nbsp; 46348 |
| Tompkins Financial Corp. | 343 | &nbsp;&nbsp; 27042 |
| Towne Bank | 395 | &nbsp;&nbsp; 13300 |
| TriCo Bancshares | 11015 | &nbsp;&nbsp; 523653 |
| Triumph Financial, Inc.† | 619 | &nbsp;&nbsp; 36930 |
| TrustCo Bank Corp. | 501 | &nbsp;&nbsp; 21934 |
| Trustmark Corp. | 1646 | &nbsp;&nbsp; 69362 |
| UMB Financial Corp. | 1021 | &nbsp;&nbsp; 115159 |
| United Community Banks, Inc. | 14935 | &nbsp;&nbsp; 470303 |
| Unity Bancorp, Inc. | 443 | &nbsp;&nbsp; 22961 |
| Univest Financial Corp. | 885 | &nbsp;&nbsp; 30320 |
| Valley National Bancorp | 3286 | &nbsp;&nbsp; 40352 |
| Walker & Dunlop, Inc. | 944 | &nbsp;&nbsp; 41895 |
| WesBanco, Inc. | 871 | &nbsp;&nbsp; 30041 |
| Westamerica BanCorp | 678 | &nbsp;&nbsp; 35358 |
| Wintrust Financial Corp. | 501 | &nbsp;&nbsp; 69609 |
|  |  | &nbsp;&nbsp; 11088599 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| National Beverage Corp.† | 643 | &nbsp;&nbsp; 21637 |
| Vita Coco Co., Inc.† | 2847 | &nbsp;&nbsp; 136400 |
|  |  | &nbsp;&nbsp; 158037 |
| **Biotechnology — 4.4%** | **Biotechnology — 4.4%** | **Biotechnology — 4.4%** |
| 4D Molecular Therapeutics, Inc.† | 2757 | &nbsp;&nbsp; 25668 |
| ACADIA Pharmaceuticals, Inc.† | 6357 | &nbsp;&nbsp; 141507 |
| ADMA Biologics, Inc.† | 6632 | &nbsp;&nbsp; 59754 |
| Alumis Inc† | 1914 | &nbsp;&nbsp; 42165 |
| ANI Pharmaceuticals, Inc.† | 991 | &nbsp;&nbsp; 76208 |
| Apellis Pharmaceuticals, Inc.† | 2867 | &nbsp;&nbsp; 115339 |
| Apogee Therapeutics, Inc.† | 508 | &nbsp;&nbsp; 42758 |
| Arcus Biosciences, Inc.† | 2363 | &nbsp;&nbsp; 51041 |
| ArriVent Biopharma, Inc.† | 910 | &nbsp;&nbsp; 20994 |
| Arrowhead Pharmaceuticals, Inc.† | 2126 | &nbsp;&nbsp; 133300 |
| ARS Pharmaceuticals, Inc.† | 6557 | &nbsp;&nbsp; 52653 |
| Atea Pharmaceuticals, Inc.† | 12626 | &nbsp;&nbsp; 67928 |
| Axsome Therapeutics, Inc.† | 339 | &nbsp;&nbsp; 57298 |
| Beam Therapeutics, Inc.† | 1481 | &nbsp;&nbsp; 35292 |
| Bicara Therapeutics, Inc.† | 1479 | &nbsp;&nbsp; 29417 |
| BioAge Labs, Inc.† | 1624 | &nbsp;&nbsp; 28404 |
| BioCryst Pharmaceuticals, Inc.† | 6484 | &nbsp;&nbsp; 61728 |
| Biohaven, Ltd.† | 7381 | &nbsp;&nbsp; 62443 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Bridgebio Pharma, Inc.† | 2903 | &nbsp;&nbsp; $215577 |
| Capricor Therapeutics, Inc.† | 2518 | &nbsp;&nbsp; 76547 |
| Celcuity, Inc.† | 510 | &nbsp;&nbsp; 58211 |
| Celldex Therapeutics, Inc.† | 826 | &nbsp;&nbsp; 26201 |
| Certara, Inc.† | 3282 | &nbsp;&nbsp; 18707 |
| CG oncology, Inc.† | 1234 | &nbsp;&nbsp; 83517 |
| Cogent Biosciences, Inc.† | 2410 | &nbsp;&nbsp; 92761 |
| Compass Therapeutics, Inc.† | 3789 | &nbsp;&nbsp; 20044 |
| Crinetics Pharmaceuticals, Inc.† | 894 | &nbsp;&nbsp; 32470 |
| CRISPR Therapeutics AG† | 1427 | &nbsp;&nbsp; 67882 |
| Cullinan Therapeutics, Inc.† | 2745 | &nbsp;&nbsp; 39006 |
| Cytek Biosciences, Inc.† | 3204 | &nbsp;&nbsp; 14001 |
| Cytokinetics, Inc.† | 1692 | &nbsp;&nbsp; 111520 |
| Definium Therapeutics, Inc.† | 1669 | &nbsp;&nbsp; 31544 |
| Denali Therapeutics, Inc.† | 2644 | &nbsp;&nbsp; 50765 |
| Edgewise Therapeutics, Inc.† | 1349 | &nbsp;&nbsp; 42494 |
| Editas Medicine, Inc.† | 14456 | &nbsp;&nbsp; 35706 |
| Erasca, Inc.† | 4448 | &nbsp;&nbsp; 71969 |
| Generate Biomedicines, Inc.† | 18838 | &nbsp;&nbsp; 235475 |
| Halozyme Therapeutics, Inc.† | 1006 | &nbsp;&nbsp; 65018 |
| Ideaya Biosciences, Inc.† | 1225 | &nbsp;&nbsp; 40817 |
| ImmunityBio, Inc.† | 5607 | &nbsp;&nbsp; 43006 |
| Immunome, Inc.† | 2189 | &nbsp;&nbsp; 47873 |
| Innoviva, Inc.† | 1955 | &nbsp;&nbsp; 45552 |
| Intellia Therapeutics, Inc.† | 1470 | &nbsp;&nbsp; 18845 |
| Iovance Biotherapeutics, Inc.† | 9107 | &nbsp;&nbsp; 31966 |
| Janux Therapeutics, Inc.† | 2211 | &nbsp;&nbsp; 30733 |
| Kodiak Sciences, Inc.† | 1000 | &nbsp;&nbsp; 38120 |
| Krystal Biotech, Inc.† | 991 | &nbsp;&nbsp; 255995 |
| Kymera Therapeutics, Inc.† | 1388 | &nbsp;&nbsp; 115607 |
| Lexeo Therapeutics, Inc.† | 1250 | &nbsp;&nbsp; 7175 |
| Ligand Pharmaceuticals, Inc.† | 835 | &nbsp;&nbsp; 166708 |
| Liquidia Corp.† | 1610 | &nbsp;&nbsp; 60761 |
| MBX Biosciences, Inc.† | 1241 | &nbsp;&nbsp; 37044 |
| NeoGenomics, Inc.† | 48167 | &nbsp;&nbsp; 357399 |
| Nuvalent, Inc., Class A† | 818 | &nbsp;&nbsp; 83804 |
| Phathom Pharmaceuticals, Inc.† | 1346 | &nbsp;&nbsp; 14954 |
| Praxis Precision Medicines, Inc.† | 498 | &nbsp;&nbsp; 160451 |
| Prime Medicine, Inc.† | 7992 | &nbsp;&nbsp; 27812 |
| PTC Therapeutics, Inc.† | 3120 | &nbsp;&nbsp; 212566 |
| Puma Biotechnology, Inc.† | 3754 | &nbsp;&nbsp; 23988 |
| Recursion Pharmaceuticals, Inc., Class A† | 14637 | &nbsp;&nbsp; 44936 |
| REGENXBIO, Inc.† | 5787 | &nbsp;&nbsp; 48495 |
| Relay Therapeutics, Inc.† | 4860 | &nbsp;&nbsp; 48357 |
| Replimune Group, Inc.† | 7534 | &nbsp;&nbsp; 57635 |
| Rocket Pharmaceuticals, Inc.† | 3681 | &nbsp;&nbsp; 13178 |
| Sarepta Therapeutics, Inc.† | 2909 | &nbsp;&nbsp; 63300 |
| Scholar Rock Holding Corp.† | 1114 | &nbsp;&nbsp; 54764 |
| Solid Biosciences, Inc.† | 4547 | &nbsp;&nbsp; 32738 |
| Stoke Therapeutics, Inc.† | 1515 | &nbsp;&nbsp; 49328 |
| Syndax Pharmaceuticals, Inc.† | 1312 | &nbsp;&nbsp; 30648 |
| Tectonic Therapeutic, Inc.† | 724 | &nbsp;&nbsp; 22379 |
| Terns Pharmaceuticals, Inc.† | 2075 | &nbsp;&nbsp; 109394 |
| TG Therapeutics, Inc.† | 3793 | &nbsp;&nbsp; 126003 |
| Travere Therapeutics, Inc.† | 2883 | &nbsp;&nbsp; 85654 |
| Tyra Biosciences, Inc.† | 964 | &nbsp;&nbsp; 36921 |
| Veracyte, Inc.† | 6101 | &nbsp;&nbsp; 196513 |
| Vericel Corp.† | 2554 | &nbsp;&nbsp; 82162 |
| Vir Biotechnology, Inc.† | 6627 | &nbsp;&nbsp; 59378 |
| Viridian Therapeutics, Inc.† | 1842 | &nbsp;&nbsp; 36030 |
| Wave Life Sciences, Ltd.† | 2147 | &nbsp;&nbsp; 15566 |
| Xencor, Inc.† | 4666 | &nbsp;&nbsp; 56272 |

---

------

**Seasons Series Trust SA Multi-Managed Small Cap Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| Zevra Therapeutics, Inc. † | 6628 | &nbsp;&nbsp; $61773 |
| Zymeworks, Inc.† | 1445 | &nbsp;&nbsp; 36183 |
|  |  | &nbsp;&nbsp; 5682095 |
| **Building Materials — 2.4%** | **Building Materials — 2.4%** | **Building Materials — 2.4%** |
| NWPX Infrastructure, Inc. † | 313 | &nbsp;&nbsp; 24370 |
| American Woodmark Corp.† | 391 | &nbsp;&nbsp; 15574 |
| Apogee Enterprises, Inc. | 1026 | &nbsp;&nbsp; 34412 |
| Armstrong World Industries, Inc. | 1203 | &nbsp;&nbsp; 198254 |
| Boise Cascade Co. | 1875 | &nbsp;&nbsp; 142219 |
| Gibraltar Industries, Inc.† | 835 | &nbsp;&nbsp; 33291 |
| Griffon Corp. | 3493 | &nbsp;&nbsp; 253871 |
| Hayward Holdings, Inc.† | 41174 | &nbsp;&nbsp; 550908 |
| Masterbrand, Inc.† | 6503 | &nbsp;&nbsp; 54040 |
| Modine Manufacturing Co.† | 4923 | &nbsp;&nbsp; 1066863 |
| Mohawk Industries, Inc.† | 1449 | &nbsp;&nbsp; 142669 |
| Simpson Manufacturing Co., Inc. | 2882 | &nbsp;&nbsp; 494609 |
| UFP Industries, Inc. | 250 | &nbsp;&nbsp; 23030 |
|  |  | &nbsp;&nbsp; 3034110 |
| **Chemicals — 2.9%** | **Chemicals — 2.9%** | **Chemicals — 2.9%** |
| Balchem Corp. | 5856 | &nbsp;&nbsp; 992475 |
| Calumet, Inc.† | 1813 | &nbsp;&nbsp; 65087 |
| Celanese Corp. | 3033 | &nbsp;&nbsp; 199480 |
| Chemours Co. | 6141 | &nbsp;&nbsp; 135286 |
| Eastman Chemical Co. | 3164 | &nbsp;&nbsp; 241477 |
| Ecovyst, Inc.† | 4716 | &nbsp;&nbsp; 60648 |
| Element Solutions, Inc. | 6306 | &nbsp;&nbsp; 215287 |
| FMC Corp. | 3518 | &nbsp;&nbsp; 60580 |
| H.B. Fuller Co. | 3002 | &nbsp;&nbsp; 185163 |
| Hawkins, Inc. | 2971 | &nbsp;&nbsp; 456346 |
| Ingevity Corp.† | 1010 | &nbsp;&nbsp; 71942 |
| Innospec, Inc. | 1971 | &nbsp;&nbsp; 143922 |
| Koppers Holdings, Inc. | 988 | &nbsp;&nbsp; 38216 |
| Mativ Holdings, Inc. | 3359 | &nbsp;&nbsp; 29223 |
| Minerals Technologies, Inc. | 861 | &nbsp;&nbsp; 61062 |
| Orion SA | 3253 | &nbsp;&nbsp; 21145 |
| Perimeter Solutions, Inc.† | 3924 | &nbsp;&nbsp; 95824 |
| Quaker Chemical Corp. | 2908 | &nbsp;&nbsp; 361261 |
| Rogers Corp.† | 471 | &nbsp;&nbsp; 50552 |
| Sensient Technologies Corp. | 1726 | &nbsp;&nbsp; 149196 |
| Stepan Co. | 600 | &nbsp;&nbsp; 29988 |
|  |  | &nbsp;&nbsp; 3664160 |
| **Coal — 0.5%** | **Coal — 0.5%** | **Coal — 0.5%** |
| Alpha Metallurgical Resources, Inc.† | 304 | &nbsp;&nbsp; 62402 |
| Core Natural Resources, Inc. | 1429 | &nbsp;&nbsp; 149659 |
| Peabody Energy Corp. | 6227 | &nbsp;&nbsp; 205180 |
| Warrior Met Coal, Inc. | 2792 | &nbsp;&nbsp; 260075 |
|  |  | &nbsp;&nbsp; 677316 |
| **Commercial Services — 3.4%** | **Commercial Services — 3.4%** | **Commercial Services — 3.4%** |
| Covista, Inc.† | 1718 | &nbsp;&nbsp; 197999 |
| ABM Industries, Inc. | 5553 | &nbsp;&nbsp; 213902 |
| ADT, Inc. | 14175 | &nbsp;&nbsp; 93130 |
| Alarm.com Holdings, Inc.† | 1379 | &nbsp;&nbsp; 59559 |
| American Public Education, Inc.† | 1058 | &nbsp;&nbsp; 60179 |
| AMN Healthcare Services, Inc.† | 1071 | &nbsp;&nbsp; 19642 |
| API Group Corp.† | 6669 | &nbsp;&nbsp; 270228 |
| Arlo Technologies, Inc.† | 4030 | &nbsp;&nbsp; 57347 |
| Brink's Co. | 701 | &nbsp;&nbsp; 72645 |
| Cimpress PLC† | 292 | &nbsp;&nbsp; 21316 |
| CoreCivic, Inc.† | 2791 | &nbsp;&nbsp; 52778 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| Deluxe Corp. | 1233 | &nbsp;&nbsp; $33957 |
| EVERTEC, Inc. | 1766 | &nbsp;&nbsp; 49836 |
| GEO Group, Inc.† | 3801 | &nbsp;&nbsp; 63895 |
| Healthcare Services Group, Inc.† | 1992 | &nbsp;&nbsp; 36952 |
| Herc Holdings, Inc. | 421 | &nbsp;&nbsp; 41910 |
| Hertz Global Holdings, Inc.† | 3572 | &nbsp;&nbsp; 16467 |
| Insperity, Inc. | 984 | &nbsp;&nbsp; 26607 |
| John Wiley & Sons, Inc., Class A | 2419 | &nbsp;&nbsp; 92164 |
| Kelly Services, Inc., Class A | 2518 | &nbsp;&nbsp; 22284 |
| Korn Ferry | 1456 | &nbsp;&nbsp; 91655 |
| Laureate Education, Inc.† | 6169 | &nbsp;&nbsp; 214928 |
| Legalzoom.com, Inc.† | 3296 | &nbsp;&nbsp; 18688 |
| ManpowerGroup, Inc. | 1297 | &nbsp;&nbsp; 38210 |
| MarketAxess Holdings, Inc. | 1022 | &nbsp;&nbsp; 168610 |
| Matthews International Corp., Class A | 853 | &nbsp;&nbsp; 22024 |
| Mister Car Wash, Inc.† | 2665 | &nbsp;&nbsp; 18575 |
| Monro, Inc. | 804 | &nbsp;&nbsp; 12896 |
| Payoneer Global, Inc.† | 8065 | &nbsp;&nbsp; 38954 |
| Perdoceo Education Corp. | 2487 | &nbsp;&nbsp; 92541 |
| PROG Holdings, Inc. | 2180 | &nbsp;&nbsp; 62544 |
| Progyny, Inc.† | 6601 | &nbsp;&nbsp; 112085 |
| Robert Half, Inc. | 2742 | &nbsp;&nbsp; 69647 |
| Sezzle, Inc.† | 941 | &nbsp;&nbsp; 59556 |
| Spire Global, Inc.† | 2517 | &nbsp;&nbsp; 31664 |
| StoneCo., Ltd., Class A† | 5313 | &nbsp;&nbsp; 75020 |
| Strategic Education, Inc. | 645 | &nbsp;&nbsp; 53509 |
| Stride, Inc.† | 1788 | &nbsp;&nbsp; 157648 |
| TriNet Group, Inc. | 349 | &nbsp;&nbsp; 12714 |
| UL Solutions, Inc., Class A | 7875 | &nbsp;&nbsp; 674966 |
| Upbound Group, Inc. | 1437 | &nbsp;&nbsp; 25938 |
| Verra Mobility Corp.† | 26629 | &nbsp;&nbsp; 380528 |
| Vestis Corp.† | 3095 | &nbsp;&nbsp; 24327 |
| WillScot Holdings Corp. | 23814 | &nbsp;&nbsp; 413411 |
|  |  | &nbsp;&nbsp; 4373435 |
| **Computers — 2.2%** | **Computers — 2.2%** | **Computers — 2.2%** |
| Amentum Holdings, Inc.† | 4272 | &nbsp;&nbsp; 111414 |
| ASGN, Inc.† | 15255 | &nbsp;&nbsp; 590521 |
| Corsair Gaming, Inc.† | 1298 | &nbsp;&nbsp; 7204 |
| Diebold Nixdorf, Inc.† | 814 | &nbsp;&nbsp; 61408 |
| D-Wave Quantum, Inc.† | 7269 | &nbsp;&nbsp; 104892 |
| DXC Technology Co.† | 4736 | &nbsp;&nbsp; 59531 |
| ExlService Holdings, Inc.† | 958 | &nbsp;&nbsp; 29171 |
| Grid Dynamics Holdings, Inc.† | 1913 | &nbsp;&nbsp; 10904 |
| Insight Enterprises, Inc.† | 983 | &nbsp;&nbsp; 65871 |
| KBR, Inc. | 1196 | &nbsp;&nbsp; 44085 |
| Lumentum Holdings, Inc.† | 898 | &nbsp;&nbsp; 631078 |
| Maximus, Inc. | 1363 | &nbsp;&nbsp; 87368 |
| NCR Atleos Corp.† | 2062 | &nbsp;&nbsp; 89862 |
| NCR Voyix Corp.† | 3819 | &nbsp;&nbsp; 24174 |
| NetScout Systems, Inc.† | 1926 | &nbsp;&nbsp; 61228 |
| Pitney Bowes, Inc. | 3464 | &nbsp;&nbsp; 38277 |
| Qualys, Inc.† | 795 | &nbsp;&nbsp; 69841 |
| Rigetti Computing, Inc.† | 5996 | &nbsp;&nbsp; 84184 |
| Unisys Corp.† | 1041 | &nbsp;&nbsp; 2155 |
| V2X, Inc.† | 8842 | &nbsp;&nbsp; 605677 |
| Varonis Systems, Inc.† | 1383 | &nbsp;&nbsp; 29693 |
|  |  | &nbsp;&nbsp; 2808538 |
| **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** |
| e.l.f. Beauty, Inc.† | 3778 | &nbsp;&nbsp; 228985 |
| Edgewell Personal Care Co. | 1303 | &nbsp;&nbsp; 27806 |
| Interparfums, Inc. | 512 | &nbsp;&nbsp; 46510 |

---

------

**Seasons Series Trust SA Multi-Managed Small Cap Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Cosmetics/Personal Care (continued)** | **Cosmetics/Personal Care (continued)** | **Cosmetics/Personal Care (continued)** |
| Oddity Tech, Ltd., Class A† | 3115 | &nbsp;&nbsp; $41679 |
| Perrigo Co. PLC | 3806 | &nbsp;&nbsp; 40876 |
| Prestige Consumer Healthcare, Inc.† | 1320 | &nbsp;&nbsp; 78236 |
|  |  | &nbsp;&nbsp; 464092 |
| **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** |
| G-III Apparel Group, Ltd. | 1041 | &nbsp;&nbsp; 28836 |
| Hudson Technologies, Inc.† | 339 | &nbsp;&nbsp; 1993 |
| LKQ Corp. | 7141 | &nbsp;&nbsp; 209731 |
| OPENLANE, Inc.† | 2949 | &nbsp;&nbsp; 85963 |
| Resideo Technologies, Inc.† | 7167 | &nbsp;&nbsp; 241600 |
| Rush Enterprises, Inc., Class A | 4115 | &nbsp;&nbsp; 272043 |
| ScanSource, Inc.† | 1457 | &nbsp;&nbsp; 52889 |
| VSE Corp. | 803 | &nbsp;&nbsp; 148073 |
| WESCO International, Inc. | 427 | &nbsp;&nbsp; 116836 |
|  |  | &nbsp;&nbsp; 1157964 |
| **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** | **Diversified Financial Services — 3.8%** |
| Acadian Asset Management, Inc. | 1148 | &nbsp;&nbsp; 62474 |
| Air Lease Corp. | 2938 | &nbsp;&nbsp; 190794 |
| Artisan Partners Asset Management, Inc., Class A | 1960 | &nbsp;&nbsp; 71324 |
| Atlanticus Holdings Corp.† | 491 | &nbsp;&nbsp; 25763 |
| BGC Group, Inc., Class A | 19783 | &nbsp;&nbsp; 193478 |
| Bread Financial Holdings, Inc. | 5891 | &nbsp;&nbsp; 441177 |
| Cohen & Steers, Inc. | 777 | &nbsp;&nbsp; 48601 |
| Enact Holdings, Inc. | 2182 | &nbsp;&nbsp; 89047 |
| Encore Capital Group, Inc.† | 2470 | &nbsp;&nbsp; 173196 |
| Enova International, Inc.† | 2171 | &nbsp;&nbsp; 294887 |
| EZCORP, Inc., Class A† | 1657 | &nbsp;&nbsp; 42055 |
| Houlihan Lokey, Inc. | 3283 | &nbsp;&nbsp; 471505 |
| LendingClub Corp.† | 1511 | &nbsp;&nbsp; 21638 |
| LendingTree, Inc.† | 155 | &nbsp;&nbsp; 6646 |
| Marex Group PLC | 2400 | &nbsp;&nbsp; 106992 |
| Moelis & Co., Class A | 2474 | &nbsp;&nbsp; 141018 |
| Navient Corp. | 1911 | &nbsp;&nbsp; 15632 |
| NerdWallet, Inc., Class A† | 687 | &nbsp;&nbsp; 7131 |
| PennyMac Financial Services, Inc. | 434 | &nbsp;&nbsp; 37932 |
| Perella Weinberg Partners | 34714 | &nbsp;&nbsp; 630406 |
| Piper Sandler Cos. | 4008 | &nbsp;&nbsp; 306812 |
| PJT Partners, Inc., Class A | 3091 | &nbsp;&nbsp; 431875 |
| PRA Group, Inc.† | 1079 | &nbsp;&nbsp; 18883 |
| Radian Group, Inc. | 6295 | &nbsp;&nbsp; 208239 |
| StepStone Group, Inc., Class A | 2277 | &nbsp;&nbsp; 108658 |
| StoneX Group, Inc.† | 3890 | &nbsp;&nbsp; 313729 |
| Upstart Holdings, Inc.† | 1143 | &nbsp;&nbsp; 29318 |
| Victory Capital Holdings, Inc., Class A | 1938 | &nbsp;&nbsp; 126900 |
| Virtu Financial, Inc., Class A | 2227 | &nbsp;&nbsp; 97943 |
| Virtus Investment Partners, Inc. | 455 | &nbsp;&nbsp; 61129 |
| WisdomTree, Inc. | 4905 | &nbsp;&nbsp; 71417 |
| World Acceptance Corp.† | 82 | &nbsp;&nbsp; 11073 |
|  |  | &nbsp;&nbsp; 4857672 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
| Avista Corp. | 2536 | &nbsp;&nbsp; 101795 |
| Black Hills Corp. | 1951 | &nbsp;&nbsp; 135419 |
| Clearway Energy, Inc., Class A | 1513 | &nbsp;&nbsp; 59264 |
| Clearway Energy, Inc., Class C | 3824 | &nbsp;&nbsp; 150245 |
| Genie Energy, Ltd., Class B | 813 | &nbsp;&nbsp; 11496 |
| Hawaiian Electric Industries, Inc.† | 4858 | &nbsp;&nbsp; 72093 |
| IDACORP, Inc. | 4588 | &nbsp;&nbsp; 655946 |
| MGE Energy, Inc. | 1016 | &nbsp;&nbsp; 78527 |
| Oklo, Inc.† | 619 | &nbsp;&nbsp; 30696 |
| Otter Tail Corp. | 2590 | &nbsp;&nbsp; 227324 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| Portland General Electric Co. | 2209 | &nbsp;&nbsp; $116569 |
| Unitil Corp. | 2883 | &nbsp;&nbsp; 150608 |
|  |  | &nbsp;&nbsp; 1789982 |
| **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** | **Electrical Components & Equipment — 1.1%** |
| AZZ, Inc. | 833 | &nbsp;&nbsp; 104233 |
| Energizer Holdings, Inc. | 1682 | &nbsp;&nbsp; 27619 |
| EnerSys | 1761 | &nbsp;&nbsp; 305921 |
| Insteel Industries, Inc. | 522 | &nbsp;&nbsp; 17544 |
| nLight, Inc.† | 1833 | &nbsp;&nbsp; 104518 |
| Novanta, Inc.† | 5400 | &nbsp;&nbsp; 637794 |
| Powell Industries, Inc. | 263 | &nbsp;&nbsp; 142304 |
|  |  | &nbsp;&nbsp; 1339933 |
| **Electronics — 3.2%** | **Electronics — 3.2%** | **Electronics — 3.2%** |
| Advanced Energy Industries, Inc. | 693 | &nbsp;&nbsp; 223638 |
| Allient, Inc. | 202 | &nbsp;&nbsp; 11936 |
| Applied Optoelectronics, Inc.† | 903 | &nbsp;&nbsp; 76385 |
| Atkore, Inc. | 1172 | &nbsp;&nbsp; 69042 |
| Atmus Filtration Technologies, Inc. | 3145 | &nbsp;&nbsp; 178542 |
| Badger Meter, Inc. | 822 | &nbsp;&nbsp; 125232 |
| Bel Fuse, Inc., Class B | 140 | &nbsp;&nbsp; 27717 |
| Benchmark Electronics, Inc. | 995 | &nbsp;&nbsp; 55780 |
| Brady Corp., Class A | 1212 | &nbsp;&nbsp; 98463 |
| CTS Corp. | 797 | &nbsp;&nbsp; 38065 |
| ESCO Technologies, Inc. | 3018 | &nbsp;&nbsp; 849175 |
| Itron, Inc.† | 1275 | &nbsp;&nbsp; 114278 |
| Knowles Corp.† | 5710 | &nbsp;&nbsp; 146633 |
| Kopin Corp.† | 4981 | &nbsp;&nbsp; 11207 |
| Mirion Technologies, Inc.† | 40175 | &nbsp;&nbsp; 746853 |
| Napco Security Technologies, Inc. | 980 | &nbsp;&nbsp; 38602 |
| OSI Systems, Inc.† | 873 | &nbsp;&nbsp; 231790 |
| Plexus Corp.† | 1555 | &nbsp;&nbsp; 314950 |
| Ralliant Corp. | 3147 | &nbsp;&nbsp; 130884 |
| Sanmina Corp.† | 2444 | &nbsp;&nbsp; 316840 |
| TTM Technologies, Inc.† | 1709 | &nbsp;&nbsp; 166491 |
| Turtle Beach Corp.† | 2866 | &nbsp;&nbsp; 29061 |
| Vishay Intertechnology, Inc. | 7700 | &nbsp;&nbsp; 138600 |
|  |  | &nbsp;&nbsp; 4140164 |
| **Energy-Alternate Sources — 0.4%** | **Energy-Alternate Sources — 0.4%** | **Energy-Alternate Sources — 0.4%** |
| Nextpower, Inc., Class A† | 1066 | &nbsp;&nbsp; 128506 |
| Enphase Energy, Inc.† | 3651 | &nbsp;&nbsp; 138044 |
| Fluence Energy, Inc.† | 1578 | &nbsp;&nbsp; 21713 |
| Green Plains, Inc.† | 2116 | &nbsp;&nbsp; 34808 |
| REX American Resources Corp.† | 792 | &nbsp;&nbsp; 36092 |
| SolarEdge Technologies, Inc.† | 1668 | &nbsp;&nbsp; 85151 |
| Sunrun, Inc.† | 8492 | &nbsp;&nbsp; 115152 |
|  |  | &nbsp;&nbsp; 559466 |
| **Engineering & Construction — 2.8%** | **Engineering & Construction — 2.8%** | **Engineering & Construction — 2.8%** |
| Arcosa, Inc. | 2712 | &nbsp;&nbsp; 287852 |
| Argan, Inc. | 387 | &nbsp;&nbsp; 210780 |
| Dycom Industries, Inc.† | 953 | &nbsp;&nbsp; 322896 |
| Everus Construction Group, Inc.† | 1423 | &nbsp;&nbsp; 167999 |
| Fluor Corp.† | 3008 | &nbsp;&nbsp; 140323 |
| Frontdoor, Inc.† | 2012 | &nbsp;&nbsp; 106354 |
| Granite Construction, Inc. | 1654 | &nbsp;&nbsp; 198282 |
| IES Holdings, Inc.† | 209 | &nbsp;&nbsp; 99582 |
| MYR Group, Inc.† | 1626 | &nbsp;&nbsp; 459052 |
| Orion Group Holdings, Inc.† | 2996 | &nbsp;&nbsp; 32656 |
| Primoris Services Corp. | 7774 | &nbsp;&nbsp; 1111993 |

---

------

**Seasons Series Trust SA Multi-Managed Small Cap Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Engineering & Construction (continued)** | **Engineering & Construction (continued)** | **Engineering & Construction (continued)** |
| Sterling Infrastructure, Inc.† | 675 | &nbsp;&nbsp; $274907 |
| Tutor Perini Corp. | 1611 | &nbsp;&nbsp; 124353 |
|  |  | &nbsp;&nbsp; 3537029 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Caesars Entertainment, Inc.† | 5694 | &nbsp;&nbsp; 150492 |
| Churchill Downs, Inc. | 6892 | &nbsp;&nbsp; 619108 |
| Cinemark Holdings, Inc. | 2875 | &nbsp;&nbsp; 81995 |
| Golden Entertainment, Inc. | 535 | &nbsp;&nbsp; 14279 |
| IMAX Corp.† | 560 | &nbsp;&nbsp; 21286 |
| Lionsgate Studios Corp.† | 7922 | &nbsp;&nbsp; 75972 |
| Madison Square Garden Entertainment Corp.† | 1404 | &nbsp;&nbsp; 82710 |
| Madison Square Garden Sports Corp.† | 497 | &nbsp;&nbsp; 159736 |
| Marriott Vacations Worldwide Corp. | 1288 | &nbsp;&nbsp; 83875 |
| Monarch Casino & Resort, Inc. | 1027 | &nbsp;&nbsp; 98181 |
| Penn Entertainment, Inc.† | 3529 | &nbsp;&nbsp; 53041 |
| Pursuit Attractions & Hospitality, Inc.† | 594 | &nbsp;&nbsp; 21758 |
| Red Rock Resorts, Inc., Class A | 1354 | &nbsp;&nbsp; 72250 |
| Six Flags Entertainment Corp.† | 2831 | &nbsp;&nbsp; 50250 |
| Super Group SGHC, Ltd. | 7580 | &nbsp;&nbsp; 81864 |
| United Parks & Resorts, Inc.† | 2546 | &nbsp;&nbsp; 83152 |
|  |  | &nbsp;&nbsp; 1749949 |
| **Environmental Control — 0.5%** | **Environmental Control — 0.5%** | **Environmental Control — 0.5%** |
| Casella Waste Systems, Inc., Class A† | 6915 | &nbsp;&nbsp; 548636 |
| Enviri Corp.† | 2255 | &nbsp;&nbsp; 44243 |
| Tetra Tech, Inc. | 2898 | &nbsp;&nbsp; 87288 |
|  |  | &nbsp;&nbsp; 680167 |
| **Food — 1.0%** | **Food — 1.0%** | **Food — 1.0%** |
| Cal-Maine Foods, Inc. | 1945 | &nbsp;&nbsp; 153947 |
| Chefs' Warehouse, Inc.† | 9313 | &nbsp;&nbsp; 553658 |
| Grocery Outlet Holding Corp.† | 2812 | &nbsp;&nbsp; 19825 |
| Ingles Markets, Inc., Class A | 510 | &nbsp;&nbsp; 45844 |
| J&J Snack Foods Corp. | 418 | &nbsp;&nbsp; 33135 |
| John B. Sanfilippo & Son, Inc. | 246 | &nbsp;&nbsp; 19515 |
| Lamb Weston Holdings, Inc. | 3875 | &nbsp;&nbsp; 163757 |
| Mama's Creations, Inc.† | 3619 | &nbsp;&nbsp; 55515 |
| Simply Good Foods Co.† | 2376 | &nbsp;&nbsp; 34096 |
| Tootsie Roll Industries, Inc. | 561 | &nbsp;&nbsp; 23937 |
| United Natural Foods, Inc.† | 3372 | &nbsp;&nbsp; 151942 |
| Village Super Market, Inc., Class A | 374 | &nbsp;&nbsp; 15794 |
|  |  | &nbsp;&nbsp; 1270965 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| Sylvamo Corp. | 933 | &nbsp;&nbsp; 39410 |
| **Gas — 0.9%** | **Gas — 0.9%** | **Gas — 0.9%** |
| Chesapeake Utilities Corp. | 4665 | &nbsp;&nbsp; 589516 |
| MDU Resources Group, Inc. | 5682 | &nbsp;&nbsp; 117731 |
| New Jersey Resources Corp. | 2543 | &nbsp;&nbsp; 139662 |
| Northwest Natural Holding Co. | 1167 | &nbsp;&nbsp; 62108 |
| ONE Gas, Inc. | 1652 | &nbsp;&nbsp; 142287 |
| Southwest Gas Holdings, Inc. | 1786 | &nbsp;&nbsp; 155203 |
|  |  | &nbsp;&nbsp; 1206507 |
| **Hand/Machine Tools — 0.7%** | **Hand/Machine Tools — 0.7%** | **Hand/Machine Tools — 0.7%** |
| Enerpac Tool Group Corp. | 1472 | &nbsp;&nbsp; 53684 |
| Franklin Electric Co., Inc. | 1065 | &nbsp;&nbsp; 98161 |
| Kennametal, Inc. | 3845 | &nbsp;&nbsp; 138920 |
| MSA Safety, Inc. | 3380 | &nbsp;&nbsp; 554151 |
|  |  | &nbsp;&nbsp; 844916 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Healthcare-Products — 4.2%** | **Healthcare-Products — 4.2%** | **Healthcare-Products — 4.2%** |
| 10X Genomics, Inc., Class A† | 5756 | &nbsp;&nbsp; $122200 |
| Adaptive Biotechnologies Corp.† | 2755 | &nbsp;&nbsp; 38239 |
| Artivion, Inc.† | 1158 | &nbsp;&nbsp; 42406 |
| AtriCure, Inc.† | 2354 | &nbsp;&nbsp; 67160 |
| Avanos Medical, Inc.† | 1317 | &nbsp;&nbsp; 18451 |
| Axogen, Inc.† | 2995 | &nbsp;&nbsp; 99224 |
| Azenta, Inc.† | 15806 | &nbsp;&nbsp; 333981 |
| Beta Bionics, Inc.† | 1411 | &nbsp;&nbsp; 14138 |
| BioLife Solutions, Inc.† | 1095 | &nbsp;&nbsp; 20893 |
| Butterfly Network, Inc.† | 11837 | &nbsp;&nbsp; 47821 |
| Castle Biosciences, Inc.† | 9121 | &nbsp;&nbsp; 223921 |
| Ceribell, Inc.† | 4552 | &nbsp;&nbsp; 83438 |
| CONMED Corp. | 854 | &nbsp;&nbsp; 30197 |
| Embecta Corp. | 3171 | &nbsp;&nbsp; 28032 |
| Enovis Corp.† | 1618 | &nbsp;&nbsp; 36810 |
| Glaukos Corp.† | 2687 | &nbsp;&nbsp; 289282 |
| GRAIL, Inc.† | 494 | &nbsp;&nbsp; 25530 |
| Guardant Health, Inc.† | 1894 | &nbsp;&nbsp; 174949 |
| Haemonetics Corp.† | 1307 | &nbsp;&nbsp; 73663 |
| ICU Medical, Inc.† | 8392 | &nbsp;&nbsp; 1083827 |
| Inogen, Inc.† | 4906 | &nbsp;&nbsp; 30319 |
| Inspire Medical Systems, Inc.† | 726 | &nbsp;&nbsp; 37447 |
| Integer Holdings Corp.† | 978 | &nbsp;&nbsp; 86064 |
| Integra LifeSciences Holdings Corp.† | 4770 | &nbsp;&nbsp; 44933 |
| iRhythm Technologies, Inc.† | 3384 | &nbsp;&nbsp; 399380 |
| Kestra Medical Technologies, Ltd.† | 16933 | &nbsp;&nbsp; 337475 |
| Lantheus Holdings, Inc.† | 897 | &nbsp;&nbsp; 68037 |
| LeMaitre Vascular, Inc. | 579 | &nbsp;&nbsp; 63209 |
| LivaNova PLC† | 467 | &nbsp;&nbsp; 29683 |
| Merit Medical Systems, Inc.† | 1654 | &nbsp;&nbsp; 114010 |
| Neogen Corp.† | 6045 | &nbsp;&nbsp; 56158 |
| Novocure, Ltd.† | 2968 | &nbsp;&nbsp; 32351 |
| OmniAb, Inc.† | 1930 | &nbsp;&nbsp; 3030 |
| Omnicell, Inc.† | 1235 | &nbsp;&nbsp; 41224 |
| Outset Medical, Inc.† | 1764 | &nbsp;&nbsp; 6774 |
| Pulmonx Corp.† | 7036 | &nbsp;&nbsp; 9076 |
| QuidelOrtho Corp.† | 1888 | &nbsp;&nbsp; 31020 |
| Repligen Corp.† | 5322 | &nbsp;&nbsp; 627038 |
| SI-BONE, Inc.† | 1523 | &nbsp;&nbsp; 19236 |
| STAAR Surgical Co.† | 1354 | &nbsp;&nbsp; 25320 |
| Tandem Diabetes Care, Inc.† | 4201 | &nbsp;&nbsp; 80533 |
| Teleflex, Inc. | 1233 | &nbsp;&nbsp; 147479 |
| TransMedics Group, Inc.† | 1651 | &nbsp;&nbsp; 164126 |
| Twist Bioscience Corp.† | 255 | &nbsp;&nbsp; 12118 |
| UFP Technologies, Inc.† | 212 | &nbsp;&nbsp; 41043 |
|  |  | &nbsp;&nbsp; 5361245 |
| **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** | **Healthcare-Services — 1.6%** |
| Acadia Healthcare Co., Inc.† | 2568 | &nbsp;&nbsp; 60066 |
| Addus HomeCare Corp.† | 675 | &nbsp;&nbsp; 63214 |
| Astrana Health, Inc.† | 1182 | &nbsp;&nbsp; 28983 |
| BrightSpring Health Services, Inc.† | 5132 | &nbsp;&nbsp; 218674 |
| Concentra Group Holdings Parent, Inc. | 5918 | &nbsp;&nbsp; 126941 |
| CorVel Corp.† | 860 | &nbsp;&nbsp; 46999 |
| Ensign Group, Inc. | 923 | &nbsp;&nbsp; 185984 |
| Fortrea Holdings, Inc.† | 2545 | &nbsp;&nbsp; 23974 |
| GeneDx Holdings Corp.† | 195 | &nbsp;&nbsp; 12523 |
| Molina Healthcare, Inc.† | 1428 | &nbsp;&nbsp; 190352 |
| National HealthCare Corp. | 613 | &nbsp;&nbsp; 97896 |
| Oncology Institute, Inc.† | 6166 | &nbsp;&nbsp; 18930 |
| Option Care Health, Inc.† | 3010 | &nbsp;&nbsp; 81029 |
| Oscar Health, Inc., Class A† | 3987 | &nbsp;&nbsp; 45731 |
| Pediatrix Medical Group, Inc. † | 2356 | &nbsp;&nbsp; 50395 |

---

------

**Seasons Series Trust SA Multi-Managed Small Cap Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| Privia Health Group, Inc.† | 3226 | &nbsp;&nbsp; $66359 |
| RadNet, Inc.† | 1943 | &nbsp;&nbsp; 108594 |
| Select Medical Holdings Corp. | 3065 | &nbsp;&nbsp; 49929 |
| Surgery Partners, Inc.† | 572 | &nbsp;&nbsp; 6818 |
| U.S. Physical Therapy, Inc. | 7995 | &nbsp;&nbsp; 599305 |
|  |  | &nbsp;&nbsp; 2082696 |
| **Home Builders — 2.1%** | **Home Builders — 2.1%** | **Home Builders — 2.1%** |
| Beazer Homes USA, Inc.† | 727 | &nbsp;&nbsp; 13987 |
| Cavco Industries, Inc.† | 1893 | &nbsp;&nbsp; 916761 |
| Century Communities, Inc. | 1504 | &nbsp;&nbsp; 86300 |
| Champion Homes, Inc.† | 3097 | &nbsp;&nbsp; 230324 |
| Dream Finders Homes, Inc., Class A† | 827 | &nbsp;&nbsp; 11512 |
| Green Brick Partners, Inc.† | 1982 | &nbsp;&nbsp; 127740 |
| Installed Building Products, Inc. | 1066 | &nbsp;&nbsp; 282650 |
| KB Home | 1332 | &nbsp;&nbsp; 68931 |
| LCI Industries | 1382 | &nbsp;&nbsp; 169958 |
| LGI Homes, Inc.† | 567 | &nbsp;&nbsp; 22413 |
| M/I Homes, Inc.† | 1639 | &nbsp;&nbsp; 200696 |
| Meritage Homes Corp. | 2853 | &nbsp;&nbsp; 176430 |
| Taylor Morrison Home Corp.† | 2788 | &nbsp;&nbsp; 162373 |
| Tri Pointe Homes, Inc.† | 2357 | &nbsp;&nbsp; 110143 |
| Winnebago Industries, Inc. | 2752 | &nbsp;&nbsp; 85284 |
|  |  | &nbsp;&nbsp; 2665502 |
| **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** | **Home Furnishings — 0.2%** |
| Daktronics, Inc.† | 522 | &nbsp;&nbsp; 10205 |
| Ethan Allen Interiors, Inc. | 657 | &nbsp;&nbsp; 14625 |
| Leggett & Platt, Inc. | 3782 | &nbsp;&nbsp; 37366 |
| MillerKnoll, Inc. | 4790 | &nbsp;&nbsp; 69263 |
| Sonos, Inc.† | 7858 | &nbsp;&nbsp; 105297 |
| Xperi, Inc.† | 8608 | &nbsp;&nbsp; 48205 |
|  |  | &nbsp;&nbsp; 284961 |
| **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** | **Household Products/Wares — 0.1%** |
| Quanex Building Products Corp. | 1244 | &nbsp;&nbsp; 22355 |
| Reynolds Consumer Products, Inc. | 1524 | &nbsp;&nbsp; 32278 |
| WD-40 Co. | 376 | &nbsp;&nbsp; 76681 |
|  |  | &nbsp;&nbsp; 131314 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| Central Garden & Pet Co.† | 229 | &nbsp;&nbsp; 8420 |
| Central Garden & Pet Co., Class A† | 2172 | &nbsp;&nbsp; 70416 |
| Newell Brands, Inc. | 11536 | &nbsp;&nbsp; 39569 |
|  |  | &nbsp;&nbsp; 118405 |
| **Insurance — 2.5%** | **Insurance — 2.5%** | **Insurance — 2.5%** |
| AMERISAFE, Inc. | 541 | &nbsp;&nbsp; 18031 |
| Assured Guaranty, Ltd. | 1209 | &nbsp;&nbsp; 98509 |
| Axis Capital Holdings, Ltd. | 5087 | &nbsp;&nbsp; 515873 |
| Bowhead Specialty Holdings, Inc.† | 12377 | &nbsp;&nbsp; 277616 |
| CNO Financial Group, Inc. | 2885 | &nbsp;&nbsp; 118458 |
| Employers Holdings, Inc. | 556 | &nbsp;&nbsp; 22874 |
| Essent Group, Ltd. | 1561 | &nbsp;&nbsp; 91225 |
| Fidelis Insurance Holdings, Ltd. | 3262 | &nbsp;&nbsp; 62337 |
| Genworth Financial, Inc.,† | 11038 | &nbsp;&nbsp; 89628 |
| Goosehead Insurance, Inc., Class A† | 701 | &nbsp;&nbsp; 29905 |
| Hamilton Insurance Group, Ltd., Class B | 1525 | &nbsp;&nbsp; 45491 |
| HCI Group, Inc. | 303 | &nbsp;&nbsp; 46847 |
| Heritage Insurance Holdings, Inc.† | 361 | &nbsp;&nbsp; 9476 |
| Horace Mann Educators Corp. | 1141 | &nbsp;&nbsp; 48698 |
| Jackson Financial, Inc., Class A | 2225 | &nbsp;&nbsp; 235227 |
| Kemper Corp. | 1638 | &nbsp;&nbsp; 50057 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Lincoln National Corp. | 2601 | &nbsp;&nbsp; $92335 |
| Mercury General Corp. | 1369 | &nbsp;&nbsp; 120677 |
| NMI Holdings, Inc.† | 5978 | &nbsp;&nbsp; 224235 |
| Palomar Holdings, Inc.† | 1122 | &nbsp;&nbsp; 134079 |
| ProAssurance Corp.† | 1442 | &nbsp;&nbsp; 35646 |
| Reinsurance Group of America, Inc. | 2739 | &nbsp;&nbsp; 559194 |
| Safety Insurance Group, Inc. | 977 | &nbsp;&nbsp; 70969 |
| SiriusPoint, Ltd.† | 4079 | &nbsp;&nbsp; 87862 |
| Skyward Specialty Insurance Group, Inc.† | 248 | &nbsp;&nbsp; 10833 |
| Stewart Information Services Corp. | 1234 | &nbsp;&nbsp; 75990 |
| Trupanion, Inc.† | 960 | &nbsp;&nbsp; 24586 |
| United Fire Group, Inc. | 597 | &nbsp;&nbsp; 22125 |
| Universal Insurance Holdings, Inc. | 311 | &nbsp;&nbsp; 10624 |
|  |  | &nbsp;&nbsp; 3229407 |
| **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** |
| Cargurus, Inc.† | 5711 | &nbsp;&nbsp; 194460 |
| Cogent Communications Holdings, Inc. | 1318 | &nbsp;&nbsp; 24831 |
| ePlus, Inc. | 736 | &nbsp;&nbsp; 55384 |
| Etsy, Inc.† | 2754 | &nbsp;&nbsp; 137645 |
| Figs, Inc., Class A† | 4884 | &nbsp;&nbsp; 72137 |
| HealthStream, Inc. | 3183 | &nbsp;&nbsp; 65920 |
| Hims & Hers Health, Inc.† | 2966 | &nbsp;&nbsp; 61574 |
| IAC, Inc.† | 1836 | &nbsp;&nbsp; 73495 |
| Liquidity Services, Inc.† | 656 | &nbsp;&nbsp; 20054 |
| Lyft, Inc., Class A† | 11107 | &nbsp;&nbsp; 147723 |
| Magnite, Inc.† | 4629 | &nbsp;&nbsp; 54992 |
| Match Group, Inc. | 6546 | &nbsp;&nbsp; 201028 |
| Q2 Holdings, Inc.† | 3238 | &nbsp;&nbsp; 153157 |
| QuinStreet, Inc.† | 1599 | &nbsp;&nbsp; 19204 |
| RealReal, Inc.† | 5277 | &nbsp;&nbsp; 47915 |
| Shutterstock, Inc. | 652 | &nbsp;&nbsp; 10830 |
| Sprinklr, Inc., Class A† | 3333 | &nbsp;&nbsp; 19998 |
| TripAdvisor, Inc.† | 3194 | &nbsp;&nbsp; 34048 |
| Upwork, Inc.† | 3645 | &nbsp;&nbsp; 39949 |
| Yelp, Inc.† | 1640 | &nbsp;&nbsp; 40574 |
| Ziff Davis, Inc.† | 2088 | &nbsp;&nbsp; 87612 |
|  |  | &nbsp;&nbsp; 1562530 |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| Bit Digital, Inc.† | 2148 | &nbsp;&nbsp; 2814 |
| Bitdeer Technologies Group† | 20829 | &nbsp;&nbsp; 180171 |
| Cipher Digital, Inc.† | 5946 | &nbsp;&nbsp; 76525 |
| Cleanspark, Inc.† | 13464 | &nbsp;&nbsp; 114579 |
| Core Scientific, Inc.† | 4214 | &nbsp;&nbsp; 63041 |
| HA Sustainable Infrastructure Capital, Inc. | 5750 | &nbsp;&nbsp; 211312 |
| Hut 8 Corp.† | 1460 | &nbsp;&nbsp; 68488 |
| MARA Holdings, Inc.† | 16379 | &nbsp;&nbsp; 133653 |
| Riot Platforms, Inc.† | 6431 | &nbsp;&nbsp; 79487 |
| Terawulf, Inc.† | 5804 | &nbsp;&nbsp; 83752 |
|  |  | &nbsp;&nbsp; 1013822 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| Commercial Metals Co. | 3756 | &nbsp;&nbsp; 230731 |
| **Leisure Time — 1.2%** | **Leisure Time — 1.2%** | **Leisure Time — 1.2%** |
| Callaway Golf Co † | 12758 | &nbsp;&nbsp; 177081 |
| Acushnet Holdings Corp. | 763 | &nbsp;&nbsp; 71325 |
| Life Time Group Holdings, Inc.† | 4245 | &nbsp;&nbsp; 114361 |
| Malibu Boats, Inc., Class A† | 8012 | &nbsp;&nbsp; 207671 |
| OneSpaWorld Holdings, Ltd. | 3839 | &nbsp;&nbsp; 88105 |
| Patrick Industries, Inc. | 7284 | &nbsp;&nbsp; 809034 |
| Sabre Corp.† | 11020 | &nbsp;&nbsp; 15979 |
|  |  | &nbsp;&nbsp; 1483556 |

---

------

**Seasons Series Trust SA Multi-Managed Small Cap Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| Hilton Grand Vacations, Inc.† | 1978 | &nbsp;&nbsp; $77379 |
| **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** | **Machinery-Construction & Mining — 0.4%** |
| Astec Industries, Inc. | 642 | &nbsp;&nbsp; 34565 |
| Bloom Energy Corp., Class A† | 2334 | &nbsp;&nbsp; 316234 |
| NuScale Power Corp.† | 792 | &nbsp;&nbsp; 8585 |
| Terex Corp. | 1895 | &nbsp;&nbsp; 111995 |
|  |  | &nbsp;&nbsp; 471379 |
| **Machinery-Diversified — 1.8%** | **Machinery-Diversified — 1.8%** | **Machinery-Diversified — 1.8%** |
| Alamo Group, Inc. | 304 | &nbsp;&nbsp; 50151 |
| Albany International Corp., Class A | 787 | &nbsp;&nbsp; 41089 |
| Applied Industrial Technologies, Inc. | 688 | &nbsp;&nbsp; 182540 |
| Cactus, Inc., Class A | 9690 | &nbsp;&nbsp; 459015 |
| CSW Industrials, Inc. | 459 | &nbsp;&nbsp; 119606 |
| DXP Enterprises, Inc.† | 575 | &nbsp;&nbsp; 80345 |
| Gates Industrial Corp. PLC† | 7082 | &nbsp;&nbsp; 160124 |
| Ichor Holdings, Ltd.† | 971 | &nbsp;&nbsp; 45258 |
| Kadant, Inc. | 326 | &nbsp;&nbsp; 95306 |
| Kornit Digital, Ltd.† | 24118 | &nbsp;&nbsp; 353570 |
| Lindsay Corp. | 292 | &nbsp;&nbsp; 34769 |
| Mueller Water Products, Inc., Class A | 4363 | &nbsp;&nbsp; 119939 |
| Tennant Co. | 511 | &nbsp;&nbsp; 33930 |
| Thermon Group Holdings, Inc.† | 1879 | &nbsp;&nbsp; 94702 |
| Watts Water Technologies, Inc., Class A | 764 | &nbsp;&nbsp; 221782 |
| Zurn Elkay Water Solutions Corp. | 4142 | &nbsp;&nbsp; 185727 |
|  |  | &nbsp;&nbsp; 2277853 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Cable One, Inc.† | 133 | &nbsp;&nbsp; 12131 |
| Scholastic Corp. | 1971 | &nbsp;&nbsp; 76988 |
| Sphere Entertainment Co.† | 1223 | &nbsp;&nbsp; 143580 |
| Versant Media Group, Inc. | 4056 | &nbsp;&nbsp; 150153 |
|  |  | &nbsp;&nbsp; 382852 |
| **Metal Fabricate/Hardware — 0.5%** | **Metal Fabricate/Hardware — 0.5%** | **Metal Fabricate/Hardware — 0.5%** |
| Helios Technologies, Inc. | 5986 | &nbsp;&nbsp; 387354 |
| Metallus, Inc.† | 1038 | &nbsp;&nbsp; 16961 |
| Mueller Industries, Inc. | 375 | &nbsp;&nbsp; 41550 |
| Proto Labs, Inc.† | 654 | &nbsp;&nbsp; 37291 |
| Ryerson Holding Corp. | 511 | &nbsp;&nbsp; 11487 |
| Standex International Corp. | 337 | &nbsp;&nbsp; 85888 |
| Worthington Enterprises, Inc. | 1746 | &nbsp;&nbsp; 91036 |
| Worthington Steel, Inc. | 890 | &nbsp;&nbsp; 27012 |
|  |  | &nbsp;&nbsp; 698579 |
| **Mining — 0.9%** | **Mining — 0.9%** | **Mining — 0.9%** |
| Century Aluminum Co.† | 3409 | &nbsp;&nbsp; 200074 |
| Coeur Mining, Inc.† | 11200 | &nbsp;&nbsp; 210224 |
| Constellium SE† | 9593 | &nbsp;&nbsp; 235796 |
| Energy Fuels, Inc.† | 923 | &nbsp;&nbsp; 16845 |
| Hecla Mining Co. | 9010 | &nbsp;&nbsp; 167856 |
| Ivanhoe Electric, Inc.† | 1312 | &nbsp;&nbsp; 15508 |
| Kaiser Aluminum Corp. | 443 | &nbsp;&nbsp; 53386 |
| Perpetua Resources Corp.† | 613 | &nbsp;&nbsp; 17238 |
| SSR Mining, Inc.† | 4645 | &nbsp;&nbsp; 136563 |
| Uranium Energy Corp.† | 3440 | &nbsp;&nbsp; 46440 |
| USA Rare Earth, Inc.† | 1253 | &nbsp;&nbsp; 18964 |
|  |  | &nbsp;&nbsp; 1118894 |
| **Miscellaneous Manufacturing — 2.0%** | **Miscellaneous Manufacturing — 2.0%** | **Miscellaneous Manufacturing — 2.0%** |
| Avient Corp. | 2604 | &nbsp;&nbsp; 94525 |
| Enpro, Inc. | 3029 | &nbsp;&nbsp; 759219 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** |
| Fabrinet† | 547 | &nbsp;&nbsp; $285271 |
| Federal Signal Corp. | 1696 | &nbsp;&nbsp; 183405 |
| JBT Marel Corp. | 1450 | &nbsp;&nbsp; 185411 |
| Materion Corp. | 6352 | &nbsp;&nbsp; 918817 |
| Park Aerospace Corp. | 2120 | &nbsp;&nbsp; 58046 |
| Sight Sciences, Inc.† | 593 | &nbsp;&nbsp; 2236 |
| Trinity Industries, Inc. | 2227 | &nbsp;&nbsp; 71665 |
|  |  | &nbsp;&nbsp; 2558595 |
| **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
| Banco Latinoamericano de Comercio Exterior SA, Class E | 428 | &nbsp;&nbsp; 21862 |
| **Office Furnishings — 0.3%** | **Office Furnishings — 0.3%** | **Office Furnishings — 0.3%** |
| HNI Corp. | 1945 | &nbsp;&nbsp; 64943 |
| Interface, Inc. | 14078 | &nbsp;&nbsp; 350824 |
|  |  | &nbsp;&nbsp; 415767 |
| **Oil & Gas — 3.0%** | **Oil & Gas — 3.0%** | **Oil & Gas — 3.0%** |
| California Resources Corp. | 2192 | &nbsp;&nbsp; 151730 |
| Chord Energy Corp. | 834 | &nbsp;&nbsp; 118578 |
| CNX Resources Corp.† | 6100 | &nbsp;&nbsp; 235155 |
| Comstock Resources, Inc.† | 2207 | &nbsp;&nbsp; 46524 |
| Crescent Energy Co., Class A | 6779 | &nbsp;&nbsp; 91517 |
| CVR Energy, Inc.† | 846 | &nbsp;&nbsp; 28468 |
| Gulfport Energy Corp.† | 2322 | &nbsp;&nbsp; 491266 |
| Helmerich & Payne, Inc. | 2767 | &nbsp;&nbsp; 99695 |
| Kosmos Energy, Ltd.† | 15971 | &nbsp;&nbsp; 44399 |
| Magnolia Oil & Gas Corp., Class A | 7160 | &nbsp;&nbsp; 226041 |
| Murphy Oil Corp. | 2734 | &nbsp;&nbsp; 112778 |
| Noble Corp. PLC† | 6320 | &nbsp;&nbsp; 310122 |
| Northern Oil & Gas, Inc. | 2889 | &nbsp;&nbsp; 84445 |
| Ovintiv, Inc. | 908 | &nbsp;&nbsp; 53899 |
| Par Pacific Holdings, Inc.† | 5163 | &nbsp;&nbsp; 323410 |
| Patterson-UTI Energy, Inc. | 10357 | &nbsp;&nbsp; 112166 |
| PBF Energy, Inc., Class A | 180 | &nbsp;&nbsp; 8572 |
| Permian Resources Corp., Class A | 30297 | &nbsp;&nbsp; 645932 |
| SM Energy Co. | 8708 | &nbsp;&nbsp; 271515 |
| Talos Energy, Inc.† | 3476 | &nbsp;&nbsp; 54782 |
| Transocean, Ltd.† | 29694 | &nbsp;&nbsp; 196871 |
| Valaris, Ltd.† | 452 | &nbsp;&nbsp; 44314 |
| Weatherford International PLC | 572 | &nbsp;&nbsp; 54100 |
|  |  | &nbsp;&nbsp; 3806279 |
| **Oil & Gas Services — 1.6%** | **Oil & Gas Services — 1.6%** | **Oil & Gas Services — 1.6%** |
| Archrock, Inc. | 7354 | &nbsp;&nbsp; 255919 |
| Atlas Energy Solutions, Inc. | 2174 | &nbsp;&nbsp; 28523 |
| Bristow Group, Inc. | 708 | &nbsp;&nbsp; 33198 |
| Core Laboratories, Inc. | 1285 | &nbsp;&nbsp; 21575 |
| DNOW, Inc.† | 5154 | &nbsp;&nbsp; 61384 |
| Expro Group Holdings NV† | 5191 | &nbsp;&nbsp; 90375 |
| Flowco Holdings, Inc., Class A | 16698 | &nbsp;&nbsp; 343979 |
| Forum Energy Technologies, Inc.† | 1678 | &nbsp;&nbsp; 98432 |
| Helix Energy Solutions Group, Inc.† | 3856 | &nbsp;&nbsp; 38136 |
| Innovex International, Inc.† | 1086 | &nbsp;&nbsp; 26488 |
| Kodiak Gas Services, Inc. | 2319 | &nbsp;&nbsp; 135244 |
| Liberty Energy, Inc. | 9011 | &nbsp;&nbsp; 259517 |
| Matrix Service Co.† | 2424 | &nbsp;&nbsp; 27828 |
| National Energy Services Reunited Corp.† | 3345 | &nbsp;&nbsp; 71817 |
| Oceaneering International, Inc.† | 5439 | &nbsp;&nbsp; 192921 |
| Oil States International, Inc.† | 6527 | &nbsp;&nbsp; 75974 |
| ProPetro Holding Corp.† | 4162 | &nbsp;&nbsp; 59974 |
| Ranger Energy Services, Inc., Class A | 4144 | &nbsp;&nbsp; 71028 |

---

------

**Seasons Series Trust SA Multi-Managed Small Cap Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| RPC, Inc. | 2518 | &nbsp;&nbsp; $17828 |
| Tidewater, Inc.† | 1953 | &nbsp;&nbsp; 163173 |
|  |  | &nbsp;&nbsp; 2073313 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| Greif, Inc., Class A | 679 | &nbsp;&nbsp; 45541 |
| O-I Glass, Inc.† | 6221 | &nbsp;&nbsp; 65383 |
| Sealed Air Corp. | 4109 | &nbsp;&nbsp; 172783 |
|  |  | &nbsp;&nbsp; 283707 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| AdaptHealth Corp.† | 2977 | &nbsp;&nbsp; 35426 |
| Alkermes PLC† | 5490 | &nbsp;&nbsp; 194127 |
| Amneal Pharmaceuticals, Inc.† | 11196 | &nbsp;&nbsp; 139166 |
| Amphastar Pharmaceuticals, Inc.† | 1003 | &nbsp;&nbsp; 19649 |
| Catalyst Pharmaceuticals, Inc.† | 6632 | &nbsp;&nbsp; 164208 |
| Collegium Pharmaceutical, Inc.† | 877 | &nbsp;&nbsp; 29002 |
| Corcept Therapeutics, Inc.† | 3362 | &nbsp;&nbsp; 135522 |
| Corvus Pharmaceuticals, Inc.† | 2068 | &nbsp;&nbsp; 30255 |
| Harmony Biosciences Holdings, Inc.† | 1109 | &nbsp;&nbsp; 31063 |
| Indivior Pharmaceuticals, Inc.† | 5309 | &nbsp;&nbsp; 161818 |
| Madrigal Pharmaceuticals, Inc.† | 325 | &nbsp;&nbsp; 170128 |
| Mirum Pharmaceuticals, Inc.† | 894 | &nbsp;&nbsp; 82588 |
| Nature's Sunshine Products, Inc.† | 1188 | &nbsp;&nbsp; 28500 |
| Neurogene, Inc.† | 803 | &nbsp;&nbsp; 16189 |
| Ocular Therapeutix, Inc.† | 6724 | &nbsp;&nbsp; 56952 |
| Organon & Co. | 7272 | &nbsp;&nbsp; 43559 |
| ORIC Pharmaceuticals, Inc.† | 2002 | &nbsp;&nbsp; 25365 |
| Pacira BioSciences, Inc.† | 1134 | &nbsp;&nbsp; 25628 |
| Phibro Animal Health Corp., Class A | 2120 | &nbsp;&nbsp; 117257 |
| Protagonist Therapeutics, Inc.† | 1639 | &nbsp;&nbsp; 172751 |
| Rhythm Pharmaceuticals, Inc.† | 1008 | &nbsp;&nbsp; 87666 |
| Spyre Therapeutics, Inc.† | 1634 | &nbsp;&nbsp; 82419 |
| Supernus Pharmaceuticals, Inc.† | 2424 | &nbsp;&nbsp; 125297 |
| Vaxcyte, Inc.† | 2010 | &nbsp;&nbsp; 116801 |
|  |  | &nbsp;&nbsp; 2091336 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| Excelerate Energy, Inc., Class A | 1706 | &nbsp;&nbsp; 57014 |
| Kinetik Holdings, Inc. | 1258 | &nbsp;&nbsp; 60900 |
|  |  | &nbsp;&nbsp; 117914 |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |
| Compass, Inc., Class A† | 9687 | &nbsp;&nbsp; 70812 |
| Cushman & Wakefield, Ltd.† | 764 | &nbsp;&nbsp; 9367 |
| eXp World Holdings, Inc. | 2596 | &nbsp;&nbsp; 15550 |
| Kennedy-Wilson Holdings, Inc. | 3357 | &nbsp;&nbsp; 36323 |
| Marcus & Millichap, Inc. | 672 | &nbsp;&nbsp; 17869 |
| McGrath RentCorp | 6440 | &nbsp;&nbsp; 710203 |
| Newmark Group, Inc., Class A | 3473 | &nbsp;&nbsp; 52060 |
| Real Brokerage, Inc.† | 250 | &nbsp;&nbsp; 625 |
| St. Joe Co. | 1104 | &nbsp;&nbsp; 69331 |
|  |  | &nbsp;&nbsp; 982140 |
| **REITS — 5.4%** | **REITS — 5.4%** | **REITS — 5.4%** |
| Acadia Realty Trust | 3653 | &nbsp;&nbsp; 69845 |
| Adamas Trust, Inc. | 5896 | &nbsp;&nbsp; 43395 |
| American Assets Trust, Inc. | 2000 | &nbsp;&nbsp; 36820 |
| American Healthcare REIT, Inc. | 1670 | &nbsp;&nbsp; 78757 |
| Apollo Commercial Real Estate Finance, Inc. | 3624 | &nbsp;&nbsp; 38270 |
| Apple Hospitality REIT, Inc. | 6138 | &nbsp;&nbsp; 70648 |
| Arbor Realty Trust, Inc. | 5636 | &nbsp;&nbsp; 43454 |
| ARMOUR Residential REIT, Inc. | 3100 | &nbsp;&nbsp; 51708 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| Blackstone Mtg. Trust, Inc., Class A | 4395 | &nbsp;&nbsp; $84164 |
| BrightSpire Capital, Inc. | 5705 | &nbsp;&nbsp; 31948 |
| Broadstone Net Lease, Inc. | 9543 | &nbsp;&nbsp; 174351 |
| CareTrust REIT, Inc. | 3707 | &nbsp;&nbsp; 135862 |
| Centerspace | 695 | &nbsp;&nbsp; 39928 |
| Chatham Lodging Trust | 6214 | &nbsp;&nbsp; 48904 |
| Community Healthcare Trust, Inc. | 515 | &nbsp;&nbsp; 8183 |
| COPT Defense Properties | 5068 | &nbsp;&nbsp; 155081 |
| Curbline Properties Corp. | 5701 | &nbsp;&nbsp; 147029 |
| DiamondRock Hospitality Co. | 9364 | &nbsp;&nbsp; 87741 |
| Diversified Healthcare Trust | 18618 | &nbsp;&nbsp; 123624 |
| Douglas Emmett, Inc. | 44967 | &nbsp;&nbsp; 423589 |
| Easterly Government Properties, Inc. | 1215 | &nbsp;&nbsp; 26038 |
| Ellington Financial, Inc. | 8098 | &nbsp;&nbsp; 95961 |
| Essential Properties Realty Trust, Inc. | 12216 | &nbsp;&nbsp; 370878 |
| Four Corners Property Trust, Inc. | 5345 | &nbsp;&nbsp; 126409 |
| Franklin BSP Realty Trust, Inc. | 2262 | &nbsp;&nbsp; 19204 |
| Getty Realty Corp. | 2929 | &nbsp;&nbsp; 93142 |
| Global Net Lease, Inc. | 5537 | &nbsp;&nbsp; 51826 |
| Highwoods Properties, Inc. | 3040 | &nbsp;&nbsp; 65086 |
| Independence Realty Trust, Inc. | 3045 | &nbsp;&nbsp; 45340 |
| Innovative Industrial Properties, Inc. | 787 | &nbsp;&nbsp; 39476 |
| InvenTrust Properties Corp. | 2619 | &nbsp;&nbsp; 79775 |
| JBG SMITH Properties | 1630 | &nbsp;&nbsp; 23814 |
| Kite Realty Group Trust | 2408 | &nbsp;&nbsp; 59116 |
| Ladder Capital Corp. | 11576 | &nbsp;&nbsp; 113098 |
| LTC Properties, Inc. | 1343 | &nbsp;&nbsp; 49906 |
| LXP Industrial Trust | 2472 | &nbsp;&nbsp; 114355 |
| Macerich Co. | 10717 | &nbsp;&nbsp; 202551 |
| Medical Properties Trust, Inc. | 13721 | &nbsp;&nbsp; 63528 |
| Millrose Properties, Inc. | 4302 | &nbsp;&nbsp; 120456 |
| National Health Investors, Inc. | 148 | &nbsp;&nbsp; 11967 |
| NETSTREIT Corp. | 3681 | &nbsp;&nbsp; 69313 |
| NexPoint Residential Trust, Inc. | 614 | &nbsp;&nbsp; 15350 |
| Outfront Media, Inc. | 4056 | &nbsp;&nbsp; 107484 |
| Pebblebrook Hotel Trust | 3212 | &nbsp;&nbsp; 40568 |
| PennyMac Mtg. Investment Trust | 2373 | &nbsp;&nbsp; 27669 |
| Phillips Edison & Co., Inc. | 7071 | &nbsp;&nbsp; 264597 |
| Piedmont Office Realty Trust, Inc.† | 7113 | &nbsp;&nbsp; 46732 |
| Postal Realty Trust, Inc., Class A | 2622 | &nbsp;&nbsp; 48664 |
| Rayonier, Inc. | 2016 | &nbsp;&nbsp; 41570 |
| Redwood Trust, Inc. | 3547 | &nbsp;&nbsp; 19899 |
| Rithm Capital Corp. | 15508 | &nbsp;&nbsp; 147016 |
| Ryman Hospitality Properties, Inc. | 3100 | &nbsp;&nbsp; 286037 |
| Sabra Health Care REIT, Inc. | 6723 | &nbsp;&nbsp; 129283 |
| Safehold, Inc. | 1265 | &nbsp;&nbsp; 17116 |
| Saul Centers, Inc. | 359 | &nbsp;&nbsp; 11696 |
| SL Green Realty Corp. | 1980 | &nbsp;&nbsp; 73141 |
| Smartstop Self Storage REIT, Inc. | 13016 | &nbsp;&nbsp; 394125 |
| Sunstone Hotel Investors, Inc. | 5306 | &nbsp;&nbsp; 47807 |
| Tanger, Inc. | 5519 | &nbsp;&nbsp; 187536 |
| Terreno Realty Corp. | 14286 | &nbsp;&nbsp; 877446 |
| TPG RE Finance Trust, Inc. | 2479 | &nbsp;&nbsp; 19361 |
| Two Harbors Investment Corp. | 2967 | &nbsp;&nbsp; 33883 |
| UMH Properties, Inc. | 621 | &nbsp;&nbsp; 8961 |
| Universal Health Realty Income Trust | 341 | &nbsp;&nbsp; 13800 |
| Urban Edge Properties | 3487 | &nbsp;&nbsp; 69670 |
| Veris Residential, Inc. | 3016 | &nbsp;&nbsp; 56912 |
| Whitestone REIT | 1269 | &nbsp;&nbsp; 20494 |
| Xenia Hotels & Resorts, Inc. | 6774 | &nbsp;&nbsp; 100458 |
|  |  | &nbsp;&nbsp; 6841815 |

---

------

**Seasons Series Trust SA Multi-Managed Small Cap Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Retail — 2.8%** | **Retail — 2.8%** | **Retail — 2.8%** |
| Academy Sports & Outdoors, Inc. | 1847 | &nbsp;&nbsp; $104263 |
| Advance Auto Parts, Inc. | 1675 | &nbsp;&nbsp; 88356 |
| American Eagle Outfitters, Inc. | 7924 | &nbsp;&nbsp; 132331 |
| Arko Corp. | 11143 | &nbsp;&nbsp; 61955 |
| Asbury Automotive Group, Inc.† | 642 | &nbsp;&nbsp; 125453 |
| Biglari Holdings, Inc., Class B† | 136 | &nbsp;&nbsp; 44824 |
| BJ's Restaurants, Inc.† | 580 | &nbsp;&nbsp; 20358 |
| Black Rock Coffee Bar, Inc.† | 1699 | &nbsp;&nbsp; 21951 |
| BlueLinx Holdings, Inc.† | 422 | &nbsp;&nbsp; 22864 |
| Boot Barn Holdings, Inc.† | 1233 | &nbsp;&nbsp; 180462 |
| Brinker International, Inc.† | 1612 | &nbsp;&nbsp; 230145 |
| Buckle, Inc. | 833 | &nbsp;&nbsp; 41950 |
| CarMax, Inc.† | 3956 | &nbsp;&nbsp; 164491 |
| Cheesecake Factory, Inc. | 1279 | &nbsp;&nbsp; 70025 |
| Clean Energy Fuels Corp.† | 211 | &nbsp;&nbsp; 523 |
| Cracker Barrel Old Country Store, Inc. | 642 | &nbsp;&nbsp; 18047 |
| FirstCash Holdings, Inc. | 689 | &nbsp;&nbsp; 129532 |
| Freshpet, Inc.† | 1357 | &nbsp;&nbsp; 80009 |
| Group 1 Automotive, Inc. | 1532 | &nbsp;&nbsp; 506525 |
| Jack in the Box, Inc. | 4061 | &nbsp;&nbsp; 39270 |
| Kohl's Corp. | 4197 | &nbsp;&nbsp; 54141 |
| Kura Sushi USA, Inc., Class A† | 1356 | &nbsp;&nbsp; 94635 |
| La-Z-Boy, Inc. | 1155 | &nbsp;&nbsp; 37122 |
| MarineMax, Inc.† | 1949 | &nbsp;&nbsp; 52740 |
| National Vision Holdings, Inc.† | 2202 | &nbsp;&nbsp; 57032 |
| Papa John's International, Inc. | 918 | &nbsp;&nbsp; 29753 |
| PC Connection, Inc. | 309 | &nbsp;&nbsp; 18064 |
| PriceSmart, Inc. | 703 | &nbsp;&nbsp; 105802 |
| Sally Beauty Holdings, Inc.† | 2715 | &nbsp;&nbsp; 37603 |
| Shake Shack, Inc., Class A† | 2877 | &nbsp;&nbsp; 254528 |
| Signet Jewelers, Ltd. | 3499 | &nbsp;&nbsp; 296155 |
| Sonic Automotive, Inc., Class A | 414 | &nbsp;&nbsp; 28388 |
| Urban Outfitters, Inc.† | 1501 | &nbsp;&nbsp; 95088 |
| Victoria's Secret & Co.† | 4947 | &nbsp;&nbsp; 229343 |
| Warby Parker, Inc., Class A† | 1502 | &nbsp;&nbsp; 31647 |
| Wendy's Co. | 4398 | &nbsp;&nbsp; 30566 |
| Winmark Corp. | 82 | &nbsp;&nbsp; 35059 |
| Zumiez, Inc.† | 2133 | &nbsp;&nbsp; 47267 |
|  |  | &nbsp;&nbsp; 3618267 |
| **Savings & Loans — 0.8%** | **Savings & Loans — 0.8%** | **Savings & Loans — 0.8%** |
| Beacon Financial Corp. | 3453 | &nbsp;&nbsp; 103590 |
| Axos Financial, Inc.† | 2789 | &nbsp;&nbsp; 237316 |
| Banc of California, Inc. | 7896 | &nbsp;&nbsp; 138812 |
| Capitol Federal Financial, Inc. | 4464 | &nbsp;&nbsp; 31828 |
| HomeTrust Bancshares, Inc. | 197 | &nbsp;&nbsp; 8402 |
| Northwest Bancshares, Inc. | 4041 | &nbsp;&nbsp; 51280 |
| OceanFirst Financial Corp. | 4762 | &nbsp;&nbsp; 85907 |
| Provident Financial Services, Inc. | 5359 | &nbsp;&nbsp; 113396 |
| Southern Missouri Bancorp, Inc. | 256 | &nbsp;&nbsp; 16369 |
| WaFd, Inc. | 2116 | &nbsp;&nbsp; 66442 |
| WSFS Financial Corp. | 2454 | &nbsp;&nbsp; 160639 |
|  |  | &nbsp;&nbsp; 1013981 |
| **Semiconductors — 2.8%** | **Semiconductors — 2.8%** | **Semiconductors — 2.8%** |
| ACM Research, Inc., Class A† | 2179 | &nbsp;&nbsp; 85744 |
| Aehr Test Systems† | 723 | &nbsp;&nbsp; 26809 |
| Alpha & Omega Semiconductor, Ltd.† | 1178 | &nbsp;&nbsp; 26104 |
| Ambarella, Inc.† | 459 | &nbsp;&nbsp; 23627 |
| Arteris, Inc.† | 1391 | &nbsp;&nbsp; 22868 |
| Axcelis Technologies, Inc.† | 1012 | &nbsp;&nbsp; 94197 |
| Cohu, Inc.† | 1282 | &nbsp;&nbsp; 39255 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| Diodes, Inc.† | 2872 | &nbsp;&nbsp; $196043 |
| FormFactor, Inc.† | 3966 | &nbsp;&nbsp; 384662 |
| Impinj, Inc.† | 1500 | &nbsp;&nbsp; 154050 |
| Kulicke & Soffa Industries, Inc. | 1456 | &nbsp;&nbsp; 95688 |
| MACOM Technology Solutions Holdings, Inc.† | 3039 | &nbsp;&nbsp; 674871 |
| MaxLinear, Inc.† | 3033 | &nbsp;&nbsp; 52744 |
| Navitas Semiconductor Corp.† | 1463 | &nbsp;&nbsp; 12830 |
| Penguin Solutions, Inc.† | 1348 | &nbsp;&nbsp; 23725 |
| Photronics, Inc.† | 1644 | &nbsp;&nbsp; 66434 |
| Power Integrations, Inc. | 1548 | &nbsp;&nbsp; 79258 |
| Qorvo, Inc.† | 2354 | &nbsp;&nbsp; 182199 |
| Rambus, Inc.† | 1374 | &nbsp;&nbsp; 118205 |
| Semtech Corp.† | 11088 | &nbsp;&nbsp; 852556 |
| SiTime Corp.† | 259 | &nbsp;&nbsp; 89446 |
| Ultra Clean Holdings, Inc.† | 2999 | &nbsp;&nbsp; 186478 |
| Veeco Instruments, Inc.† | 1660 | &nbsp;&nbsp; 56208 |
|  |  | &nbsp;&nbsp; 3544001 |
| **Software — 5.0%** | **Software — 5.0%** | **Software — 5.0%** |
| Accelerant Holdings† | 2953 | &nbsp;&nbsp; 39452 |
| ACI Worldwide, Inc.† | 2876 | &nbsp;&nbsp; 117945 |
| ACV Auctions, Inc., Class A† | 47993 | &nbsp;&nbsp; 203490 |
| Adeia, Inc. | 4955 | &nbsp;&nbsp; 119069 |
| Agilysys, Inc.† | 714 | &nbsp;&nbsp; 50794 |
| Amplitude, Inc., Class A† | 4158 | &nbsp;&nbsp; 28358 |
| Appian Corp., Class A† | 2167 | &nbsp;&nbsp; 52246 |
| Asana, Inc., Class A† | 6052 | &nbsp;&nbsp; 38733 |
| BigBear.ai Holdings, Inc.† | 4656 | &nbsp;&nbsp; 16389 |
| BlackLine, Inc.† | 3149 | &nbsp;&nbsp; 116513 |
| Box, Inc., Class A† | 21016 | &nbsp;&nbsp; 496818 |
| Braze, Inc., Class A† | 3678 | &nbsp;&nbsp; 86838 |
| CCC Intelligent Solutions Holdings, Inc.† | 43225 | &nbsp;&nbsp; 259350 |
| Cerence, Inc.† | 1715 | &nbsp;&nbsp; 10822 |
| Clear Secure, Inc., Class A | 2465 | &nbsp;&nbsp; 119331 |
| Clearwater Analytics Holdings, Inc., Class A† | 4125 | &nbsp;&nbsp; 97556 |
| Commvault Systems, Inc.† | 6609 | &nbsp;&nbsp; 514775 |
| Consensus Cloud Solutions, Inc.† | 2775 | &nbsp;&nbsp; 65878 |
| CSG Systems International, Inc. | 754 | &nbsp;&nbsp; 60275 |
| Digi International, Inc.† | 1041 | &nbsp;&nbsp; 50176 |
| Digital Turbine, Inc.† | 12379 | &nbsp;&nbsp; 35652 |
| DigitalOcean Holdings, Inc.† | 3549 | &nbsp;&nbsp; 304433 |
| Donnelley Financial Solutions, Inc.† | 1868 | &nbsp;&nbsp; 88058 |
| DoubleVerify Holdings, Inc.† | 3693 | &nbsp;&nbsp; 35084 |
| Fastly, Inc., Class A† | 2105 | &nbsp;&nbsp; 61171 |
| Freshworks, Inc., Class A† | 7287 | &nbsp;&nbsp; 58515 |
| GigaCloud Technology, Inc., Class A† | 1787 | &nbsp;&nbsp; 81094 |
| Health Catalyst, Inc.† | 8689 | &nbsp;&nbsp; 11035 |
| HeartFlow, Inc.† | 530 | &nbsp;&nbsp; 12895 |
| Hinge Health, Inc., Class A† | 2494 | &nbsp;&nbsp; 96169 |
| IBEX Holdings, Ltd.† | 2089 | &nbsp;&nbsp; 56027 |
| Innodata, Inc.† | 1459 | &nbsp;&nbsp; 56347 |
| Intapp, Inc.† | 1722 | &nbsp;&nbsp; 44238 |
| IonQ, Inc.† | 5855 | &nbsp;&nbsp; 168800 |
| Life360, Inc.† | 2187 | &nbsp;&nbsp; 89273 |
| LiveRamp Holdings, Inc.† | 29793 | &nbsp;&nbsp; 790110 |
| McGraw Hill, Inc.† | 38326 | &nbsp;&nbsp; 525066 |
| N-able, Inc.† | 7396 | &nbsp;&nbsp; 34539 |
| Navan, Inc., Class A† | 2745 | &nbsp;&nbsp; 36344 |
| Pagaya Technologies, Ltd., Class A† | 859 | &nbsp;&nbsp; 10007 |
| Paycom Software, Inc. | 1363 | &nbsp;&nbsp; 165659 |
| PDF Solutions, Inc.† | 889 | &nbsp;&nbsp; 29079 |
| Phreesia, Inc.† | 15752 | &nbsp;&nbsp; 132002 |
| Planet Labs PBC† | 6010 | &nbsp;&nbsp; 167979 |

---

------

**Seasons Series Trust SA Multi-Managed Small Cap Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Porch Group, Inc.† | 6133 | &nbsp;&nbsp; $43974 |
| Progress Software Corp.† | 1162 | &nbsp;&nbsp; 29805 |
| PubMatic, Inc., Class A† | 984 | &nbsp;&nbsp; 8049 |
| Rezolve AI PLC† | 18391 | &nbsp;&nbsp; 47081 |
| RingCentral, Inc., Class A | 2115 | &nbsp;&nbsp; 78657 |
| Schrodinger, Inc.† | 1615 | &nbsp;&nbsp; 18346 |
| SoundHound AI, Inc., Class A† | 8435 | &nbsp;&nbsp; 57948 |
| SPS Commerce, Inc.† | 1044 | &nbsp;&nbsp; 58119 |
| Teradata Corp.† | 2587 | &nbsp;&nbsp; 66305 |
| Viant Technology, Inc., Class A† | 2532 | &nbsp;&nbsp; 28358 |
| Waystar Holding Corp.† | 3227 | &nbsp;&nbsp; 77803 |
| Whitefiber, Inc.† | 216 | &nbsp;&nbsp; 2573 |
| Workiva, Inc.† | 1152 | &nbsp;&nbsp; 68694 |
| Zeta Global Holdings Corp., Class A† | 4736 | &nbsp;&nbsp; 75397 |
| ZoomInfo Technologies, Inc.† | 7495 | &nbsp;&nbsp; 44820 |
|  |  | &nbsp;&nbsp; 6340313 |
| **Telecommunications — 3.6%** | **Telecommunications — 3.6%** | **Telecommunications — 3.6%** |
| A10 Networks, Inc. | 5216 | &nbsp;&nbsp; 120594 |
| ADTRAN Holdings, Inc.† | 870 | &nbsp;&nbsp; 10945 |
| Applied Digital Corp.† | 3336 | &nbsp;&nbsp; 79197 |
| BlackSky Technology, Inc.† | 310 | &nbsp;&nbsp; 7800 |
| Calix, Inc.† | 1676 | &nbsp;&nbsp; 82107 |
| Ciena Corp.† | 1684 | &nbsp;&nbsp; 653779 |
| Clearfield, Inc.† | 2397 | &nbsp;&nbsp; 63449 |
| Credo Technology Group Holding, Ltd.† | 2559 | &nbsp;&nbsp; 240213 |
| EchoStar Corp., Class A† | 2406 | &nbsp;&nbsp; 281670 |
| Extreme Networks, Inc.† | 5373 | &nbsp;&nbsp; 81025 |
| Globalstar, Inc.† | 559 | &nbsp;&nbsp; 37129 |
| Gogo, Inc.† | 3327 | &nbsp;&nbsp; 13374 |
| Harmonic, Inc.† | 3076 | &nbsp;&nbsp; 27622 |
| InterDigital, Inc. | 348 | &nbsp;&nbsp; 105096 |
| Iridium Communications, Inc. | 22082 | &nbsp;&nbsp; 612555 |
| Lumen Technologies, Inc.† | 40021 | &nbsp;&nbsp; 278146 |
| NETGEAR, Inc.† | 1292 | &nbsp;&nbsp; 28217 |
| Ooma, Inc.† | 5760 | &nbsp;&nbsp; 83808 |
| Shenandoah Telecommunications Co. | 1257 | &nbsp;&nbsp; 19383 |
| Telephone & Data Systems, Inc. | 3791 | &nbsp;&nbsp; 159601 |
| Uniti Group, Inc.† | 4991 | &nbsp;&nbsp; 46815 |
| Viasat, Inc.† | 5087 | &nbsp;&nbsp; 232985 |
| Viavi Solutions, Inc.† | 40492 | &nbsp;&nbsp; 1347574 |
| Vistance Networks, Inc.† | 2543 | &nbsp;&nbsp; 46283 |
|  |  | &nbsp;&nbsp; 4659367 |
| **Textiles — 0.1%** | **Textiles — 0.1%** | **Textiles — 0.1%** |
| UniFirst Corp. | 405 | &nbsp;&nbsp; 101894 |
| **Transportation — 1.7%** | **Transportation — 1.7%** | **Transportation — 1.7%** |
| ArcBest Corp. | 621 | &nbsp;&nbsp; 61082 |
| Costamare, Inc. | 5519 | &nbsp;&nbsp; 93271 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or**<br> **Principal**<br> **Amount**<br>| **Value** |
| **Transportation (continued)** | **Transportation (continued)** | **Transportation (continued)** |
| CryoPort, Inc.† | 3117 | &nbsp;&nbsp; $25809 |
| Dorian LPG, Ltd. | 1009 | &nbsp;&nbsp; 34508 |
| Forward Air Corp.† | 621 | &nbsp;&nbsp; 10377 |
| Heartland Express, Inc. | 1296 | &nbsp;&nbsp; 13478 |
| Hub Group, Inc., Class A | 12562 | &nbsp;&nbsp; 452734 |
| International Seaways, Inc. | 1598 | &nbsp;&nbsp; 116462 |
| Kirby Corp.† | 4667 | &nbsp;&nbsp; 620151 |
| Marten Transport, Ltd. | 1603 | &nbsp;&nbsp; 21047 |
| Matson, Inc. | 870 | &nbsp;&nbsp; 142628 |
| Radiant Logistics, Inc.† | 3254 | &nbsp;&nbsp; 22941 |
| RXO, Inc.† | 4539 | &nbsp;&nbsp; 66360 |
| Safe Bulkers, Inc. | 2824 | &nbsp;&nbsp; 17876 |
| Schneider National, Inc., Class B | 1378 | &nbsp;&nbsp; 36324 |
| Scorpio Tankers, Inc. | 104 | &nbsp;&nbsp; 7765 |
| Teekay Corp., Ltd. | 9444 | &nbsp;&nbsp; 115311 |
| Teekay Tankers, Ltd., Class A | 2165 | &nbsp;&nbsp; 158738 |
| Werner Enterprises, Inc. | 1673 | &nbsp;&nbsp; 49203 |
| World Kinect Corp. | 3707 | &nbsp;&nbsp; 85520 |
|  |  | &nbsp;&nbsp; 2151585 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| GATX Corp. | 376 | &nbsp;&nbsp; 64198 |
| Greenbrier Cos., Inc. | 942 | &nbsp;&nbsp; 49597 |
|  |  | &nbsp;&nbsp; 113795 |
| **Water — 0.8%** | **Water — 0.8%** | **Water — 0.8%** |
| H2O America | 12388 | &nbsp;&nbsp; 726804 |
| American States Water Co. | 1415 | &nbsp;&nbsp; 107002 |
| California Water Service Group | 1676 | &nbsp;&nbsp; 75990 |
| Consolidated Water Co., Ltd. | 3584 | &nbsp;&nbsp; 118702 |
| Middlesex Water Co. | 515 | &nbsp;&nbsp; 26806 |
|  |  | &nbsp;&nbsp; 1055304 |
| **Total Long-Term Investment Securities** <br>(cost $108,979,698)<br>|  | &nbsp;&nbsp; 125607389 |
| **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** | **SHORT-TERM INVESTMENTS — 1.3%** |
| **Unaffiliated Investment Companies — 1.3%** | **Unaffiliated Investment Companies — 1.3%** | **Unaffiliated Investment Companies — 1.3%** |
| State Street Institutional U.S. Government Money Market <br> Fund, Premier Class <br>3.60%(1) <br>(cost $1,676,316)<br>| 1676316 | &nbsp;&nbsp; 1676316 |
| **TOTAL INVESTMENTS** <br>(cost $110,656,014)(2)<br>| 99.5<br> %<br>| &nbsp;&nbsp; 127283705 |
| Other assets less liabilities | 0.5 | &nbsp;&nbsp; 681471 |
| **NET ASSETS** | 100.0<br> %<br>| &nbsp;&nbsp; $127965176 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† Non-income producing security

&nbsp;&nbsp;&nbsp;&nbsp;(1) The rate shown is the 7-day yield as of March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) See Note 4 for cost of investments on a tax basis.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | **Pay/** <br>**Receive**<br>| &nbsp;&nbsp; **Underlying** <br>**Reference**<br>| **Number of** <br>**Contracts**<br>| **Financing** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional** <br>**Amount**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value** |
| **Savings & Loans** |  |  |  |  |  |  |  |  |  |
| HSBC Holdings | Pay | WSFS Financial Corp. | 1 | 4.04% (OBFR + 0.40%) | Monthly | 02/09/2028 | $63 | $3 | $3 |
| JPMorgan Securities, LLC | Pay | Provident Financial Services, Inc. | 40 | 4.04% (OBFR + 0.40%) | Monthly | 02/11/2027 | 832 | 14 | 14 |
|  |  |  |  |  |  |  |  | 17 | 17 |
| **Banks** |  |  |  |  |  |  |  |  |  |
| BNP Paribas SA | Pay | Fulton Financial Corp. | 321 | 3.84% (OBFR + 0.20%) | Monthly | 05/24/2027 | 6532 | (2)<br>| (2)<br>|

---

------

**Seasons Series Trust SA Multi-Managed Small Cap Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (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)** | **Contracts For Difference Swaps — (continued)** |
| **Counterparty** | **Pay/**<br> **Receive**<br>| &nbsp;&nbsp; **Underlying**<br> **Reference**<br>| **Number of**<br> **Contracts**<br>| **Financing**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Maturity**<br> **Date**<br>| **Notional**<br> **Amount**<br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br>| **Value** |
| HSBC Holdings | Pay | National Bank Holdings Corp. CL | 197 | 4.04% (OBFR + 0.40%) | Monthly | 02/09/2028 | $7385 | $329 | $329 |
| JPMorgan Securities, LLC | Pay | Central Pacific Financial Corp. | 2 | 4.04% (OBFR + 0.40%) | Monthly | 02/11/2027 | 62 | 2 | 2 |
|  |  |  |  |  |  |  |  | 329 | 329 |
| **Office/Business Equipment** |  |  |  |  |  |  |  |  |  |
| Goldman Sachs and Co. LLC | Pay | Pitney Bowes, Inc. | 604 | 3.84% (OBFR + 0.20%) | Monthly | 08/18/2026 | 6239 | 435 | 435 |
| Goldman Sachs and Co. LLC | Pay | Preferred Bank | 307 | 3.84% (OBFR + 0.20%) | Monthly | 08/18/2026 | 27357 | 485 | 485 |
|  |  |  |  |  |  |  |  | 920 | 920 |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |  |
| BNP Paribas SA | Pay | Bread Financial Holdings, Inc. | 240 | 3.84% (OBFR + 0.20%) | Monthly | 05/24/2027 | 16781 | 1193 | 1193 |
| BNP Paribas SA | Pay | Moelis & Co., Class A | 107 | 3.84% (OBFR + 0.20%) | Monthly | 05/24/2027 | 5549 | 550 | 550 |
| HSBC Holdings | Pay | Western Union Co. | 8836 | 4.04% (OBFR + 0.40%) | Monthly | 02/09/2028 | 85797 | (8660)<br>| (8660)<br>|
|  |  |  |  |  |  |  |  | (6917)<br>| (6917)<br>|
| **REITS** |  |  |  |  |  |  |  |  |  |
| BNP Paribas SA | Pay | Arbor Realty Trust, Inc. | 58 | 3.84% (OBFR + 0.20%) | Monthly | 05/24/2027 | 447 | 1 | 1 |
| HSBC Holdings | Pay | Douglas Emmett, Inc. | 62 | 4.04% (OBFR + 0.40%) | Monthly | 02/09/2028 | 625 | (42)<br>| (42)<br>|
|  |  |  |  |  |  |  |  | (41)<br>| (41)<br>|
| **Insurance** |  |  |  |  |  |  |  |  |  |
| Bank of America Merrill Lynch | Pay | Jackson Financial, Inc. | 1156 | 3.84% (OBFR + 0.20%) | Monthly | 02/16/2028 | 119630 | 2582 | 2582 |
| Goldman Sachs and Co. LLC | Pay | Lincoln National Corp. | 2115 | 3.84% (OBFR + 0.20%) | Monthly | 08/18/2026 | 70725 | 4357 | 4357 |
| HSBC Holdings | Pay | SiriusPoint, Ltd. | 383 | 4.04% (OBFR + 0.40%) | Monthly | 02/09/2028 | 7932 | 318 | 318 |
|  |  |  |  |  |  |  |  | 7257 | 7257 |
| **Commercial Services** |  |  |  |  |  |  |  |  |  |
| JPMorgan Securities, LLC | Pay | MarketAxess Holdings, Inc. | 15 | 4.04% (OBFR + 0.40%) | Monthly | 02/11/2027 | 2777 | (302)<br>| (302)<br>|
| **Leisure Time** |  |  |  |  |  |  |  |  |  |
| JPMorgan Securities, LLC | Pay | OneSpaWorld Holdings, Ltd. | 2812 | 4.04% (OBFR + 0.40%) | Monthly | 02/11/2027 | 57337 | 7199 | 7199 |
|  |  |  |  |  |  |  |  | $8462 | $8462 |
| OBFR—Overnight Bank Funding <br> Rate<br>|  |  |  |  |  |  |  |  |  |

---

**Futures Contracts**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number** <br>**of** <br>**Contracts**<br>| **Type** | **Description** | &nbsp;&nbsp; **Expiration** <br>**Month**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Basis\***<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Value\***<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>|
| 22 | Long | Micro E-mini Russell 2000 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $273908 | &nbsp;&nbsp;&nbsp;&nbsp; $276342 | &nbsp;&nbsp;&nbsp;&nbsp; $2434 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp; **Unrealized** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 4 | Long | E-Mini Russell 2000 Index | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $503813 | &nbsp;&nbsp;&nbsp;&nbsp; $502440 | &nbsp;&nbsp;&nbsp;&nbsp; $(1373)<br>|
|  |  | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) | Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp; $1061 |

---

\* 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 Small Cap Portfolio**

**PORTFOLIO OF INVESTMENTS *— March 31, 2026 — (continued)***

------

The following is a summary of the inputs used to value the Portfolio's net assets as of March 31, 2026 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 - Unadjusted** <br>**Quoted Prices**<br>| **Level 2 - Other** <br>**Observable Inputs**<br>| **Level 3 - Significant** <br>**Unobservable Inputs**<br>| **Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $125607389 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $125607389 |
| Short-Term Investments | &nbsp;&nbsp; 1676316 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1676316 |
| **Total Investments at Value** | &nbsp;&nbsp; $127283705 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $127283705 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17468 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17468 |
| Futures Contracts | &nbsp;&nbsp; 2434 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2434 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; $2434 | &nbsp;&nbsp; $17468 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19902 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9006 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9006 |
| Futures Contracts | &nbsp;&nbsp; 1373 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1373 |
| **Total Other Financial Instruments** | &nbsp;&nbsp; $1373 | &nbsp;&nbsp; $9006 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10379 |

---

---

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

---

See Notes to Financial Statements

------

**Seasons Series Trust**

**STATEMENTS OF ASSETS AND LIABILITIES — *March 31, 2026***

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **SA** <br>**Allocation** <br>**Aggressive** <br>**Portfolio**<br>| **SA** <br>**Allocation** <br>**Balanced** <br>**Portfolio**<br>| **SA** <br>**Allocation** <br>**Moderate** <br>**Portfolio**<br>| **SA** <br>**Allocation** <br>**Moderately** <br>**Aggressive** <br>**Portfolio**<br>| **SA** <br>**American** <br>**Century** <br>**Inflation** <br>**Managed** <br>**Portfolio**<br>|
| **ASSETS:** |  |  |  |  |  |
| Investments at value (unaffiliated)\* | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $520619861 |
| Investments at value (affiliated)\* | &nbsp;&nbsp; 508968720 | &nbsp;&nbsp; 243762675 | &nbsp;&nbsp; 296681202 | &nbsp;&nbsp; 515572594 | &nbsp;&nbsp; — |
| Repurchase agreements (cost approximates value) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 5480 |
| Foreign cash\* | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 162 |
| Cash collateral on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral for over-the-counter derivative contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for variation margin on centrally cleared swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1557659 |
| Receivable for: |  |  |  |  |  |
| Fund shares sold | &nbsp;&nbsp; 145608 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 298426 | &nbsp;&nbsp; 196485 | &nbsp;&nbsp; 30783 |
| Dividends and interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 2294198 |
| Investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 276513 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 281647 |
| Receipts on swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due from investment adviser for expense reimbursements/fee waivers | &nbsp;&nbsp; 8557 | &nbsp;&nbsp; 4081 | &nbsp;&nbsp; 4931 | &nbsp;&nbsp; 8675 | &nbsp;&nbsp; 51043 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 662588 |
| Unrealized appreciation on over-the-counter swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total assets | &nbsp;&nbsp; 509122949 | &nbsp;&nbsp; 244044626 | &nbsp;&nbsp; 296984597 | &nbsp;&nbsp; 515778267 | &nbsp;&nbsp; 525503421 |
| **LIABILITIES:** |  |  |  |  |  |
| Payable for: |  |  |  |  |  |
| Fund shares redeemed | &nbsp;&nbsp; 59562 | &nbsp;&nbsp; 277870 | &nbsp;&nbsp; 7016 | &nbsp;&nbsp; 124419 | &nbsp;&nbsp; 4754741 |
| Investments purchased | &nbsp;&nbsp; 86081 | &nbsp;&nbsp; — | &nbsp;&nbsp; 291440 | &nbsp;&nbsp; 72112 | &nbsp;&nbsp; 5297522 |
| Payments on swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investment advisory and management fees | &nbsp;&nbsp; 44101 | &nbsp;&nbsp; 21097 | &nbsp;&nbsp; 25485 | &nbsp;&nbsp; 44663 | &nbsp;&nbsp; 265411 |
| Service fees—Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Service fees—Class 3 | &nbsp;&nbsp; 105192 | &nbsp;&nbsp; 49207 | &nbsp;&nbsp; 58868 | &nbsp;&nbsp; 104570 | &nbsp;&nbsp; 68819 |
| Transfer agent fees and expenses | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 1416 |
| Trustees' fees and expenses | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 564 | &nbsp;&nbsp; 674 |
| Other accrued expenses | &nbsp;&nbsp; 175930 | &nbsp;&nbsp; 150492 | &nbsp;&nbsp; 154595 | &nbsp;&nbsp; 179208 | &nbsp;&nbsp; 152479 |
| Accrued foreign tax on capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1746595 |
| Payable for collateral on over-the-counter derivative contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61251 |
| Unrealized depreciation on over-the-counter swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total liabilities | &nbsp;&nbsp; 471796 | &nbsp;&nbsp; 499379 | &nbsp;&nbsp; 538144 | &nbsp;&nbsp; 525950 | &nbsp;&nbsp; 12348908 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $508651153 | &nbsp;&nbsp; $243545247 | &nbsp;&nbsp; $296446453 | &nbsp;&nbsp; $515252317 | &nbsp;&nbsp; $513154513 |
| <br>\* Cost<br>|  |  |  |  |  |
| Investments (unaffiliated) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $555552626 |
| Investments (affiliated) | &nbsp;&nbsp; $490401895 | &nbsp;&nbsp; $244068664 | &nbsp;&nbsp; $293564888 | &nbsp;&nbsp; $502838132 | &nbsp;&nbsp; $— |
| Foreign cash | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $162 |
| See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements |

---

------

**Seasons Series Trust**

**STATEMENTS OF ASSETS AND LIABILITIES — *March 31, 2026* — *(continued)***

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **SA**<br> **Allocation**<br> **Aggressive**<br> **Portfolio**<br>| **SA**<br> **Allocation**<br> **Balanced**<br> **Portfolio**<br>| **SA**<br> **Allocation**<br> **Moderate**<br> **Portfolio**<br>| **SA**<br> **Allocation**<br> **Moderately**<br> **Aggressive**<br> **Portfolio**<br>| **SA**<br> **American**<br> **Century**<br> **Inflation**<br> **Managed**<br> **Portfolio**<br>|
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |
| Paid in capital | &nbsp;&nbsp; $444427957 | &nbsp;&nbsp; $238930171 | &nbsp;&nbsp; $278417161 | &nbsp;&nbsp; $464788997 | &nbsp;&nbsp; $597943210 |
| Total accumulated earnings (loss) | &nbsp;&nbsp; 64223196 | &nbsp;&nbsp; 4615076 | &nbsp;&nbsp; 18029292 | &nbsp;&nbsp; 50463320 | &nbsp;&nbsp; (84788697)<br>|
| Net assets | &nbsp;&nbsp; $508651153 | &nbsp;&nbsp; $243545247 | &nbsp;&nbsp; $296446453 | &nbsp;&nbsp; $515252317 | &nbsp;&nbsp; $513154513 |
| **Class 1 (unlimited shares authorized):** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $23284539 | &nbsp;&nbsp; $16280042 | &nbsp;&nbsp; $22382113 | &nbsp;&nbsp; $32444496 | &nbsp;&nbsp; $197446256 |
| Shares of beneficial interest issued and outstanding | &nbsp;&nbsp; 1412434 | &nbsp;&nbsp; 1624829 | &nbsp;&nbsp; 2089824 | &nbsp;&nbsp; 2965293 | &nbsp;&nbsp; 22635238 |
| **Net asset value, offering and redemption price per share** | &nbsp;&nbsp; $16.49 | &nbsp;&nbsp; $10.02 | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $10.94 | &nbsp;&nbsp; $8.72 |
| **Class 2 (unlimited shares authorized):** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Shares of beneficial interest issued and outstanding | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net asset value, offering and redemption price per share** | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| **Class 3 (unlimited shares authorized):** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $485366614 | &nbsp;&nbsp; $227265205 | &nbsp;&nbsp; $274064340 | &nbsp;&nbsp; $482807821 | &nbsp;&nbsp; $315708257 |
| Shares of beneficial interest issued and outstanding | &nbsp;&nbsp; 29692444 | &nbsp;&nbsp; 22669680 | &nbsp;&nbsp; 25699312 | &nbsp;&nbsp; 44315181 | &nbsp;&nbsp; 36635561 |
| **Net asset value, offering and redemption price per share** | &nbsp;&nbsp; $16.35 | &nbsp;&nbsp; $10.03 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $10.89 | &nbsp;&nbsp; $8.62 |

---

See Notes to Financial Statements

------

**Seasons Series Trust**

**STATEMENTS OF ASSETS AND LIABILITIES — *March 31, 2026* — *(continued)***

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **SA Columbia** <br>**Focused** <br>**Value** <br>**Portfolio**<br>| **SA Franklin** <br>**Allocation** <br>**Moderately** <br>**Aggressive** <br>**Portfolio**<br>| **SA Multi-** <br>**Managed** <br>**Diversified** <br>**Fixed** <br>**Income** <br>**Portfolio**<br>| **SA Multi-** <br>**Managed** <br>**International** <br>**Equity** <br>**Portfolio**<br>| **SA Multi-** <br>**Managed** <br>**Large Cap** <br>**Growth** <br>**Portfolio**<br>|
| **ASSETS:** |  |  |  |  |  |
| Investments at value (unaffiliated)\* | &nbsp;&nbsp; $299669080 | &nbsp;&nbsp; $194577643 | &nbsp;&nbsp; $796380414 | &nbsp;&nbsp; $268891084 | &nbsp;&nbsp; $224233316 |
| Investments at value (affiliated)\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase agreements (cost approximates value) | &nbsp;&nbsp; 6623751 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; 16575000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; 202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 187928 | &nbsp;&nbsp; 79536 | &nbsp;&nbsp; 4794902 |
| Foreign cash\* | &nbsp;&nbsp; — | &nbsp;&nbsp; 64504 | &nbsp;&nbsp; 1230306 | &nbsp;&nbsp; 439574 | &nbsp;&nbsp; 1844 |
| Cash collateral on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 63000 | &nbsp;&nbsp; 21000 |
| Cash collateral for over-the-counter derivative contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; — |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2612 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7778 |
| Receivable for variation margin on centrally cleared swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18141 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for: |  |  |  |  |  |
| Fund shares sold | &nbsp;&nbsp; 36982 | &nbsp;&nbsp; 2141 | &nbsp;&nbsp; 120625 | &nbsp;&nbsp; 41106 | &nbsp;&nbsp; 302051 |
| Dividends and interest | &nbsp;&nbsp; 142189 | &nbsp;&nbsp; 640486 | &nbsp;&nbsp; 5589544 | &nbsp;&nbsp; 2693354 | &nbsp;&nbsp; 25823 |
| Investments sold | &nbsp;&nbsp; 2953851 | &nbsp;&nbsp; 807007 | &nbsp;&nbsp; 44752324 | &nbsp;&nbsp; 1429829 | &nbsp;&nbsp; — |
| Receipts on swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 88431 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | &nbsp;&nbsp; 3460 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due from investment adviser for expense reimbursements/fee waivers | &nbsp;&nbsp; 164904 | &nbsp;&nbsp; 60493 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18698 | &nbsp;&nbsp; 27693 |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 82410 | &nbsp;&nbsp; 26059 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on over-the-counter swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 7855 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total assets | &nbsp;&nbsp; 309594419 | &nbsp;&nbsp; 200242539 | &nbsp;&nbsp; 864971384 | &nbsp;&nbsp; 273666181 | &nbsp;&nbsp; 229414407 |
| **LIABILITIES:** |  |  |  |  |  |
| Payable for: |  |  |  |  |  |
| Fund shares redeemed | &nbsp;&nbsp; 473355 | &nbsp;&nbsp; 418853 | &nbsp;&nbsp; 574518 | &nbsp;&nbsp; 242181 | &nbsp;&nbsp; 142635 |
| Investments purchased | &nbsp;&nbsp; 1169364 | &nbsp;&nbsp; 230189 | &nbsp;&nbsp; 159411459 | &nbsp;&nbsp; 383781 | &nbsp;&nbsp; 5514 |
| Payments on swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 78084 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — |
| Investment advisory and management fees | &nbsp;&nbsp; 264899 | &nbsp;&nbsp; 147164 | &nbsp;&nbsp; 388716 | &nbsp;&nbsp; 223988 | &nbsp;&nbsp; 161439 |
| Service fees—Class 2 | &nbsp;&nbsp; 1467 | &nbsp;&nbsp; 4253 | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 3120 |
| Service fees—Class 3 | &nbsp;&nbsp; 1656 | &nbsp;&nbsp; 33878 | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; 1994 | &nbsp;&nbsp; 3465 |
| Transfer agent fees and expenses | &nbsp;&nbsp; 973 | &nbsp;&nbsp; 1858 | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 1113 |
| Trustees' fees and expenses | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 754 |
| Other accrued expenses | &nbsp;&nbsp; 94744 | &nbsp;&nbsp; 233288 | &nbsp;&nbsp; 202719 | &nbsp;&nbsp; 217168 | &nbsp;&nbsp; 109086 |
| Accrued foreign tax on capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; 4647 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31887 | &nbsp;&nbsp; — |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; 26251 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 179429 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1762 | &nbsp;&nbsp; — |
| Payable for collateral on over-the-counter derivative contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 100000 |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 92618 | &nbsp;&nbsp; 3834 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on over-the-counter swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 965 | &nbsp;&nbsp; — |
| Total liabilities | &nbsp;&nbsp; 2006624 | &nbsp;&nbsp; 1372996 | &nbsp;&nbsp; 160663709 | &nbsp;&nbsp; 1106751 | &nbsp;&nbsp; 527126 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $307587795 | &nbsp;&nbsp; $198869543 | &nbsp;&nbsp; $704307675 | &nbsp;&nbsp; $272559430 | &nbsp;&nbsp; $228887281 |
| <br>\* Cost<br>|  |  |  |  |  |
| Investments (unaffiliated) | &nbsp;&nbsp; $230557833 | &nbsp;&nbsp; $158201342 | &nbsp;&nbsp; $828213889 | &nbsp;&nbsp; $201716430 | &nbsp;&nbsp; $178950427 |
| Investments (affiliated) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign cash | &nbsp;&nbsp; $— | &nbsp;&nbsp; $64094 | &nbsp;&nbsp; $1226800 | &nbsp;&nbsp; $438933 | &nbsp;&nbsp; $1837 |
| See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements |

---

------

**Seasons Series Trust**

**STATEMENTS OF ASSETS AND LIABILITIES — *March 31, 2026* — *(continued)***

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **SA Columbia**<br> **Focused**<br> **Value**<br> **Portfolio**<br>| **SA Franklin**<br> **Allocation**<br> **Moderately**<br> **Aggressive**<br> **Portfolio**<br>| **SA Multi-**<br> **Managed**<br> **Diversified**<br> **Fixed**<br> **Income**<br> **Portfolio**<br>| **SA Multi-**<br> **Managed**<br> **International**<br> **Equity**<br> **Portfolio**<br>| **SA Multi-**<br> **Managed**<br> **Large Cap**<br> **Growth**<br> **Portfolio**<br>|
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |
| Paid in capital | &nbsp;&nbsp; $186201342 | &nbsp;&nbsp; $135360412 | &nbsp;&nbsp; $805310527 | &nbsp;&nbsp; $172512583 | &nbsp;&nbsp; $120244064 |
| Total accumulated earnings (loss) | &nbsp;&nbsp; 121386453 | &nbsp;&nbsp; 63509131 | &nbsp;&nbsp; (101002852)<br>| &nbsp;&nbsp; 100046847 | &nbsp;&nbsp; 108643217 |
| Net assets | &nbsp;&nbsp; $307587795 | &nbsp;&nbsp; $198869543 | &nbsp;&nbsp; $704307675 | &nbsp;&nbsp; $272559430 | &nbsp;&nbsp; $228887281 |
| **Class 1 (unlimited shares authorized):** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $288638062 | &nbsp;&nbsp; $10596673 | &nbsp;&nbsp; $687897422 | &nbsp;&nbsp; $251748509 | &nbsp;&nbsp; $189276129 |
| Shares of beneficial interest issued and outstanding | &nbsp;&nbsp; 14102815 | &nbsp;&nbsp; 744669 | &nbsp;&nbsp; 67648008 | &nbsp;&nbsp; 24974508 | &nbsp;&nbsp; 17519769 |
| **Net asset value, offering and redemption price per share** | &nbsp;&nbsp; $20.47 | &nbsp;&nbsp; $14.23 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $10.80 |
| **Class 2 (unlimited shares authorized):** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $11193150 | &nbsp;&nbsp; $32513237 | &nbsp;&nbsp; $11282096 | &nbsp;&nbsp; $11637027 | &nbsp;&nbsp; $23618381 |
| Shares of beneficial interest issued and outstanding | &nbsp;&nbsp; 544055 | &nbsp;&nbsp; 2281682 | &nbsp;&nbsp; 1108942 | &nbsp;&nbsp; 1149308 | &nbsp;&nbsp; 2397494 |
| **Net asset value, offering and redemption price per share** | &nbsp;&nbsp; $20.57 | &nbsp;&nbsp; $14.25 | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $10.13 | &nbsp;&nbsp; $9.85 |
| **Class 3 (unlimited shares authorized):** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $7756583 | &nbsp;&nbsp; $155759633 | &nbsp;&nbsp; $5128157 | &nbsp;&nbsp; $9173894 | &nbsp;&nbsp; $15992771 |
| Shares of beneficial interest issued and outstanding | &nbsp;&nbsp; 376570 | &nbsp;&nbsp; 11022600 | &nbsp;&nbsp; 506302 | &nbsp;&nbsp; 909815 | &nbsp;&nbsp; 1707208 |
| **Net asset value, offering and redemption price per share** | &nbsp;&nbsp; $20.60 | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp; $10.13 | &nbsp;&nbsp; $10.08 | &nbsp;&nbsp; $9.37 |

---

See Notes to Financial Statements

------

**Seasons Series Trust**

**STATEMENTS OF ASSETS AND LIABILITIES — *March 31, 2026* — *(continued)***

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SA Multi-** <br>**Managed** <br>**Large Cap** <br>**Value** <br>**Portfolio**<br>| **SA Multi-** <br>**Managed** <br>**Mid Cap** <br>**Growth** <br>**Portfolio**<br>| **SA Multi-** <br>**Managed** <br>**Mid Cap** <br>**Value** <br>**Portfolio**<br>| **SA Multi-** <br>**Managed** <br>**Small Cap** <br>**Portfolio**<br>|
| **ASSETS:** |  |  |  |  |
| Investments at value (unaffiliated)\* | &nbsp;&nbsp; $292722641 | &nbsp;&nbsp; $143785895 | &nbsp;&nbsp; $182289089 | &nbsp;&nbsp; $127283705 |
| Investments at value (affiliated)\* | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Repurchase agreements (cost approximates value) | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp; 1077048 | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 15225 | &nbsp;&nbsp; 294302 |
| Foreign cash\* | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 93218 | &nbsp;&nbsp; — |
| Cash collateral on futures contracts | &nbsp;&nbsp; 41000 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 261990 |
| Cash collateral for over-the-counter derivative contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14938 |
| Receivable for variation margin on futures contracts | &nbsp;&nbsp; 10971 | &nbsp;&nbsp; 11359 | &nbsp;&nbsp; 11792 | &nbsp;&nbsp; 2391 |
| Receivable for variation margin on centrally cleared swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivable for: |  |  |  |  |
| Fund shares sold | &nbsp;&nbsp; 30443 | &nbsp;&nbsp; 91773 | &nbsp;&nbsp; 19789 | &nbsp;&nbsp; 10525 |
| Dividends and interest | &nbsp;&nbsp; 606868 | &nbsp;&nbsp; 41112 | &nbsp;&nbsp; 251122 | &nbsp;&nbsp; 110929 |
| Investments sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 685981 | &nbsp;&nbsp; 39829 | &nbsp;&nbsp; 740441 |
| Receipts on swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 87 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4806 |
| Prepaid expenses and other assets | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; — | &nbsp;&nbsp; 598 |
| Due from investment adviser for expense reimbursements/fee waivers | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on forward foreign currency contracts | &nbsp;&nbsp; 57241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on over-the-counter swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2186 | &nbsp;&nbsp; 17468 |
| Total assets | &nbsp;&nbsp; 295686282 | &nbsp;&nbsp; 145174732 | &nbsp;&nbsp; 182756250 | &nbsp;&nbsp; 128742093 |
| **LIABILITIES:** |  |  |  |  |
| Payable for: |  |  |  |  |
| Fund shares redeemed | &nbsp;&nbsp; 398729 | &nbsp;&nbsp; 160986 | &nbsp;&nbsp; 257341 | &nbsp;&nbsp; 312352 |
| Investments purchased | &nbsp;&nbsp; 392783 | &nbsp;&nbsp; 590366 | &nbsp;&nbsp; 352847 | &nbsp;&nbsp; 240760 |
| Payments on swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 6508 |
| Investment advisory and management fees | &nbsp;&nbsp; 201589 | &nbsp;&nbsp; 107639 | &nbsp;&nbsp; 133845 | &nbsp;&nbsp; 94120 |
| Service fees—Class 2 | &nbsp;&nbsp; 2131 | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 1367 |
| Service fees—Class 3 | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; 2338 | &nbsp;&nbsp; 2069 | &nbsp;&nbsp; 1674 |
| Transfer agent fees and expenses | &nbsp;&nbsp; 973 | &nbsp;&nbsp; 1327 | &nbsp;&nbsp; 1327 | &nbsp;&nbsp; 973 |
| Trustees' fees and expenses | &nbsp;&nbsp; 441 | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 139 |
| Other accrued expenses | &nbsp;&nbsp; 115818 | &nbsp;&nbsp; 127928 | &nbsp;&nbsp; 140486 | &nbsp;&nbsp; 110018 |
| Accrued foreign tax on capital gains | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for collateral on over-the-counter derivative contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; — |
| Unrealized depreciation on forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on over-the-counter swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 779 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9006 |
| Total liabilities | &nbsp;&nbsp; 1114242 | &nbsp;&nbsp; 993887 | &nbsp;&nbsp; 900234 | &nbsp;&nbsp; 776917 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |
| Net assets | &nbsp;&nbsp; $294572040 | &nbsp;&nbsp; $144180845 | &nbsp;&nbsp; $181856016 | &nbsp;&nbsp; $127965176 |
| <br>\* Cost<br>|  |  |  |  |
| Investments (unaffiliated) | &nbsp;&nbsp; $268291843 | &nbsp;&nbsp; $130539681 | &nbsp;&nbsp; $153709053 | &nbsp;&nbsp; $110656014 |
| Investments (affiliated) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Foreign cash | &nbsp;&nbsp; $23 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $92147 | &nbsp;&nbsp; $— |
| See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements |

---

------

**Seasons Series Trust**

**STATEMENTS OF ASSETS AND LIABILITIES — *March 31, 2026* — *(continued)***

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SA Multi-**<br> **Managed**<br> **Large Cap**<br> **Value**<br> **Portfolio**<br>| **SA Multi-**<br> **Managed**<br> **Mid Cap**<br> **Growth**<br> **Portfolio**<br>| **SA Multi-**<br> **Managed**<br> **Mid Cap**<br> **Value**<br> **Portfolio**<br>| **SA Multi-**<br> **Managed**<br> **Small Cap**<br> **Portfolio**<br>|
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |
| Paid in capital | &nbsp;&nbsp; $244756638 | &nbsp;&nbsp; $107405324 | &nbsp;&nbsp; $134065908 | &nbsp;&nbsp; $99958029 |
| Total accumulated earnings (loss) | &nbsp;&nbsp; 49815402 | &nbsp;&nbsp; 36775521 | &nbsp;&nbsp; 47790108 | &nbsp;&nbsp; 28007147 |
| Net assets | &nbsp;&nbsp; $294572040 | &nbsp;&nbsp; $144180845 | &nbsp;&nbsp; $181856016 | &nbsp;&nbsp; $127965176 |
| **Class 1 (unlimited shares authorized):** |  |  |  |  |
| Net assets | &nbsp;&nbsp; $269885200 | &nbsp;&nbsp; $117927817 | &nbsp;&nbsp; $156843003 | &nbsp;&nbsp; $109826078 |
| Shares of beneficial interest issued and outstanding | &nbsp;&nbsp; 24175810 | &nbsp;&nbsp; 8589207 | &nbsp;&nbsp; 9976295 | &nbsp;&nbsp; 10007115 |
| **Net asset value, offering and redemption price per share** | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $13.73 | &nbsp;&nbsp; $15.72 | &nbsp;&nbsp; $10.97 |
| **Class 2 (unlimited shares authorized):** |  |  |  |  |
| Net assets | &nbsp;&nbsp; $16470822 | &nbsp;&nbsp; $15508375 | &nbsp;&nbsp; $15507151 | &nbsp;&nbsp; $10446354 |
| Shares of beneficial interest issued and outstanding | &nbsp;&nbsp; 1477740 | &nbsp;&nbsp; 1329100 | &nbsp;&nbsp; 991201 | &nbsp;&nbsp; 1008212 |
| **Net asset value, offering and redemption price per share** | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $11.67 | &nbsp;&nbsp; $15.64 | &nbsp;&nbsp; $10.36 |
| **Class 3 (unlimited shares authorized):** |  |  |  |  |
| Net assets | &nbsp;&nbsp; $8216018 | &nbsp;&nbsp; $10744653 | &nbsp;&nbsp; $9505862 | &nbsp;&nbsp; $7692744 |
| Shares of beneficial interest issued and outstanding | &nbsp;&nbsp; 735968 | &nbsp;&nbsp; 1022303 | &nbsp;&nbsp; 609188 | &nbsp;&nbsp; 771917 |
| **Net asset value, offering and redemption price per share** | &nbsp;&nbsp; $11.16 | &nbsp;&nbsp; $10.51 | &nbsp;&nbsp; $15.60 | &nbsp;&nbsp; $9.97 |

---

See Notes to Financial Statements

------

**Seasons Series Trust**

**STATEMENTS OF OPERATIONS — *For the Year Ended March 31, 2026***

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **SA** <br>**Allocation** <br>**Aggressive** <br>**Portfolio**<br>| **SA** <br>**Allocation** <br>**Balanced** <br>**Portfolio**<br>| **SA** <br>**Allocation** <br>**Moderate** <br>**Portfolio**<br>| **SA** <br>**Allocation** <br>**Moderately** <br>**Aggressive** <br>**Portfolio**<br>| **SA** <br>**American** <br>**Century** <br>**Inflation** <br>**Managed** <br>**Portfolio**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Dividends (unaffiliated) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1164664 |
| Dividends (affiliated) | &nbsp;&nbsp; 8292621 | &nbsp;&nbsp; 6813527 | &nbsp;&nbsp; 6869035 | &nbsp;&nbsp; 10728864 | &nbsp;&nbsp; — |
| Interest (unaffiliated) | &nbsp;&nbsp; 1647 | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 1553 | &nbsp;&nbsp; 2319 | &nbsp;&nbsp; 21261409 |
| Total investment income\* | &nbsp;&nbsp; 8294268 | &nbsp;&nbsp; 6814683 | &nbsp;&nbsp; 6870588 | &nbsp;&nbsp; 10731183 | &nbsp;&nbsp; 22426073 |
| **EXPENSES:** |  |  |  |  |  |
| Investment advisory and management fees | &nbsp;&nbsp; 521796 | &nbsp;&nbsp; 255524 | &nbsp;&nbsp; 303197 | &nbsp;&nbsp; 534227 | &nbsp;&nbsp; 3205062 |
| Service Fees: |  |  |  |  |  |
| Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class 3 | &nbsp;&nbsp; 1247049 | &nbsp;&nbsp; 599152 | &nbsp;&nbsp; 702203 | &nbsp;&nbsp; 1256524 | &nbsp;&nbsp; 835127 |
| Transfer agent fees and expenses | &nbsp;&nbsp; 5893 | &nbsp;&nbsp; 5868 | &nbsp;&nbsp; 5905 | &nbsp;&nbsp; 5893 | &nbsp;&nbsp; 9428 |
| Custodian and accounting fees | &nbsp;&nbsp; 54611 | &nbsp;&nbsp; 34127 | &nbsp;&nbsp; 34884 | &nbsp;&nbsp; 55059 | &nbsp;&nbsp; 81335 |
| Reports to shareholders | &nbsp;&nbsp; 57149 | &nbsp;&nbsp; 42681 | &nbsp;&nbsp; 44956 | &nbsp;&nbsp; 60953 | &nbsp;&nbsp; 83006 |
| Audit and tax fees | &nbsp;&nbsp; 36781 | &nbsp;&nbsp; 43477 | &nbsp;&nbsp; 44577 | &nbsp;&nbsp; 42282 | &nbsp;&nbsp; 80986 |
| Legal fees | &nbsp;&nbsp; 22343 | &nbsp;&nbsp; 14714 | &nbsp;&nbsp; 16408 | &nbsp;&nbsp; 23248 | &nbsp;&nbsp; 27409 |
| Trustees' fees and expenses | &nbsp;&nbsp; 13297 | &nbsp;&nbsp; 6361 | &nbsp;&nbsp; 7502 | &nbsp;&nbsp; 13391 | &nbsp;&nbsp; 13156 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56450 |
| License fee | &nbsp;&nbsp; 30760 | &nbsp;&nbsp; 32630 | &nbsp;&nbsp; 32630 | &nbsp;&nbsp; 30760 | &nbsp;&nbsp; 11185 |
| Other expenses | &nbsp;&nbsp; 17952 | &nbsp;&nbsp; 18051 | &nbsp;&nbsp; 18038 | &nbsp;&nbsp; 19377 | &nbsp;&nbsp; 53581 |
| Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | &nbsp;&nbsp; 2007631 | &nbsp;&nbsp; 1052585 | &nbsp;&nbsp; 1210300 | &nbsp;&nbsp; 2041714 | &nbsp;&nbsp; 4456725 |
| Net (fees waived and expenses reimbursed)/ recouped by investment adviser (Note 5) | &nbsp;&nbsp; (52180)<br>| &nbsp;&nbsp; (25552)<br>| &nbsp;&nbsp; (30320)<br>| &nbsp;&nbsp; (53423)<br>| &nbsp;&nbsp; (322370)<br>|
| Fees paid indirectly (Note 2) | &nbsp;&nbsp; (754)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1019)<br>| &nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp; 1954697 | &nbsp;&nbsp; 1027033 | &nbsp;&nbsp; 1179980 | &nbsp;&nbsp; 1987272 | &nbsp;&nbsp; 4134355 |
| Net investment income (loss) | &nbsp;&nbsp; 6339571 | &nbsp;&nbsp; 5787650 | &nbsp;&nbsp; 5690608 | &nbsp;&nbsp; 8743911 | &nbsp;&nbsp; 18291718 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| Investments (unaffiliated)\*\* | &nbsp;&nbsp; 32607 | &nbsp;&nbsp; 8734 | &nbsp;&nbsp; 17936 | &nbsp;&nbsp; 42661 | &nbsp;&nbsp; (6753977)<br>|
| Investments (affiliated) | &nbsp;&nbsp; 5042235 | &nbsp;&nbsp; (1299381)<br>| &nbsp;&nbsp; 1220453 | &nbsp;&nbsp; 5648490 | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 194508 |
| Forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (932835)<br>|
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60113 |
| Net realized foreign exchange gain (loss) on other assets and liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37152 |
| Net realized gain from capital gain distributions received from underlying funds (affiliated) | &nbsp;&nbsp; 48893044 | &nbsp;&nbsp; 12687982 | &nbsp;&nbsp; 20232648 | &nbsp;&nbsp; 40948533 | &nbsp;&nbsp; — |
| Net realized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 53967886 | &nbsp;&nbsp; 11397335 | &nbsp;&nbsp; 21471037 | &nbsp;&nbsp; 46639684 | &nbsp;&nbsp; (7395039)<br>|
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| Investments (unaffiliated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2876100 |
| Investments (affiliated) | &nbsp;&nbsp; 11800554 | &nbsp;&nbsp; 5790927 | &nbsp;&nbsp; 5655272 | &nbsp;&nbsp; 8844974 | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 145424 |
| Forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 601337 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (932281)<br>|
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; (2500)<br>|
| Change in accrued capital gains tax on unrealized appreciation (depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net unrealized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 11800555 | &nbsp;&nbsp; 5790927 | &nbsp;&nbsp; 5655273 | &nbsp;&nbsp; 8845017 | &nbsp;&nbsp; 2688080 |
| Net realized and unrealized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 65768441 | &nbsp;&nbsp; 17188262 | &nbsp;&nbsp; 27126310 | &nbsp;&nbsp; 55484701 | &nbsp;&nbsp; (4706959)<br>|
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $72108012 | &nbsp;&nbsp; $22975912 | &nbsp;&nbsp; $32816918 | &nbsp;&nbsp; $64228612 | &nbsp;&nbsp; $13584759 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| \*\* Net of foreign withholding taxes on capital gains of | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**Seasons Series Trust**

**STATEMENTS OF OPERATIONS — *For the Year Ended March 31, 2026* — *(continued)***

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **SA Columbia** <br>**Focused** <br>**Value** <br>**Portfolio**<br>| **SA Franklin** <br>**Allocation** <br>**Moderately** <br>**Aggressive** <br>**Portfolio**<br>| **SA Multi-** <br>**Managed** <br>**Diversified** <br>**Fixed** <br>**Income** <br>**Portfolio**<br>| **SA Multi-** <br>**Managed** <br>**International** <br>**Equity** <br>**Portfolio**<br>| **SA Multi-** <br>**Managed** <br>**Large Cap** <br>**Growth** <br>**Portfolio**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Dividends (unaffiliated) | &nbsp;&nbsp; $6406741 | &nbsp;&nbsp; $2646717 | &nbsp;&nbsp; $79734 | &nbsp;&nbsp; $7538401 | &nbsp;&nbsp; $1460662 |
| Dividends (affiliated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest (unaffiliated) | &nbsp;&nbsp; 67361 | &nbsp;&nbsp; 2319423 | &nbsp;&nbsp; 29661207 | &nbsp;&nbsp; 14397 | &nbsp;&nbsp; 28834 |
| Total investment income\* | &nbsp;&nbsp; 6474102 | &nbsp;&nbsp; 4966140 | &nbsp;&nbsp; 29740941 | &nbsp;&nbsp; 7552798 | &nbsp;&nbsp; 1489496 |
| **EXPENSES:** |  |  |  |  |  |
| Investment advisory and management fees | &nbsp;&nbsp; 2938116 | &nbsp;&nbsp; 1774301 | &nbsp;&nbsp; 4529590 | &nbsp;&nbsp; 2692075 | &nbsp;&nbsp; 2336332 |
| Service Fees: |  |  |  |  |  |
| Class 2 | &nbsp;&nbsp; 17110 | &nbsp;&nbsp; 52020 | &nbsp;&nbsp; 17434 | &nbsp;&nbsp; 18638 | &nbsp;&nbsp; 43786 |
| Class 3 | &nbsp;&nbsp; 18515 | &nbsp;&nbsp; 407586 | &nbsp;&nbsp; 13698 | &nbsp;&nbsp; 23587 | &nbsp;&nbsp; 43803 |
| Transfer agent fees and expenses | &nbsp;&nbsp; 6482 | &nbsp;&nbsp; 12375 | &nbsp;&nbsp; 7054 | &nbsp;&nbsp; 8250 | &nbsp;&nbsp; 6609 |
| Custodian and accounting fees | &nbsp;&nbsp; 25103 | &nbsp;&nbsp; 211188 | &nbsp;&nbsp; 237764 | &nbsp;&nbsp; 359459 | &nbsp;&nbsp; 48317 |
| Reports to shareholders | &nbsp;&nbsp; 15215 | &nbsp;&nbsp; 20259 | &nbsp;&nbsp; 27337 | &nbsp;&nbsp; 20732 | &nbsp;&nbsp; 17791 |
| Audit and tax fees | &nbsp;&nbsp; 51209 | &nbsp;&nbsp; 77205 | &nbsp;&nbsp; 86134 | &nbsp;&nbsp; 42201 | &nbsp;&nbsp; 59267 |
| Legal fees | &nbsp;&nbsp; 20855 | &nbsp;&nbsp; 41662 | &nbsp;&nbsp; 32148 | &nbsp;&nbsp; 37092 | &nbsp;&nbsp; 24924 |
| Trustees' fees and expenses | &nbsp;&nbsp; 6743 | &nbsp;&nbsp; 5240 | &nbsp;&nbsp; 17082 | &nbsp;&nbsp; 6667 | &nbsp;&nbsp; 7420 |
| Interest expense | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 7082 | &nbsp;&nbsp; 36505 | &nbsp;&nbsp; 2294 | &nbsp;&nbsp; 3142 |
| License fee | &nbsp;&nbsp; 3840 | &nbsp;&nbsp; 77580 | &nbsp;&nbsp; 4288 | &nbsp;&nbsp; 10947 | &nbsp;&nbsp; — |
| Other expenses | &nbsp;&nbsp; 43966 | &nbsp;&nbsp; 98872 | &nbsp;&nbsp; 57324 | &nbsp;&nbsp; 165127 | &nbsp;&nbsp; 55661 |
| Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | &nbsp;&nbsp; 3147245 | &nbsp;&nbsp; 2785370 | &nbsp;&nbsp; 5066358 | &nbsp;&nbsp; 3387069 | &nbsp;&nbsp; 2647052 |
| Net (fees waived and expenses reimbursed)/ recouped by investment adviser (Note 5) | &nbsp;&nbsp; (953884)<br>| &nbsp;&nbsp; (375734)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (114109)<br>| &nbsp;&nbsp; (211253)<br>|
| Fees paid indirectly (Note 2) | &nbsp;&nbsp; (15325)<br>| &nbsp;&nbsp; (212)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp; 2178036 | &nbsp;&nbsp; 2409424 | &nbsp;&nbsp; 5066358 | &nbsp;&nbsp; 3272960 | &nbsp;&nbsp; 2435799 |
| Net investment income (loss) | &nbsp;&nbsp; 4296066 | &nbsp;&nbsp; 2556716 | &nbsp;&nbsp; 24674583 | &nbsp;&nbsp; 4279838 | &nbsp;&nbsp; (946303)<br>|
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| Investments (unaffiliated)\*\* | &nbsp;&nbsp; 49761318 | &nbsp;&nbsp; 25341571 | &nbsp;&nbsp; (4024096)<br>| &nbsp;&nbsp; 31969597 | &nbsp;&nbsp; 67080755 |
| Investments (affiliated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 471612 | &nbsp;&nbsp; (1569449)<br>| &nbsp;&nbsp; 470352 | &nbsp;&nbsp; 47959 |
| Forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 109564 | &nbsp;&nbsp; (230183)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 25752 | &nbsp;&nbsp; 60535 | &nbsp;&nbsp; (6280)<br>| &nbsp;&nbsp; — |
| Net realized foreign exchange gain (loss) on other assets and liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp; (19319)<br>| &nbsp;&nbsp; 52453 | &nbsp;&nbsp; 3279 | &nbsp;&nbsp; (8262)<br>|
| Net realized gain from capital gain distributions received from underlying funds (affiliated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 49761318 | &nbsp;&nbsp; 25929180 | &nbsp;&nbsp; (5710740)<br>| &nbsp;&nbsp; 32436948 | &nbsp;&nbsp; 67120452 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| Investments (unaffiliated) | &nbsp;&nbsp; 21693660 | &nbsp;&nbsp; 6211095 | &nbsp;&nbsp; 7352047 | &nbsp;&nbsp; 15028538 | &nbsp;&nbsp; (12323463)<br>|
| Investments (affiliated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 23426 | &nbsp;&nbsp; 1366806 | &nbsp;&nbsp; 44458 | &nbsp;&nbsp; (4067)<br>|
| Forward contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (28561)<br>| &nbsp;&nbsp; 6788 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1087 | &nbsp;&nbsp; 510117 | &nbsp;&nbsp; (965)<br>| &nbsp;&nbsp; — |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities | &nbsp;&nbsp; — | &nbsp;&nbsp; 9820 | &nbsp;&nbsp; 2737 | &nbsp;&nbsp; 121503 | &nbsp;&nbsp; 154 |
| Change in accrued capital gains tax on unrealized appreciation (depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; 40006 | &nbsp;&nbsp; — | &nbsp;&nbsp; (11068)<br>| &nbsp;&nbsp; — |
| Net unrealized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 21693660 | &nbsp;&nbsp; 6256873 | &nbsp;&nbsp; 9238495 | &nbsp;&nbsp; 15182466 | &nbsp;&nbsp; (12327376)<br>|
| Net realized and unrealized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 71454978 | &nbsp;&nbsp; 32186053 | &nbsp;&nbsp; 3527755 | &nbsp;&nbsp; 47619414 | &nbsp;&nbsp; 54793076 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $75751044 | &nbsp;&nbsp; $34742769 | &nbsp;&nbsp; $28202338 | &nbsp;&nbsp; $51899252 | &nbsp;&nbsp; $53846773 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp; $26582 | &nbsp;&nbsp; $113944 | &nbsp;&nbsp; $(5213)<br>| &nbsp;&nbsp; $808599 | &nbsp;&nbsp; $9102 |
| \*\* Net of foreign withholding taxes on capital gains of | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28714 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3039 | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**Seasons Series Trust**

**STATEMENTS OF OPERATIONS — *For the Year Ended March 31, 2026* — *(continued)***

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SA Multi-** <br>**Managed** <br>**Large Cap** <br>**Value** <br>**Portfolio**<br>| **SA Multi-** <br>**Managed** <br>**Mid Cap** <br>**Growth** <br>**Portfolio**<br>| **SA Multi-** <br>**Managed** <br>**Mid Cap** <br>**Value** <br>**Portfolio**<br>| **SA Multi-** <br>**Managed** <br>**Small Cap** <br>**Portfolio**<br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends (unaffiliated) | &nbsp;&nbsp; $7003901 | &nbsp;&nbsp; $809302 | &nbsp;&nbsp; $3717280 | &nbsp;&nbsp; $1540736 |
| Dividends (affiliated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Interest (unaffiliated) | &nbsp;&nbsp; 70009 | &nbsp;&nbsp; 35316 | &nbsp;&nbsp; 36805 | &nbsp;&nbsp; 18594 |
| Total investment income\* | &nbsp;&nbsp; 7073910 | &nbsp;&nbsp; 844618 | &nbsp;&nbsp; 3754085 | &nbsp;&nbsp; 1559330 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory and management fees | &nbsp;&nbsp; 2497042 | &nbsp;&nbsp; 1416844 | &nbsp;&nbsp; 1643879 | &nbsp;&nbsp; 1128485 |
| Service Fees: |  |  |  |  |
| Class 2 | &nbsp;&nbsp; 27455 | &nbsp;&nbsp; 29409 | &nbsp;&nbsp; 25533 | &nbsp;&nbsp; 16734 |
| Class 3 | &nbsp;&nbsp; 21328 | &nbsp;&nbsp; 29221 | &nbsp;&nbsp; 24055 | &nbsp;&nbsp; 19415 |
| Transfer agent fees and expenses | &nbsp;&nbsp; 6482 | &nbsp;&nbsp; 8839 | &nbsp;&nbsp; 8839 | &nbsp;&nbsp; 6482 |
| Custodian and accounting fees | &nbsp;&nbsp; 69366 | &nbsp;&nbsp; 59487 | &nbsp;&nbsp; 81163 | &nbsp;&nbsp; 129834 |
| Reports to shareholders | &nbsp;&nbsp; 23763 | &nbsp;&nbsp; 14572 | &nbsp;&nbsp; 16506 | &nbsp;&nbsp; 14849 |
| Audit and tax fees | &nbsp;&nbsp; 58637 | &nbsp;&nbsp; 59268 | &nbsp;&nbsp; 59896 | &nbsp;&nbsp; 60548 |
| Legal fees | &nbsp;&nbsp; 26289 | &nbsp;&nbsp; 24445 | &nbsp;&nbsp; 25665 | &nbsp;&nbsp; 23438 |
| Trustees' fees and expenses | &nbsp;&nbsp; 6677 | &nbsp;&nbsp; 4418 | &nbsp;&nbsp; 4656 | &nbsp;&nbsp; 2975 |
| Interest expense | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 442 | &nbsp;&nbsp; — |
| License fee | &nbsp;&nbsp; — | &nbsp;&nbsp; 44041 | &nbsp;&nbsp; 44041 | &nbsp;&nbsp; 3840 |
| Other expenses | &nbsp;&nbsp; 53742 | &nbsp;&nbsp; 57933 | &nbsp;&nbsp; 56715 | &nbsp;&nbsp; 57334 |
| Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly | &nbsp;&nbsp; 2790893 | &nbsp;&nbsp; 1748586 | &nbsp;&nbsp; 1991390 | &nbsp;&nbsp; 1463934 |
| Net (fees waived and expenses reimbursed)/ recouped by investment adviser (Note 5) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Fees paid indirectly (Note 2) | &nbsp;&nbsp; (1443)<br>| &nbsp;&nbsp; (848)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5623)<br>|
| Net expenses | &nbsp;&nbsp; 2789450 | &nbsp;&nbsp; 1747738 | &nbsp;&nbsp; 1991390 | &nbsp;&nbsp; 1458311 |
| Net investment income (loss) | &nbsp;&nbsp; 4284460 | &nbsp;&nbsp; (903120)<br>| &nbsp;&nbsp; 1762695 | &nbsp;&nbsp; 101019 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| Investments (unaffiliated)\*\* | &nbsp;&nbsp; 26845943 | &nbsp;&nbsp; 25847386 | &nbsp;&nbsp; 19451432 | &nbsp;&nbsp; 13174622 |
| Investments (affiliated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 151343 | &nbsp;&nbsp; 39054 | &nbsp;&nbsp; 16302 | &nbsp;&nbsp; 409506 |
| Forward contracts | &nbsp;&nbsp; (310487)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (26990)<br>| &nbsp;&nbsp; 177 | &nbsp;&nbsp; 203194 |
| Net realized foreign exchange gain (loss) on other assets and liabilities | &nbsp;&nbsp; 389 | &nbsp;&nbsp; (58)<br>| &nbsp;&nbsp; 1862 | &nbsp;&nbsp; — |
| Net realized gain from capital gain distributions received from underlying funds (affiliated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 26687188 | &nbsp;&nbsp; 25859392 | &nbsp;&nbsp; 19469773 | &nbsp;&nbsp; 13787322 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments (unaffiliated) | &nbsp;&nbsp; 5077711 | &nbsp;&nbsp; (5728100)<br>| &nbsp;&nbsp; 4416829 | &nbsp;&nbsp; 9695965 |
| Investments (affiliated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; 4455 | &nbsp;&nbsp; 9498 | &nbsp;&nbsp; 8943 | &nbsp;&nbsp; 19673 |
| Forward contracts | &nbsp;&nbsp; 44815 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (779)<br>| &nbsp;&nbsp; 2186 | &nbsp;&nbsp; 8462 |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities | &nbsp;&nbsp; 10121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1601 | &nbsp;&nbsp; — |
| Change in accrued capital gains tax on unrealized appreciation (depreciation) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net unrealized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 5137102 | &nbsp;&nbsp; (5719381)<br>| &nbsp;&nbsp; 4429559 | &nbsp;&nbsp; 9724100 |
| Net realized and unrealized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 31824290 | &nbsp;&nbsp; 20140011 | &nbsp;&nbsp; 23899332 | &nbsp;&nbsp; 23511422 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $36108750 | &nbsp;&nbsp; $19236891 | &nbsp;&nbsp; $25662027 | &nbsp;&nbsp; $23612441 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp; $46625 | &nbsp;&nbsp; $1327 | &nbsp;&nbsp; $14058 | &nbsp;&nbsp; $3435 |
| \*\* Net of foreign withholding taxes on capital gains of | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

See Notes to Financial Statements

------

**Seasons Series Trust**

**STATEMENTS OF CHANGES IN NET ASSETS**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Allocation Aggressive** | **SA Allocation Aggressive** | **SA Allocation Balanced** | **SA Allocation Balanced** | **SA Allocation Moderate** | **SA Allocation Moderate** |
|  | **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>|
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $6339571 | &nbsp;&nbsp; $6170609 | &nbsp;&nbsp; $5787650 | &nbsp;&nbsp; $5432391 | &nbsp;&nbsp; $5690608 | &nbsp;&nbsp; $5106564 |
| Net realized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 53967886 | &nbsp;&nbsp; 17394233 | &nbsp;&nbsp; 11397335 | &nbsp;&nbsp; 1835742 | &nbsp;&nbsp; 21471037 | &nbsp;&nbsp; 7036171 |
| Net unrealized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 11800555 | &nbsp;&nbsp; (1215916)<br>| &nbsp;&nbsp; 5790927 | &nbsp;&nbsp; 4068396 | &nbsp;&nbsp; 5655273 | &nbsp;&nbsp; 1358570 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 72108012 | &nbsp;&nbsp; 22348926 | &nbsp;&nbsp; 22975912 | &nbsp;&nbsp; 11336529 | &nbsp;&nbsp; 32816918 | &nbsp;&nbsp; 13501305 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1 | &nbsp;&nbsp; (1199647)<br>| &nbsp;&nbsp; (36958)<br>| &nbsp;&nbsp; (552764)<br>| &nbsp;&nbsp; (826)<br>| &nbsp;&nbsp; (1096125)<br>| &nbsp;&nbsp; (4245)<br>|
| Distributable earnings — Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributable earnings — Class 3 | &nbsp;&nbsp; (23473567)<br>| &nbsp;&nbsp; (14378063)<br>| &nbsp;&nbsp; (7280835)<br>| &nbsp;&nbsp; (4355371)<br>| &nbsp;&nbsp; (12081070)<br>| &nbsp;&nbsp; (6996441)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (24673214)<br>| &nbsp;&nbsp; (14415021)<br>| &nbsp;&nbsp; (7833599)<br>| &nbsp;&nbsp; (4356197)<br>| &nbsp;&nbsp; (13177195)<br>| &nbsp;&nbsp; (7000686)<br>|
| **CAPITAL SHARE TRANSACTIONS (Note 7)** | &nbsp;&nbsp; 3119441 | &nbsp;&nbsp; (7010104)<br>| &nbsp;&nbsp; (665058)<br>| &nbsp;&nbsp; (20358962)<br>| &nbsp;&nbsp; 15376950 | &nbsp;&nbsp; (27087361)<br>|
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; 50554239 | &nbsp;&nbsp; 923801 | &nbsp;&nbsp; 14477255 | &nbsp;&nbsp; (13378630)<br>| &nbsp;&nbsp; 35016673 | &nbsp;&nbsp; (20586742)<br>|
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 458096914 | &nbsp;&nbsp; 457173113 | &nbsp;&nbsp; 229067992 | &nbsp;&nbsp; 242446622 | &nbsp;&nbsp; 261429780 | &nbsp;&nbsp; 282016522 |
| End of period | &nbsp;&nbsp; $508651153 | &nbsp;&nbsp; $458096914 | &nbsp;&nbsp; $243545247 | &nbsp;&nbsp; $229067992 | &nbsp;&nbsp; $296446453 | &nbsp;&nbsp; $261429780 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Allocation** <br>**Moderately Aggressive** | **SA Allocation** <br>**Moderately Aggressive** | **SA American Century** <br>**Inflation Managed** | **SA American Century** <br>**Inflation Managed** | **SA Columbia** <br>**Focused Value** | **SA Columbia** <br>**Focused Value** |
|  | **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>|
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $8743911 | &nbsp;&nbsp; $8086615 | &nbsp;&nbsp; $18291718 | &nbsp;&nbsp; $19376686 | &nbsp;&nbsp; $4296066 | &nbsp;&nbsp; $4939555 |
| Net realized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 46639684 | &nbsp;&nbsp; 16072059 | &nbsp;&nbsp; (7395039)<br>| &nbsp;&nbsp; (11363926)<br>| &nbsp;&nbsp; 49761318 | &nbsp;&nbsp; 47934112 |
| Net unrealized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 8845017 | &nbsp;&nbsp; (173528)<br>| &nbsp;&nbsp; 2688080 | &nbsp;&nbsp; 22734075 | &nbsp;&nbsp; 21693660 | &nbsp;&nbsp; (34099151)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 64228612 | &nbsp;&nbsp; 23985146 | &nbsp;&nbsp; 13584759 | &nbsp;&nbsp; 30746835 | &nbsp;&nbsp; 75751044 | &nbsp;&nbsp; 18774516 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1 | &nbsp;&nbsp; (1707766)<br>| &nbsp;&nbsp; (10159)<br>| &nbsp;&nbsp; (7816013)<br>| &nbsp;&nbsp; (6873011)<br>| &nbsp;&nbsp; (49762526)<br>| &nbsp;&nbsp; (33224742)<br>|
| Distributable earnings — Class 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1977790)<br>| &nbsp;&nbsp; (1527426)<br>|
| Distributable earnings — Class 3 | &nbsp;&nbsp; (23862294)<br>| &nbsp;&nbsp; (15200677)<br>| &nbsp;&nbsp; (12028085)<br>| &nbsp;&nbsp; (12310286)<br>| &nbsp;&nbsp; (1323935)<br>| &nbsp;&nbsp; (925450)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (25570060)<br>| &nbsp;&nbsp; (15210836)<br>| &nbsp;&nbsp; (19844098)<br>| &nbsp;&nbsp; (19183297)<br>| &nbsp;&nbsp; (53064251)<br>| &nbsp;&nbsp; (35677618)<br>|
| **CAPITAL SHARE TRANSACTIONS (Note 7)** | &nbsp;&nbsp; 11698417 | &nbsp;&nbsp; (36598752)<br>| &nbsp;&nbsp; (10828638)<br>| &nbsp;&nbsp; (48406866)<br>| &nbsp;&nbsp; 24843604 | &nbsp;&nbsp; (54799548)<br>|
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; 50356969 | &nbsp;&nbsp; (27824442)<br>| &nbsp;&nbsp; (17087977)<br>| &nbsp;&nbsp; (36843328)<br>| &nbsp;&nbsp; 47530397 | &nbsp;&nbsp; (71702650)<br>|
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 464895348 | &nbsp;&nbsp; 492719790 | &nbsp;&nbsp; 530242490 | &nbsp;&nbsp; 567085818 | &nbsp;&nbsp; 260057398 | &nbsp;&nbsp; 331760048 |
| End of period | &nbsp;&nbsp; $515252317 | &nbsp;&nbsp; $464895348 | &nbsp;&nbsp; $513154513 | &nbsp;&nbsp; $530242490 | &nbsp;&nbsp; $307587795 | &nbsp;&nbsp; $260057398 |

---

See Notes to Financial Statements

------

**Seasons Series Trust**

**STATEMENTS OF CHANGES IN NET ASSETS — *(continued)***

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Franklin** <br>**Allocation** <br>**Moderately Aggressive** | **SA Franklin** <br>**Allocation** <br>**Moderately Aggressive** | **SA Multi-Managed** <br>**Diversified Fixed Income** | **SA Multi-Managed** <br>**Diversified Fixed Income** | **SA Multi-Managed** <br>**International Equity** | **SA Multi-Managed** <br>**International Equity** |
|  | **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>|
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $2556716 | &nbsp;&nbsp; $2690488 | &nbsp;&nbsp; $24674583 | &nbsp;&nbsp; $22623128 | &nbsp;&nbsp; $4279838 | &nbsp;&nbsp; $4673077 |
| Net realized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 25929180 | &nbsp;&nbsp; 27974106 | &nbsp;&nbsp; (5710740)<br>| &nbsp;&nbsp; (9523951)<br>| &nbsp;&nbsp; 32436948 | &nbsp;&nbsp; 17175940 |
| Net unrealized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 6256873 | &nbsp;&nbsp; (16143600)<br>| &nbsp;&nbsp; 9238495 | &nbsp;&nbsp; 17246018 | &nbsp;&nbsp; 15182466 | &nbsp;&nbsp; (9292505)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 34742769 | &nbsp;&nbsp; 14520994 | &nbsp;&nbsp; 28202338 | &nbsp;&nbsp; 30345195 | &nbsp;&nbsp; 51899252 | &nbsp;&nbsp; 12556512 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1 | &nbsp;&nbsp; (1545114)<br>| &nbsp;&nbsp; (162692)<br>| &nbsp;&nbsp; (24200792)<br>| &nbsp;&nbsp; (23502925)<br>| &nbsp;&nbsp; (18274567)<br>| &nbsp;&nbsp; (11590848)<br>|
| Distributable earnings — Class 2 | &nbsp;&nbsp; (4804510)<br>| &nbsp;&nbsp; (479448)<br>| &nbsp;&nbsp; (386509)<br>| &nbsp;&nbsp; (434729)<br>| &nbsp;&nbsp; (819881)<br>| &nbsp;&nbsp; (584049)<br>|
| Distributable earnings — Class 3 | &nbsp;&nbsp; (22465901)<br>| &nbsp;&nbsp; (2123334)<br>| &nbsp;&nbsp; (176552)<br>| &nbsp;&nbsp; (201242)<br>| &nbsp;&nbsp; (643988)<br>| &nbsp;&nbsp; (420620)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (28815525)<br>| &nbsp;&nbsp; (2765474)<br>| &nbsp;&nbsp; (24763853)<br>| &nbsp;&nbsp; (24138896)<br>| &nbsp;&nbsp; (19738436)<br>| &nbsp;&nbsp; (12595517)<br>|
| **CAPITAL SHARE TRANSACTIONS (Note 7)** | &nbsp;&nbsp; (6405769)<br>| &nbsp;&nbsp; (19394268)<br>| &nbsp;&nbsp; 59326342 | &nbsp;&nbsp; (46991316)<br>| &nbsp;&nbsp; (6536468)<br>| &nbsp;&nbsp; (54961404)<br>|
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; (478525)<br>| &nbsp;&nbsp; (7638748)<br>| &nbsp;&nbsp; 62764827 | &nbsp;&nbsp; (40785017)<br>| &nbsp;&nbsp; 25624348 | &nbsp;&nbsp; (55000409)<br>|
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 199348068 | &nbsp;&nbsp; 206986816 | &nbsp;&nbsp; 641542848 | &nbsp;&nbsp; 682327865 | &nbsp;&nbsp; 246935082 | &nbsp;&nbsp; 301935491 |
| End of period | &nbsp;&nbsp; $198869543 | &nbsp;&nbsp; $199348068 | &nbsp;&nbsp; $704307675 | &nbsp;&nbsp; $641542848 | &nbsp;&nbsp; $272559430 | &nbsp;&nbsp; $246935082 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed** <br>**Large Cap Growth** | **SA Multi-Managed** <br>**Large Cap Growth** | **SA Multi-Managed** <br>**Large Cap Value** | **SA Multi-Managed** <br>**Large Cap Value** | **SA Multi-Managed** <br>**Mid Cap Growth** | **SA Multi-Managed** <br>**Mid Cap Growth** |
|  | **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>|
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(946303)<br>| &nbsp;&nbsp; $(930166)<br>| &nbsp;&nbsp; $4284460 | &nbsp;&nbsp; $5866371 | &nbsp;&nbsp; $(903120)<br>| &nbsp;&nbsp; $(840158)<br>|
| Net realized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 67120452 | &nbsp;&nbsp; 95056950 | &nbsp;&nbsp; 26687188 | &nbsp;&nbsp; 50939947 | &nbsp;&nbsp; 25859392 | &nbsp;&nbsp; 21529148 |
| Net unrealized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; (12327376)<br>| &nbsp;&nbsp; (52286369)<br>| &nbsp;&nbsp; 5137102 | &nbsp;&nbsp; (35500183)<br>| &nbsp;&nbsp; (5719381)<br>| &nbsp;&nbsp; (15435814)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 53846773 | &nbsp;&nbsp; 41840415 | &nbsp;&nbsp; 36108750 | &nbsp;&nbsp; 21306135 | &nbsp;&nbsp; 19236891 | &nbsp;&nbsp; 5253176 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1 | &nbsp;&nbsp; (76952279)<br>| &nbsp;&nbsp; (31105966)<br>| &nbsp;&nbsp; (51393739)<br>| &nbsp;&nbsp; (52219165)<br>| &nbsp;&nbsp; (15420654)<br>| &nbsp;&nbsp; — |
| Distributable earnings — Class 2 | &nbsp;&nbsp; (9555518)<br>| &nbsp;&nbsp; (3728324)<br>| &nbsp;&nbsp; (3171680)<br>| &nbsp;&nbsp; (3279735)<br>| &nbsp;&nbsp; (2615674)<br>| &nbsp;&nbsp; — |
| Distributable earnings — Class 3 | &nbsp;&nbsp; (5824385)<br>| &nbsp;&nbsp; (2194574)<br>| &nbsp;&nbsp; (1488731)<br>| &nbsp;&nbsp; (1484995)<br>| &nbsp;&nbsp; (1677601)<br>| &nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp; (92332182)<br>| &nbsp;&nbsp; (37028864)<br>| &nbsp;&nbsp; (56054150)<br>| &nbsp;&nbsp; (56983895)<br>| &nbsp;&nbsp; (19713929)<br>| &nbsp;&nbsp; — |
| **CAPITAL SHARE TRANSACTIONS (Note 7)** | &nbsp;&nbsp; 22463113 | &nbsp;&nbsp; (115604671)<br>| &nbsp;&nbsp; 12518998 | &nbsp;&nbsp; (182413213)<br>| &nbsp;&nbsp; (3595940)<br>| &nbsp;&nbsp; (24999701)<br>|
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; (16022296)<br>| &nbsp;&nbsp; (110793120)<br>| &nbsp;&nbsp; (7426402)<br>| &nbsp;&nbsp; (218090973)<br>| &nbsp;&nbsp; (4072978)<br>| &nbsp;&nbsp; (19746525)<br>|
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 244909577 | &nbsp;&nbsp; 355702697 | &nbsp;&nbsp; 301998442 | &nbsp;&nbsp; 520089415 | &nbsp;&nbsp; 148253823 | &nbsp;&nbsp; 168000348 |
| End of period | &nbsp;&nbsp; $228887281 | &nbsp;&nbsp; $244909577 | &nbsp;&nbsp; $294572040 | &nbsp;&nbsp; $301998442 | &nbsp;&nbsp; $144180845 | &nbsp;&nbsp; $148253823 |

---

See Notes to Financial Statements

------

**Seasons Series Trust**

**STATEMENTS OF CHANGES IN NET ASSETS — *(continued)***

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed** <br>**Mid Cap Value** | **SA Multi-Managed** <br>**Mid Cap Value** | **SA Multi-Managed** <br>**Small Cap** | **SA Multi-Managed** <br>**Small Cap** |
|  | **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2026**<br>| **For the** <br>**Year Ended** <br>**March 31,** <br>**2025**<br>|
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $1762695 | &nbsp;&nbsp; $1883139 | &nbsp;&nbsp; $101019 | &nbsp;&nbsp; $314926 |
| Net realized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 19469773 | &nbsp;&nbsp; 27995974 | &nbsp;&nbsp; 13787322 | &nbsp;&nbsp; 15780510 |
| Net unrealized gain (loss) on investments and foreign currencies | &nbsp;&nbsp; 4429559 | &nbsp;&nbsp; (26281700)<br>| &nbsp;&nbsp; 9724100 | &nbsp;&nbsp; (21369511)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 25662027 | &nbsp;&nbsp; 3597413 | &nbsp;&nbsp; 23612441 | &nbsp;&nbsp; (5274075)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Distributable earnings — Class 1 | &nbsp;&nbsp; (25615235)<br>| &nbsp;&nbsp; (13071400)<br>| &nbsp;&nbsp; (13991889)<br>| &nbsp;&nbsp; (2995545)<br>|
| Distributable earnings — Class 2 | &nbsp;&nbsp; (2586280)<br>| &nbsp;&nbsp; (1485316)<br>| &nbsp;&nbsp; (1441633)<br>| &nbsp;&nbsp; (283913)<br>|
| Distributable earnings — Class 3 | &nbsp;&nbsp; (1451860)<br>| &nbsp;&nbsp; (806912)<br>| &nbsp;&nbsp; (1028753)<br>| &nbsp;&nbsp; (191582)<br>|
| Total distributions to shareholders | &nbsp;&nbsp; (29653375)<br>| &nbsp;&nbsp; (15363628)<br>| &nbsp;&nbsp; (16462275)<br>| &nbsp;&nbsp; (3471040)<br>|
| **CAPITAL SHARE TRANSACTIONS (Note 7)** | &nbsp;&nbsp; 7082603 | &nbsp;&nbsp; (21349258)<br>| &nbsp;&nbsp; (3296137)<br>| &nbsp;&nbsp; (34949668)<br>|
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; 3091255 | &nbsp;&nbsp; (33115473)<br>| &nbsp;&nbsp; 3854029 | &nbsp;&nbsp; (43694783)<br>|
| **NET ASSETS:** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp; 178764761 | &nbsp;&nbsp; 211880234 | &nbsp;&nbsp; 124111147 | &nbsp;&nbsp; 167805930 |
| End of period | &nbsp;&nbsp; $181856016 | &nbsp;&nbsp; $178764761 | &nbsp;&nbsp; $127965176 | &nbsp;&nbsp; $124111147 |

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See Notes to Financial Statements

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**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS**

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**Note 1 — Organization**

Seasons Series Trust (the "Trust" or "SST"), a Massachusetts business trust, is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Trust is comprised of 14 portfolios (each, a "Portfolio," and collectively, the "Portfolios"). SunAmerica Asset Management, LLC ("SAAMCo" or the "Adviser"), an indirect wholly-owned subsidiary of Venerable Holdings, Inc. ("Venerable"), serves as investment adviser for all of the Portfolios of the Trust. Corebridge Financial Inc. ("Corebridge"), the former indirect owner of SAAMCo, and Venerable entered into a definitive agreement pursuant to which Venerable would acquire SAAMCo (the "Transaction"). The Transaction closed on January 1, 2026. Following the completion of the Transaction, SAAMCo became a wholly-owned subsidiary of Venerable.

Shares of the Portfolios are issued and redeemed in connection with investments in and payments under variable annuity contracts and variable life policies (collectively, the "Variable Contracts") offered by American General Life Insurance Company, a Texas life insurer ("AGL"), The United States Life Insurance Company in the City of New York, a New York life insurer ("USL"), The Variable Annuity Life Insurance Company, a Texas life insurer ("VALIC") (collectively, the "Life Companies"), and are also offered to certain affiliated mutual funds. AGL, USL and VALIC are indirect, wholly-owned subsidiaries of Corebridge. All shares may be purchased or redeemed at net asset value without any sales or redemption charges.

Class 1 shares, Class 2 shares and Class 3 shares of each Portfolio may be offered in connection with certain variable contracts. Class 2 and 3 shares of a given Portfolio are identical in all respects to Class 1 shares of the same Portfolio, except that (i) each class may bear differing amounts of certain class-specific expenses; (ii) Class 2 shares and Class 3 shares are subject to service fees while Class 1 shares are not; and (iii) Class 2 shares and Class 3 shares have voting rights on matters that pertain to the Rule 12b-1 plan adopted with respect to Class 2 shares and Class 3 shares. Class 2 and Class 3 shares of each Portfolio pay service fees at an annual rate of 0.15% and 0.25%, respectively, of each class's average daily net assets. The Board of Trustees may establish additional portfolios or classes in the future.

Each of the Portfolios represents a separate managed portfolio of securities with its own investment objectives. The Board of Trustees may establish additional portfolios or classes in the future. The SA Franklin Allocation Moderately Aggressive Portfolio, called the "Seasons Strategies Portfolio," is available only through the selection of one of four "strategies" described in the Seasons Variable Contract prospectus. The SA Franklin Allocation Moderately Aggressive Portfolio may also be available indirectly through certain investment options under other Variable Contracts offered by the Life Companies. Thirteen additional Portfolios, called the "Seasons Select Portfolios," the "Seasons Focused Portfolio" and the "Seasons Managed Allocation Portfolios," are available in addition to the Seasons Strategies Portfolio as variable investment options under Variable Contracts offered by the Life Companies. Please refer to your Seasons Variable Contract prospectus for sales and/or redemption charges under your Variable Contract.

Each Seasons Managed Allocation Portfolio is structured as a "fund-of-funds" which means that it pursues its principal investment strategy by investing its assets in a combination of the portfolios of the Trust and certain other SunAmerica Series Trust ("SAST") portfolios (collectively, the "Underlying Portfolios").

Each Portfolio is diversified with the exception of SA Multi-Managed Large Cap Growth Portfolio, which is non-diversified as defined by the 1940 Act.

The investment goal for each Portfolio is as follows:

**Seasons Strategies Portfolio**

The **SA Franklin Allocation Moderately Aggressive Portfolio** seeks capital appreciation by investing, under normal circumstances, through strategic allocation of approximately 80% (with a range of 65-95%) of its assets in equity securities and approximately 20% (with a range of 5-35%) of its assets in fixed income securities.

**Seasons Select Portfolios**

The **SA American Century Inflation Managed Portfolio** seeks long-term total return using a strategy that seeks to protect against U.S. inflation.

The **SA Multi-Managed Diversified Fixed Income Portfolio** seeks relatively high current income and, secondarily, capital appreciation by investing, under normal circumstances, at least 80% of its net assets in fixed income securities including U.S. and foreign government securities, asset- and mortgage-backed securities, investment-grade debt securities, and lower-rated fixed income securities, or junk bonds.

The **SA Multi-Managed International Equity Portfolio** seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of issuers in at least three countries other than the U.S.

The **SA Multi-Managed Large Cap Growth Portfolio** seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of large capitalization companies selected through a growth strategy.

The **SA Multi-Managed Large Cap Value Portfolio** seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of large companies selected through a value strategy.

The **SA Multi-Managed Mid Cap Growth Portfolio** seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of medium-capitalization companies selected through a growth strategy.

The **SA Multi-Managed Mid Cap Value Portfolio** seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of medium-capitalization companies selected through a value strategy.

The **SA Multi-Managed Small Cap Portfolio** seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of small-cap companies.

**Seasons Focused Portfolio**

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**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

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The **SA Columbia Focused Value Portfolio** seeks long-term growth of capital by investing in equity securities selected on the basis of value criteria. The Portfolio invests primarily in equity securities of large-cap companies.

**Seasons Managed Allocation Portfolios**

The **SA Allocation Aggressive Portfolio** seeks long-term capital appreciation by investing among a combination of Underlying Portfolios. Under normal circumstances, the Portfolio invests at least 70% of its net assets in equity portfolios.

The**SA Allocation Balanced Portfolio** seeks long-term capital appreciation and current income by investing among a combination of Underlying Portfolios. Under normal circumstances, the Portfolio invests no more than 70% of its net assets in equity portfolios.

The **SA Allocation Moderately Aggressive Portfolio** seeks long-term capital appreciation by investing among a combination of Underlying Portfolios. Under normal circumstances, the Portfolio invests at least 30% and no more than 90% of its net assets in equity portfolios and at least 10% and no more than 70% of its net assets in fixed income portfolios.

The **SA Allocation Moderate Portfolio** seeks long-term capital appreciation and moderate current income by investing among a combination of Underlying Portfolios. Under normal circumstances, the Portfolio invests at least 20% and no more than 80% of its net assets in equity portfolios and at least 20% and no more than 80% of its net assets in fixed income portfolios.

**Indemnifications:** The Trust's organizational documents provide current and former officers and trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust. In addition, pursuant to Indemnification Agreements between the Trust and each of the current (and certain former) trustees who is not an "interested person," as defined in Section 2(a)(19) of the 1940 Act, of the Trust (collectively, the "Disinterested Trustees"), the Trust provides the Disinterested Trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust, whether such liabilities are asserted during or after their service as trustees. In addition, in the normal course of business the Trust enters into contracts that contain the obligation to indemnify others. The Trust's maximum exposure under these arrangements is unknown. Currently, however, the Trust expects the risk of loss to be remote.

**Note 2 — Significant Accounting Policies**

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. Each Portfolio is an investment company and accordingly, follows the investment company accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following is a summary of significant accounting policies consistently followed by the Trust, in the preparation of its financial statements:

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

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

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")

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)

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.

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.

The summary of the Portfolios' assets and liabilities classified in the fair value hierarchy as of March 31, 2026, is reported on a schedule at the end of each Portfolio's Portfolio of Investments.

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

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**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

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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.

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.

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.

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.

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.

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

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.

The Board must determine fair value in good faith for portfolio holdings for which market quotations are not readily available or are unreliable. The Board has designated SAAMCo as the valuation designee ("Valuation Designee") to perform the fair valuation determinations relating to any or all portfolio investments. SAAMCo, as the Valuation Designee, has adopted policies and procedures and has established a pricing review committee to determine the fair value of the designated portfolio holdings on its behalf.

**Inflation-Indexed Bonds:** Certain Portfolios may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation- indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

**Loans:** Certain Portfolios invest in senior loans which generally consist of direct debt obligations of companies (collectively, "Borrowers"), primarily U.S. companies and their affiliates, undertaken to finance the growth of the Borrower's business internally and externally, or to finance a capital restructuring. Transactions in senior loans may settle on a delayed basis.

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**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

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**Mortgage-Backed Dollar Rolls:** Certain Portfolios may enter into dollar rolls using "to be announced" ("TBA") mortgage-backed securities ("TBA Rolls"). TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Portfolios' policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Portfolio may decline below the price of the securities that the Portfolio has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Portfolio's use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Portfolio's obligation to repurchase the securities.

**Repurchase Agreements:** The Portfolios, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission ("SEC"), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Trust's custodian takes possession of the collateral pledged for investments in such repurchase agreements ("repo" or collectively "repos"). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Portfolio may be delayed or limited.

As of March 31, 2026, the following Portfolios held an undivided interest in the joint repurchase agreement with Bank of America Securities LLC:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Percentage** <br>**Ownership**<br>| **Principal** <br>**Amount**<br>|
| SA Multi-Managed Diversified Fixed Income Portfolio | 24.53<br> %<br>| $3230000 |
| SA Multi-Managed Large Cap Value Portfolio | 1.67 | 220000 |
| SA Multi-Managed Mid Cap Growth Portfolio | 0.72 | 95000 |

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

Bank of America Securities LLC, dated March 31, 2026, bearing interest at a rate of 3.65% per annum, with a principal amount of 13,165,000, a repurchase price of $13,166,335, and a maturity date April 01, 2026. The repurchase agreement is collateralized by the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Collateral** | **Interest** <br>**Rate**<br>| **Maturity** <br>**Date**<br>| **Principal** <br>**Amount**<br>| **Value** |
| U.S. Treasury Bonds | 4.88<br> %<br>| 08/15/2045 | $13362000 | $13390779 |

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As of March 31, 2026, the following Portfolios held an undivided interest in the joint repurchase agreement with Barclays Capital, Inc.:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Percentage** <br>**Ownership**<br>| **Principal** <br>**Amount**<br>|
| SA Multi-Managed Diversified Fixed Income Portfolio | 24.64<br> %<br>| $3450000 |
| SA Multi-Managed Large Cap Value Portfolio | 1.75 | 245000 |
| SA Multi-Managed Mid Cap Growth Portfolio | 0.86 | 120000 |

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

Barclays Capital, Inc., dated March 31, 2026, bearing interest at a rate of 3.66% per annum, with a principal amount of $14,000,000, a repurchase price of $14,001,423, and a maturity date of April 1, 2026. The repurchase agreement is collateralized by the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Collateral** | **Interest** <br>**Rate**<br>| **Maturity** <br>**Date**<br>| **Principal** <br>**Amount**<br>| **Value** |
| U.S. Treasury Notes | 4.13<br> %<br>| 05/31/2032 | $14072000 | $14283044 |

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As of March 31, 2026, the following Portfolios held an undivided interest in the joint repurchase agreement with BNP Paribas SA:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Percentage** <br>**Ownership**<br>| **Principal** <br>**Amount**<br>|
| SA Multi-Managed Diversified Fixed Income Portfolio | 24.54<br> %<br>| $3435000 |
| SA Multi-Managed Large Cap Value Portfolio | 1.68 | 235000 |
| SA Multi-Managed Mid Cap Growth Portfolio | 0.71 | 100000 |

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

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**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

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BNP Paribas SA, dated March 31, 2026, bearing interest at a rate of 3.66% per annum, with a principal amount of $14,000,000, a repurchase price of $14,001,423, and a maturity date of April 1, 2026. The repurchase agreement is collateralized by the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Collateral** | **Interest** <br>**Rate**<br>| **Maturity** <br>**Date**<br>| **Principal** <br>**Amount**<br>| **Value** |
| U.S. Treasury Bonds | 3.88<br> %<br>| 02/15/2043 | $16050200 | $14329390 |

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As of March 31, 2026, the following Portfolios held an undivided interest in the joint repurchase agreement with Deutsche Bank AG:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Percentage** <br>**Ownership**<br>| **Principal** <br>**Amount**<br>|
| SA Multi-Managed Diversified Fixed Income Portfolio | 24.53<br> %<br>| $3230000 |
| SA Multi-Managed Large Cap Value Portfolio | 1.67 | 220000 |
| SA Multi-Managed Mid Cap Growth Portfolio | 0.72 | 95000 |

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

Deutsche Bank AG, dated March 31, 2026, bearing interest at a rate of 3.66% per annum, with a principal amount of $13,165,000, a repurchase price of $13,166,338, and a maturity date of April 1, 2026. The repurchase agreement is collateralized by the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Collateral** | **Interest** <br>**Rate**<br>| **Maturity** <br>**Date**<br>| **Principal** <br>**Amount**<br>| **Value** |
| U.S. Treasury Notes | 4.25<br> %<br>| 02/28/2029 | $13280000 | $13470178 |

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As of March 31, 2026, the following Portfolios held an undivided interest in the joint repurchase agreement with RBS Securities, Inc.:

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| | | |
|:---|:---|:---|
| **Portfolio** | **Percentage** <br>**Ownership**<br>| **Principal** <br>**Amount**<br>|
| SA Multi-Managed Diversified Fixed Income Portfolio | 24.53<br> %<br>| $3230000 |
| SA Multi-Managed Large Cap Value Portfolio | 1.67 | 220000 |
| SA Multi-Managed Mid Cap Growth Portfolio | 0.72 | 95000 |

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

RBS Securities, Inc., dated March 31, 2026, bearing interest at a rate of 3.64% per annum, with a principal amount of $13,165,000 a repurchase price of $13,166,331, and a maturity date of April 1, 2026. The repurchase agreement is collateralized by the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Collateral** | **Interest** <br>**Rate**<br>| **Maturity** <br>**Date**<br>| **Principal** <br>**Amount**<br>| **Value** |
| U.S. Treasury Notes | 3.88<br> %<br>| 08/15/2034 | $13745000 | $13441813 |

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**Stripped Mortgage-Backed Securities:** Stripped Mortgage-Backed Securities ("SMBS") are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Portfolio invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the "principal only" class) from the mortgage pool, while the other class will receive all or most of the interest (the "interest only" class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Portfolio's yield.

**When-Issued Securities and Forward Commitments:** Certain Portfolios may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Portfolio may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Portfolios may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date.

**Foreign Currency Translation:** The books and records of the Portfolios are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Portfolios do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

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**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

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Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

**Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders:** Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For financial statement purposes, the Portfolios amortize all premiums and accrete all discounts on fixed income securities. Distributions from income from underlying mutual fund investments, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from underlying mutual fund investments, if any, are recorded to realized gains on the ex-dividend date.

Portfolios which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries' tax regulations require that taxes be paid on capital gains realized by a Portfolio.

Distributions received from Real Estate Investment Trust ("REIT") investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements.

Income, expenses other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares of each class of shares at the beginning of the day (after adjusting for current capital share activity of the respective class).

Expenses common to all Portfolios are allocated among the Portfolios based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Portfolio as incurred on a specific identification basis. The expenses included in the accompanying financial statements reflect the expenses of each of the respective funds and do not include indirect expenses associated with the investments in the Underlying Portfolios. "Fees paid indirectly" in the Statement of Operations represents expense reductions used to offset non-affiliated expenses resulting from participation in a commission recapture program.

Dividends from net investment income and capital gain distributions, if any, are paid annually. The Portfolios record dividends and distributions to their shareholders on the ex-dividend date.

The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

Each Portfolio is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Portfolio also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

Each Portfolio recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Portfolios file U.S. federal and certain state income tax returns. The Portfolios federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**Operating Segments:** An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available.

Per Topic 280, the Portfolios' Principal Executive Officer and Principal Financial Officer act as the Portfolios' CODM and have determined that the Portfolios have a single operating segment. The financial information provided to and reviewed by the CODM to assess segment performance and to make resource allocations is consistent with that presented within the Portfolios' financial statements.

**Recent Accounting and Regulatory Developments**

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures". ASU 2023-09 requires public entities to enhance the transparency and decision usefulness of income tax disclosures for investors. ASU 2023-09 became effective for fiscal years beginning after December 15, 2024. Adoption of the Rule had no material impact on the Portfolios' financial statements.

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**NOTES TO FINANCIAL STATEMENTS — *(continued)***

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During the period ended March 31, 2026 the Portfolios did not pay a significant amount of foreign or U.S. federal, state or local income taxes and, therefore, did not include any additional disclosures in these financial statements.

**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.

Risks to a Portfolio of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Portfolio's loss will generally consist of the net amount of contractual payments that the Portfolio has not yet received though the Portfolio's maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

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. Such receipts or payments are recorded in the Statements of Assets and Liabilities as receivable/payable for variation margin on futures contracts and as cash collateral on futures contracts for the changes in the value of the initial margin requirement. When a contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The primary risk to a Portfolio of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While a Portfolio will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Portfolio may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Portfolio has insufficient cash to meet margin requirements, the Portfolio may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to a Portfolio since the futures contracts are generally exchange-traded.

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. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Portfolio purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Portfolio's Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Portfolio has written either expires on its stipulated expiration date, or if the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Portfolio has written is exercised, the Portfolio realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Portfolio has written is exercised, the amount of the premium originally received reduces the cost of the security which the Portfolio purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.

Risks to a Portfolio of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Portfolio's loss will consist of the net amount of contractual payments that the Portfolio has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities, and for written options, may result in losses in excess of the amounts shown on the statement of assets and liabilities. There is also the risk a Portfolio may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

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, and total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract ("centrally cleared swaps"). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and a Portfolio faces the CCP through a broker. Upon entering into a centrally cleared swap, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and

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Liabilities as cash collateral on centrally cleared swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Portfolio has no credit exposure to the counterparty as the CCP stands between the Portfolio and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Portfolio will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio's basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Portfolio are included as part of realized gain (loss).

***Contracts for Difference:*** A contract for difference ("CFD") is a privately negotiated over-the-counter equity 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.

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 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.

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.

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.

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

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**NOTES TO FINANCIAL STATEMENTS — *(continued)***

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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.

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.

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.

***Total Return Swap Agreements:*** Total return swaps are equities 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.

The counterparty to a total return swap will typically be a bank, investment banking firm or broker/dealer. Total return 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 total return 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 total return swap contract plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such stocks.

Therefore, the return to a Portfolio on any total return 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 total return swap contract had been invested in different stocks (or indices of stocks).

A Portfolio will generally enter into total return 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 total return swap contract or periodically during its term. Total return 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 total return 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 total return swap (such as the dividends on a common stock) may also be sensitive to changes in interest rates.

Total return 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.

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.

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.

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.

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

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**NOTES TO FINANCIAL STATEMENTS — *(continued)***

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agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Portfolio may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.

**Master Agreements:** Certain Portfolios that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements ("Master Agreements") with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Portfolio and applicable counterparty. Collateral requirements are generally determined based on a Portfolio's net position with each counterparty. Master Agreements may also include certain provisions that require a Portfolio to post additional collateral upon the occurrence of certain events, such as when a Portfolio's net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Portfolio may also occur upon a decline in a Portfolio's net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty's long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty's credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Portfolio's counterparties to elect early termination could cause the Portfolio to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Portfolio's financial statements. The Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

The following tables represent the value of derivatives held as of March 31, 2026, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended March 31, 2026. For a detailed presentation of derivatives held as of March 31, 2026, please refer to the schedule at the end of each Portfolio's Portfolio of Investments.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Futures** <br>**Contracts(1)**<br>| **Swaps** <br>**Contracts(2)**<br>| **Purchased** <br>**Options** <br>**Contracts(3)**<br>| **Foreign** <br>**Forward** <br>**Exchange** <br>**Contracts(4)**<br>| **Futures** <br>**Contracts(1)**<br>| **Swap** <br>**Contracts(2)**<br>| **Options** <br>**Written** <br>**Contracts(5)**<br>| **Foreign** <br>**Forward** <br>**Exchange** <br>**Contracts(6)**<br>|
| **Portfolio** | **Inflation Contracts** | **Inflation Contracts** | **Inflation Contracts** | **Inflation Contracts** | **Inflation Contracts** | **Inflation Contracts** | **Inflation Contracts** | **Inflation Contracts** |
| SA American Century Inflation Managed | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1717819 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $348212 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** |
| SA American Century Inflation Managed | &nbsp;&nbsp; 273305 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; 54550 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 81248 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; 699405 | &nbsp;&nbsp; 957814 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 223490 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; 54624 | &nbsp;&nbsp; 7855 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 73301 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed International Equity | &nbsp;&nbsp; 2452 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8152 | &nbsp;&nbsp; 965 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7972 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; 550 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Mid Cap Growth | &nbsp;&nbsp; 3743 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 779 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp; 3188 | &nbsp;&nbsp; 2186 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Small Cap | &nbsp;&nbsp; 2434 | &nbsp;&nbsp; 17468 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1373 | &nbsp;&nbsp; 9006 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** | **Foreign Exchange Contracts** |
| SA American Century Inflation Managed | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 662588 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61251 |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 82410 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92618 |
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 26059 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3834 |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62892 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57241 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

(1) Amount represents cumulative appreciation/depreciation on futures contracts as disclosed in the Portfolio of Investments. Only the current day's variation margin is separately disclosed within the Statements of Assets and Liabilities. 

(2) For centrally cleared swaps, the amount represents cumulative appreciation/depreciation as disclosed in the Portfolio of Investments. Only the current day's variation margin is separately disclosed within the Statements of Assets and Liabilities. For OTC swaps, the amount represents unrealized appreciation/depreciation on over-the-counter swap contracts as disclosed within the Statements of Assets and Liabilities. 

(3) Investments at value (unaffiliated)

(4) Unrealized appreciation on forward foreign currency contracts

(5) Call and put options written, at value

(6) Unrealized depreciation on forward foreign currency contracts

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | **Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | **Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | **Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | **Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** |
|  | **Futures** <br>**Contracts(1)**<br>| **Swap** <br>**Contracts(2)**<br>| **Written** <br>**Options(3)**<br>| **Purchased** <br>**Options(4)**<br>| **Foreign** <br>**Forward** <br>**Exchange** <br>**Contracts(5)**<br>|
| **Portfolio** | **Inflation Contracts** | **Inflation Contracts** | **Inflation Contracts** | **Inflation Contracts** | **Inflation Contracts** |
| SA American Century Inflation Managed | &nbsp;&nbsp; $— | &nbsp;&nbsp; $60113 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** |
| SA American Century Inflation Managed | &nbsp;&nbsp; 194508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; 214340 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; (1569449)<br>| &nbsp;&nbsp; 60535 | &nbsp;&nbsp; — | &nbsp;&nbsp; (204997)<br>| &nbsp;&nbsp; — |
|  | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; 257272 | &nbsp;&nbsp; 25752 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed International Equity | &nbsp;&nbsp; 470352 | &nbsp;&nbsp; (6280)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; 47959 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; 151343 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Mid Cap Growth | &nbsp;&nbsp; 39054 | &nbsp;&nbsp; (26990)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp; 16302 | &nbsp;&nbsp; 177 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Small Cap | &nbsp;&nbsp; 409506 | &nbsp;&nbsp; 203194 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | **Foreign Forward Exchange Contracts** | **Foreign Forward Exchange Contracts** | **Foreign Forward Exchange Contracts** | **Foreign Forward Exchange Contracts** | **Foreign Forward Exchange Contracts** |
| SA American Century Inflation Managed | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (932835)<br>|
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 109564 |
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (230183)<br>|
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (435991)<br>| &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (310487)<br>|

---

(1) Net realized gain (loss) on futures contracts

(2) Net realized gain (loss) on swap contracts

(3) Net realized gain (loss) on written options contracts

(4) Net realized gain (loss) on investments

(5) Net realized gain (loss) on forward contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** |
|  | **Futures** <br>**Contracts(1)**<br>| **Swap** <br>**Contracts(2)**<br>| **Written** <br>**Options(3)**<br>| **Purchased** <br>**Options(4)**<br>| **Foreign** <br>**Forward** <br>**Exchange** <br>**Contracts(5)**<br>|
| **Portfolio** | **Inflation Contracts** | **Inflation Contracts** | **Inflation Contracts** | **Inflation Contracts** | **Inflation Contracts** |
| SA American Century Inflation Managed | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(932281)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
|  | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** | **Interest Rate Contracts** |
| SA American Century Inflation Managed | &nbsp;&nbsp; 145424 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; (74424)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; 1366806 | &nbsp;&nbsp; 510117 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** | **Equity Contracts** |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; 97850 | &nbsp;&nbsp; 1087 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed International Equity | &nbsp;&nbsp; 44458 | &nbsp;&nbsp; (965)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; (4067)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; 4455 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Mid Cap Growth | &nbsp;&nbsp; 9498 | &nbsp;&nbsp; (779)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp; 8943 | &nbsp;&nbsp; 2186 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Small Cap | &nbsp;&nbsp; 19673 | &nbsp;&nbsp; 8462 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | **Foreign Forward Exchange Contracts** | **Foreign Forward Exchange Contracts** | **Foreign Forward Exchange Contracts** | **Foreign Forward Exchange Contracts** | **Foreign Forward Exchange Contracts** |
| SA American Century Inflation Managed | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 601337 |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (28561)<br>|
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6788 |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (87731)<br>| &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44815 |

---

(1) Change in unrealized appreciation (depreciation) on futures contracts

(2) Change in unrealized appreciation (depreciation) on swap contracts

(3) Change in unrealized appreciation (depreciation) on written options contracts

(4) Change in unrealized appreciation (depreciation) on investments

(5) Change in unrealized appreciation (depreciation) on forward contracts

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

The following table represents the average monthly balances of derivatives held during the year ended March 31, 2026.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** |
| **Portfolio** | **Futures** <br>**Contracts(1)**<br>| **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts(1)**<br>| **Purchased** <br>**Call Options** <br>**Contracts(2)**<br>| **Inflation** <br>**Swap** <br>**Contracts(1)**<br>| **Interest** <br>**Rate Swap** <br>**Contracts(1)**<br>| **Total Return** <br>**Swap** <br>**Contracts(1)**<br>| **Contract For** <br>**Difference** <br>**Swaps** <br>**Contracts(1)**<br>|
| SA American Century Inflation Managed | $11294368 | $43688464 | $— | $244500000 | $— | $— | $— |
| SA Franklin Allocation Moderately Aggressive | 19339716 | 11848538 |  |  |  | 371856 |  |
| SA Multi-Managed Diversified Fixed Income | 109477334 | 6250059 |  |  | 11960000 |  |  |
| SA Multi-Managed International Equity | 535497 |  |  |  |  |  | 39412 |
| SA Multi-Managed Large Cap Growth | 496588 |  | 79128 |  |  |  |  |
| SA Multi-Managed Large Cap Value | 544740 | 7575202 |  |  |  |  |  |
| SA Multi-Managed Mid Cap Growth | 241846 |  |  |  |  |  | 156845 |
| SA Multi-Managed Mid Cap Value | 275621 |  |  |  |  |  | 45587 |
| SA Multi-Managed Small Cap | 1217118 |  |  |  |  |  | 700961 |

---

(1) Amounts represent notional amounts in US dollars.

(2) Amounts represent values in US dollars.

The following table represents the Portfolio's objectives for using derivative instruments for the year ended March 31, 2026:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Objectives for Using Derivatives** | **Objectives for Using Derivatives** | **Objectives for Using Derivatives** | **Objectives for Using Derivatives** | **Objectives for Using Derivatives** | **Objectives for Using Derivatives** |  |
| **Portfolio** | **Futures** <br>**Contracts** <br>| **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Purchased** <br>**Call Options** <br>**Contracts**<br>| **Inflation** <br>**Swap** <br>**Contracts**<br>| **Interest** <br>**Rate Swap** <br>**Contracts**<br>| **Total Return** <br>**Swap** <br>**Contracts**<br>| **Contracts For** <br>**Difference** <br>**Swaps** <br>**Contracts**<br>|
| SA American Century Inflation Managed | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 |  | &nbsp;&nbsp; 3 |  |  |  |
| SA Franklin Allocation Moderately Aggressive Portfolio | &nbsp;&nbsp; 1,<br> 4<br>| &nbsp;&nbsp; 2 |  |  |  | &nbsp;&nbsp; 5 |  |
| SA Multi-Managed Diversified Fixed Income . . . | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 |  |  | &nbsp;&nbsp; 1 |  |  |
| SA Multi-Managed International Equity | &nbsp;&nbsp; 4 |  |  |  |  |  | &nbsp;&nbsp; 4 |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; 4 |  | &nbsp;&nbsp; 6 |  |  |  |  |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2 |  |  |  |  |  |
| SA Multi-Managed Mid Cap Growth | &nbsp;&nbsp; 4 |  |  |  |  |  | &nbsp;&nbsp; 4 |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp; 4 |  |  |  |  |  | &nbsp;&nbsp; 4 |
| SA Multi-Managed Small Cap | &nbsp;&nbsp; 4 |  |  |  |  |  | &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 rate risk and the duration of the portfolio.

(4) To manage exposures in certain securities markets.

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

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

The following tables set forth the Portfolios' derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged (received) as of March 31, 2026. The repurchase agreements held by the Portfolios as of March 31, 2026, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Portfolios' holdings in repurchase agreements.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Purchased**<br>| **Total** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Written**<br>| **Total** | **Net** <br>**Derivative** <br>**Assets** <br>**(Liabilities)**<br>| **Collateral** <br>**Pledged/** <br>**(Received)(2)**<br>| **Net** <br>**Amount(3)**<br>|
| Bank of America, N.A. | $534160 | $— | $— | $534160 | $— | $— | $— | $— | $534160 | $— | $534160 |
| Goldman Sachs & Co. LLC | 128428 |  |  | 128428 |  |  |  |  | 128428 |  | 128428 |
| Morgan Stanley & Co., Inc. |  |  |  |  | 61251 |  |  | 61251 | (61251)<br>|  | (61251)<br>|
| **Total** | $662588 | $— | $— | $662588 | $61251 | $— | $— | $61251 | $601337 | $— | $601337 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Purchased**<br>| **Total** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Written**<br>| **Total** | **Net** <br>**Derivative** <br>**Assets** <br>**(Liabilities)**<br>| **Collateral** <br>**Pledged/** <br>**(Received)(2)**<br>| **Net** <br>**Amount(3)**<br>|
| Bank of America, N.A. | $14446 | $7855 | $— | $22301 | $24424 | $— | $— | $24424 | $(2123)<br>| $— | $(2123)<br>|
| Barclays Bank PLC | 2530 |  |  | 2530 | 4092 |  |  | 4092 | (1562)<br>|  | (1562)<br>|
| Citibank, N.A. | 11470 |  |  | 11470 | 4840 |  |  | 4840 | 6630 |  | 6630 |
| Goldman Sachs International | 15975 |  |  | 15975 | 6809 |  |  | 6809 | 9166 |  | 9166 |
| HSBC Bank PLC | 3125 |  |  | 3125 | 9047 |  |  | 9047 | (5922)<br>|  | (5922)<br>|
| JPMorgan Chase Bank, N.A. | 119 |  |  | 119 | 7805 |  |  | 7805 | (7686)<br>|  | (7686)<br>|
| Morgan Stanley & Co. International PLC | 12485 |  |  | 12485 | 7088 |  |  | 7088 | 5397 |  | 5397 |
| State Street Bank & Trust Company | 10993 |  |  | 10993 | 8613 |  |  | 8613 | 2380 |  | 2380 |
| Toronto Dominion Bank | 2889 |  |  | 2889 | 9043 |  |  | 9043 | (6154)<br>|  | (6154)<br>|
| UBS AG | 7217 |  |  | 7217 | 7809 |  |  | 7809 | (592)<br>|  | (592)<br>|
| Westpac Banking Corp. | 1161 |  |  | 1161 | 3048 |  |  | 3048 | (1887)<br>|  | (1887)<br>|
| **Total** | $82410 | $7855 | $— | $90265 | $92618 | $— | $— | $92618 | $(2353)<br>| $— | $(2353)<br>|

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Purchased**<br>| **Total** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Written**<br>| **Total** | **Net** <br>**Derivative** <br>**Assets** <br>**(Liabilities)**<br>| **Collateral** <br>**Pledged/** <br>**(Received)(2)**<br>| **Net** <br>**Amount(3)**<br>|
| Deutsche Bank AG | $22472 | $— | $— | $22472 | $3834 | $— | $— | $3834 | $18638 | $— | $18638 |
| Westpac Banking Corp. | 3587 |  |  | 3587 |  |  |  |  | 3587 |  | 3587 |
| **Total** | $26059 | $— | $— | $26059 | $3834 | $— | $— | $3834 | $22225 | $— | $22225 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Purchased**<br>| **Total** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Written**<br>| **Total** | **Net** <br>**Derivative** <br>**Assets** <br>**(Liabilities)**<br>| **Collateral** <br>**Pledged/** <br>**(Received)(2)**<br>| **Net** <br>**Amount(3)**<br>|
| BNP Paribas SA | $— | $— | $— | $— | $— | $965 | $— | $965 | $(965)<br>| $965 | $— |
| **Total** | $— | $— | $— | $— | $— | $965 | $— | $965 | $(965)<br>| $965 | $— |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Purchased**<br>| **Total** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Written**<br>| **Total** | **Net** <br>**Derivative** <br>**Assets** <br>**(Liabilities)**<br>| **Collateral** <br>**Pledged/** <br>**(Received)(2)**<br>| **Net** <br>**Amount(3)**<br>|
| Barclays Bank PLC | $— | $— | $40841 | $40841 | $— | $— | $— | $— | $40841 | $(40841)<br>| $— |
| Goldman Sachs International |  |  | 23 | 23 |  |  |  |  | 23 | (23)<br>|  |
| Standard Chartered Bank |  |  | 22028 | 22028 |  |  |  |  | 22028 | (22028)<br>|  |
| **Total** | $— | $— | $62892 | $62892 | $— | $— | $— | $— | $62892 | $(62892)<br>| $— |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Purchased**<br>| **Total** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Written**<br>| **Total** | **Net** <br>**Derivative** <br>**Assets** <br>**(Liabilities)**<br>| **Collateral** <br>**Pledged/** <br>**(Received)(2)**<br>| **Net** <br>**Amount(3)**<br>|
| Bank of America, N.A. | $57241 | $— | $— | $57241 | $— | $— | $— | $— | $57241 | $— | $57241 |
| **Total** | $57241 | $— | $— | $57241 | $— | $— | $— | $— | $57241 | $— | $57241 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Purchased**<br>| **Total** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Written**<br>| **Total** | **Net** <br>**Derivative** <br>**Assets** <br>**(Liabilities)**<br>| **Collateral** <br>**Pledged/** <br>**(Received)(2)**<br>| **Net** <br>**Amount(3)**<br>|
| Goldman Sachs & Co. LLC | $— | $— | $— | $— | $— | $124 | $— | $124 | $(124)<br>| $124 | $— |
| HSBC Holdings |  |  |  |  |  | 655 |  | 655 | (655)<br>| 655 |  |
| **Total** | $— | $— | $— | $— | $— | $779 | $— | $779 | $(779)<br>| $779 | $— |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Purchased**<br>| **Total** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Written**<br>| **Total** | **Net** <br>**Derivative** <br>**Assets** <br>**(Liabilities)**<br>| **Collateral** <br>**Pledged/** <br>**(Received)(2)**<br>| **Net** <br>**Amount(3)**<br>|
| Goldman Sachs & Co. LLC | $— | $2186 | $— | $2186 | $— | $— | $— | $— | $2186 | $(2186)<br>| $— |
| **Total** | $— | $2186 | $— | $2186 | $— | $— | $— | $— | $2186 | $(2186)<br>| $— |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Purchased**<br>| **Total** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **OTC** <br>**Swaps**<br>| **Options** <br>**Written**<br>| **Total** | **Net** <br>**Derivative** <br>**Assets** <br>**(Liabilities)**<br>| **Collateral** <br>**Pledged/** <br>**(Received)(2)**<br>| **Net** <br>**Amount(3)**<br>|
| Bank of America Merrill Lynch | $— | $2582 | $— | $2582 | $— | $— | $— | $— | $2582 | $(2582)<br>| $— |
| BNP Paribas SA |  | 1744 |  | 1744 |  | 2 |  | 2 | 1742 | (1742)<br>|  |

---

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward**<br> **Foreign**<br> **Currency**<br> **Contracts**<br>| **OTC**<br> **Swaps**<br>| **Options**<br> **Purchased**<br>| **Total** | **Forward**<br> **Foreign**<br> **Currency**<br> **Contracts**<br>| **OTC**<br> **Swaps**<br>| **Options**<br> **Written**<br>| **Total** | **Net**<br> **Derivative**<br> **Assets**<br> **(Liabilities)**<br>| **Collateral**<br> **Pledged/**<br> **(Received)(2)**<br>| **Net**<br> **Amount(3)**<br>|
| Goldman Sachs and Co. LLC | $— | $5277 | $— | $5277 | $— | $— | $— | $— | $5277 | $(5277)<br>| $— |
| HSBC Holdings |  | 650 |  | 650 |  | 8702 |  | 8702 | (8052)<br>| 8052 |  |
| JPMorgan Securities, LLC |  | 7215 |  | 7215 |  | 302 |  | 302 | 6913 |  | 6913 |
| **Total** | $— | $17468 | $— | $17468 | $— | $9006 | $— | $9006 | $8462 | $(1549)<br>| $6913 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

**Note 4 — Federal Income Taxes**

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddle loss deferrals, inflation securities, investments in partnerships, and derivative transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Distributable Earnings** | **Distributable Earnings** | **Distributable Earnings** | **Tax Distributions** | **Tax Distributions** |
|  | **For the year ended March 31, 2026** | **For the year ended March 31, 2026** | **For the year ended March 31, 2026** | **For the year ended March 31, 2026** | **For the year ended March 31, 2026** |
| **Portfolio** | **Ordinary** <br>**Income**<br>| **Long-term** <br>**Gains/Capital** <br>**Loss Carryover**<br>| **Unrealized** <br>**Appreciation** <br>**(Depreciation)\***<br>| **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital** <br>**Gains**<br>|
| SA Allocation Aggressive\*\* | &nbsp;&nbsp; $10045943 | &nbsp;&nbsp; $45843635 | &nbsp;&nbsp; $8333623 | &nbsp;&nbsp; $9299525 | &nbsp;&nbsp; $15373689 |
| SA Allocation Balanced\*\* | &nbsp;&nbsp; 6750305 | &nbsp;&nbsp; 7496066 | &nbsp;&nbsp; (9631294)<br>| &nbsp;&nbsp; 6331012 | &nbsp;&nbsp; 1502587 |
| SA Allocation Moderate\*\* | &nbsp;&nbsp; 7200746 | &nbsp;&nbsp; 16497858 | &nbsp;&nbsp; (5669311)<br>| &nbsp;&nbsp; 6615897 | &nbsp;&nbsp; 6561298 |
| SA Allocation Moderately Aggressive\*\* | &nbsp;&nbsp; 11846879 | &nbsp;&nbsp; 36141768 | &nbsp;&nbsp; 2474681 | &nbsp;&nbsp; 10863552 | &nbsp;&nbsp; 14706508 |
| SA American Century Inflation Managed | &nbsp;&nbsp; 17620352 | &nbsp;&nbsp; (68257972)<br>| &nbsp;&nbsp; (33893439)<br>| &nbsp;&nbsp; 19844098 | &nbsp;&nbsp; — |
| SA Columbia Focused Value | &nbsp;&nbsp; 5990732 | &nbsp;&nbsp; 48637680 | &nbsp;&nbsp; 66758038 | &nbsp;&nbsp; 4839833 | &nbsp;&nbsp; 48224418 |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; 23393647 | &nbsp;&nbsp; 4936933 | &nbsp;&nbsp; 35304014 | &nbsp;&nbsp; 5385974 | &nbsp;&nbsp; 23429551 |
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; 22838597 | &nbsp;&nbsp; (85188230)<br>| &nbsp;&nbsp; (38122224)<br>| &nbsp;&nbsp; 24763853 | &nbsp;&nbsp; — |
| SA Multi-Managed International Equity | &nbsp;&nbsp; 7615102 | &nbsp;&nbsp; 29239373 | &nbsp;&nbsp; 63192376 | &nbsp;&nbsp; 4874131 | &nbsp;&nbsp; 14864305 |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; 1756573 | &nbsp;&nbsp; 65129219 | &nbsp;&nbsp; 41757422 | &nbsp;&nbsp; 14537154 | &nbsp;&nbsp; 77795028 |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; 10464093 | &nbsp;&nbsp; 20113326 | &nbsp;&nbsp; 19238547 | &nbsp;&nbsp; 10425994 | &nbsp;&nbsp; 45628156 |
| SA Multi-Managed Mid Cap Growth | &nbsp;&nbsp; 6098729 | &nbsp;&nbsp; 18691392 | &nbsp;&nbsp; 11985394 | &nbsp;&nbsp; 314923 | &nbsp;&nbsp; 19399006 |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp; 3827588 | &nbsp;&nbsp; 17424815 | &nbsp;&nbsp; 26538257 | &nbsp;&nbsp; 4459663 | &nbsp;&nbsp; 25193712 |
| SA Multi-Managed Small Cap | &nbsp;&nbsp; 3433264 | &nbsp;&nbsp; 11549437 | &nbsp;&nbsp; 13024469 | &nbsp;&nbsp; 901299 | &nbsp;&nbsp; 15560976 |

---

\* Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

\*\* The Portfolio's Long-term Gains/Capital Loss Carryover includes both Long-term Capital Capital Gains and Capital Loss Carryforward due to ownership change limitations.

---

| | | |
|:---|:---|:---|
|  | **Tax Distributions** | **Tax Distributions** |
|  | **For the year ended** <br>**March 31, 2025** | **For the year ended** <br>**March 31, 2025** |
| **Portfolio** | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gains**<br>|
| SA Allocation Aggressive | &nbsp;&nbsp; $5525236 | &nbsp;&nbsp; $8889785 |
| SA Allocation Balanced | &nbsp;&nbsp; 4356197 | &nbsp;&nbsp; — |
| SA Allocation Moderate | &nbsp;&nbsp; 4472154 | &nbsp;&nbsp; 2528532 |
| SA Allocation Moderately Aggressive | &nbsp;&nbsp; 7080086 | &nbsp;&nbsp; 8130750 |
| SA American Century Inflation Managed | &nbsp;&nbsp; 19183297 | &nbsp;&nbsp; — |
| SA Columbia Focused Value | &nbsp;&nbsp; 6359371 | &nbsp;&nbsp; 29318247 |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; 2765474 | &nbsp;&nbsp; — |
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; 24138896 | &nbsp;&nbsp; — |
| SA Multi-Managed International Equity | &nbsp;&nbsp; 7363607 | &nbsp;&nbsp; 5231910 |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; 1389293 | &nbsp;&nbsp; 35639571 |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; 32950084 | &nbsp;&nbsp; 24033811 |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp; 3054022 | &nbsp;&nbsp; 12309606 |
| SA Multi-Managed Small Cap | &nbsp;&nbsp; 1278709 | &nbsp;&nbsp; 2192331 |

---

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

As of March 31, 2026, for Federal income tax purposes, the Portfolios indicated below have capital loss carryforwards, which are available to offset future capital gains, if any:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss** <br>**Carryforward** <br>**Unlimited** | **Capital Loss** <br>**Carryforward** <br>**Unlimited** |
| **Portfolio** | **ST** | **LT** |
| SA Allocation Aggressive\* | &nbsp;&nbsp; $2161155 | &nbsp;&nbsp; $3648133 |
| SA Allocation Balanced\* | &nbsp;&nbsp; 1361190 | &nbsp;&nbsp; 1451446 |
| SA Allocation Moderate\* | &nbsp;&nbsp; 1327977 | &nbsp;&nbsp; 3327100 |
| SA Allocation Moderately Aggressive\* | &nbsp;&nbsp; 2634607 | &nbsp;&nbsp; 6008084 |
| SA American Century Inflation Managed\*\* | &nbsp;&nbsp; 21807297 | &nbsp;&nbsp; 46450675 |
| SA Multi-Managed Diversified Fixed Income\*\* | &nbsp;&nbsp; 29722289 | &nbsp;&nbsp; 55465941 |

---

\* Pursuant to the mergers outlined in Note 12, the losses acquired from the target portfolios are subject to limitations under IRC sections 381 through 384.

\*\* The Portfolios had a change in ownership as defined in the Internal Revenue Code section 382 during the fiscal year ended March 31, 2025. The capital loss carryforwards may be subject to limitations pursuant to applicable federal income tax regulations. 

The Portfolios indicated below, utilized capital loss carryforwards, which offset net realized taxable gains in the year ended March 31, 2026.

---

| | |
|:---|:---|
| **Portfolio** | **Capital Loss** <br>**Carryforward** <br>**Utilized**<br>|
| SA Allocation Aggressive\* | &nbsp;&nbsp; $1171112 |
| SA Allocation Balanced\* | &nbsp;&nbsp; 2616168 |
| SA Allocation Moderate\* | &nbsp;&nbsp; 1341069 |
| SA Allocation Moderately Aggressive\* | &nbsp;&nbsp; 1864825 |
| SA American Century Inflation Managed | &nbsp;&nbsp; 1384909 |

---

 <br> \* Pursuant to the mergers outlined in Note 12, the losses utilized were acquired from the target portfolios.

For the year ended March 31, 2026, the reclassifications between total accumulated earnings (loss) and paid-in capital resulting from book/tax differences were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Accumulated** <br>**Earnings(Loss)**<br>| **Paid-In** <br>**Capital**<br>|
| SA Allocation Aggressive | &nbsp;&nbsp; $(6980404)<br>| &nbsp;&nbsp; $6980404 |
| SA Allocation Balanced | &nbsp;&nbsp; (5428804)<br>| &nbsp;&nbsp; 5428804 |
| SA Allocation Moderate | &nbsp;&nbsp; (5996146)<br>| &nbsp;&nbsp; 5996146 |
| SA Allocation Moderately Aggressive | &nbsp;&nbsp; (10507521)<br>| &nbsp;&nbsp; 10507521 |

---

The amounts of aggregate unrealized gain (loss) and the cost of investment securities for Federal tax purposes, including short-term securities and repurchase agreements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Aggregate** <br>**Unrealized** <br>**Gain**<br>| **Aggregate** <br>**Unrealized** <br>**Loss**<br>| **Net** <br>**Unrealized** <br>**Gain** <br>**(Loss)**<br>| **Cost of** <br>**Investments**<br>|
| SA Allocation Aggressive | &nbsp;&nbsp; $31346046 | &nbsp;&nbsp; $(23012424)<br>| &nbsp;&nbsp; $8333622 | &nbsp;&nbsp; $500635098 |
| SA Allocation Balanced | &nbsp;&nbsp; 8430883 | &nbsp;&nbsp; (18062177)<br>| &nbsp;&nbsp; (9631294)<br>| &nbsp;&nbsp; 253393969 |
| SA Allocation Moderate | &nbsp;&nbsp; 12709318 | &nbsp;&nbsp; (18378630)<br>| &nbsp;&nbsp; (5669312)<br>| &nbsp;&nbsp; 302350514 |
| SA Allocation Moderately Aggressive | &nbsp;&nbsp; 29848538 | &nbsp;&nbsp; (27373900)<br>| &nbsp;&nbsp; 2474638 | &nbsp;&nbsp; 513097956 |
| SA American Century Inflation Managed | &nbsp;&nbsp; 3356331 | &nbsp;&nbsp; (37247270)<br>| &nbsp;&nbsp; (33890939)<br>| &nbsp;&nbsp; 555891936 |
| SA Columbia Focused Value | &nbsp;&nbsp; 81254561 | &nbsp;&nbsp; (14496523)<br>| &nbsp;&nbsp; 66758038 | &nbsp;&nbsp; 239534793 |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; 43468861 | &nbsp;&nbsp; (8170077)<br>| &nbsp;&nbsp; 35298784 | &nbsp;&nbsp; 163222562 |
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; 3654232 | &nbsp;&nbsp; (41779423)<br>| &nbsp;&nbsp; (38125191)<br>| &nbsp;&nbsp; 852017864 |
| SA Multi-Managed International Equity | &nbsp;&nbsp; 75567927 | &nbsp;&nbsp; (12458326)<br>| &nbsp;&nbsp; 63109601 | &nbsp;&nbsp; 205779500 |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; 54448850 | &nbsp;&nbsp; (12691660)<br>| &nbsp;&nbsp; 41757190 | &nbsp;&nbsp; 182476126 |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; 44669718 | &nbsp;&nbsp; (25440048)<br>| &nbsp;&nbsp; 19229670 | &nbsp;&nbsp; 274632971 |
| SA Multi-Managed Mid Cap Growth | &nbsp;&nbsp; 27744912 | &nbsp;&nbsp; (15759518)<br>| &nbsp;&nbsp; 11985394 | &nbsp;&nbsp; 132305501 |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp; 41737940 | &nbsp;&nbsp; (15201539)<br>| &nbsp;&nbsp; 26536401 | &nbsp;&nbsp; 155752688 |
| SA Multi-Managed Small Cap | &nbsp;&nbsp; 27675671 | &nbsp;&nbsp; (14651202)<br>| &nbsp;&nbsp; 13024469 | &nbsp;&nbsp; 114259235 |

---

**Note 5 — Investment Advisory and Management Agreement, and Service Plan (12b-1 Plan)**

SAAMCo serves as investment adviser to the Trust and employs investment subadvisers that make investment decisions for all or portions of certain of the Portfolios. The Portfolios pay SAAMCo a monthly fee, calculated daily based on net assets at the annual rates set forth in the table below. SAAMCo has contractually (unless otherwise indicated)

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

agreed to waive a portion of its advisory fee for certain Portfolios. The waived advisory fees are not subject to recoupment. The subadvisers are compensated for their services by SAAMCo.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Subadviser** | **Advisory Fee** | **Advisory Fee after Waiver** |
| SA Allocation Aggressive |  | 0.10% | 0.09% |
| SA Allocation Balanced |  | 0.10% | 0.09% |
| SA Allocation Moderate |  | 0.10% | 0.09% |
| SA Allocation Moderately Aggressive |  | 0.10% | 0.09% |
| SA American Century Inflation Managed | American Century Invesment Management, Inc. | &nbsp;&nbsp; 0.60% on the first $500 million <br>0.55% over $500 million<br>| &nbsp;&nbsp; 0.54% on the first $500 million <br>0.49% over $500 million \* <br>\* Voluntary Waiver<br>|
| SA Columbia Focused Value | Columbia Management Investment Advisers, LLC | &nbsp;&nbsp; 1.00% on the first $250 million <br>0.95% on the next $250 million <br>0.90% over $500 million<br>| 0.67% |
| SA Franklin Allocation Moderately Aggressive | Franklin Advisers, Inc. | &nbsp;&nbsp; 0.85% on the first $250 million <br>0.80% on the next $250 million <br>0.75% over $500 million<br>| &nbsp;&nbsp; 0.67% on the first $250 million <br>0.62% on the next $750 million <br>0.55% over $1 billion<br>|
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; PineBridge Investments LLC <br>Wellington Management Company LLP<br>| &nbsp;&nbsp; 0.70% on the first $200 million <br>0.65% on the next $200 million <br>0.60% over $400 million<br>| No fee waiver |
| SA Multi-Managed International Equity | &nbsp;&nbsp; BlackRock Investment Management, LLC <br>Schroder Investment Management North America Inc. <br>T. Rowe Price Associates, Inc.<br>| &nbsp;&nbsp; 0.95% on the first $250 million <br>0.90% on the next $250 million <br>0.85% over $500 million<br>| &nbsp;&nbsp; 0.91% on the first $250 million <br>0.86% on the next $250 million <br>0.81% over $500 million<br>|
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; BlackRock Investment Management, LLC <br>Goldman Sachs Asset Management, L.P. <br>Morgan Stanley Investment Management Inc.<br>| &nbsp;&nbsp; 0.80% on the first $250 million <br>0.75% on the next $250 million <br>0.70% over $500 million<br>| &nbsp;&nbsp; 0.73% on the first $250 million <br>0.67% on the next $250 million <br>0.58% over $500 million<br>|
| SA Multi-Managed Large Cap Value(1) | &nbsp;&nbsp; American Century Invesment Management, Inc. <br>BlackRock Investment Management, LLC <br>Wellington Management Company LLP<br>| &nbsp;&nbsp; 0.80% on the first $250 million <br>0.75% on the next $250 million <br>0.70% over $500 million<br>| No fee waiver(2) |
| SA Multi-Managed Mid Cap Growth | &nbsp;&nbsp; BlackRock Investment Management, LLC <br>T. Rowe Price Associates, Inc. <br>Wellington Management Company LLP<br>| &nbsp;&nbsp; 0.85% on the first $250 million <br>0.80% on the next $250 million <br>0.75% over $500 million<br>| No fee waiver |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp; BlackRock Investment Management, LLC <br>Massachusetts Financial Services Company <br>T. Rowe Price Associates, Inc.<br>| &nbsp;&nbsp; 0.85% on the first $250 million <br>0.80% on the next $250 million <br>0.75% over $500 million<br>| No fee waiver |
| SA Multi-Managed Small Cap | &nbsp;&nbsp; BlackRock Investment Management, LLC <br>J.P. Morgan Investment Management, Inc. <br>Schroder Investment Management North America Inc.<br>| &nbsp;&nbsp; 0.85% on the first $250 million <br>0.80% on the next $250 million <br>0.75% over $500 million<br>| No fee waiver |

---

(1) On April 30, 2026, Federated MDTA LLC was appointed as subadviser replacing American Century Investment Management, Inc.

(2) Effective April 30, 2026, the SA Multi-Managed Large Cap Value Portfolio is contractually waiving fees so that its advisory fee payable is equal to 0.78% of the Portfolio's average daily net assets on the first $250 million, 0.73% of the Portfolio's average daily net assets on the next $250 million, and 0.68% over $500 million. 

For the year ended March 31 2026, advisory fees waived were as follows:

---

| | |
|:---|:---|
| **Portfolio** | **Amount** |
| SA Allocation Aggressive | &nbsp;&nbsp; $52180 |
| SA Allocation Balanced | &nbsp;&nbsp; 25552 |
| SA Allocation Moderate | &nbsp;&nbsp; 30320 |
| SA Allocation Moderately Aggressive | &nbsp;&nbsp; 53423 |

---

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | |
|:---|:---|
| **Portfolio** | **Amount** |
| SA American Century Inflation Managed | &nbsp;&nbsp; $322370 |
| SA Columbia Focused Value | &nbsp;&nbsp; 953884 |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; 375734 |
| SA Multi-Managed International Equity | &nbsp;&nbsp; 114109 |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; 211253 |

---

The Trust has entered into a Master Transfer Agency and Service Agreement with VALIC Retirement Services Company ("VRSCO"), an affiliate of VALIC. Effective October 1, 2025, VRSCO receives from the Trust and SunAmerica Series Trust, collectively, an annual fee of $1,000,000, which is allocated to each Portfolio of the Trust and SunAmerica Series Trust based on shareholder accounts. Prior to that date, the annual fee was $150,000. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their "institutional" shareholders and certain shareholder reporting services including confirmation of transactions and tax reporting. Accordingly, for the year ended March 31, 2026, transfer agent fees were paid (see Statement of Operations) based on the annual fee at the old rate until September 30, 2025 and at the new rate on and after October 1, 2025.

Class 2 and Class 3 shares of each Portfolio are subject to Rule 12b-1 plans that provide for service fees payable at the annual rate of 0.15% and 0.25%, respectively, of the average daily net assets of Class 2 and Class 3 shares. The service fees will be used to compensate the Life Companies for expenditures made to financial intermediaries for providing services to contract holders who are the indirect beneficial owners of the Portfolios' Class 2 and Class 3 shares. Accordingly, for the year ended March 31, 2026, service fees were paid (see Statement of Operations) based on the aforementioned rates.

**Note 6 — Purchases and Sales of Investment Securities**

The cost of purchases and proceeds from sales and maturities of long—term investments during the year ended March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Purchases of** <br>**Investment** <br>**Securities** <br>**(excluding U.S.** <br>**Government** <br>**Securities)**<br>| **Sales of** <br>**Investment** <br>**Securities** <br>**(excluding U.S.** <br>**Government** <br>**Securities)**<br>| **Purchase of U.S.** <br>**Government** <br>**Securities**<br>| **Sales of U.S.** <br>**Government** <br>**Securities**<br>|
| SA Allocation Aggressive | &nbsp;&nbsp; $82192535 | &nbsp;&nbsp; $105580640 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| SA Allocation Balanced | &nbsp;&nbsp; 45282402 | &nbsp;&nbsp; 54719970 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Allocation Moderate | &nbsp;&nbsp; 66279560 | &nbsp;&nbsp; 65156847 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Allocation Moderately Aggressive | &nbsp;&nbsp; 94672838 | &nbsp;&nbsp; 110393284 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA American Century Inflation Managed | &nbsp;&nbsp; 329872866 | &nbsp;&nbsp; 207231546 | &nbsp;&nbsp; 164278575 | &nbsp;&nbsp; 291175640 |
| SA Columbia Focused Value | &nbsp;&nbsp; 118372100 | &nbsp;&nbsp; 145012411 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; 101443684 | &nbsp;&nbsp; 128221586 | &nbsp;&nbsp; 1142110 | &nbsp;&nbsp; 1942724 |
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; 313337649 | &nbsp;&nbsp; 309705704 | &nbsp;&nbsp; 264128546 | &nbsp;&nbsp; 209725517 |
| SA Multi-Managed International Equity | &nbsp;&nbsp; 104641629 | &nbsp;&nbsp; 124888189 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; 159022974 | &nbsp;&nbsp; 233092992 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; 144162796 | &nbsp;&nbsp; 181852140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Mid Cap Growth | &nbsp;&nbsp; 134385721 | &nbsp;&nbsp; 157478141 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp; 77486241 | &nbsp;&nbsp; 94279112 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed Small Cap | &nbsp;&nbsp; 88494104 | &nbsp;&nbsp; 105931113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**Note 7 — Capital Share Transactions**

Transactions in capital shares of each class of each Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** |
|  | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| Shares sold | 104184 | &nbsp;&nbsp; $1698388 | &nbsp;&nbsp; 144 | &nbsp;&nbsp; $2155 | &nbsp;&nbsp;&nbsp; 164673 | &nbsp;&nbsp; $1642189 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; $322 |
| Shares issued in merger | 1439815 | &nbsp;&nbsp; 21555034 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1795146 | &nbsp;&nbsp; 16910097 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reinvested dividends | 71408 | &nbsp;&nbsp; 1199646 | &nbsp;&nbsp; 2335 | &nbsp;&nbsp; 36958 | &nbsp;&nbsp;&nbsp; 54621 | &nbsp;&nbsp; 552764 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 826 |
| Shares redeemed | (275282)<br>| &nbsp;&nbsp; (4615083)<br>| &nbsp;&nbsp; (5424)<br>| &nbsp;&nbsp; (83177)<br>| &nbsp;&nbsp;&nbsp; (393886)<br>| &nbsp;&nbsp; (3941346)<br>| &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp; (512)<br>|
| Total | 1340125 | &nbsp;&nbsp; $19837985 | &nbsp;&nbsp; (2945)<br>| &nbsp;&nbsp; $(44064)<br>| &nbsp;&nbsp;&nbsp; 1620554 | &nbsp;&nbsp; $15163704 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; $636 |
| **Class 3** |  |  |  |  |  |  |  |  |
| Shares sold | 792018 | &nbsp;&nbsp; $12496224 | &nbsp;&nbsp; 1453622 | &nbsp;&nbsp; $21993320 | &nbsp;&nbsp;&nbsp; 847445 | &nbsp;&nbsp; $8460171 | &nbsp;&nbsp; 1462048 | &nbsp;&nbsp; $13842810 |
| Shares issued in merger | 893796 | &nbsp;&nbsp; 13274210 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 932220 | &nbsp;&nbsp; 8785335 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reinvested dividends | 1408132 | &nbsp;&nbsp; 23473568 | &nbsp;&nbsp; 914635 | &nbsp;&nbsp; 14378063 | &nbsp;&nbsp;&nbsp; 718740 | &nbsp;&nbsp; 7280835 | &nbsp;&nbsp; 449007 | &nbsp;&nbsp; 4355371 |
| Shares redeemed | (4006641)<br>| &nbsp;&nbsp; (65962546)<br>| &nbsp;&nbsp; (2857198)<br>| &nbsp;&nbsp; (43337423)<br>| &nbsp;&nbsp;&nbsp; (4020920)<br>| &nbsp;&nbsp; (40355103)<br>| &nbsp;&nbsp; (4079840)<br>| &nbsp;&nbsp; (38557779)<br>|
| Total | (912695)<br>| &nbsp;&nbsp; $(16718544)<br>| &nbsp;&nbsp; (488941)<br>| &nbsp;&nbsp; $(6966040)<br>| &nbsp;&nbsp;&nbsp; (1522515)<br>| &nbsp;&nbsp; $(15828762)<br>| &nbsp;&nbsp; (2168785)<br>| &nbsp;&nbsp; $(20359598)<br>|
| Net increase (decrease) | 427430 | &nbsp;&nbsp; $3119441 | &nbsp;&nbsp; (491886)<br>| &nbsp;&nbsp; $(7010104)<br>| &nbsp;&nbsp;&nbsp; 98039 | &nbsp;&nbsp; $(665058)<br>| &nbsp;&nbsp; (2168720)<br>| &nbsp;&nbsp; $(20358962)<br>|

---

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** |
|  | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| Shares sold | 175052 | &nbsp;&nbsp; $1865232 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; $458 | &nbsp;&nbsp;&nbsp; 224931 | &nbsp;&nbsp; $2446085 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; $1313 |
| Shares issued in merger | 2265963 | &nbsp;&nbsp; 22661899 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3103231 | &nbsp;&nbsp; 31461491 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reinvested dividends | 101025 | &nbsp;&nbsp; 1096126 | &nbsp;&nbsp; 407 | &nbsp;&nbsp; 4245 | &nbsp;&nbsp;&nbsp; 153714 | &nbsp;&nbsp; 1707766 | &nbsp;&nbsp; 958 | &nbsp;&nbsp; 10159 |
| Shares redeemed | (467299)<br>| &nbsp;&nbsp; (5061364)<br>| &nbsp;&nbsp; (271)<br>| &nbsp;&nbsp; (2742)<br>| &nbsp;&nbsp;&nbsp; (545717)<br>| &nbsp;&nbsp; (5980022)<br>| &nbsp;&nbsp; (902)<br>| &nbsp;&nbsp; (9278)<br>|
| Total | 2074741 | &nbsp;&nbsp; $20561893 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; $1961 | &nbsp;&nbsp;&nbsp; 2936159 | &nbsp;&nbsp; $29635320 | &nbsp;&nbsp; 186 | &nbsp;&nbsp; $2194 |
| **Class 3** |  |  |  |  |  |  |  |  |
| Shares sold | 1110218 | &nbsp;&nbsp; $11977499 | &nbsp;&nbsp; 1023876 | &nbsp;&nbsp; $10140532 | &nbsp;&nbsp;&nbsp; 1092716 | &nbsp;&nbsp; $11909173 | &nbsp;&nbsp; 1355920 | &nbsp;&nbsp; $13980391 |
| Shares issued in merger | 1238005 | &nbsp;&nbsp; 12329289 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2134870 | &nbsp;&nbsp; 21555358 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Reinvested dividends | 1116550 | &nbsp;&nbsp; 12081070 | &nbsp;&nbsp; 673382 | &nbsp;&nbsp; 6996441 | &nbsp;&nbsp;&nbsp; 2155582 | &nbsp;&nbsp; 23862294 | &nbsp;&nbsp; 1438096 | &nbsp;&nbsp; 15200677 |
| Shares redeemed | (3858311)<br>| &nbsp;&nbsp; (41572801)<br>| &nbsp;&nbsp; (4382089)<br>| &nbsp;&nbsp; (44226295)<br>| &nbsp;&nbsp;&nbsp; (6839410)<br>| &nbsp;&nbsp; (75263728)<br>| &nbsp;&nbsp; (6402790)<br>| &nbsp;&nbsp; (65782014)<br>|
| Total | (393538)<br>| &nbsp;&nbsp; $(5184943)<br>| &nbsp;&nbsp; (2684831)<br>| &nbsp;&nbsp; $(27089322)<br>| &nbsp;&nbsp;&nbsp; (1456242)<br>| &nbsp;&nbsp; $(17936903)<br>| &nbsp;&nbsp; (3608774)<br>| &nbsp;&nbsp; $(36600946)<br>|
| Net increase (decrease) | 1681203 | &nbsp;&nbsp; $15376950 | &nbsp;&nbsp; (2684650)<br>| &nbsp;&nbsp; $(27087361)<br>| &nbsp;&nbsp;&nbsp; 1479917 | &nbsp;&nbsp; $11698417 | &nbsp;&nbsp; (3608588)<br>| &nbsp;&nbsp; $(36598752)<br>|
|  | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA Columbia Focused Value Portfolio** | **SA Columbia Focused Value Portfolio** | **SA Columbia Focused Value Portfolio** | **SA Columbia Focused Value Portfolio** |
|  | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| Shares sold | 4783058 | &nbsp;&nbsp; $42441705 | &nbsp;&nbsp; 3230038 | &nbsp;&nbsp; $27426949 | &nbsp;&nbsp;&nbsp; 1711089 | &nbsp;&nbsp; $32921501 | &nbsp;&nbsp; 53982 | &nbsp;&nbsp; $1101191 |
| Reinvested dividends | 895305 | &nbsp;&nbsp; 7816013 | &nbsp;&nbsp; 794568 | &nbsp;&nbsp; 6873011 | &nbsp;&nbsp;&nbsp; 2557170 | &nbsp;&nbsp; 49762526 | &nbsp;&nbsp; 1684825 | &nbsp;&nbsp; 33224742 |
| Shares redeemed | (4680253)<br>| &nbsp;&nbsp; (41539835)<br>| &nbsp;&nbsp; (4155196)<br>| &nbsp;&nbsp; (36427685)<br>| &nbsp;&nbsp;&nbsp; (2732987)<br>| &nbsp;&nbsp; (57033028)<br>| &nbsp;&nbsp; (4265254)<br>| &nbsp;&nbsp; (89059310)<br>|
| Total | 998110 | &nbsp;&nbsp; $8717883 | &nbsp;&nbsp; (130590)<br>| &nbsp;&nbsp; $(2127725)<br>| &nbsp;&nbsp;&nbsp; 1535272 | &nbsp;&nbsp; $25650999 | &nbsp;&nbsp; (2526447)<br>| &nbsp;&nbsp; $(54733377)<br>|
| **Class 2** |  |  |  |  |  |  |  |  |
| Shares sold |  |  |  |  | &nbsp;&nbsp;&nbsp; 9227 | &nbsp;&nbsp; $177849 | &nbsp;&nbsp; 15610 | &nbsp;&nbsp; $318006 |
| Reinvested dividends |  |  |  |  | &nbsp;&nbsp;&nbsp; 101062 | &nbsp;&nbsp; 1977790 | &nbsp;&nbsp; 77104 | &nbsp;&nbsp; 1527426 |
| Shares redeemed |  |  |  |  | &nbsp;&nbsp;&nbsp; (147998)<br>| &nbsp;&nbsp; (3111723)<br>| &nbsp;&nbsp; (106970)<br>| &nbsp;&nbsp; (2185567)<br>|
| Total |  |  |  |  | &nbsp;&nbsp;&nbsp; (37709)<br>| &nbsp;&nbsp; $(956084)<br>| &nbsp;&nbsp; (14256)<br>| &nbsp;&nbsp; $(340135)<br>|
| **Class 3** |  |  |  |  |  |  |  |  |
| Shares sold | 3476891 | &nbsp;&nbsp; $30468574 | &nbsp;&nbsp; 2060617 | &nbsp;&nbsp; $17735931 | &nbsp;&nbsp;&nbsp; 9362 | &nbsp;&nbsp; $189173 | &nbsp;&nbsp; 10925 | &nbsp;&nbsp; $211528 |
| Reinvested dividends | 1393753 | &nbsp;&nbsp; 12028085 | &nbsp;&nbsp; 1438118 | &nbsp;&nbsp; 12310286 | &nbsp;&nbsp;&nbsp; 67548 | &nbsp;&nbsp; 1323935 | &nbsp;&nbsp; 46646 | &nbsp;&nbsp; 925450 |
| Shares redeemed | (7093921)<br>| &nbsp;&nbsp; (62043180)<br>| &nbsp;&nbsp; (8808802)<br>| &nbsp;&nbsp; (76325358)<br>| &nbsp;&nbsp;&nbsp; (65969)<br>| &nbsp;&nbsp; (1364419)<br>| &nbsp;&nbsp; (42630)<br>| &nbsp;&nbsp; (863014)<br>|
| Total | (2223277)<br>| &nbsp;&nbsp; $(19546521)<br>| &nbsp;&nbsp; (5310067)<br>| &nbsp;&nbsp; $(46279141)<br>| &nbsp;&nbsp;&nbsp; 10941 | &nbsp;&nbsp; $148689 | &nbsp;&nbsp; 14941 | &nbsp;&nbsp; $273964 |
| Net increase (decrease) | (1225167)<br>| &nbsp;&nbsp; $(10828638)<br>| &nbsp;&nbsp; (5440657)<br>| &nbsp;&nbsp; $(48406866)<br>| &nbsp;&nbsp;&nbsp; 1508504 | &nbsp;&nbsp; $24843604 | &nbsp;&nbsp; (2525762)<br>| &nbsp;&nbsp; $(54799548)<br>|
|  | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** |
|  | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| Shares sold | 1648 | &nbsp;&nbsp; $26693 | &nbsp;&nbsp; 42207 | &nbsp;&nbsp; $614930 | &nbsp;&nbsp;&nbsp; 18629495 | &nbsp;&nbsp; $190584128 | &nbsp;&nbsp; 6470922 | &nbsp;&nbsp; $65478350 |
| Reinvested dividends | 107824 | &nbsp;&nbsp; 1545113 | &nbsp;&nbsp; 11052 | &nbsp;&nbsp; 162692 | &nbsp;&nbsp;&nbsp; 2377288 | &nbsp;&nbsp; 24200792 | &nbsp;&nbsp; 2336275 | &nbsp;&nbsp; 23502925 |
| Shares redeemed | (125255)<br>| &nbsp;&nbsp; (1871839)<br>| &nbsp;&nbsp; (174386)<br>| &nbsp;&nbsp; (2370729)<br>| &nbsp;&nbsp;&nbsp; (14955887)<br>| &nbsp;&nbsp; (153854711)<br>| &nbsp;&nbsp; (13192933)<br>| &nbsp;&nbsp; (133983991)<br>|
| Total | (15783)<br>| &nbsp;&nbsp; $(300033)<br>| &nbsp;&nbsp; (121127)<br>| &nbsp;&nbsp; $(1593107)<br>| &nbsp;&nbsp;&nbsp; 6050896 | &nbsp;&nbsp; $60930209 | &nbsp;&nbsp; (4385736)<br>| &nbsp;&nbsp; $(45002716)<br>|
| **Class 2** |  |  |  |  |  |  |  |  |
| Shares sold | 17812 | &nbsp;&nbsp; $271905 | &nbsp;&nbsp; 137109 | &nbsp;&nbsp; $1982651 | &nbsp;&nbsp;&nbsp; 67127 | &nbsp;&nbsp; $694436 | &nbsp;&nbsp; 57997 | &nbsp;&nbsp; $590041 |
| Reinvested dividends | 334576 | &nbsp;&nbsp; 4804510 | &nbsp;&nbsp; 32527 | &nbsp;&nbsp; 479448 | &nbsp;&nbsp;&nbsp; 37930 | &nbsp;&nbsp; 386509 | &nbsp;&nbsp; 43171 | &nbsp;&nbsp; 434729 |
| Shares redeemed | (477052)<br>| &nbsp;&nbsp; (7163867)<br>| &nbsp;&nbsp; (559070)<br>| &nbsp;&nbsp; (7761400)<br>| &nbsp;&nbsp;&nbsp; (189477)<br>| &nbsp;&nbsp; (1945277)<br>| &nbsp;&nbsp; (215125)<br>| &nbsp;&nbsp; (2195686)<br>|
| Total | (124664)<br>| &nbsp;&nbsp; $(2087452)<br>| &nbsp;&nbsp; (389434)<br>| &nbsp;&nbsp; $(5299301)<br>| &nbsp;&nbsp;&nbsp; (84420)<br>| &nbsp;&nbsp; $(864332)<br>| &nbsp;&nbsp; (113957)<br>| &nbsp;&nbsp; $(1170916)<br>|
| **Class 3** |  |  |  |  |  |  |  |  |
| Shares sold | 459176 | &nbsp;&nbsp; $6759189 | &nbsp;&nbsp; 852542 | &nbsp;&nbsp; $11875264 | &nbsp;&nbsp;&nbsp; 34182 | &nbsp;&nbsp; $349220 | &nbsp;&nbsp; 16648 | &nbsp;&nbsp; $165430 |
| Reinvested dividends | 1577662 | &nbsp;&nbsp; 22465901 | &nbsp;&nbsp; 145036 | &nbsp;&nbsp; 2123334 | &nbsp;&nbsp;&nbsp; 17394 | &nbsp;&nbsp; 176552 | &nbsp;&nbsp; 20064 | &nbsp;&nbsp; 201242 |
| Shares redeemed | (2211595)<br>| &nbsp;&nbsp; (33243374)<br>| &nbsp;&nbsp; (1895089)<br>| &nbsp;&nbsp; (26500458)<br>| &nbsp;&nbsp;&nbsp; (123891)<br>| &nbsp;&nbsp; (1265307)<br>| &nbsp;&nbsp; (117719)<br>| &nbsp;&nbsp; (1184356)<br>|
| Total | (174757)<br>| &nbsp;&nbsp; $(4018284)<br>| &nbsp;&nbsp; (897511)<br>| &nbsp;&nbsp; $(12501860)<br>| &nbsp;&nbsp;&nbsp; (72315)<br>| &nbsp;&nbsp; $(739535)<br>| &nbsp;&nbsp; (81007)<br>| &nbsp;&nbsp; $(817684)<br>|
| Net increase (decrease) | (315204)<br>| &nbsp;&nbsp; $(6405769)<br>| &nbsp;&nbsp; (1408072)<br>| &nbsp;&nbsp; $(19394268)<br>| &nbsp;&nbsp;&nbsp; 5894161 | &nbsp;&nbsp; $59326342 | &nbsp;&nbsp; (4580700)<br>| &nbsp;&nbsp; $(46991316)<br>|

---

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** |
|  | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| Shares sold | 3015025 | &nbsp;&nbsp; $28033486 | &nbsp;&nbsp; 213759 | &nbsp;&nbsp; $1953772 | &nbsp;&nbsp;&nbsp; 2451375 | &nbsp;&nbsp; $32434470 | &nbsp;&nbsp; 85854 | &nbsp;&nbsp; $1132427 |
| Reinvested dividends | 1825631 | &nbsp;&nbsp; 18274566 | &nbsp;&nbsp; 1317142 | &nbsp;&nbsp; 11590849 | &nbsp;&nbsp;&nbsp; 6359692 | &nbsp;&nbsp; 76952279 | &nbsp;&nbsp; 2152662 | &nbsp;&nbsp; 31105965 |
| Shares redeemed | (4910454)<br>| &nbsp;&nbsp; (49844483)<br>| &nbsp;&nbsp; (7233623)<br>| &nbsp;&nbsp; (66348889)<br>| &nbsp;&nbsp;&nbsp; (7011318)<br>| &nbsp;&nbsp; (90440300)<br>| &nbsp;&nbsp; (10729986)<br>| &nbsp;&nbsp; (147060613)<br>|
| Total | (69798)<br>| &nbsp;&nbsp; $(3536431)<br>| &nbsp;&nbsp; (5702722)<br>| &nbsp;&nbsp; $(52804268)<br>| &nbsp;&nbsp;&nbsp; 1799749 | &nbsp;&nbsp; $18946449 | &nbsp;&nbsp; (8491470)<br>| &nbsp;&nbsp; $(114822221)<br>|
| **Class 2** |  |  |  |  |  |  |  |  |
| Shares sold | 2699 | &nbsp;&nbsp; $28365 | &nbsp;&nbsp; 66857 | &nbsp;&nbsp; $583205 | &nbsp;&nbsp;&nbsp; 16574 | &nbsp;&nbsp; $195293 | &nbsp;&nbsp; 16688 | &nbsp;&nbsp; $207409 |
| Reinvested dividends | 81499 | &nbsp;&nbsp; 819881 | &nbsp;&nbsp; 66069 | &nbsp;&nbsp; 584048 | &nbsp;&nbsp;&nbsp; 865536 | &nbsp;&nbsp; 9555517 | &nbsp;&nbsp; 274950 | &nbsp;&nbsp; 3728324 |
| Shares redeemed | (309265)<br>| &nbsp;&nbsp; (3119531)<br>| &nbsp;&nbsp; (286592)<br>| &nbsp;&nbsp; (2651722)<br>| &nbsp;&nbsp;&nbsp; (788676)<br>| &nbsp;&nbsp; (9693712)<br>| &nbsp;&nbsp; (358541)<br>| &nbsp;&nbsp; (4602897)<br>|
| Total | (225067)<br>| &nbsp;&nbsp; $(2271285)<br>| &nbsp;&nbsp; (153666)<br>| &nbsp;&nbsp; $(1484469)<br>| &nbsp;&nbsp;&nbsp; 93434 | &nbsp;&nbsp; $57098 | &nbsp;&nbsp; (66903)<br>| &nbsp;&nbsp; $(667164)<br>|
| **Class 3** |  |  |  |  |  |  |  |  |
| Shares sold | 12429 | &nbsp;&nbsp; $128472 | &nbsp;&nbsp; 61564 | &nbsp;&nbsp; $524454 | &nbsp;&nbsp;&nbsp; 22870 | &nbsp;&nbsp; $226692 | &nbsp;&nbsp; 25589 | &nbsp;&nbsp; $316119 |
| Reinvested dividends | 64270 | &nbsp;&nbsp; 643989 | &nbsp;&nbsp; 47743 | &nbsp;&nbsp; 420620 | &nbsp;&nbsp;&nbsp; 554703 | &nbsp;&nbsp; 5824385 | &nbsp;&nbsp; 167269 | &nbsp;&nbsp; 2194575 |
| Shares redeemed | (149193)<br>| &nbsp;&nbsp; (1501213)<br>| &nbsp;&nbsp; (179602)<br>| &nbsp;&nbsp; (1617741)<br>| &nbsp;&nbsp;&nbsp; (201357)<br>| &nbsp;&nbsp; (2591511)<br>| &nbsp;&nbsp; (210205)<br>| &nbsp;&nbsp; (2625980)<br>|
| Total | (72494)<br>| &nbsp;&nbsp; $(728752)<br>| &nbsp;&nbsp; (70295)<br>| &nbsp;&nbsp; $(672667)<br>| &nbsp;&nbsp;&nbsp; 376216 | &nbsp;&nbsp; $3459566 | &nbsp;&nbsp; (17347)<br>| &nbsp;&nbsp; $(115286)<br>|
| Net increase (decrease) | (367359)<br>| &nbsp;&nbsp; $(6536468)<br>| &nbsp;&nbsp; (5926683)<br>| &nbsp;&nbsp; $(54961404)<br>| &nbsp;&nbsp;&nbsp; 2269399 | &nbsp;&nbsp; $22463113 | &nbsp;&nbsp; (8575720)<br>| &nbsp;&nbsp; $(115604671)<br>|
|  | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** |
|  | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| Shares sold | 2301780 | &nbsp;&nbsp; $26966809 | &nbsp;&nbsp; 119112 | &nbsp;&nbsp; $1563924 | &nbsp;&nbsp;&nbsp; 740128 | &nbsp;&nbsp; $10596608 | &nbsp;&nbsp; 323250 | &nbsp;&nbsp; $4639947 |
| Reinvested dividends | 4634242 | &nbsp;&nbsp; 51393739 | &nbsp;&nbsp; 4137810 | &nbsp;&nbsp; 52219164 | &nbsp;&nbsp;&nbsp; 1045468 | &nbsp;&nbsp; 15420654 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (5227172)<br>| &nbsp;&nbsp; (63641583)<br>| &nbsp;&nbsp; (17452687)<br>| &nbsp;&nbsp; (237681000)<br>| &nbsp;&nbsp;&nbsp; (1676699)<br>| &nbsp;&nbsp; (25998805)<br>| &nbsp;&nbsp; (1789314)<br>| &nbsp;&nbsp; (25522614)<br>|
| Total | 1708850 | &nbsp;&nbsp; $14718965 | &nbsp;&nbsp; (13195765)<br>| &nbsp;&nbsp; $(183897912)<br>| &nbsp;&nbsp;&nbsp; 108897 | &nbsp;&nbsp; $18457 | &nbsp;&nbsp; (1466064)<br>| &nbsp;&nbsp; $(20882667)<br>|
| **Class 2** |  |  |  |  |  |  |  |  |
| Shares sold | 9905 | &nbsp;&nbsp; $123785 | &nbsp;&nbsp; 10198 | &nbsp;&nbsp; $124252 | &nbsp;&nbsp;&nbsp; 17874 | &nbsp;&nbsp; $227675 | &nbsp;&nbsp; 20058 | &nbsp;&nbsp; $231399 |
| Reinvested dividends | 286253 | &nbsp;&nbsp; 3171680 | &nbsp;&nbsp; 260296 | &nbsp;&nbsp; 3279735 | &nbsp;&nbsp;&nbsp; 208586 | &nbsp;&nbsp; 2615674 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (441966)<br>| &nbsp;&nbsp; (5384499)<br>| &nbsp;&nbsp; (174738)<br>| &nbsp;&nbsp; (2369087)<br>| &nbsp;&nbsp;&nbsp; (500080)<br>| &nbsp;&nbsp; (6628738)<br>| &nbsp;&nbsp; (209889)<br>| &nbsp;&nbsp; (2589765)<br>|
| Total | (145808)<br>| &nbsp;&nbsp; $(2089034)<br>| &nbsp;&nbsp; 95756 | &nbsp;&nbsp; $1034900 | &nbsp;&nbsp;&nbsp; (273620)<br>| &nbsp;&nbsp; $(3785389)<br>| &nbsp;&nbsp; (189831)<br>| &nbsp;&nbsp; $(2358366)<br>|
| **Class 3** |  |  |  |  |  |  |  |  |
| Shares sold | 17135 | &nbsp;&nbsp; $210306 | &nbsp;&nbsp; 24643 | &nbsp;&nbsp; $312648 | &nbsp;&nbsp;&nbsp; 33837 | &nbsp;&nbsp; $395427 | &nbsp;&nbsp; 11639 | &nbsp;&nbsp; $129950 |
| Reinvested dividends | 134120 | &nbsp;&nbsp; 1488731 | &nbsp;&nbsp; 117670 | &nbsp;&nbsp; 1484995 | &nbsp;&nbsp;&nbsp; 148460 | &nbsp;&nbsp; 1677601 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares redeemed | (148663)<br>| &nbsp;&nbsp; (1809970)<br>| &nbsp;&nbsp; (101181)<br>| &nbsp;&nbsp; (1347844)<br>| &nbsp;&nbsp;&nbsp; (155108)<br>| &nbsp;&nbsp; (1902036)<br>| &nbsp;&nbsp; (160934)<br>| &nbsp;&nbsp; (1888618)<br>|
| Total | 2592 | &nbsp;&nbsp; $(110933)<br>| &nbsp;&nbsp; 41132 | &nbsp;&nbsp; $449799 | &nbsp;&nbsp;&nbsp; 27189 | &nbsp;&nbsp; $170992 | &nbsp;&nbsp; (149295)<br>| &nbsp;&nbsp; $(1758668)<br>|
| Net increase (decrease) | 1565634 | &nbsp;&nbsp; $12518998 | &nbsp;&nbsp; (13058877)<br>| &nbsp;&nbsp; $(182413213)<br>| &nbsp;&nbsp;&nbsp; (137534)<br>| &nbsp;&nbsp; $(3595940)<br>| &nbsp;&nbsp; (1805190)<br>| &nbsp;&nbsp; $(24999701)<br>|
|  | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** |
|  | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| Shares sold | 1245021 | &nbsp;&nbsp; $19371449 | &nbsp;&nbsp; 36513 | &nbsp;&nbsp; $624998 | &nbsp;&nbsp;&nbsp; 948182 | &nbsp;&nbsp; $9589829 | &nbsp;&nbsp; 51246 | &nbsp;&nbsp; $567220 |
| Reinvested dividends | 1668745 | &nbsp;&nbsp; 25615235 | &nbsp;&nbsp; 731063 | &nbsp;&nbsp; 13071400 | &nbsp;&nbsp;&nbsp; 1278966 | &nbsp;&nbsp; 13991890 | &nbsp;&nbsp; 243937 | &nbsp;&nbsp; 2995545 |
| Shares redeemed | (2177211)<br>| &nbsp;&nbsp; (36028139)<br>| &nbsp;&nbsp; (1911098)<br>| &nbsp;&nbsp; (33894722)<br>| &nbsp;&nbsp;&nbsp; (2317557)<br>| &nbsp;&nbsp; (25719187)<br>| &nbsp;&nbsp; (3204436)<br>| &nbsp;&nbsp; (37265640)<br>|
| Total | 736555 | &nbsp;&nbsp; $8958545 | &nbsp;&nbsp; (1143522)<br>| &nbsp;&nbsp; $(20198324)<br>| &nbsp;&nbsp;&nbsp; (90409)<br>| &nbsp;&nbsp; $(2137468)<br>| &nbsp;&nbsp; (2909253)<br>| &nbsp;&nbsp; $(33702875)<br>|
| **Class 2** |  |  |  |  |  |  |  |  |
| Shares sold | 13262 | &nbsp;&nbsp; $214005 | &nbsp;&nbsp; 12838 | &nbsp;&nbsp; $217462 | &nbsp;&nbsp;&nbsp; 17873 | &nbsp;&nbsp; $185776 | &nbsp;&nbsp; 44644 | &nbsp;&nbsp; $479326 |
| Reinvested dividends | 169259 | &nbsp;&nbsp; 2586281 | &nbsp;&nbsp; 83398 | &nbsp;&nbsp; 1485316 | &nbsp;&nbsp;&nbsp; 139558 | &nbsp;&nbsp; 1441633 | &nbsp;&nbsp; 24308 | &nbsp;&nbsp; 283913 |
| Shares redeemed | (289100)<br>| &nbsp;&nbsp; (4754240)<br>| &nbsp;&nbsp; (144496)<br>| &nbsp;&nbsp; (2522982)<br>| &nbsp;&nbsp;&nbsp; (263667)<br>| &nbsp;&nbsp; (2801910)<br>| &nbsp;&nbsp; (141966)<br>| &nbsp;&nbsp; (1526730)<br>|
| Total | (106579)<br>| &nbsp;&nbsp; $(1953954)<br>| &nbsp;&nbsp; (48260)<br>| &nbsp;&nbsp; $(820204)<br>| &nbsp;&nbsp;&nbsp; (106236)<br>| &nbsp;&nbsp; $(1174501)<br>| &nbsp;&nbsp; (73014)<br>| &nbsp;&nbsp; $(763491)<br>|

---

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** |
|  | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** | **Year Ended 3/31/26** | **Year Ended 3/31/26** | **Year Ended 3/31/25** | **Year Ended 3/31/25** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| **Class 3** |  |  |  |  |  |  |  |  |
| Shares sold | 18420 | &nbsp;&nbsp; $298839 | &nbsp;&nbsp; 15755 | &nbsp;&nbsp; $267857 | &nbsp;&nbsp;&nbsp; 25818 | &nbsp;&nbsp; $260373 | &nbsp;&nbsp; 37268 | &nbsp;&nbsp; $376928 |
| Reinvested dividends | 95266 | &nbsp;&nbsp; 1451859 | &nbsp;&nbsp; 45383 | &nbsp;&nbsp; 806912 | &nbsp;&nbsp;&nbsp; 103496 | &nbsp;&nbsp; 1028753 | &nbsp;&nbsp; 16954 | &nbsp;&nbsp; 191582 |
| Shares redeemed | (101250)<br>| &nbsp;&nbsp; (1672686)<br>| &nbsp;&nbsp; (81204)<br>| &nbsp;&nbsp; (1405499)<br>| &nbsp;&nbsp;&nbsp; (123181)<br>| &nbsp;&nbsp; (1273294)<br>| &nbsp;&nbsp; (100610)<br>| &nbsp;&nbsp; (1051812)<br>|
| Total | 12436 | &nbsp;&nbsp; $78012 | &nbsp;&nbsp; (20066)<br>| &nbsp;&nbsp; $(330730)<br>| &nbsp;&nbsp;&nbsp; 6133 | &nbsp;&nbsp; $15832 | &nbsp;&nbsp; (46388)<br>| &nbsp;&nbsp; $(483302)<br>|
| Net increase (decrease) | 642412 | &nbsp;&nbsp; $7082603 | &nbsp;&nbsp; (1211848)<br>| &nbsp;&nbsp; $(21349258)<br>| &nbsp;&nbsp;&nbsp; (190512)<br>| &nbsp;&nbsp; $(3296137)<br>| &nbsp;&nbsp; (3028655)<br>| &nbsp;&nbsp; $(34949668)<br>|

---

**Note 8 — Transactions with Affiliates**

Transactions in shares of Underlying Portfolios and affiliated companies for the year ended March 31, 2026 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**<br>| **Value at** <br>**March 31,** <br>**2025**<br>| **Cost of** <br>**Purchases**<sup>†</sup> <br>| **Proceeds** <br>**from Sales**<br>| **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Gain (Loss)**<br>| **Value at** <br>**March 31,** <br>**2026**<br>|
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $191549 | $— | $4250854 | $1797508 | $628145 | $(63646)<br>| $(16057)<br>| $5340514 |
| SA Columbia Focused Value Portfolio, Class 1 | 176329 | 1743943 | 8879148 | 4335770 | 1334900 | (36851)<br>| 698403 | 12541570 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 704412 |  | 18202054 | 5109083 | 2776825 | (516058)<br>| 598156 | 20616410 |
| SA Multi-Managed International Equity Portfolio, Class 1 | 479082 | 1600792 | 25091165 | 4789520 | 3616369 | 468274 | 2776728 | 29509318 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 |  | 3367361 | 11167645 | 4518103 | 8218421 | 300543 | (1333769)<br>| 6434101 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | 209533 | 1816904 | 9732720 | 3677753 | 1362024 | (223012)<br>| (610321)<br>| 11215116 |
| SA Multi-Managed Mid Cap Growth Portfolio, Class 1 |  | 583989 | 4288255 | 989948 | 628146 | (279814)<br>| 244156 | 4614399 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | 47444 | 681786 | 4341471 | 1092457 | 562025 | (102044)<br>| (16028)<br>| 4753831 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | 11425 | 528423 | 4577423 | 1000390 | 1371457 | (574612)<br>| 749106 | 4380850 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 |  | 2126581 | 5864446 | 2353166 | 6141836(1)<br>| (48366)<br>| (2027410)<br>|  |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 |  | 3142971 | 18033470 | 6717013 | 2856399 | 167575 | (959088)<br>| 21102571 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | 16771 | 232704 | 1974408 | 441771 | 297545 | (136404)<br>| 147393 | 2129623 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | 83796 |  | 4079498 | 468388 | 595085 | 208273 | 1048566 | 5209640 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | 363582 |  | 10016897 | 3025064 | 1487714 | (245844)<br>| 347398 | 11655801 |
| SA Fidelity Institutional AM® Global Equities Portfolio, Class 1 |  |  |  | 5506564 | 144115 | 1796 | (207051)<br>| 5157194 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | 170118 | 2345866 | 15603381 | 5566554 | 2526783 | 407173 | (1161280)<br>| 17889045 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | 167504 | 499394 | 7102490 | 1350620 | 1057930 | (266762)<br>| (74706)<br>| 7053712 |
| SA Fixed Income Index Portfolio, Class 1 | 298335 |  | 9453404 | 1382047 | 1555063 | (228231)<br>| 272657 | 9324814 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | 87623 |  | 3103927 | 408118 | 495905 | (22486)<br>| 63411 | 3057065 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | 379046 | 2916281 | 17200547 | 5933871 | 4087201 | 389631 | (577999)<br>| 18858849 |
| SA Franklin Small Company Value Portfolio, Class 1 | 10035 | 76378 | 2451032 | 311926 | 1807793 | (117229)<br>| 137213 | 975149 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | 40880 | 646726 | 7709893 | 2436916 | 1189865 | 445861 | 379712 | 9782517 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | 193085 | 695042 | 13961664 | 2979506 | 3970518 | 617463 | 1404188 | 14992303 |
| SA Goldman Sachs Government & Quality Bond Portfolio, Class 1 | 486247 |  | 11789429 | 3565675 | 1686690 | (425223)<br>| 395837 | 13639028 |
| SA International Index Portfolio, Class 1 | 448871 |  | 18717412 | 2072707 | 3812584 | 1078343 | 2765868 | 20821746 |
| SA Invesco Growth Opportunities Portfolio, Class 1 |  | 12355 | 4444272 | 446774 | 2460461 | (1560439)<br>| 2088631 | 2958777 |
| SA Janus Focused Growth Portfolio, Class 1 |  | 1684344 | 6593077 | 3121838 | 1275600 | (246839)<br>| (276023)<br>| 7916453 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | 160775 |  | 5430615 | 673565 | 793448 | 150961 | 1696608 | 7158301 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | 327212 | 2386808 | 12969583 | 4783499 | 5893855 | (1205922)<br>| 433534 | 11086839 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | 56045 | 1412651 | 12287538 | 2512661 | 3354449 | (66780)<br>| 300190 | 11679160 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | 878688 |  | 21398951 | 7527596 | 3354339 | (519067)<br>| 664683 | 25717824 |
| SA JPMorgan Mid Cap Growth Portfolio, Class 1 |  | 381323 | 4998163 | 808648 | 1161207 | (219938)<br>| 556936 | 4982602 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | 70114 |  | 937026 | 655579 | 132242 | 7894 | (23121)<br>| 1445136 |
| SA Large Cap Growth Index Portfolio, Class 1 | 74413 | 3735239 | 22312983 | 6708916 | 6757824 | 1079270 | 648797 | 23992142 |
| SA Large Cap Index Portfolio, Class 1 | 441633 | 4769223 | 35031773 | 8541309 | 7798454 | 3233026 | (1749185)<br>| 37258469 |
| SA Large Cap Value Index Portfolio, Class 1 | 361041 | 1879219 | 20293850 | 9895862 | 3427221 | 413809 | 15386 | 27191686 |
| SA MFS Large Cap Growth, Class 1 |  | 4072100 | 15585658 | 11014226(1)<br>| 11113991 | 1863478 | (1104733)<br>| 16244638 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | 57788 | 2275241 | 5929777 | 2866887 | 819956 | (217534)<br>| (1331622)<br>| 6427552 |
| SA Mid Cap Index Portfolio, Class 1 | 54303 | 329057 | 4463135 | 682488 | 1462844 | 106215 | 300151 | 4089145 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | 266797 | 1214636 | 14345230 | 2763408 | 1983617 | 531508 | (346268)<br>| 15310261 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | 62759 |  | 1169167 | 1365788 | 84789 | 3856 | (30817)<br>| 2423205 |
| SA PIMCO RAE International Value Portfolio, Class 1 | 246846 | 272746 | 5448936 | 2002840 | 955031 | 80531 | 1952576 | 8529852 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | 337312 |  | 5043383 | 828736 | 760387 | (44566)<br>| 105946 | 5173112 |
| SA Putnam International Value Portfolio, Class 1 | 308539 | 1207638 | 9816836 | 3961066 | 1491078 | 267362 | 1026818 | 13581004 |

---

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** |
| **Security** | **Income** | **Capital Gain**<br> **Distribution**<br> **Received**<br>| **Value at**<br> **March 31,**<br> **2025**<br>| **Cost of**<br> **Purchases**<sup>†</sup><br>| **Proceeds**<br> **from Sales**<br>| **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Gain (Loss)**<br>| **Value at**<br> **March 31,**<br> **2026**<br>|
| SA Small Cap Index Portfolio, Class 1 | $29897 | $198277 | $3105943 | $563691 | $625051 | $(105426)<br>| $643850 | $3583007 |
| SA Wellington Capital Appreciation Portfolio, Class 1 |  | 57046 | 9122634 | 1922952 | 1756817 | 692486 | 1183134 | 11164389 |
|  | $8299829 | $48893044 | $458321163 | $145478767 | $111673999 | $5042235 | $11800554 | $508968720 |

---

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvestment of distributions paid. |
| <sup>(1)</sup> <br>| 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**<br>| **Value at** <br>**March 31,** <br>**2025**<br>| **Cost of** <br>**Purchases**<sup>†</sup> <br>| **Proceeds** <br>**from Sales**<br>| **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Gain (Loss)**<br>| **Value at** <br>**March 31,** <br>**2026**<br>|
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $283289 | $— | $6955291 | $1722957 | $1213359 | $(147479)<br>| $61460 | $7378870 |
| SA Columbia Focused Value Portfolio, Class 1 | 45660 | 451595 | 2265835 | 806063 | 437016 | (43314)<br>| 242309 | 2833877 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 1185928 |  | 30091011 | 7624742 | 5526929 | (1064842)<br>| 1230940 | 32354922 |
| SA Multi-Managed International Equity Portfolio, Class 1 | 113071 | 377812 | 5640499 | 1404580 | 1254370 | 236155 | 520548 | 6547412 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 |  | 966954 | 2329604 | 1479304 | 1608478 | 239008 | (604514)<br>| 1834924 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | 51291 | 444753 | 2562693 | 836411 | 544969 | (88183)<br>| (90898)<br>| 2675054 |
| SA Multi-Managed Mid Cap Growth Portfolio, Class 1 |  | 143262 | 1018098 | 289074 | 188280 | (53544)<br>| 42122 | 1107470 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | 11705 | 168207 | 1126283 | 325723 | 288280 | (41212)<br>| 20905 | 1143419 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | 3323 | 153700 | 1234463 | 338508 | 352690 | (135548)<br>| 185837 | 1270570 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 |  | 423382 | 1219783 | 428213 | 1232741(1)<br>| (7679)<br>| (407576)<br>|  |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 |  | 721808 | 4024906 | 1573905 | 1223895 | (187927)<br>| 46506 | 4233495 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | 7896 | 109558 | 903970 | 214661 | 125520 | (13067)<br>| 16400 | 996444 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | 10782 |  | 494187 | 124191 | 146440 | 23939 | 139407 | 635284 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | 580099 |  | 15395702 | 3951060 | 2803278 | 7919 | 149825 | 16701228 |
| SA Fidelity Institutional AM® Global Equities Portfolio, Class 1 |  |  |  | 1531971 | 79077 | 727 | (52750)<br>| 1400871 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | 35755 | 493050 | 3243355 | 1241059 | 651326 | (41163)<br>| (124938)<br>| 3666987 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | 53853 | 160556 | 2193287 | 538433 | 418400 | (126247)<br>| 17445 | 2204518 |
| SA Fixed Income Index Portfolio, Class 1 | 469891 |  | 14269959 | 2735243 | 2815830 | (404367)<br>| 466183 | 14251188 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | 175427 |  | 5984263 | 1017890 | 1087839 | (48543)<br>| 126589 | 5992360 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | 92384 | 710776 | 4270325 | 1402462 | 1168391 | 13173 | (40309)<br>| 4477260 |
| SA Franklin Small Company Value Portfolio, Class 1 | 3485 | 26524 | 533653 | 111013 | 354600 | 22989 | 1169 | 314224 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | 11393 | 180231 | 2824433 | 515929 | 1279696 | 368896 | (42044)<br>| 2387518 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | 42852 | 154255 | 3138755 | 951303 | 608353 | 85247 | 379989 | 3946941 |
| SA Goldman Sachs Government & Quality Bond Portfolio, Class 1 | 786644 |  | 18322123 | 5058434 | 3395314 | (775233)<br>| 717615 | 19927625 |
| SA International Index Portfolio, Class 1 | 95421 |  | 3849329 | 613860 | 669439 | 163521 | 638857 | 4596128 |
| SA Invesco Growth Opportunities Portfolio, Class 1 |  | 1886 | 888532 | 139076 | 672713 | (203755)<br>| 277690 | 428830 |
| SA Janus Focused Growth Portfolio, Class 1 |  | 525102 | 1930772 | 1153923 | 621443 | 38220 | (225634)<br>| 2275838 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | 25137 |  | 805794 | 187149 | 209200 | (17142)<br>| 306875 | 1073476 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | 86939 | 634167 | 3978564 | 1189674 | 2505844 | (361045)<br>| 161118 | 2462467 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | 11696 | 294799 | 2961669 | 678982 | 1175511 | (79333)<br>| 193005 | 2578812 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | 1452203 |  | 34084778 | 9042418 | 6283121 | (784681)<br>| 1001837 | 37061231 |
| SA JPMorgan Mid Cap Growth Portfolio, Class 1 |  | 88753 | 1598481 | 250766 | 909200 | (156234)<br>| 341218 | 1125031 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | 117454 |  | 1740439 | 960472 | 313800 | 18277 | (42711)<br>| 2362677 |
| SA Large Cap Growth Index Portfolio, Class 1 | 19262 | 966890 | 5693444 | 2229741 | 2103026 | 341625 | 84579 | 6246363 |
| SA Large Cap Index Portfolio, Class 1 | 115317 | 1245321 | 9285732 | 2721258 | 2795982 | 822489 | (373851)<br>| 9659646 |
| SA Large Cap Value Index Portfolio, Class 1 | 107220 | 558083 | 6228842 | 1508610 | 1271730 | 119774 | 69263 | 6654759 |
| SA MFS Large Cap Growth, Class 1 |  | 1033779 | 3946624 | 2385648(1)<br>| 2280747 | 641687 | (623490)<br>| 4069722 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | 20729 | 816145 | 2133422 | 1143994 | 1069238 | (235903)<br>| (282967)<br>| 1689308 |
| SA Mid Cap Index Portfolio, Class 1 | 16676 | 101048 | 1425638 | 247334 | 767360 | 122148 | 13145 | 1040905 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | 59244 | 269718 | 3083259 | 733992 | 523000 | 36676 | (2364)<br>| 3328563 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | 34463 |  | 637104 | 638710 | 57857 | 2327 | (16027)<br>| 1204257 |
| SA PIMCO RAE International Value Portfolio, Class 1 | 81315 | 89846 | 1776898 | 642638 | 308657 | 59205 | 601602 | 2771686 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | 518536 |  | 7467636 | 1587815 | 1380719 | (59319)<br>| 145818 | 7761231 |
| SA Putnam International Value Portfolio, Class 1 | 79948 | 312919 | 2645247 | 893195 | 396865 | 114895 | 210720 | 3467192 |
| SA Small Cap Index Portfolio, Class 1 | 7239 | 48007 | 677887 | 166499 | 130048 | 18943 | 114106 | 847387 |
| SA Wellington Capital Appreciation Portfolio, Class 1 |  | 15096 | 2324619 | 658159 | 682530 | 278539 | 195918 | 2774705 |

---

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** |
| **Security** | **Income** | **Capital Gain**<br> **Distribution**<br> **Received**<br>| **Value at**<br> **March 31,**<br> **2025**<br>| **Cost of**<br> **Purchases**<sup>†</sup><br>| **Proceeds**<br> **from Sales**<br>| **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Gain (Loss)**<br>| **Value at**<br> **March 31,**<br> **2026**<br>|
|  | $6813527 | $12687982 | $229207188 | $65997042 | $55933101 | $(1299381)<br>| $5790927 | $243762675 |

---

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvestment of distributions paid. |
| <sup>(1)</sup> <br>| 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**<br>| **Value at** <br>**March 31,** <br>**2025**<br>| **Cost of** <br>**Purchases**<sup>†</sup> <br>| **Proceeds** <br>**from Sales**<br>| **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Gain (Loss)**<br>| **Value at** <br>**March 31,** <br>**2026**<br>|
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $250073 | $— | $5639683 | $2394683 | $969911 | $(143651)<br>| $53228 | $6974032 |
| SA Columbia Focused Value Portfolio, Class 1 | 79884 | 790081 | 3703556 | 1758512 | 692611 | 17743 | 318016 | 5105216 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 1041479 |  | 25794068 | 7738899 | 4331519 | (563742)<br>| 707373 | 29345079 |
| SA Multi-Managed International Equity Portfolio, Class 1 | 165973 | 554576 | 8157724 | 2382448 | 1398001 | 221380 | 887041 | 10250592 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 |  | 1268491 | 4351028 | 2100637 | 3154705 | 12261 | (540392)<br>| 2768829 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | 85226 | 739010 | 4032351 | 1502379 | 661303 | (86198)<br>| (220762)<br>| 4566467 |
| SA Multi-Managed Mid Cap Growth Portfolio, Class 1 |  | 203492 | 1420416 | 452144 | 242478 | (48585)<br>| 31246 | 1612743 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | 20590 | 295881 | 1789523 | 610333 | 286565 | 1691 | (49468)<br>| 2065514 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | 5969 | 276093 | 2006150 | 646457 | 457005 | (159345)<br>| 268194 | 2304451 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 |  | 730463 | 2096601 | 730468 | 2111038(1)<br>| (11734)<br>| (704297)<br>|  |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 |  | 1359542 | 7146279 | 3213087 | 1707601 | 58493 | (337924)<br>| 8372334 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | 11431 | 158615 | 1282833 | 350885 | 176347 | (12584)<br>| 18775 | 1463562 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | 18970 |  | 836951 | 267623 | 242478 | 87372 | 200193 | 1149661 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | 520943 |  | 13568369 | 3831421 | 2204342 | (369067)<br>| 509904 | 15336285 |
| SA Fidelity Institutional AM® Global Equities Portfolio, Class 1 |  |  |  | 2581210 | 93926 | 1638 | (111207)<br>| 2377715 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | 57289 | 789994 | 5008695 | 2230127 | 942930 | 51394 | (330792)<br>| 6016494 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | 76138 | 226998 | 3034846 | 845651 | 529042 | (145656)<br>| (5987)<br>| 3199812 |
| SA Fixed Income Index Portfolio, Class 1 | 419691 |  | 12425424 | 2894144 | 2342457 | (146642)<br>| 202063 | 13032532 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | 133872 |  | 4474689 | 902435 | 749476 | (36615)<br>| 95745 | 4686778 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | 156947 | 1207510 | 7014726 | 2660777 | 1813083 | 309335 | (361336)<br>| 7810419 |
| SA Franklin Small Company Value Portfolio, Class 1 | 3347 | 25477 | 746845 | 160475 | 614714 | 32796 | (15947)<br>| 309455 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | 20281 | 320847 | 3603391 | 996667 | 839259 | 304211 | 119801 | 4184811 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | 78900 | 284016 | 5526380 | 1483188 | 1492649 | 222954 | 619830 | 6359703 |
| SA Goldman Sachs Government & Quality Bond Portfolio, Class 1 | 670994 |  | 15287083 | 5134043 | 2659160 | (615510)<br>| 567783 | 17714239 |
| SA International Index Portfolio, Class 1 | 173142 |  | 6708608 | 1382962 | 1513997 | 309424 | 1152262 | 8039259 |
| SA Invesco Growth Opportunities Portfolio, Class 1 |  | 4644 | 1609079 | 293271 | 985781 | (425141)<br>| 622171 | 1113599 |
| SA Janus Focused Growth Portfolio, Class 1 |  | 845182 | 2992055 | 1939908 | 966695 | (87417)<br>| (152227)<br>| 3725624 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | 49043 |  | 1549366 | 365510 | 308608 | 92947 | 468766 | 2167981 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | 148913 | 1086224 | 6357022 | 2156795 | 4292334 | (412136)<br>| 113720 | 3923067 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | 21359 | 538355 | 5265210 | 1338743 | 2734992 | 110622 | 119255 | 4098838 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | 1270851 |  | 28288946 | 10320237 | 4944337 | (568851)<br>| 757708 | 33853703 |
| SA JPMorgan Mid Cap Growth Portfolio, Class 1 |  | 169322 | 2343309 | 485789 | 808608 | (282247)<br>| 475587 | 2213830 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | 130943 |  | 1589984 | 1402200 | 264521 | 15362 | (45123)<br>| 2697902 |
| SA Large Cap Growth Index Portfolio, Class 1 | 29684 | 1490042 | 8545389 | 3674601 | 3060875 | 661226 | 78385 | 9898726 |
| SA Large Cap Index Portfolio, Class 1 | 170231 | 1838336 | 13252534 | 4362932 | 3202952 | 1306859 | (693982)<br>| 15025391 |
| SA Large Cap Value Index Portfolio, Class 1 | 143162 | 745157 | 8724418 | 5179283 | 2226968 | 239116 | (30836)<br>| 11885013 |
| SA MFS Large Cap Growth, Class 1 |  | 1627504 | 6006049 | 4666331(1)<br>| 4194972 | 996038 | (824248)<br>| 6649198 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | 32963 | 1297816 | 3204004 | 1842019 | 1480908 | (546992)<br>| (298134)<br>| 2719989 |
| SA Mid Cap Index Portfolio, Class 1 | 26454 | 160299 | 2088499 | 435406 | 1042478 | 179361 | 18763 | 1679551 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | 94957 | 432308 | 4845089 | 1318432 | 771520 | 48817 | 2919 | 5443737 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | 40159 |  | 743517 | 805651 | 62462 | 2592 | (19118)<br>| 1470180 |
| SA PIMCO RAE International Value Portfolio, Class 1 | 118737 | 131195 | 2677319 | 941897 | 471737 | 42666 | 921285 | 4111430 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | 451168 |  | 6357020 | 1581408 | 1102171 | (48899)<br>| 124436 | 6911794 |
| SA Putnam International Value Portfolio, Class 1 | 139766 | 547050 | 4495558 | 1759619 | 648085 | 187452 | 381327 | 6175871 |
| SA Small Cap Index Portfolio, Class 1 | 9506 | 63044 | 1105643 | 286667 | 417794 | (3812)<br>| 162460 | 1133164 |
| SA Wellington Capital Appreciation Portfolio, Class 1 |  | 25084 | 3884852 | 1065909 | 1034472 | 421527 | 398816 | 4736632 |

---

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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**<br>| **Value at**<br> **March 31,**<br> **2025**<br>| **Cost of**<br> **Purchases**<sup>†</sup><br>| **Proceeds**<br> **from Sales**<br>| **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Gain (Loss)**<br>| **Value at**<br> **March 31,**<br> **2026**<br>|
|  | $6869035 | $20232648 | $261581081 | $95474263 | $67249867 | $1220453 | $5655272 | $296681202 |

---

---

| | |
|:---|:---|
| <sup>†</sup> <br>| Includes reinvestment of distributions paid. |
| <sup>(1)</sup> <br>| 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**<br>| **Value at** <br>**March 31,** <br>**2025**<br>| **Cost of** <br>**Purchases**<sup>†</sup> <br>| **Proceeds** <br>**from Sales**<br>| **Realized** <br>**Gain/(Loss)**<br>| **Change in** <br>**Unrealized** <br>**Gain (Loss)**<br>| **Value at** <br>**March 31,** <br>**2026**<br>|
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $348224 | $— | $7725266 | $3298108 | $1317131 | $(134785)<br>| $(1869)<br>| $9569589 |
| SA Columbia Focused Value Portfolio, Class 1 | 149579 | 1479383 | 7431378 | 3889909 | 1304555 | 7179 | 574059 | 10597970 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 1378872 |  | 33653529 | 10810075 | 5869814 | (651952)<br>| 847214 | 38789052 |
| SA Multi-Managed International Equity Portfolio, Class 1 | 386277 | 1290694 | 19480938 | 4692612 | 3290725 | 316331 | 2272327 | 23471483 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 |  | 2471714 | 7690951 | 3818669 | 4991677 | 27196 | (1071803)<br>| 5473336 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | 182792 | 1585023 | 8833149 | 2848914 | 1365292 | (460874)<br>| (206165)<br>| 9649732 |
| SA Multi-Managed Mid Cap Growth Portfolio, Class 1 |  | 452836 | 3221133 | 885141 | 542348 | (170621)<br>| 137598 | 3530903 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | 41274 | 593128 | 3649500 | 1128464 | 619825 | (24709)<br>| (71040)<br>| 4062390 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | 8791 | 406582 | 3192923 | 872373 | 890150 | (326078)<br>| 477456 | 3326524 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 |  | 1511578 | 4342247 | 1512819 | 4373387(1)<br>| (27212)<br>| (1454467)<br>|  |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 |  | 2814561 | 14781646 | 6131478 | 2841917 | 423251 | (1059614)<br>| 17434844 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | 20002 | 277535 | 2276341 | 575448 | 348652 | (95248)<br>| 107428 | 2515317 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | 59606 |  | 2784344 | 491911 | 542348 | 103195 | 789707 | 3626809 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | 691116 |  | 18378738 | 5268793 | 2982914 | (487151)<br>| 673050 | 20850516 |
| SA Fidelity Institutional AM® Global Equities Portfolio, Class 1 |  |  |  | 4406729 | 188440 | 2263 | (180219)<br>| 4040333 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | 134967 | 1861147 | 12366258 | 4447124 | 2265359 | 460169 | (1061233)<br>| 13946959 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | 153077 | 456382 | 6243709 | 1474069 | 1084696 | (257909)<br>| (51108)<br>| 6324065 |
| SA Fixed Income Index Portfolio, Class 1 | 566256 |  | 17192790 | 3245993 | 3181865 | (104237)<br>| 179026 | 17331707 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | 178890 |  | 6111528 | 981742 | 1007218 | (49613)<br>| 129375 | 6165814 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | 300714 | 2313619 | 13760984 | 4579638 | 2828026 | 673864 | (744475)<br>| 15441985 |
| SA Franklin Small Company Value Portfolio, Class 1 | 20052 | 152619 | 2264271 | 475277 | 946455 | (137572)<br>| 291474 | 1946995 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | 36540 | 578064 | 6641150 | 1541645 | 1181018 | 446025 | 312784 | 7760586 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | 155234 | 558793 | 11076419 | 2544195 | 4302947 | 700101 | 984227 | 11001995 |
| SA Goldman Sachs Government & Quality Bond Portfolio, Class 1 | 890369 |  | 20825854 | 6470501 | 3585999 | (756460)<br>| 695897 | 23649793 |
| SA International Index Portfolio, Class 1 | 367441 |  | 14837947 | 2220176 | 3524349 | 1187664 | 1928044 | 16649482 |
| SA Invesco Growth Opportunities Portfolio, Class 1 |  | 9627 | 3233967 | 489262 | 1857641 | (916496)<br>| 1317341 | 2266433 |
| SA Janus Focused Growth Portfolio, Class 1 |  | 1442933 | 5544626 | 2826487 | 1290590 | (183098)<br>| (270850)<br>| 6626575 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | 128580 |  | 4195863 | 684400 | 697305 | 138419 | 1330206 | 5651583 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | 287727 | 2098792 | 12911635 | 3833455 | 7298254 | (451254)<br>| (124885)<br>| 8870697 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | 48114 | 1212724 | 10178934 | 2554387 | 4932824 | 187782 | 134543 | 8122822 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | 1781780 |  | 42038562 | 10744854 | 6796029 | (658290)<br>| 910916 | 46240013 |
| SA JPMorgan Mid Cap Growth Portfolio, Class 1 |  | 332033 | 4367437 | 795219 | 1181087 | (480031)<br>| 792638 | 4294176 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | 148515 |  | 2355912 | 1057304 | 387391 | 22689 | (52213)<br>| 2996301 |
| SA Large Cap Growth Index Portfolio, Class 1 | 63851 | 3205060 | 18886935 | 6743935 | 7046039 | 1271368 | 244849 | 20101048 |
| SA Large Cap Index Portfolio, Class 1 | 360938 | 3897792 | 27866214 | 8087716 | 5703654 | 2707641 | (1516748)<br>| 31441169 |
| SA Large Cap Value Index Portfolio, Class 1 | 307902 | 1602628 | 17150642 | 8159737 | 2969289 | 497484 | (96776)<br>| 22741798 |
| SA MFS Large Cap Growth, Class 1 |  | 3189125 | 12060049 | 8897924(1)<br>| 8446215 | 1876277 | (1392497)<br>| 12995538 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | 58813 | 2315618 | 5821073 | 3145059 | 1430790 | (560996)<br>| (994541)<br>| 5979805 |
| SA Mid Cap Index Portfolio, Class 1 | 46222 | 280087 | 3704793 | 665976 | 1626131 | 312079 | 33558 | 3090275 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | 216395 | 985172 | 11259812 | 2621999 | 1782001 | 153932 | (22771)<br>| 12230971 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | 69060 |  | 1275579 | 1473220 | 101333 | 3989 | (33562)<br>| 2617893 |
| SA PIMCO RAE International Value Portfolio, Class 1 | 230262 | 254422 | 5218300 | 1743404 | 991303 | 95639 | 1773733 | 7839773 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | 603426 |  | 8689315 | 2307704 | 1510827 | (7825)<br>| 109862 | 9588229 |
| SA Putnam International Value Portfolio, Class 1 | 281575 | 1102099 | 9500696 | 2970305 | 1339955 | 389612 | 771436 | 12292094 |
| SA Small Cap Index Portfolio, Class 1 | 25397 | 168429 | 2375691 | 560251 | 404245 | (10872)<br>| 477352 | 2998177 |
| SA Wellington Capital Appreciation Portfolio, Class 1 |  | 48334 | 7723385 | 1706771 | 1554445 | 597624 | 955710 | 9429045 |

---

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** |
| **Security** | **Income** | **Capital Gain**<br> **Distribution**<br> **Received**<br>| **Value at**<br> **March 31,**<br> **2025**<br>| **Cost of**<br> **Purchases**<sup>†</sup><br>| **Proceeds**<br> **from Sales**<br>| **Realized**<br> **Gain/(Loss)**<br>| **Change in**<br> **Unrealized**<br> **Gain (Loss)**<br>| **Value at**<br> **March 31,**<br> **2026**<br>|
|  | $10728630 | $40948533 | $465122413 | $150681172 | $114724455 | $5648490 | $8844974 | $515572594 |

---

---

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

---

The following Portfolios incurred brokerage commissions with affiliated brokers for the year ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **American** <br>**Century** <br>**Investments**<br>| **Goldman** <br>**Sachs & Co.**<br>|
| SA Multi-Managed Large Cap Growth | $— | $161 |
| SA Multi-Managed Large Cap Value | 12 |  |

---

At March 31, 2026, the following affiliates owned greater than 5% of the total outstanding shares of the following Portfolios:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **SST** <br>**SA Allocation** <br>**Aggressive** <br>**Portfolio**<br>| **SST** <br>**SA Allocation** <br>**Moderately** <br>**Aggressive** <br>**Portfolio**<br>| **SAST** <br>**SA VCP** <br>**Dynamic** <br>**Strategy** <br>**Portfolio**<br>| **SAST** <br>**SA VCP** <br>**Dynamic** <br>**Allocation** <br>**Portfolio**<br>|
| SA American Century Inflation Managed | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 8.39<br> %<br>| 24.12<br> %<br>|
| SA Columbia Focused Value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 34.74 | 49.02 |
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; — | 5.51 | 18.42 | 61.89 |
| SA Multi-Managed International Equity | 10.83 | 8.61 | 20.84 | 45.69 |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 24.31 | 47.75 |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 34.36 | 46.71 |
| SA Multi-Managed Mid Cap Growth | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 29.80 | 40.19 |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 19.87 | 58.48 |
| SA Multi-Managed Small Cap | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 38.92 | 36.33 |

---

The fund-of-funds do not invest in the Underlying Portfolios for the purpose of exercising management or control; however, investments by these Portfolios within the set limits across their asset allocations may represent a significant portion of net assets of the Underlying Portfolios.

The Portfolios are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Trustees, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the 1940 Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the year ended March 31, 2026, the following Portfolios engaged in security transactions with affiliated funds:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | **Cost of** <br>**Purchases**<br>| **Proceeds** <br>**from Sales**<br>| **Realized** <br>**Gain (Loss)**<br>|
| SA Multi-Managed International Equity | &nbsp;&nbsp; $710819 | &nbsp;&nbsp; $1050807 | &nbsp;&nbsp; $299677 |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; 16076515 | &nbsp;&nbsp; 21441520 | &nbsp;&nbsp; 5671520 |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; 14047004 | &nbsp;&nbsp; 23935175 | &nbsp;&nbsp; 6162132 |
| SA Multi-Managed Mid Cap Growth | &nbsp;&nbsp; 5331467 | &nbsp;&nbsp; 3523424 | &nbsp;&nbsp; 142372 |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp; 3016702 | &nbsp;&nbsp; 3972525 | &nbsp;&nbsp; 1436374 |
| SA Multi-Managed Small Cap | &nbsp;&nbsp; 2681220 | &nbsp;&nbsp; 4463714 | &nbsp;&nbsp; 2749864 |

---

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

**Note 9 — Record Ownership**

At March 31, 2026, the following table includes shareholders of record with greater than 5% of the total outstanding shares of the following Portfolios:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **American General** <br>**Life Insurance Co.**<br>| **The United States** <br>**Life Insurance Co.**<br>|
| SA Allocation Aggressive | 92.57<br> %<br>| 7.43<br> %<br>|
| SA Allocation Balanced | 91.91 | 8.09 |
| SA Allocation Moderate | 93.03 | 6.97 |
| SA Allocation Moderately Aggressive | 92.82 | 7.18 |
| SA American Century Inflation Managed | 57.87 | &nbsp;&nbsp; — |
| SA Columbia Focused Value | 6.03 | &nbsp;&nbsp; — |
| SA Franklin Allocation Moderately Aggressive | 93.70 | 6.30 |
| SA Multi-Managed International Equity | 7.68 | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Growth | 20.75 | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Value | 9.32 | &nbsp;&nbsp; — |
| SA Multi-Managed Mid Cap Growth | 22.39 | &nbsp;&nbsp; — |
| SA Multi-Managed Mid Cap Value | 14.90 | &nbsp;&nbsp; — |
| SA Multi-Managed Small Cap | 15.79 | &nbsp;&nbsp; — |

---

**Note 10 — Investment Concentration and Other Risks**

Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investment prices can fall or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse political, regulatory or economic developments here or abroad; changes in investor psychology; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. Investments in growth stocks as well as small and mid-cap company stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Investments in non-U.S. stocks and bonds are subject to additional risks such as fluctuations in foreign currencies, political and economic instability, differences in securities regulation and accounting standards, foreign tax laws, and limited availability of public information. Income seeking investment strategies may not be realized due to changes in dividend policies or the availability of capital resources. Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments.

Certain Portfolios invest internationally, including in "emerging market" countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the SA Multi-Managed International Equity Portfolio.

Each Portfolio may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a portfolio holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the SA Multi-Managed Diversified Fixed Income Portfolios' concentration in such investments, this fund may be subject to risks associated with the U.S. Government, its agencies or instrumentalities.

Certain Portfolios may invest in participations and assignments, or act as a party to the primary lending syndicate of a variable rate senior loan interest to United States corporations, partnerships, and other entities. If the lead lender in a typical lending syndicate becomes insolvent, enters receivership or, if not FDIC insured, enters into bankruptcy, a Portfolio may incur certain costs and delays in receiving payment, or may suffer a loss of principal and/or interest. When a Portfolio purchases a participation of a senior loan interest, the Portfolio typically enters into a contractual agreement with the lender or other third party selling the participation but not with the borrower directly. As such, a Portfolio is subject to the credit risk of the borrower, selling participant, lender or other persons positioned between the Portfolios and the borrower.

**Note 11 — Line of Credit**

The Trust, along with certain other funds managed by the Adviser, has access to a $75 million committed unsecured line of credit and a $100 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company ("State Street"), the Trust's custodian. Interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the federal funds effective rate on such date and (b) the overnight bank funding rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the federal funds effective rate or the overnight bank funding rate shall be less than zero, then the federal funds effective rate or the overnight bank funding rate, shall be deemed to be zero for the purposes of determining the rate. The Trust, on behalf of each of the Portfolios, has paid State Street, such Portfolio's ratable portion of an upfront fee in an amount equal to $90,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

unused portion of the committed line of credit. Borrowings under the line of credit will commence when the respective Portfolio's cash shortfall exceeds $100,000. For the year ended March 31, 2026, the following Portfolios had borrowings:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Days** <br>**Outstanding**<br>| **Interest** <br>**Charges**<br>| **Average** <br>**Debt** <br>**Utilized**<br>| **Weighted** <br>**Average** <br>**Interest**<br>| **Balance** <br>**Outstanding** <br>**at 03/31/26**<br>|
| SA American Century Inflation Managed | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $111 | &nbsp;&nbsp; $800000 | 4.99<br> %<br>| &nbsp;&nbsp; $— |
| SA Columbia Focused Value | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 625000 | 5.24 | &nbsp;&nbsp; — |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 7082 | &nbsp;&nbsp; 1459286 | 5.00 | &nbsp;&nbsp; — |
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 608333 | 5.16 | &nbsp;&nbsp; — |
| SA Multi-Managed International Equity | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 144853 | 5.63 | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 3141 | &nbsp;&nbsp; 1485000 | 5.18 | &nbsp;&nbsp; — |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 387500 | 5.11 | &nbsp;&nbsp; — |
| SA Multi-Managed Mid Cap Growth | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 250000 | 5.24 | &nbsp;&nbsp; — |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 1050000 | 5.15 | &nbsp;&nbsp; — |

---

**Note 12 — Interfund Lending Agreement**

Pursuant to the exemptive relief granted by the SEC, the Portfolios are permitted to participate in an interfund lending program among investment companies advised by SAAMCo or an affiliate. The interfund lending program allows the participating Portfolios to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Portfolios receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the year ended March 31, 2026, none of the Portfolios participated in this program.

**Note 13 — Portfolio Mergers**

The Board of the Trust on behalf of each of the Portfolios below (each, a "Target Portfolio"), each determined that it was in the best interests of each of its respective Target Portfolios to reorganize into an existing series (each, an "Acquiring Portfolio") of the Trust, as shown in the table below. The reorganization was effective April 28, 2025. Following the reorganization, 14 Portfolios are offered by the Trust.

The table below shows the following information for the Reorganizations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The exchange ratio of shares of each Target Portfolio that were exchanged tax-free for shares of the Acquiring Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The number and value of shares of the Acquiring Portfolio issued in connection with the acquisition of each Target Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The value and identified cost as of the respective Reorganization Date of the assets in the investment portfolio of each Target Portfolio. These were the principal assets acquired by the Acquiring Portfolio.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Target Portfolio** | **Exchange** <br>**Ratio**<br>| **Number of** <br>**Shares Issued by** <br>**Acquiring Portfolio**<br>| **Value of Shares** <br>**Issued by** <br>**Acquiring Portfolio**<br>| **Value of Assets in** <br>**the Investment** <br>**Portfolio of the** <br>**Target Portfolio**<br>| **Cost of Assets in** <br>**the Investment** <br>**Portfolio of the** <br>**Target Portfolio**<br>|
| SA Allocation Aggressive | SA Multi-Managed Growth Portfolio |  |  |  | &nbsp;&nbsp; $34910321 | &nbsp;&nbsp; $34910321 |
| Class 1 (Class 1 of Target Fund) |  | 0.6433 | &nbsp;&nbsp; 536954 | &nbsp;&nbsp; $8038572 |  |  |
| Class 1 (Class 2 of Target Fund) |  | 0.6374 | &nbsp;&nbsp; 902861 | &nbsp;&nbsp; 13516462 |  |  |
| Class 3 |  | 0.6361 | &nbsp;&nbsp; 893796 | &nbsp;&nbsp; 13274210 |  |  |
| SA Allocation Balanced | SA Multi-Managed Income Portfolio |  |  |  | &nbsp;&nbsp; 25777141 | &nbsp;&nbsp; 25777141 |
| Class 1 (Class 1 of Target Fund) |  | 0.9305 | &nbsp;&nbsp; 334216 | &nbsp;&nbsp; 3148281 |  |  |
| Class 1 (Class 2 of Target Fund) |  | 0.9317 | &nbsp;&nbsp; 1460930 | &nbsp;&nbsp; 13761816 |  |  |
| Class 3 |  | 0.9327 | &nbsp;&nbsp; 932220 | &nbsp;&nbsp; 8785335 |  |  |
| SA Allocation Moderate | SA Multi-Managed Income/Equity Portfolio |  |  |  | &nbsp;&nbsp; 35083500 | &nbsp;&nbsp; 35083500 |
| Class 1 (Class 1 of Target Fund) |  | 0.8514 | &nbsp;&nbsp; 446703 | &nbsp;&nbsp; 4467479 |  |  |
| Class 1 (Class 2 of Target Fund) |  | 0.8523 | &nbsp;&nbsp; 1819260 | &nbsp;&nbsp; 18194420 |  |  |
| Class 3 |  | 0.8577 | &nbsp;&nbsp; 1238005 | &nbsp;&nbsp; 12329289 |  |  |
| SA Allocation Moderately Aggressive | SA Multi-Managed Moderate Growth Portfolio |  |  |  | &nbsp;&nbsp; 53127109 | &nbsp;&nbsp; 53127109 |
| Class 1 (Class 1 of Target Fund) |  | 0.8523 | &nbsp;&nbsp; 525276 | &nbsp;&nbsp; 5325404 |  |  |
| Class 1 (Class 2 of Target Fund) |  | 0.8495 | &nbsp;&nbsp; 2577955 | &nbsp;&nbsp; 26136087 |  |  |
| Class 3 |  | 0.8507 | &nbsp;&nbsp; 2134870 | &nbsp;&nbsp; 21555358 |  |  |

---

For financial statement purposes, assets received and shares issued by the Acquiring Portfolio were recorded at value; however, the cost basis of the investments received from the Target Portfolios were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

The following is a summary of the shares outstanding, net assets, net asset value per share and net unrealized appreciation (depreciation) immediately before and after the Reorganization:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SA Allocation Aggressive Portfolio (formerly SA Allocation Growth Portfolio)** | **SA Allocation Aggressive Portfolio (formerly SA Allocation Growth Portfolio)** | **SA Allocation Aggressive Portfolio (formerly SA Allocation Growth Portfolio)** | **SA Allocation Aggressive Portfolio (formerly SA Allocation Growth Portfolio)** | **SA Allocation Aggressive Portfolio (formerly SA Allocation Growth Portfolio)** |
| **Target Portfolio** | **Shares** <br>**Outstanding**<br>| **Net Assets** | **Net Asset** <br>**Value** <br>**Per Share**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| SA Multi-Managed Growth Portfolio | SA Multi-Managed Growth Portfolio | SA Multi-Managed Growth Portfolio |  |  |
| Class 1 | &nbsp;&nbsp; 834734 | &nbsp;&nbsp; $8038572 | &nbsp;&nbsp; $9.63 | &nbsp;&nbsp; $- |
| Class 2 | &nbsp;&nbsp; 1416538 | &nbsp;&nbsp; 13516462 | 9.54 | &nbsp;&nbsp; - |
| Class 3 | &nbsp;&nbsp; 1405080 | &nbsp;&nbsp; 13274210 | 9.45 | &nbsp;&nbsp; - |
| **Acquiring Portfolio** | **Shares** <br>**Outstanding**<br>| **Net Assets** | **Net Asset** <br>**Value** <br>**Per Share**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| SA Allocation Aggressive Portfolio |  |  |  |  |
| Class 1 | &nbsp;&nbsp; 72073 | &nbsp;&nbsp; $1078988 | &nbsp;&nbsp; $14.97 | &nbsp;&nbsp; $(866081)<br>|
| Class 3 | &nbsp;&nbsp; 30498680 | &nbsp;&nbsp; 452951325 | 14.85 | &nbsp;&nbsp; 5250573 |
| **Post Reorganization** | **Shares** <br>**Outstanding**<br>| **Net Assets** | **Net Asset** <br>**Value** <br>**Per Share**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| SA Allocation Aggressive Portfolio | SA Allocation Aggressive Portfolio | SA Allocation Aggressive Portfolio |  |  |
| Class 1 | &nbsp;&nbsp; 1511888 | &nbsp;&nbsp; $22634022 | &nbsp;&nbsp; $14.97 | &nbsp;&nbsp; $(866081)<br>|
| Class 3 | &nbsp;&nbsp; 31392476 | &nbsp;&nbsp; 466225535 | 14.85 | &nbsp;&nbsp; 5250573 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** |
| **Target Portfolio** | **Shares** <br>**Outstanding**<br>| **Net Assets** | **Net Asset** <br>**Value** <br>**Per Share**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| SA Multi-Managed Income Portfolio | SA Multi-Managed Income Portfolio | SA Multi-Managed Income Portfolio |  |  |
| Class 1 | &nbsp;&nbsp; 359163 | &nbsp;&nbsp; $3148281 | &nbsp;&nbsp; $8.77 | &nbsp;&nbsp; $- |
| Class 2 | &nbsp;&nbsp; 1568048 | &nbsp;&nbsp; 13761816 | 8.78 | &nbsp;&nbsp; - |
| Class 3 | &nbsp;&nbsp; 999503 | &nbsp;&nbsp; 8785335 | 8.79 | &nbsp;&nbsp; - |
| **Acquiring Portfolio** | **Shares** <br>**Outstanding**<br>| **Net Assets** | **Net Asset** <br>**Value** <br>**Per Share**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| SA Allocation Balanced Portfolio |  |  |  |  |
| Class 1 | &nbsp;&nbsp; 4274 | &nbsp;&nbsp; $40262 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $(27791)<br>|
| Class 3 | &nbsp;&nbsp; 23898711 | &nbsp;&nbsp; 225224023 | 9.42 | &nbsp;&nbsp; (6729163)<br>|
| **Post Reorganization** | **Shares** <br>**Outstanding**<br>| **Net Assets** | **Net Asset** <br>**Value** <br>**Per Share**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| SA Allocation Balanced Portfolio | SA Allocation Balanced Portfolio | SA Allocation Balanced Portfolio |  |  |
| Class 1 | &nbsp;&nbsp; 1799420 | &nbsp;&nbsp; $16950359 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $(27791)<br>|
| Class 3 | &nbsp;&nbsp; 24830931 | &nbsp;&nbsp; 234009358 | 9.42 | &nbsp;&nbsp; (6729163)<br>|

---

------

**Seasons Series Trust**

**NOTES TO FINANCIAL STATEMENTS — *(continued)***

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** |
| **Target Portfolio** | **Shares** <br>**Outstanding**<br>| **Net Assets** | **Net Asset** <br>**Value** <br>**Per Share**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| SA Multi-Managed Income/Equity Portfolio | SA Multi-Managed Income/Equity Portfolio | SA Multi-Managed Income/Equity Portfolio |  |  |
| Class 1 | &nbsp;&nbsp; 524654 | &nbsp;&nbsp; $4467479 | &nbsp;&nbsp; $8.52 | &nbsp;&nbsp; $- |
| Class 2 | &nbsp;&nbsp; 2134468 | &nbsp;&nbsp; 18194420 | 8.52 | &nbsp;&nbsp; - |
| Class 3 | &nbsp;&nbsp; 1443457 | &nbsp;&nbsp; 12329289 | 8.54 | &nbsp;&nbsp; - |
| **Acquiring Portfolio** | **Shares** <br>**Outstanding**<br>| **Net Assets** | **Net Asset** <br>**Value** <br>**Per Share**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| SA Allocation Moderate Portfolio |  |  |  |  |
| Class 1 | &nbsp;&nbsp; 15043 | &nbsp;&nbsp; $150443 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $(429)<br>|
| Class 3 | &nbsp;&nbsp; 25853793 | &nbsp;&nbsp; 257479068 | 9.96 | &nbsp;&nbsp; (3657748)<br>|
| **Post Reorganization** | **Shares** <br>**Outstanding**<br>| **Net Assets** | **Net Asset** <br>**Value** <br>**Per Share**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| SA Allocation Moderate Portfolio | SA Allocation Moderate Portfolio | SA Allocation Moderate Portfolio |  |  |
| Class 1 | &nbsp;&nbsp; 2281006 | &nbsp;&nbsp; $22812342 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $(429)<br>|
| Class 3 | &nbsp;&nbsp; 27091798 | &nbsp;&nbsp; 269808357 | 9.96 | &nbsp;&nbsp; (3657748)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| **Target Portfolio** | **Shares** <br>**Outstanding**<br>| **Net Assets** | **Net Asset** <br>**Value** <br>**Per Share**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| SA Multi-Managed Moderate Growth Portfolio | SA Multi-Managed Moderate Growth Portfolio | SA Multi-Managed Moderate Growth Portfolio |  |  |
| Class 1 | &nbsp;&nbsp; 616323 | &nbsp;&nbsp; $5325404 | &nbsp;&nbsp; $8.64 | &nbsp;&nbsp; $- |
| Class 2 | &nbsp;&nbsp; 3034528 | &nbsp;&nbsp; 26136087 | 8.61 | &nbsp;&nbsp; - |
| Class 3 | &nbsp;&nbsp; 2509501 | &nbsp;&nbsp; 21555358 | 8.59 | &nbsp;&nbsp; - |
| **Acquiring Portfolio** | **Shares** <br>**Outstanding**<br>| **Net Assets** | **Net Asset** <br>**Value** <br>**Per Share**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| SA Allocation Moderately Aggressive Portfolio |  |  |  |  |
| Class 1 | &nbsp;&nbsp; 29025 | &nbsp;&nbsp; $294267 | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp; $(62538)<br>|
| Class 3 | &nbsp;&nbsp; 45347326 | &nbsp;&nbsp; 457862644 | 10.10 | &nbsp;&nbsp; 1685681 |
| **Post Reorganization** | **Shares** <br>**Outstanding**<br>| **Net Assets** | **Net Asset** <br>**Value** <br>**Per Share**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| SA Allocation Moderately Aggressive Portfolio | SA Allocation Moderately Aggressive Portfolio | SA Allocation Moderately Aggressive Portfolio |  |  |
| Class 1 | &nbsp;&nbsp; 3132256 | &nbsp;&nbsp; $31755758 | &nbsp;&nbsp; $10.14 | &nbsp;&nbsp; $(62538)<br>|
| Class 3 | &nbsp;&nbsp; 47482196 | &nbsp;&nbsp; 479418002 | 10.10 | &nbsp;&nbsp; 1685681 |

---

Assuming the Reorganizations had been completed on April 1, 2025, the beginning of the annual reporting period for the acquiring portfolio, the unaudited pro forma results of operations for the period ended March 31, 2026, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | **Net** <br>**Investment** <br>**Income (loss)**<br>| **Net** <br>**Realized/unrealized** <br>**gains (losses)**<br>| **Change in Net** <br>**Assets Resulting** <br>**from Operations**<br>|
| SA Allocation Aggressive Portfolio | &nbsp;&nbsp; $6352619 | &nbsp;&nbsp; $65062305 | &nbsp;&nbsp; $71414925 |
| SA Allocation Balanced Portfolio | &nbsp;&nbsp; 5829036 | &nbsp;&nbsp; 16890660 | &nbsp;&nbsp; 22719696 |
| SA Allocation Moderate Portfolio | &nbsp;&nbsp; 5733874 | &nbsp;&nbsp; 26717254 | &nbsp;&nbsp; 32451128 |
| SA Allocation Moderately Aggressive Portfolio | &nbsp;&nbsp; 8775168 | &nbsp;&nbsp; 54396629 | &nbsp;&nbsp; 63171797 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Portfolios that have been included in the Statement of Operations since the Reorganization Dates.

------

**Seasons Series Trust**

**FINANCIAL HIGHLIGHTS**

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period** <br>**ended**<br>| **Net Asset** <br>**Value** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)(1)**<br>| **Net realized** <br>**& unrealized** <br>**gain (loss)** <br>**on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**gain on** <br>**investments**<br>| **Total** <br>**distributions**<br>| **Net Asset** <br>**Value** <br>**end of** <br>**period**<br>| **Total** <br>**Return(2)**<br>| **Net Assets** <br>**end of** <br>**period (000's)**<br>| **Total expenses** <br>**before waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Total expenses** <br>**after waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Portfolio** <br>**turnover**<br>|
| **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** |
| 03/31/22 | $16.63 | $0.07 | $0.63 | $0.70 | $(0.26)<br>| $(0.75)<br>| $(1.01)<br>| $16.32 | 3.85<br> %<br>| $5436 | 0.13<br> %<br>| 0.12<br> %<br>| 0.45<br> %<br>| 10<br> %<br>|
| 03/31/23 | 16.32 | 0.20 | (1.33)<br>| (1.13)<br>| (0.39)<br>| (0.84)<br>| (1.23)<br>| 13.96 | (6.65)<br>| 4322 | 0.13 | 0.12 | 1.40 | 15 |
| 03/31/24 | 13.96 | 0.11 | 2.32 | 2.43 | (0.34)<br>| (1.28)<br>| (1.62)<br>| 14.77 | 18.74 | 1112 | 0.13 | 0.12 | 0.76 | 13 |
| 03/31/25 | 14.77 | 0.24 | 0.55 | 0.79 | (0.22)<br>| (0.29)<br>| (0.51)<br>| 15.05 | 5.18 | 1088 | 0.13 | 0.12 | 1.57 | 15 |
| 03/31/26 | 15.05 | 0.26 | 2.03 | 2.29 | (0.34)<br>| (0.51)<br>| (0.85)<br>| 16.49 | 15.07 | 23285 | 0.15 | 0.14 | 1.56 | 16 |
| **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** |
| 03/31/22 | 16.54 | 0.16 | 0.49 | 0.65 | (0.23)<br>| (0.75)<br>| (0.98)<br>| 16.21 | 3.58 | 394425 | 0.38 | 0.37 | 0.92 | 10 |
| 03/31/23 | 16.21 | 0.17 | (1.33)<br>| (1.16)<br>| (0.35)<br>| (0.84)<br>| (1.19)<br>| 13.86 | (6.87)<br>| 391646 | 0.38 | 0.37 | 1.18 | 15 |
| 03/31/24 | 13.86 | 0.18 | 2.22 | 2.40 | (0.31)<br>| (1.28)<br>| (1.59)<br>| 14.67 | 18.61 | 456061 | 0.38 | 0.37 | 1.30 | 13 |
| 03/31/25 | 14.67 | 0.20 | 0.53 | 0.73 | (0.18)<br>| (0.29)<br>| (0.47)<br>| 14.93 | 4.85 | 457009 | 0.38 | 0.37 | 1.32 | 15 |
| 03/31/26 | 14.93 | 0.20 | 2.03 | 2.23 | (0.30)<br>| (0.51)<br>| (0.81)<br>| 16.35 | 14.79 | 485367 | 0.40 | 0.39 | 1.20 | 16 |
| **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** |
| 03/31/22 | 10.84 | 0.16 | (0.11)<br>| 0.05 | (0.13)<br>| (0.36)<br>| (0.49)<br>| 10.40 | 0.20 | 173 | 0.14 | 0.13 | 1.50 | 14 |
| 03/31/23 | 10.40 | 0.09 | (0.73)<br>| (0.64)<br>| (0.29)<br>| (0.48)<br>| (0.77)<br>| 8.99 | (5.92)<br>| 69 | 0.15 | 0.14 | 0.89 | 14 |
| 03/31/24 | 8.99 | 0.15 | 0.77 | 0.92 | (0.23)<br>| (0.49)<br>| (0.72)<br>| 9.19 | 10.85 | 39 | 0.15 | 0.14 | 1.66 | 15 |
| 03/31/25 | 9.19 | 0.24 | 0.23 | 0.47 | (0.20)<br>|  | (0.20)<br>| 9.46 | 5.03 | 40 | 0.15 | 0.14 | 2.51 | 13 |
| 03/31/26 | 9.46 | 0.27 | 0.63 | 0.90 | (0.28)<br>| (0.06)<br>| (0.34)<br>| 10.02 | 9.46 | 16280 | 0.18 | 0.17 | 2.65 | 18 |
| **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** |
| 03/31/22 | 10.85 | 0.13 | (0.12)<br>| 0.01 | (0.10)<br>| (0.36)<br>| (0.46)<br>| 10.40 | (0.11)<br>| 264518 | 0.39 | 0.38 | 1.17 | 14 |
| 03/31/23 | 10.40 | 0.14 | (0.79)<br>| (0.65)<br>| (0.27)<br>| (0.48)<br>| (0.75)<br>| 9.00 | (6.09)<br>| 237811 | 0.40 | 0.39 | 1.45 | 14 |
| 03/31/24 | 9.00 | 0.17 | 0.73 | 0.90 | (0.21)<br>| (0.49)<br>| (0.70)<br>| 9.20 | 10.56 | 242408 | 0.40 | 0.39 | 1.85 | 15 |
| 03/31/25 | 9.20 | 0.21 | 0.23 | 0.44 | (0.17)<br>|  | (0.17)<br>| 9.47 | 4.77 | 229028 | 0.40 | 0.39 | 2.25 | 13 |
| 03/31/26 | 9.47 | 0.22 | 0.65 | 0.87 | (0.25)<br>| (0.06)<br>| (0.31)<br>| 10.03 | 9.18 | 227265 | 0.43 | 0.42 | 2.24 | 18 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) The expense ratios do not include underlying fund expenses that the Portfolio bears indirectly. Additionally, recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds. 

See Notes to Financial Statements

------

**Seasons Series Trust**

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period** <br>**ended**<br>| **Net Asset** <br>**Value** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)(1)**<br>| **Net realized** <br>**& unrealized** <br>**gain (loss)** <br>**on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**gain on** <br>**investments**<br>| **Total** <br>**distributions**<br>| **Net Asset** <br>**Value** <br>**end of** <br>**period**<br>| **Total** <br>**Return(2)**<br>| **Net Assets** <br>**end of** <br>**period (000's)**<br>| **Total expenses** <br>**before waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Total expenses** <br>**after waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Portfolio** <br>**turnover**<br>|
| **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** |
| 03/31/22 | $11.93 | $0.18 | $0.06 | $0.24 | $(0.27)<br>| $(0.64)<br>| $(0.91)<br>| $11.26 | 1.57<br> %<br>| $142 | 0.13<br> %<br>| 0.12<br> %<br>| 1.46<br> %<br>| 12<br> %<br>|
| 03/31/23 | 11.26 | 0.18 | (0.91)<br>| (0.73)<br>| (0.33)<br>| (0.68)<br>| (1.01)<br>| 9.52 | (6.19)<br>| 193 | 0.14 | 0.13 | 1.90 | 13 |
| 03/31/24 | 9.52 | 0.18 | 1.07 | 1.25 | (0.25)<br>| (0.69)<br>| (0.94)<br>| 9.83 | 14.01 | 147 | 0.14 | 0.13 | 1.90 | 12 |
| 03/31/25 | 9.83 | 0.21 | 0.29 | 0.50 | (0.19)<br>| (0.09)<br>| (0.28)<br>| 10.05 | 5.06 | 152 | 0.14 | 0.13 | 2.12 | 15 |
| 03/31/26 | 10.05 | 0.25 | 0.91 | 1.16 | (0.26)<br>| (0.24)<br>| (0.50)<br>| 10.71 | 11.54 | 22382 | 0.17 | 0.16 | 2.29 | 21 |
| **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** |
| 03/31/22 | 11.89 | 0.13 | 0.08 | 0.21 | (0.24)<br>| (0.64)<br>| (0.88)<br>| 11.22 | 1.35 | 312112 | 0.38 | 0.37 | 1.09 | 12 |
| 03/31/23 | 11.22 | 0.13 | (0.88)<br>| (0.75)<br>| (0.30)<br>| (0.68)<br>| (0.98)<br>| 9.49 | (6.42)<br>| 273074 | 0.39 | 0.38 | 1.36 | 13 |
| 03/31/24 | 9.49 | 0.16 | 1.06 | 1.22 | (0.23)<br>| (0.69)<br>| (0.92)<br>| 9.79 | 13.65 | 281870 | 0.39 | 0.38 | 1.62 | 12 |
| 03/31/25 | 9.79 | 0.19 | 0.29 | 0.48 | (0.17)<br>| (0.09)<br>| (0.26)<br>| 10.01 | 4.82 | 261278 | 0.39 | 0.38 | 1.84 | 15 |
| 03/31/26 | 10.01 | 0.20 | 0.92 | 1.12 | (0.23)<br>| (0.24)<br>| (0.47)<br>| 10.66 | 11.20 | 274064 | 0.42 | 0.41 | 1.84 | 21 |
| **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** |
| 03/31/22 | 12.02 | 0.16 | 0.19 | 0.35 | (0.25)<br>| (0.70)<br>| (0.95)<br>| 11.42 | 2.49 | 257 | 0.12 | 0.11 | 1.30 | 10 |
| 03/31/23 | 11.42 | 0.13 | (0.88)<br>| (0.75)<br>| (0.33)<br>| (0.71)<br>| (1.04)<br>| 9.63 | (6.28)<br>| 319 | 0.13 | 0.12 | 1.31 | 12 |
| 03/31/24 | 9.63 | 0.17 | 1.26 | 1.43 | (0.26)<br>| (0.79)<br>| (1.05)<br>| 10.01 | 15.90 | 290 | 0.13 | 0.12 | 1.77 | 9 |
| 03/31/25 | 10.01 | 0.20 | 0.34 | 0.54 | (0.18)<br>| (0.18)<br>| (0.36)<br>| 10.19 | 5.22 | 297 | 0.13 | 0.12 | 1.93 | 12 |
| 03/31/26 | 10.19 | 0.23 | 1.09 | 1.32 | (0.25)<br>| (0.32)<br>| (0.57)<br>| 10.94 | 12.85 | 32444 | 0.15 | 0.14 | 2.04 | 18 |
| **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** |
| 03/31/22 | 11.99 | 0.13 | 0.18 | 0.31 | (0.22)<br>| (0.70)<br>| (0.92)<br>| 11.38 | 2.18 | 525534 | 0.37 | 0.36 | 1.05 | 10 |
| 03/31/23 | 11.38 | 0.13 | (0.91)<br>| (0.78)<br>| (0.30)<br>| (0.71)<br>| (1.01)<br>| 9.59 | (6.60)<br>| 465607 | 0.38 | 0.37 | 1.31 | 12 |
| 03/31/24 | 9.59 | 0.14 | 1.26 | 1.40 | (0.23)<br>| (0.79)<br>| (1.02)<br>| 9.97 | 15.67 | 492430 | 0.38 | 0.37 | 1.49 | 9 |
| 03/31/25 | 9.97 | 0.17 | 0.34 | 0.51 | (0.15)<br>| (0.18)<br>| (0.33)<br>| 10.15 | 5.00 | 464598 | 0.38 | 0.37 | 1.66 | 12 |
| 03/31/26 | 10.15 | 0.18 | 1.10 | 1.28 | (0.22)<br>| (0.32)<br>| (0.54)<br>| 10.89 | 12.53 | 482808 | 0.40 | 0.39 | 1.61 | 18 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) The expense ratios do not include underlying fund expenses that the Portfolio bears indirectly. Additionally, recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds. 

See Notes to Financial Statements

------

**Seasons Series Trust**

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period** <br>**ended**<br>| **Net Asset** <br>**Value** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)(1)**<br>| **Net realized** <br>**& unrealized** <br>**gain (loss)** <br>**on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**gain on** <br>**investments**<br>| **Total** <br>**distributions**<br>| **Net Asset** <br>**Value** <br>**end of** <br>**period**<br>| **Total** <br>**Return(2)**<br>| **Net Assets** <br>**end of** <br>**period (000's)**<br>| **Total expenses** <br>**before waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Total expenses** <br>**after waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Portfolio** <br>**turnover**<br>|
| **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** |
| 03/31/22 | $10.07 | $0.36 | $0.08 | $0.44 | $— | $(0.25)<br>| $(0.25)<br>| $10.26 | 4.37<br> %<br>| $278308 | 0.64<br> %<br>| 0.59<br> %<br>| 3.51<br> %<br>| 109<br> %<br>|
| 03/31/23 | 10.26 | 0.42 | (1.16)<br>| (0.74)<br>| (0.25)<br>| (0.14)<br>| (0.39)<br>| 9.13 | (7.11)<br>| 245407 | 0.65 | 0.59 | 4.48 | 57 |
| 03/31/24 | 9.13 | 0.31 | (0.32)<br>| (0.01)<br>| (0.45)<br>|  | (0.45)<br>| 8.67 | 0.02 | 188687 | 0.64 | 0.58 | 3.47 | 30 |
| 03/31/25 | 8.67 | 0.32 | 0.17 | 0.49 | (0.33)<br>|  | (0.33)<br>| 8.83 | 5.78 | 191106 | 0.65 | 0.59 | 3.69 | 48 |
| 03/31/26 | 8.83 | 0.32 | (0.08)<br>| 0.24 | (0.35)<br>|  | (0.35)<br>| 8.72 | 2.68 | 197446 | 0.67<br> (3)<br>| 0.61<br> (3)<br>| 3.56 | 91<br> (4)<br>|
| **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** |
| 03/31/22 | 9.99 | 0.33 | 0.07 | 0.40 |  | (0.25)<br>| (0.25)<br>| 10.14 | 4.00 | 431710 | 0.89 | 0.84 | 3.23 | 109 |
| 03/31/23 | 10.14 | 0.39 | (1.14)<br>| (0.75)<br>| (0.22)<br>| (0.14)<br>| (0.36)<br>| 9.03 | (7.26)<br>| 392544 | 0.90 | 0.84 | 4.20 | 57 |
| 03/31/24 | 9.03 | 0.28 | (0.31)<br>| (0.03)<br>| (0.43)<br>|  | (0.43)<br>| 8.57 | (0.26)<br>| 378399 | 0.89 | 0.83 | 3.16 | 30 |
| 03/31/25 | 8.57 | 0.30 | 0.17 | 0.47 | (0.31)<br>|  | (0.31)<br>| 8.73 | 5.57 | 339136 | 0.90 | 0.84 | 3.45 | 48 |
| 03/31/26 | 8.73 | 0.29 | (0.08)<br>| 0.21 | (0.32)<br>|  | (0.32)<br>| 8.62 | 2.43 | 315708 | 0.92<br> (3)<br>| 0.86<br> (3)<br>| 3.31 | 91<br> (4)<br>|
| **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** |
| 03/31/22 | 22.67 | 0.38 | 2.39 | 2.77 | (0.63)<br>| (1.37)<br>| (2.00)<br>| 23.44 | 12.61 | 339287 | 1.02 | 0.71 | 1.59 | 14 |
| 03/31/23 | 23.44 | 0.33 | (1.53)<br>| (1.20)<br>| (0.41)<br>| (2.41)<br>| (2.82)<br>| 19.42 | (5.40)<br>| 315610 | 1.04 | 0.72 | 1.58 | 14 |
| 03/31/24 | 19.42 | 0.35 | 2.46 | 2.81 | (0.32)<br>| (1.23)<br>| (1.55)<br>| 20.68 | 15.55 | 312106 | 1.04 | 0.72 | 1.80 | 13 |
| 03/31/25 | 20.68 | 0.35 | 1.04 | 1.39 | (0.47)<br>| (2.36)<br>| (2.83)<br>| 19.24 | 6.42 | 241750 | 1.05 | 0.73 | 1.67 | 27 |
| 03/31/26 | 19.24 | 0.30 | 5.03 | 5.33 | (0.38)<br>| (3.72)<br>| (4.10)<br>| 20.47 | 28.76 | 288638 | 1.05 | 0.73 | 1.46 | 40 |
| **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** |
| 03/31/22 | 22.72 | 0.34 | 2.41 | 2.75 | (0.60)<br>| (1.37)<br>| (1.97)<br>| 23.50 | 12.48 | 14912 | 1.17 | 0.86 | 1.45 | 14 |
| 03/31/23 | 23.50 | 0.30 | (1.54)<br>| (1.24)<br>| (0.37)<br>| (2.41)<br>| (2.78)<br>| 19.48 | (5.55)<br>| 12154 | 1.19 | 0.87 | 1.44 | 14 |
| 03/31/24 | 19.48 | 0.32 | 2.46 | 2.78 | (0.28)<br>| (1.23)<br>| (1.51)<br>| 20.75 | 15.35 | 12369 | 1.19 | 0.87 | 1.65 | 13 |
| 03/31/25 | 20.75 | 0.31 | 1.06 | 1.37 | (0.44)<br>| (2.36)<br>| (2.80)<br>| 19.32 | 6.29 | 11237 | 1.20 | 0.88 | 1.51 | 27 |
| 03/31/26 | 19.32 | 0.27 | 5.04 | 5.31 | (0.34)<br>| (3.72)<br>| (4.06)<br>| 20.57 | 28.53 | 11193 | 1.20 | 0.88 | 1.32 | 40 |
| **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** |
| 03/31/22 | 22.73 | 0.32 | 2.40 | 2.72 | (0.58)<br>| (1.37)<br>| (1.95)<br>| 23.50 | 12.32 | 9288 | 1.27 | 0.96 | 1.35 | 14 |
| 03/31/23 | 23.50 | 0.28 | (1.53)<br>| (1.25)<br>| (0.34)<br>| (2.41)<br>| (2.75)<br>| 19.50 | (5.59)<br>| 7398 | 1.29 | 0.97 | 1.34 | 14 |
| 03/31/24 | 19.50 | 0.30 | 2.46 | 2.76 | (0.26)<br>| (1.23)<br>| (1.49)<br>| 20.77 | 15.19 | 7285 | 1.29 | 0.97 | 1.55 | 13 |
| 03/31/25 | 20.77 | 0.29 | 1.06 | 1.35 | (0.42)<br>| (2.36)<br>| (2.78)<br>| 19.34 | 6.18 | 7070 | 1.30 | 0.98 | 1.40 | 27 |
| 03/31/26 | 19.34 | 0.25 | 5.05 | 5.30 | (0.32)<br>| (3.72)<br>| (4.04)<br>| 20.60 | 28.45 | 7757 | 1.30 | 0.98 | 1.21 | 40 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) Includes interest expense of 0.01% relating to derivative activity.

(4) Excludes TBA transactions. Beginning with the period ended March 31, 2025, portfolio turnover rates including TBA transactions are being added as Supplemental Ratios in the table below. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Supplemental Ratios** |  |  |  |  |  |
| **Portfolio Turnover (including TBA transactions)** | **03/22** | **03/23** | **03/24** | **03/25** | **03/26** |
| SA American Century Inflation Managed Portfolio | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 95<br> %<br>|

---

See Notes to Financial Statements

------

**Seasons Series Trust**

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period** <br>**ended**<br>| **Net Asset** <br>**Value** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)(1)**<br>| **Net realized** <br>**& unrealized** <br>**gain (loss)** <br>**on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**gain on** <br>**investments**<br>| **Total** <br>**distributions**<br>| **Net Asset** <br>**Value** <br>**end of** <br>**period**<br>| **Total** <br>**Return(2)**<br>| **Net Assets** <br>**end of** <br>**period (000's)**<br>| **Total expenses** <br>**before waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Total expenses** <br>**after waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Portfolio** <br>**turnover**<br>|
| **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** |
| 03/31/22 | $14.34 | $0.15 | $0.88 | $1.03 | $(0.22)<br>| $(1.00)<br>| $(1.22)<br>| $14.15 | 6.77<br> %<br>| $13475 | 1.00<br> %<br>| 0.85<br> %<br>| 1.00<br> %<br>| 102<br> %<br>|
| 03/31/23 | 14.15 | 0.18 | (1.22)<br>| (1.04)<br>| (0.18)<br>| (2.14)<br>| (2.32)<br>| 10.79 | (6.73)<br>| 10266 | 1.05 | 0.90 | 1.53 | 50 |
| 03/31/24 | 10.79 | 0.18 | 2.42 | 2.60 | (0.21)<br>|  | (0.21)<br>| 13.18 | 24.31 | 11616 | 1.08 | 0.93 | 1.53 | 60 |
| 03/31/25 | 13.18 | 0.21 | 0.77 | 0.98 | (0.22)<br>|  | (0.22)<br>| 13.94 | 7.33 | 10602 | 1.07 | 0.91 | 1.51 | 69<br> (3)<br>|
| 03/31/26 | 13.94 | 0.22 | 2.35 | 2.57 | (0.25)<br>| (2.03)<br>| (2.28)<br>| 14.23 | 18.28 | 10597 | 1.11 | 0.93 | 1.45 | 51<br> (3)<br>|
| **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** |
| 03/31/22 | 14.34 | 0.13 | 0.88 | 1.01 | (0.20)<br>| (1.00)<br>| (1.20)<br>| 14.15 | 6.62 | 46756 | 1.15 | 1.00 | 0.85 | 102 |
| 03/31/23 | 14.15 | 0.16 | (1.22)<br>| (1.06)<br>| (0.15)<br>| (2.14)<br>| (2.29)<br>| 10.80 | (6.87)<br>| 35792 | 1.20 | 1.05 | 1.37 | 50 |
| 03/31/24 | 10.80 | 0.16 | 2.42 | 2.58 | (0.19)<br>|  | (0.19)<br>| 13.19 | 24.08 | 36881 | 1.23 | 1.08 | 1.38 | 60 |
| 03/31/25 | 13.19 | 0.19 | 0.78 | 0.97 | (0.20)<br>|  | (0.20)<br>| 13.96 | 7.24 | 33584 | 1.22 | 1.06 | 1.36 | 69<br> (3)<br>|
| 03/31/26 | 13.96 | 0.20 | 2.34 | 2.54 | (0.22)<br>| (2.03)<br>| (2.25)<br>| 14.25 | 18.06 | 32513 | 1.26 | 1.08 | 1.29 | 51<br> (3)<br>|
| **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** |
| 03/31/22 | 14.29 | 0.11 | 0.87 | 0.98 | (0.19)<br>| (1.00)<br>| (1.19)<br>| 14.08 | 6.44 | 151309 | 1.25 | 1.10 | 0.75 | 102 |
| 03/31/23 | 14.08 | 0.15 | (1.21)<br>| (1.06)<br>| (0.14)<br>| (2.14)<br>| (2.28)<br>| 10.74 | (6.88)<br>| 135871 | 1.30 | 1.15 | 1.28 | 50 |
| 03/31/24 | 10.74 | 0.15 | 2.39 | 2.54 | (0.18)<br>|  | (0.18)<br>| 13.10 | 23.85 | 158490 | 1.33 | 1.18 | 1.28 | 60 |
| 03/31/25 | 13.10 | 0.17 | 0.78 | 0.95 | (0.19)<br>|  | (0.19)<br>| 13.86 | 7.15 | 155162 | 1.32 | 1.16 | 1.26 | 69<br> (3)<br>|
| 03/31/26 | 13.86 | 0.18 | 2.33 | 2.51 | (0.21)<br>| (2.03)<br>| (2.24)<br>| 14.13 | 17.94 | 155760 | 1.36 | 1.18 | 1.20 | 51<br> (3)<br>|
| **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** |
| 03/31/22 | 11.87 | 0.20 | (0.72)<br>| (0.52)<br>| (0.21)<br>| (0.28)<br>| (0.49)<br>| 10.86 | (4.61)<br>| 870018 | 0.68 | 0.68 | 1.68 | 39 |
| 03/31/23 | 10.86 | 0.21 | (0.78)<br>| (0.57)<br>| (0.24)<br>|  | (0.24)<br>| 10.05 | (5.25)<br>| 753833 | 0.70 | 0.70 | 2.09 | 38 |
| 03/31/24 | 10.05 | 0.33 | (0.09)<br>| 0.24 | (0.25)<br>|  | (0.25)<br>| 10.04 | 2.40 | 662603 | 0.71 | 0.71 | 3.34 | 36 |
| 03/31/25 | 10.04 | 0.35 | 0.11 | 0.46 | (0.38)<br>|  | (0.38)<br>| 10.12 | 4.60 | 623624 | 0.72<br> (4)<br>| 0.72<br> (4)<br>| 3.40 | 40<br> (3)<br>|
| 03/31/26 | 10.12 | 0.36 | 0.06 | 0.42 | (0.37)<br>|  | (0.37)<br>| 10.17 | 4.16 | 687897 | 0.71<br> (4)<br>| 0.71<br> (4)<br>| 3.50 | 63<br> (3)<br>|
| **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** |
| 03/31/22 | 11.86 | 0.18 | (0.72)<br>| (0.54)<br>| (0.19)<br>| (0.28)<br>| (0.47)<br>| 10.85 | (4.78)<br>| 17263 | 0.83 | 0.83 | 1.53 | 39 |
| 03/31/23 | 10.85 | 0.20 | (0.78)<br>| (0.58)<br>| (0.22)<br>|  | (0.22)<br>| 10.05 | (5.35)<br>| 13984 | 0.85 | 0.85 | 1.93 | 38 |
| 03/31/24 | 10.05 | 0.32 | (0.10)<br>| 0.22 | (0.23)<br>|  | (0.23)<br>| 10.04 | 2.22 | 13130 | 0.86 | 0.86 | 3.20 | 36 |
| 03/31/25 | 10.04 | 0.33 | 0.12 | 0.45 | (0.36)<br>|  | (0.36)<br>| 10.13 | 4.53 | 12085 | 0.87<br> (4)<br>| 0.87<br> (4)<br>| 3.26 | 40<br> (3)<br>|
| 03/31/26 | 10.13 | 0.34 | 0.05 | 0.39 | (0.35)<br>|  | (0.35)<br>| 10.17 | 3.88 | 11282 | 0.86<br> (4)<br>| 0.86<br> (4)<br>| 3.36 | 63<br> (3)<br>|
| **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** |
| 03/31/22 | 11.80 | 0.17 | (0.72)<br>| (0.55)<br>| (0.17)<br>| (0.28)<br>| (0.45)<br>| 10.80 | (4.83)<br>| 9188 | 0.93 | 0.93 | 1.43 | 39 |
| 03/31/23 | 10.80 | 0.19 | (0.79)<br>| (0.60)<br>| (0.20)<br>|  | (0.20)<br>| 10.00 | (5.53)<br>| 7217 | 0.95 | 0.95 | 1.83 | 38 |
| 03/31/24 | 10.00 | 0.31 | (0.09)<br>| 0.22 | (0.22)<br>|  | (0.22)<br>| 10.00 | 2.22 | 6595 | 0.96 | 0.96 | 3.09 | 36 |
| 03/31/25 | 10.00 | 0.32 | 0.11 | 0.43 | (0.35)<br>|  | (0.35)<br>| 10.08 | 4.31 | 5834 | 0.97<br> (4)<br>| 0.97<br> (4)<br>| 3.16 | 40<br> (3)<br>|
| 03/31/26 | 10.08 | 0.33 | 0.06 | 0.39 | (0.34)<br>|  | (0.34)<br>| 10.13 | 3.88 | 5128 | 0.96<br> (4)<br>| 0.96<br> (4)<br>| 3.26 | 63<br> (3)<br>|

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) Excludes TBA transactions. Beginning with the period ended March 31, 2025, portfolio turnover rates including TBA transactions are being added as Supplemental Ratios in the table below. 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Supplemental Ratios** |  |  |  |  |  |
| **Portfolio Turnover (including TBA transactions)** | **03/22** | **03/23** | **03/24** | **03/25** | **03/26** |
| SA Franklin Allocation Moderately Aggressive Portfolio | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 93<br> %<br>| &nbsp;&nbsp; 51<br> %<br>|
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 279 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(4) Includes interest expense of 0.01% relating to derivative activity.

See Notes to Financial Statements

------

**Seasons Series Trust**

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period** <br>**ended**<br>| **Net Asset** <br>**Value** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)(1)**<br>| **Net realized** <br>**& unrealized** <br>**gain (loss)** <br>**on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**gain on** <br>**investments**<br>| **Total** <br>**distributions**<br>| **Net Asset** <br>**Value** <br>**end of** <br>**period**<br>| **Total** <br>**Return(2)**<br>| **Net Assets** <br>**end of** <br>**period (000's)**<br>| **Total expenses** <br>**before waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Total expenses** <br>**after waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Portfolio** <br>**turnover**<br>|
| **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** |
| 03/31/22 | $9.94 | $0.16 | $(0.20)<br>| $(0.04)<br>| $(0.15)<br>| $(0.51)<br>| $(0.66)<br>| $9.24 | (0.84)%<br>| $332409 | 1.04<br> %<br>| 1.00<br> %<br>| 1.55<br> %<br>| 18<br> %<br>|
| 03/31/23 | 9.24 | 0.16 | (0.42)<br>| (0.26)<br>| (0.18)<br>| (0.56)<br>| (0.74)<br>| 8.24 | (2.25)<br>| 287976 | 1.07 | 1.03 | 2.03 | 13 |
| 03/31/24 | 8.24 | 0.15 | 0.90 | 1.05 | (0.20)<br>| (0.03)<br>| (0.23)<br>| 9.06 | 12.91 | 278507 | 1.08 | 1.04 | 1.77 | 15 |
| 03/31/25 | 9.06 | 0.16 | 0.25 | 0.41 | (0.22)<br>| (0.24)<br>| (0.46)<br>| 9.01 | 4.64 | 225647 | 1.08 | 1.04 | 1.72 | 16 |
| 03/31/26 | 9.01 | 0.15 | 1.66 | 1.81 | (0.17)<br>| (0.57)<br>| (0.74)<br>| 10.08 | 20.14 | 251749 | 1.17 | 1.13 | 1.51 | 37 |
| **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** |
| 03/31/22 | 9.97 | 0.14 | (0.20)<br>| (0.06)<br>| (0.14)<br>| (0.51)<br>| (0.65)<br>| 9.26 | (1.08)<br>| 16909 | 1.19 | 1.15 | 1.41 | 18 |
| 03/31/23 | 9.26 | 0.15 | (0.43)<br>| (0.28)<br>| (0.16)<br>| (0.56)<br>| (0.72)<br>| 8.26 | (2.46)<br>| 14505 | 1.22 | 1.18 | 1.89 | 13 |
| 03/31/24 | 8.26 | 0.14 | 0.90 | 1.04 | (0.18)<br>| (0.03)<br>| (0.21)<br>| 9.09 | 12.81 | 13892 | 1.23 | 1.19 | 1.64 | 15 |
| 03/31/25 | 9.09 | 0.14 | 0.26 | 0.40 | (0.20)<br>| (0.24)<br>| (0.44)<br>| 9.05 | 4.56 | 12434 | 1.23 | 1.19 | 1.57 | 16 |
| 03/31/26 | 9.05 | 0.14 | 1.66 | 1.80 | (0.15)<br>| (0.57)<br>| (0.72)<br>| 10.13 | 19.97 | 11637 | 1.32 | 1.28 | 1.41 | 37 |
| **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** |
| 03/31/22 | 9.94 | 0.13 | (0.20)<br>| (0.07)<br>| (0.13)<br>| (0.51)<br>| (0.64)<br>| 9.23 | (1.18)<br>| 11304 | 1.29 | 1.25 | 1.31 | 18 |
| 03/31/23 | 9.23 | 0.14 | (0.42)<br>| (0.28)<br>| (0.15)<br>| (0.56)<br>| (0.71)<br>| 8.24 | (2.49)<br>| 9506 | 1.32 | 1.28 | 1.78 | 13 |
| 03/31/24 | 8.24 | 0.13 | 0.89 | 1.02 | (0.17)<br>| (0.03)<br>| (0.20)<br>| 9.06 | 12.61 | 9537 | 1.33 | 1.29 | 1.51 | 15 |
| 03/31/25 | 9.06 | 0.13 | 0.26 | 0.39 | (0.20)<br>| (0.24)<br>| (0.44)<br>| 9.01 | 4.37 | 8854 | 1.33 | 1.29 | 1.44 | 16 |
| 03/31/26 | 9.01 | 0.13 | 1.65 | 1.78 | (0.14)<br>| (0.57)<br>| (0.71)<br>| 10.08 | 19.85 | 9174 | 1.42 | 1.38 | 1.27 | 37 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

See Notes to Financial Statements

------

**Seasons Series Trust**

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period** <br>**ended**<br>| **Net Asset** <br>**Value** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)(1)**<br>| **Net realized** <br>**& unrealized** <br>**gain (loss)** <br>**on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**gain on** <br>**investments**<br>| **Total** <br>**distributions**<br>| **Net Asset** <br>**Value** <br>**end of** <br>**period**<br>| **Total** <br>**Return(2)**<br>| **Net Assets** <br>**end of** <br>**period (000's)**<br>| **Total expenses** <br>**before waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Total expenses** <br>**after waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Portfolio** <br>**turnover**<br>|
| **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** |
| 03/31/22 | $18.46 | $(0.05)<br>| $0.93 | $0.88 | $— | $(5.08)<br>| $(5.08)<br>| $14.26 | 0.39<br> %<br>| $450952 | 0.81<br> %<br>| 0.73<br> %<br>| (0.29)%<br>| 42<br> %<br>|
| 03/31/23 | 14.26 | (0.00)<br>| (2.68)<br>| (2.68)<br>|  | (1.90)<br>| (1.90)<br>| 9.68 | (17.70)<br>| 328010 | 0.84 | 0.77 | (0.04)<br>| 46 |
| 03/31/24 | 9.68 | (0.01)<br>| 3.20 | 3.19 |  | (0.03)<br>| (0.03)<br>| 12.84 | 33.05 | 310954 | 0.85 | 0.78 | (0.09)<br>| 39 |
| 03/31/25 | 12.84 | (0.04)<br>| 1.79 | 1.75 |  | (1.76)<br>| (1.76)<br>| 12.83 | 12.08<br> (3)<br>| 201677 | 0.86 | 0.79 | (0.27)<br>| 47 |
| 03/31/26 | 12.83 | (0.04)<br>| 2.89 | 2.85 |  | (4.88)<br>| (4.88)<br>| 10.80 | 18.12 | 189276 | 0.87 | 0.80 | (0.29)<br>| 55 |
| **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** |
| 03/31/22 | 17.90 | (0.08)<br>| 0.93 | 0.85 |  | (5.08)<br>| (5.08)<br>| 13.67 | 0.23 | 33225 | 0.96 | 0.88 | (0.44)<br>| 42 |
| 03/31/23 | 13.67 | (0.02)<br>| (2.57)<br>| (2.59)<br>|  | (1.90)<br>| (1.90)<br>| 9.18 | (17.81)<br>| 25437 | 0.99 | 0.92 | (0.19)<br>| 46 |
| 03/31/24 | 9.18 | (0.03)<br>| 3.04 | 3.01 |  | (0.03)<br>| (0.03)<br>| 12.16 | 32.89 | 28823 | 1.00 | 0.93 | (0.24)<br>| 39 |
| 03/31/25 | 12.16 | (0.05)<br>| 1.69 | 1.64 |  | (1.76)<br>| (1.76)<br>| 12.04 | 11.85<br> (3)<br>| 27739 | 1.01 | 0.94 | (0.42)<br>| 47 |
| 03/31/26 | 12.04 | (0.06)<br>| 2.75 | 2.69 |  | (4.88)<br>| (4.88)<br>| 9.85 | 17.97 | 23618 | 1.02 | 0.95 | (0.44)<br>| 55 |
| **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** |
| 03/31/22 | 17.62 | (0.10)<br>| 0.93 | 0.83 |  | (5.08)<br>| (5.08)<br>| 13.37 | 0.09 | 18008 | 1.06 | 0.98 | (0.54)<br>| 42 |
| 03/31/23 | 13.37 | (0.03)<br>| (2.51)<br>| (2.54)<br>|  | (1.90)<br>| (1.90)<br>| 8.93 | (17.84)<br>| 14040 | 1.09 | 1.02 | (0.29)<br>| 46 |
| 03/31/24 | 8.93 | (0.03)<br>| 2.94 | 2.91 |  | (0.03)<br>| (0.03)<br>| 11.81 | 32.69 | 15926 | 1.10 | 1.03 | (0.34)<br>| 39 |
| 03/31/25 | 11.81 | (0.06)<br>| 1.65 | 1.59 |  | (1.76)<br>| (1.76)<br>| 11.64 | 11.77<br> (3)<br>| 15494 | 1.11 | 1.04 | (0.52)<br>| 47 |
| 03/31/26 | 11.64 | (0.07)<br>| 2.68 | 2.61 |  | (4.88)<br>| (4.88)<br>| 9.37 | 17.91 | 15993 | 1.12 | 1.05 | (0.54)<br>| 55 |
| **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** |
| 03/31/22 | 16.53 | 0.24 | 1.88 | 2.12 | (0.31)<br>| (0.99)<br>| (1.30)<br>| 17.35 | 13.16 | 739720 | 0.78 | 0.78 | 1.36 | 40 |
| 03/31/23 | 17.35 | 0.25 | (0.71)<br>| (0.46)<br>| (0.32)<br>| (2.82)<br>| (3.14)<br>| 13.75 | (2.63)<br>| 526295 | 0.80 | 0.80 | 1.60 | 39 |
| 03/31/24 | 13.75 | 0.21 | 2.08 | 2.29 | (0.32)<br>| (1.99)<br>| (2.31)<br>| 13.73 | 18.53 | 489636 | 0.82 | 0.82 | 1.55 | 39 |
| 03/31/25 | 13.73 | 0.20 | 0.61 | 0.81 | (0.34)<br>| (2.03)<br>| (2.37)<br>| 12.17 | 5.28 | 273355 | 0.85 | 0.85 | 1.48 | 41 |
| 03/31/26 | 12.17 | 0.17 | 1.20 | 1.37 | (0.25)<br>| (2.13)<br>| (2.38)<br>| 11.16 | 11.32 | 269885 | 0.87 | 0.87 | 1.37 | 46 |
| **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** |
| 03/31/22 | 16.51 | 0.21 | 1.89 | 2.10 | (0.29)<br>| (0.99)<br>| (1.28)<br>| 17.33 | 13.02 | 23698 | 0.93 | 0.93 | 1.21 | 40 |
| 03/31/23 | 17.33 | 0.23 | (0.72)<br>| (0.49)<br>| (0.29)<br>| (2.82)<br>| (3.11)<br>| 13.73 | (2.81)<br>| 20212 | 0.95 | 0.95 | 1.46 | 39 |
| 03/31/24 | 13.73 | 0.19 | 2.08 | 2.27 | (0.30)<br>| (1.99)<br>| (2.29)<br>| 13.71 | 18.35 | 20951 | 0.97 | 0.97 | 1.40 | 39 |
| 03/31/25 | 13.71 | 0.18 | 0.61 | 0.79 | (0.32)<br>| (2.03)<br>| (2.35)<br>| 12.15 | 5.14 | 19723 | 1.00 | 1.00 | 1.32 | 41 |
| 03/31/26 | 12.15 | 0.15 | 1.20 | 1.35 | (0.22)<br>| (2.13)<br>| (2.35)<br>| 11.15 | 11.24 | 16471 | 1.02 | 1.02 | 1.21 | 46 |
| **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** |
| 03/31/22 | 16.51 | 0.19 | 1.89 | 2.08 | (0.27)<br>| (0.99)<br>| (1.26)<br>| 17.33 | 12.90 | 11283 | 1.03 | 1.03 | 1.11 | 40 |
| 03/31/23 | 17.33 | 0.21 | (0.71)<br>| (0.50)<br>| (0.27)<br>| (2.82)<br>| (3.09)<br>| 13.74 | (2.88)<br>| 9196 | 1.05 | 1.05 | 1.36 | 39 |
| 03/31/24 | 13.74 | 0.18 | 2.08 | 2.26 | (0.28)<br>| (1.99)<br>| (2.27)<br>| 13.73 | 18.28 | 9502 | 1.07 | 1.07 | 1.30 | 39 |
| 03/31/25 | 13.73 | 0.16 | 0.61 | 0.77 | (0.31)<br>| (2.03)<br>| (2.34)<br>| 12.16 | 4.94 | 8920 | 1.10 | 1.10 | 1.22 | 41 |
| 03/31/26 | 12.16 | 0.14 | 1.20 | 1.34 | (0.21)<br>| (2.13)<br>| (2.34)<br>| 11.16 | 11.10 | 8216 | 1.12 | 1.12 | 1.12 | 46 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

(3) The Portfolio's performance figure was increased by 0.09% for Class 1 and Class 2 and 0.10% for Class 3 from the reimbursement of an investment violation.

See Notes to Financial Statements

------

**Seasons Series Trust**

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period** <br>**ended**<br>| **Net Asset** <br>**Value** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)(1)**<br>| **Net realized** <br>**& unrealized** <br>**gain (loss)** <br>**on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**gain on** <br>**investments**<br>| **Total** <br>**distributions**<br>| **Net Asset** <br>**Value** <br>**end of** <br>**period**<br>| **Total** <br>**Return(2)**<br>| **Net Assets** <br>**end of** <br>**period (000's)**<br>| **Total expenses** <br>**after waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Portfolio** <br>**turnover**<br>|
| **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** |
| 03/31/22 | $24.95 | $(0.13)<br>| $(0.16)<br>| $(0.29)<br>| $— | $(7.65)<br>| $(7.65)<br>| $17.01 | (5.65)%<br>| $167780 | 0.94<br> %<br>| (0.56)%<br>| 60<br> %<br>|
| 03/31/23 | 17.01 | (0.03)<br>| (2.00)<br>| (2.03)<br>|  | (4.04)<br>| (4.04)<br>| 10.94 | (10.93)<br>| 129176 | 0.97 | (0.20)<br>| 48 |
| 03/31/24 | 10.94 | (0.04)<br>| 2.63 | 2.59 |  |  |  | 13.53 | 23.67 | 134582 | 0.99 | (0.34)<br>| 66 |
| 03/31/25 | 13.53 | (0.07)<br>| 0.44 | 0.37 |  |  |  | 13.90 | 2.73 | 117917 | 0.98 | (0.48)<br>| 83 |
| 03/31/26 | 13.90 | (0.08)<br>| 1.81 | 1.73 |  | (1.90)<br>| (1.90)<br>| 13.73 | 11.48 | 117928 | 1.01 | (0.51)<br>| 81 |
| **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** |
| 03/31/22 | 23.32 | (0.15)<br>| (0.07)<br>| (0.22)<br>|  | (7.65)<br>| (7.65)<br>| 15.45 | (5.76)<br>| 22730 | 1.09 | (0.71)<br>| 60 |
| 03/31/23 | 15.45 | (0.04)<br>| (1.84)<br>| (1.88)<br>|  | (4.04)<br>| (4.04)<br>| 9.53 | (11.07)<br>| 18825 | 1.12 | (0.35)<br>| 48 |
| 03/31/24 | 9.53 | (0.05)<br>| 2.29 | 2.24 |  |  |  | 11.77 | 23.50 | 21090 | 1.14 | (0.49)<br>| 66 |
| 03/31/25 | 11.77 | (0.08)<br>| 0.38 | 0.30 |  |  |  | 12.07 | 2.55 | 19349 | 1.13 | (0.63)<br>| 83 |
| 03/31/26 | 12.07 | (0.09)<br>| 1.59 | 1.50 |  | (1.90)<br>| (1.90)<br>| 11.67 | 11.31 | 15508 | 1.16 | (0.66)<br>| 81 |
| **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** |
| 03/31/22 | 22.40 | (0.17)<br>| (0.02)<br>| (0.19)<br>|  | (7.65)<br>| (7.65)<br>| 14.56 | (5.88)<br>| 13772 | 1.19 | (0.81)<br>| 60 |
| 03/31/23 | 14.56 | (0.05)<br>| (1.74)<br>| (1.79)<br>|  | (4.04)<br>| (4.04)<br>| 8.73 | (11.15)<br>| 11589 | 1.22 | (0.45)<br>| 48 |
| 03/31/24 | 8.73 | (0.05)<br>| 2.09 | 2.04 |  |  |  | 10.77 | 23.37 | 12328 | 1.24 | (0.59)<br>| 66 |
| 03/31/25 | 10.77 | (0.08)<br>| 0.35 | 0.27 |  |  |  | 11.04 | 2.51 | 10988 | 1.23 | (0.73)<br>| 83 |
| 03/31/26 | 11.04 | (0.09)<br>| 1.46 | 1.37 |  | (1.90)<br>| (1.90)<br>| 10.51 | 11.18 | 10745 | 1.27 | (0.76)<br>| 81 |
| **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** |
| 03/31/22 | 18.68 | 0.13 | 2.10 | 2.23 | (0.19)<br>| (0.92)<br>| (1.11)<br>| 19.80 | 12.04 | 205935 | 0.95 | 0.67 | 29 |
| 03/31/23 | 19.80 | 0.20 | (1.63)<br>| (1.43)<br>| (0.16)<br>| (2.63)<br>| (2.79)<br>| 15.58 | (7.25)<br>| 170288 | 0.96 | 1.17 | 31 |
| 03/31/24 | 15.58 | 0.17 | 3.19 | 3.36 | (0.21)<br>| (1.27)<br>| (1.48)<br>| 17.46 | 23.09 | 181250 | 0.98 | 1.04 | 28 |
| 03/31/25 | 17.46 | 0.17 | 0.18 | 0.35 | (0.20)<br>| (1.25)<br>| (1.45)<br>| 16.36 | 1.30 | 151181 | 0.98 | 0.97 | 34 |
| 03/31/26 | 16.36 | 0.16 | 1.96 | 2.12 | (0.18)<br>| (2.58)<br>| (2.76)<br>| 15.72 | 13.37 | 156843 | 1.00 | 0.94 | 40 |
| **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** |
| 03/31/22 | 18.62 | 0.10 | 2.10 | 2.20 | (0.17)<br>| (0.92)<br>| (1.09)<br>| 19.73 | 11.89 | 22040 | 1.10 | 0.51 | 29 |
| 03/31/23 | 19.73 | 0.18 | (1.63)<br>| (1.45)<br>| (0.12)<br>| (2.63)<br>| (2.75)<br>| 15.53 | (7.35)<br>| 18646 | 1.11 | 1.02 | 31 |
| 03/31/24 | 15.53 | 0.14 | 3.17 | 3.31 | (0.18)<br>| (1.27)<br>| (1.45)<br>| 17.39 | 22.83 | 19927 | 1.12 | 0.89 | 28 |
| 03/31/25 | 17.39 | 0.14 | 0.18 | 0.32 | (0.17)<br>| (1.25)<br>| (1.42)<br>| 16.29 | 1.16 | 17884 | 1.13 | 0.83 | 34 |
| 03/31/26 | 16.29 | 0.13 | 1.95 | 2.08 | (0.15)<br>| (2.58)<br>| (2.73)<br>| 15.64 | 13.17 | 15507 | 1.15 | 0.78 | 40 |
| **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** |
| 03/31/22 | 18.59 | 0.08 | 2.08 | 2.16 | (0.15)<br>| (0.92)<br>| (1.07)<br>| 19.68 | 11.69 | 13418 | 1.20 | 0.41 | 29 |
| 03/31/23 | 19.68 | 0.16 | (1.62)<br>| (1.46)<br>| (0.10)<br>| (2.63)<br>| (2.73)<br>| 15.49 | (7.45)<br>| 10490 | 1.21 | 0.92 | 31 |
| 03/31/24 | 15.49 | 0.12 | 3.17 | 3.29 | (0.16)<br>| (1.27)<br>| (1.43)<br>| 17.35 | 22.72 | 10703 | 1.23 | 0.79 | 28 |
| 03/31/25 | 17.35 | 0.13 | 0.18 | 0.31 | (0.15)<br>| (1.25)<br>| (1.40)<br>| 16.26 | 1.12 | 9700 | 1.23 | 0.73 | 34 |
| 03/31/26 | 16.26 | 0.11 | 1.94 | 2.05 | (0.13)<br>| (2.58)<br>| (2.71)<br>| 15.60 | 13.02 | 9506 | 1.26 | 0.68 | 40 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

See Notes to Financial Statements

------

**Seasons Series Trust**

**FINANCIAL HIGHLIGHTS — *(continued)***

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** | **Distributions to** <br>**Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period** <br>**ended**<br>| **Net Asset** <br>**Value** <br>**beginning** <br>**of period**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)(1)**<br>| **Net realized** <br>**& unrealized** <br>**gain (loss)** <br>**on** <br>**investments**<br>| **Total from** <br>**investment** <br>**operations**<br>| **Net** <br>**investment** <br>**income**<br>| **Net** <br>**realized** <br>**gain on** <br>**investments**<br>| **Total** <br>**distributions**<br>| **Net Asset** <br>**Value** <br>**end of** <br>**period**<br>| **Total** <br>**Return(2)**<br>| **Net Assets** <br>**end of** <br>**period (000's)**<br>| **Total expenses** <br>**after waivers** <br>**and/or** <br>**reimburse-** <br>**ments**<br>| **Net** <br>**investment** <br>**income** <br>**(loss)**<br>| **Portfolio** <br>**turnover**<br>|
| **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** |
| 03/31/22 | $15.26 | $0.02 | $0.13 | $0.15 | $(0.03)<br>| $(1.84)<br>| $(1.87)<br>| $13.54 | 0.33<br> %<br>| $205586 | 0.94<br> %<br>| 0.15<br> %<br>| 50<br> %<br>|
| 03/31/23 | 13.54 | 0.05 | (1.26)<br>| (1.21)<br>| (0.05)<br>| (2.19)<br>| (2.24)<br>| 10.09 | (8.84)<br>| 158048 | 0.96 | 0.39 | 41 |
| 03/31/24 | 10.09 | 0.03 | 1.54 | 1.57 | (0.05)<br>| (0.34)<br>| (0.39)<br>| 11.27 | 16.06 | 146630 | 1.01 | 0.31 | 47 |
| 03/31/25 | 11.27 | 0.03 | (0.56)<br>| (0.53)<br>| (0.04)<br>| (0.24)<br>| (0.28)<br>| 10.46 | (5.11)<br>| 105661 | 0.99 | 0.23 | 57 |
| 03/31/26 | 10.46 | 0.01 | 1.99 | 2.00 | (0.03)<br>| (1.46)<br>| (1.49)<br>| 10.97 | 19.17 | 109826 | 1.08 | 0.10 | 67 |
| **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** |
| 03/31/22 | 14.74 | 0.00 | 0.12 | 0.12 | (0.01)<br>| (1.84)<br>| (1.85)<br>| 13.01 | 0.14 | 15175 | 1.09 | 0.00 | 50 |
| 03/31/23 | 13.01 | 0.03 | (1.20)<br>| (1.17)<br>| (0.03)<br>| (2.19)<br>| (2.22)<br>| 9.62 | (8.93)<br>| 12205 | 1.11 | 0.24 | 41 |
| 03/31/24 | 9.62 | 0.02 | 1.46 | 1.48 | (0.03)<br>| (0.34)<br>| (0.37)<br>| 10.73 | 15.92 | 12743 | 1.16 | 0.16 | 47 |
| 03/31/25 | 10.73 | 0.01 | (0.53)<br>| (0.52)<br>| (0.02)<br>| (0.24)<br>| (0.26)<br>| 9.95 | (5.21)<br>| 11087 | 1.15 | 0.08 | 57 |
| 03/31/26 | 9.95 | (0.01)<br>| 1.89 | 1.88 | (0.01)<br>| (1.46)<br>| (1.47)<br>| 10.36 | 18.97 | 10446 | 1.22 | (0.05)<br>| 67 |
| **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** |
| 03/31/22 | 14.41 | (0.01)<br>| 0.12 | 0.11 |  | (1.84)<br>| (1.84)<br>| 12.68 | 0.06 | 9747 | 1.19 | (0.10)<br>| 50 |
| 03/31/23 | 12.68 | 0.02 | (1.17)<br>| (1.15)<br>| (0.02)<br>| (2.19)<br>| (2.21)<br>| 9.32 | (9.03)<br>| 8126 | 1.21 | 0.14 | 41 |
| 03/31/24 | 9.32 | 0.01 | 1.41 | 1.42 | (0.02)<br>| (0.34)<br>| (0.36)<br>| 10.38 | 15.77 | 8432 | 1.26 | 0.06 | 47 |
| 03/31/25 | 10.38 | (0.00)<br>| (0.51)<br>| (0.51)<br>| (0.01)<br>| (0.24)<br>| (0.25)<br>| 9.62 | (5.28)<br>| 7364 | 1.25 | (0.02)<br>| 57 |
| 03/31/26 | 9.62 | (0.02)<br>| 1.83 | 1.81 | (0.00)<br>| (1.46)<br>| (1.46)<br>| 9.97 | 18.89 | 7693 | 1.33 | (0.15)<br>| 67 |

---

(1) Calculated based upon average shares outstanding.

(2) Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented.

See Notes to Financial Statements

------

**Seasons Series Trust**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

------

To the Board of Trustees of Seasons Series Trust and Shareholders of each of the fourteen portfolios listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the portfolios listed in the table below (constituting Seasons Series Trust, hereafter collectively referred to as the "Portfolios") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026, (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of March 31, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2026 and each of the financial highlights for each of the five years in the period ended March 31, 2026, in conformity with accounting principles generally accepted in the United States of America.

**Seasons Series Trust**

---

| |
|:---|
| SA Allocation Aggressive Portfolio |
| SA Allocation Balanced Portfolio |
| SA Allocation Moderate Portfolio |
| SA Allocation Moderately Aggressive Portfolio |
| SA American Century Inflation Managed Portfolio |
| SA Columbia Focused Value Portfolio |
| SA Franklin Allocation Moderately Aggressive Portfolio |

---

---

| |
|:---|
| SA Multi-Managed Diversified Fixed Income Portfolio |
| SA Multi-Managed International Equity Portfolio |
| SA Multi-Managed Large Cap Growth Portfolio |
| SA Multi-Managed Large Cap Value Portfolio |
| SA Multi-Managed Mid Cap Growth Portfolio |
| SA Multi-Managed Mid Cap Value Portfolio |
| SA Multi-Managed Small Cap Portfolio |

---

***Basis for Opinions***

These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026 by correspondence with the custodian, transfer agents, brokers, selling or agent banks and portfolio companies; when replies were not received from brokers, selling or agent banks, or a transfer agent, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

May 27, 2026

We have served as the auditor of one or more investment companies in the SunAmerica annuity family of funds (consisting of SunAmerica Series Trust and Seasons Series Trust) since at least 1986. We have not been able to determine the specific year we began serving as auditor.

------

**Seasons Series Trust**

**SHAREHOLDERS TAX INFORMATION (unaudited)**

------

Certain tax information regarding Seasons Series Trust is required to be provided to the shareholders based upon each Portfolio's income and distributions for the taxable year ended March 31, 2026.

During the year ended March 31, 2026, the Portfolio paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Net** <br>**Long-Term** <br>**Capital Gains**<br>| **Foreign** <br>**Taxes Credit**<br>| **Foreign** <br>**Source Income**<br>| **Qualifying % for the** <br>**Dividends** <br>**Received Deduction**<br>|
| SA Allocation Aggressive Portfolio\* | &nbsp;&nbsp; $15373689 | &nbsp;&nbsp; $669690 | &nbsp;&nbsp; $2637404 | 27.65<br> %<br>|
| SA Allocation Balanced Portfolio\* | &nbsp;&nbsp; 1502587 | &nbsp;&nbsp; 135002 | &nbsp;&nbsp; 614296 | 12.83 |
| SA Allocation Moderate Portfolio\* | &nbsp;&nbsp; 6561298 | &nbsp;&nbsp; 195117 | &nbsp;&nbsp; 983593 | 18.52 |
| SA Allocation Moderately Aggressive Portfolio\* | &nbsp;&nbsp; 14706508 | &nbsp;&nbsp; 420271 | &nbsp;&nbsp; 2185074 | 21.15 |
| SA American Century Inflation Managed Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Columbia Focused Value Portfolio | &nbsp;&nbsp; 48224418 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 99.21 |
| SA Franklin Allocation Moderately Aggressive Portfolio | &nbsp;&nbsp; 23429551 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 26.26 |
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| SA Multi-Managed International Equity Portfolio\* | &nbsp;&nbsp; 14864305 | &nbsp;&nbsp; 624892 | &nbsp;&nbsp; 8208820 | 0.67 |
| SA Multi-Managed Large Cap Growth Portfolio | &nbsp;&nbsp; 77795028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 8.60 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp; 45628156 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 72.88 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp; 19399006 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 100.00 |
| SA Multi-Managed Mid Cap Value Portfolio | &nbsp;&nbsp; 25193712 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 63.08 |
| SA Multi-Managed Small Cap Portfolio | &nbsp;&nbsp; 15560976 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 98.88 |

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 <br> \* The Portfolios make an election under the Internal Revenue Code Section 853 to pass through foreign taxes paid to shareholders.

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**Seasons Series Trust**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS *(unaudited)***

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**Item 8** (Form N-CSR) – Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

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**Seasons Series Trust**

**RESULTS OF SPECIAL SHAREHOLDER MEETING *(unaudited)***

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**Item 9** (Form N-CSR) – Proxy Disclosure for Open-End Management Investment Companies.

On December 8, 2025, a joint special meeting of shareholders (the "Special Meeting") of each of the Portfolios of the Trust was held to consider the proposal listed below. The proposal was approved on behalf of each respective Portfolio and the results of the Special Meeting were as follows:

With respect to each Portfolio of the Trust, to approve a new investment advisory and management agreement between SunAmerica and such Trust, on behalf of such Portfolio, each to take effect upon the Change of Control Event resulting from the Transaction. The material terms of the proposed investment advisory and management agreements are identical to the material terms of the current investment advisory and management agreements (With respect to each Portfolio, to be voted on by shareholders of the Portfolio, voting separately):

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| | | | |
|:---|:---|:---|:---|
| **Name of Portfolio** | **FOR** | **AGAINST** | **ABSTAIN** |
| SA Allocation Aggressive Portfolio | 28739594.77 | 299694.86 | 2388391.41 |
| SA Allocation Balanced Portfolio | 23021696.19 | 402733.82 | 1821466.46 |
| SA Allocation Moderate Portfolio | 26048188.40 | 339943.41 | 1828045.70 |
| SA Allocation Moderately Aggressive Portfolio | 43776913.93 | 932030.62 | 3603105.73 |
| SA American Century Inflation Managed Portfolio | 56869169.03 | 600583.85 | 2585416.34 |
| SA Columbia Focused Value Portfolio | 13618571.86 | 12200.37 | 42606.51 |
| SA Franklin Allocation Moderately Aggressive Portfolio | 11912220.94 | 491973.64 | 845829.24 |
| SA Multi-Managed Diversified Fixed Income Portfolio | 67759887.30 | 16103.23 | 96298.70 |
| SA Multi-Managed International Equity Portfolio | 28004041.12 | 33529.05 | 34794.11 |
| SA Multi-Managed Large Cap Growth Portfolio | 19721893.68 | 47898.40 | 83044.69 |
| SA Multi-Managed Large Cap Value Portfolio | 24789197.61 | 27.80 | 141636.48 |
| SA Multi-Managed Mid Cap Growth Portfolio | 10622791.46 | 72159.57 | 183809.18 |
| SA Multi-Managed Mid Cap Value Portfolio | 11105866.56 | 12415.76 | 191498.80 |
| SA Multi-Managed Small Cap Portfolio | 11556751.41 | 31494.89 | 58314.42 |

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**Seasons Series Trust**

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS *(unaudited)*** 

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**Item 10** (Form N-CSR) – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in the Statement of Operations.

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**Seasons Series Trust**

**APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS *(unaudited)***

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**Item 11** (Form N-CSR) – Statement Regarding Basis for Approval of Investment Advisory Contract.

The Board, including the Independent Trustees, met on August 25, 2025 and September 18, 2025 (together, the "Board Meeting") to evaluate, among other matters, the anticipated acquisition (the "Transaction") of SunAmerica Asset Management, LLC ("SunAmerica" or the "Adviser") by Venerable Holdings, Inc. ("Venerable"), as well as the services expected to be provided by SunAmerica after it becomes owned by Venerable, and to determine whether to approve a new Investment Advisory and Management Agreement (the "New Advisory Agreement") and Subadvisory and Sub-Subadvisory Agreements (the "New Subadvisory Agreements" and, collectively with the New Advisory Agreements, the "New Agreements") for the Trust, on behalf of its series (each, a "Portfolio" and collectively, the "Portfolios"), and to recommend approval of the New Advisory Agreement to the Portfolios' shareholders. At the Board Meeting and throughout the process of considering the New Agreements, the Independent Trustees were assisted in their review, and were advised, by independent legal counsel and met with counsel in executive sessions separate from representatives of SunAmerica.

At the Board Meeting, the Board also conducted its annual consideration of the renewal (the "Annual Renewals") of the current Investment Advisory and Management Agreement (the "Current Advisory Agreement") and Subadvisory and Sub-Subadvisory Agreements (the "Current Subadvisory Agreements" and together with the Current Advisory Agreement, the "Current Agreements") of the Trust. During the review process that led to its renewal of the Current Agreements, the Board considered that it was also being asked to consider approval of the New Agreements in connection with the Transaction.

Prior to the Board Meeting, the Independent Trustees requested certain detailed information from SunAmerica and Venerable regarding the Transaction, the Trust and the New Agreements, as well as the Annual Renewals, and reviewed the responses provided by SunAmerica and Venerable. The Board communicated with senior representatives of SunAmerica and Venerable regarding their personnel, operations and financial condition. The Board also reviewed the terms of the Transaction and considered its possible effects on the Portfolios and their shareholders. In this regard, the Trustees spoke with representatives of SunAmerica and Venerable during the Board Meeting and, with respect to the Independent Trustees, in private sessions with their independent counsel to discuss the anticipated effects of the Transaction.

In connection with the Annual Renewals, the Board received extensive materials related to certain factors used in its consideration whether to renew the Current Agreements. The Board also relied on this information in relation to its consideration whether to approve the New Agreements. Those factors included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the requirements of the Trust in the areas of investment supervisory and administrative services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the nature, extent and quality of the investment advisory, administrative, operational and compliance services provided by SunAmerica, including a review of the investment performance of the Portfolios and oversight of the Trust's subadvisers (collectively, the "Subadvisers");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the size and structure of the investment advisory fee and any other material payments to SunAmerica and the Subadvisers and, in connection therewith, a review of the costs of services provided and the profits realized by SunAmerica and its affiliates from the relationship with the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the expenses paid by each of the Portfolios, including their total operating expenses and any applicable expense limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the extent to which the Adviser realizes economies of scale and shares them with the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the organizational capability, resources, personnel and financial condition of the Adviser, the Subadvisers and their respective affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the fees paid by SunAmerica to the Subadvisers for managing the Portfolios of the Trust.

In addition, the Board considered (a) the historical relationship between the Trust and SunAmerica; (b) the conditions and trends prevailing in the economy, the securities markets and the investment company industry; and (c) the reasonableness of the amount of the fees retained by SunAmerica in light of the services provided by SunAmerica and the Subadvisers.

In addition to the information the Board received and considered in approving the Current Agreements, SunAmerica also provided information relating to the New Agreements, including, but not limited to, the Transaction, the expected benefits and costs to shareholders of the Trust, and the expected management and operation of SunAmerica after the closing of the Transaction. The Board focused its review on, and requested and evaluated other information relating to, the potential impact of the Transaction on the operations, personnel, organizational structure, capitalization, and financial and other resources of SunAmerica and its affiliates that render administrative, distribution, compliance, and other services to the Trust. The Independent Trustees were also provided with legal memoranda discussing their fiduciary duties related to the approval of the Current Agreements and the New Agreements, as well as considerations relevant to the Transaction.

The Independent Trustees were separately represented by counsel that is independent of SunAmerica and Venerable in connection with their consideration of approval of the New Agreements. The matters discussed below were also considered separately by the Independent Trustees in executive sessions during which their independent counsel provided guidance to the Independent Trustees. The Board and the Independent Trustees did not identify any single matter or particular data point that, in isolation, would be controlling in their decision to approve the New Agreements. Rather, the Board and the Independent Trustees considered the total mix of information provided. The following summary describes the key factors considered by the Board and the Independent Trustees and the conclusions that formed the basis for approving the New Agreements, in light of the legal advice furnished to them by independent legal counsel and their own business judgment. The following list of factors does not include all of the factors that were considered.

**<u>Nature, Quality and Extent of Services.</u>**

The Board, including the Independent Trustees, considered the nature, quality and extent of services provided by SunAmerica and each of the Subadvisers. In making its evaluation, the Board considered that SunAmerica acts as adviser for each Portfolio, manages the investment of portions of certain Portfolios' assets, manages the daily business affairs of the Trust, obtains and evaluates economic, statistical and financial information to formulate and implement investment policies, and provides oversight with respect to the daily management of certain Portfolios' assets, or a portion thereof, allocated to the Subadvisers, subject to the Trustees' oversight and control. It was also noted that SunAmerica's

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**Seasons Series Trust**

**APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS *(unaudited)* — *(continued)***

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advisory fees compensate SunAmerica for services such as monitoring Portfolio performance, selecting and replacing Subadvisers, determining asset allocations among Portfolios with multiple Subadvisers and ensuring that the Subadvisers' styles adhere to the prospectus and statement of additional information as well as other administrative, compliance and legal services.

The Board noted that SunAmerica is responsible for overseeing the performance of services by the Trust's custodian, transfer agent and dividend disbursing agent. The Board also noted that SunAmerica is responsible for the financial, legal and accounting records required to be maintained by each Portfolio and for the administration of the Trust's business affairs, including providing such office space, bookkeeping, accounting, clerical, secretarial and administrative services (exclusive of, and in addition to, any such service provided by any others retained by the Trust or any Portfolio) and such executive and other personnel as may be necessary for the operations of each Portfolio. The Board considered that SunAmerica monitors and reviews the activities of third-party service providers that may provide additional administrative services. The Board also considered that representatives of SunAmerica indicated their belief that no material changes in SunAmerica's management or operations are expected as a result of the Transaction and that the Transaction is not expected to have an adverse effect on SunAmerica's performance or delivery of services under the New Advisory Agreement relative to SunAmerica's performance or delivery of services under the Current Advisory Agreement.

In addition, the Board considered the key personnel of SunAmerica who are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios in addition to current and projected staffing levels and compensation practices. The Board also considered the compensation program for SunAmerica's investment professionals. The Board considered that no material changes to any Portfolio's investment management team or SunAmerica's compensation practices are expected to occur as a result of the Transaction.

With respect to the Subadvisers, the Board noted that the Subadvisers are responsible for providing investment management services on a day-to-day basis. In such role, each Subadviser (i) determines the securities to be purchased or sold and executes such documents on behalf of the Portfolios they manage as may be necessary in connection therewith; (ii) provides SunAmerica with records concerning their activities; and (iii) renders regular reports to SunAmerica and to officers and Trustees of the Trust concerning their discharge of the foregoing responsibilities. In connection with the Annual Renewals, the Board reviewed each Subadviser's history, structure and size, and investment experience. The Board considered each Subadviser's personnel who are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios, as well as current and projected staffing levels and compensation practices. The Board was informed that in management's judgment, each of the Subadvisers has the size, viability and resources to attract and retain highly qualified investment professionals.

The Board considered SunAmerica's reputation and long-standing relationship with the Portfolios and considered the benefit to shareholders of investing in funds that are part of a family of funds offering funds that employ a variety of investment strategies. The Board also considered the Trust's relationship with affiliated life insurance companies that offer the Portfolios through variable annuity and variable life insurance products.

The Board considered SunAmerica's experience in providing management and investment advisory and administrative services to advisory clients. The Board also considered SunAmerica's code of ethics and its risk management process, and that SunAmerica has developed internal procedures, adopted by the Board, for monitoring compliance with the investment objectives, policies and restrictions of the Portfolios as set forth in the Portfolios' registration statement. The Board further considered that no material changes to SunAmerica's risk management processes and compliance policies and procedures were expected to result from the Transaction.

In connection with the Annual Renewals, the Board also reviewed and considered the Adviser's and each Subadviser's compliance and regulatory history, including information about whether any were involved in any litigation, regulatory actions or investigations that could impair their ability to serve as an adviser or subadviser to the Portfolios. The Board considered SunAmerica's and the Subadvisers' risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on SunAmerica's or the Subadvisers' ability to provide services to the Trust.

The Board considered that the nature, extent and quality of the services provided to the Portfolios by SunAmerica and each Subadviser were expected to remain unchanged after the change of control of SunAmerica that would result from the completion of the Transaction.

**<u>Portfolio Fees and Expenses; Investment Performance</u>**

The Board, including the Independent Trustees, received and reviewed information regarding the Portfolios' fees (actual or contractual management fees, subadvisory fees, non-management fees, and 12b-1 fees, if applicable), and expense ratios compared against such fees and expense ratios of the Expense Group/Universe for each Portfolio. Such fees and expense ratios were compared both before and after expense waivers, caps and reimbursements, if any. It was noted that with respect to subadvisory fees, SunAmerica negotiates such fees at arm's length. The Board also considered that the subadvisory fees are paid by SunAmerica out of its advisory fee and not by the Portfolios, and that subadvisory fees may vary widely within a Subadvised Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of subadvisory fees paid by SunAmerica and the amount of the management fees that it retained and determined that these amounts were reasonable in light of the services performed by SunAmerica and the Subadvisers, respectively.

To assist in analyzing the reasonableness of the advisory and subadvisory fees, the Board received a report prepared independently by Broadridge Financial Solutions, Inc. ("Broadridge"), as well as information provided by management. The Board also considered advisory fees received by SunAmerica and the Subadvisers with respect to other mutual funds and accounts with similar investment strategies to the Portfolios each advises. Based on the information from Broadridge, the Board reviewed detailed information about peer groups of comparable mutual funds based on various factors such as the type of fund (those underlying variable insurance products), comparable investment objectives and strategies, among other factors. Referred to herein are Expense Groups and Performance Groups/Universes that represent those peer groups of funds used to compare expenses and performance, respectively. The Board also received performance data and expense information prepared by management.

The Trustees noted that the expense information as a whole was useful in assessing whether SunAmerica and the Subadvisers were providing services at a cost that was competitive with other similar funds. The performance information included annualized returns for the period since inception and the one-, three-, five- and ten-year periods, as applicable, ended June 30, 2025 from Broadridge and performance information as of June 30, 2025 from management. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to each Portfolio's overall performance, performance relative to each Portfolio's relevant

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**Seasons Series Trust**

**APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS *(unaudited)* — *(continued)***

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benchmark and Morningstar and/or Broadridge peer groups, as applicable, and each Subadviser's performance within a Portfolio. The Board considered that management makes particular note of Portfolios that may require closer monitoring or potential corrective action by the Board.

As part of its review of the Portfolios' fees and expenses and performance in connection with the Annual Renewals, the Board noted that it considered expense and performance information for each Portfolio provided by Broadridge and management in making its determination to renew the Current Advisory Agreement. For Portfolios with periods of relative underperformance, the Board considered management's explanations of and plans to address that underperformance. The Board also reviewed Portfolios with higher expenses relative to their respective Expense Groups/Universes and considered management's discussions in that regard. In particular, the Board considered management's discussion of the Trust's multi-manager subadvisory management structure and its explanation that the structure results in increased advisory fees and expenses to these Portfolios but noted the potential benefits to this type of multi-manager strategy where the Portfolios have access to the expertise of multiple Subadvisers and the varied investment techniques employed by each Subadviser in connection with a Portfolio's investment objectives/strategies. The Board also considered that the Transaction is not expected to result in any changes to the contractual investment advisory fees charged to the Portfolios, nor a reduction in any fee waiver or expense limitation agreed to by SunAmerica with respect to the Portfolios.

Ultimately, the Board and the Independent Trustees concluded that SunAmerica has a strong long-term record of effectively managing each of the Portfolios and monitoring the effectiveness of the contributions made by each of the Subadvisers. The Board and the Independent Trustees further concluded that SunAmerica was applying appropriate discipline and oversight to ensure that each Portfolio adhered to its stated investment objective and strategies and that SunAmerica's record in managing each Portfolio supported the conclusion that its continued management should benefit each Portfolio and its shareholders.

**<u>Cost of Services & Benefits Derived</u>**

With respect to indirect costs and benefits, the Board was informed, based on management's judgment, that any indirect costs incurred by SunAmerica in connection with rendering investment advisory services to the Trust were inconsequential to the analysis of the adequacy of the advisory fees, and that any collateral benefits derived as a result of providing advisory services to the Trust did not impact the reasonableness of the advisory fee. In its considerations with respect to the Annual Renewals, the Board considered that SunAmerica is paid an administrative services fee of up to 0.04% of the average daily net asset value of the Trust's Portfolios pursuant to an arrangement between SunAmerica and certain affiliated life insurance companies (the "Life Companies"). The Board considered that the Trust also pays VALIC Retirement Services Company ("VRSCO"), an affiliate of SunAmerica, a fee for transfer agency and related services. The Board noted that the Trust would continue to pay VRSCO to provide these services after the closing of the Transaction and that, although VRSCO will no longer be an affiliate of SunAmerica, VRSCO will provide those services at cost and does not anticipate earning a profit from the fees received from the Trust.

Also in connection with the Annual Renewals, the Board considered that the Life Companies may benefit as a result of their direct ownership of the Portfolios' shares, which amounts may be significant. It was noted that in calculating their corporate income tax liability as insurance companies, the Life Companies, as corporate mutual fund shareholders, may exclude a portion of the ordinary dividends paid by underlying U.S. equities in the Portfolios to the same extent the Portfolios receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Life Companies may rely on foreign tax credits with respect to certain foreign securities held by applicable Portfolios. The Board considered that the Life Companies receive financial support from SunAmerica and certain Subadvisers for distribution-related activities, including administrative, marketing and other servicing activities, including payments to help offset costs for marketing activities and training to support sales of the Portfolios, as well as occasional gifts, entertainment or other compensation as incentives. It was noted that such payments may be derived from 12b-1 (service) fees that are deducted directly from the assets of the Portfolios or from investment management fees received by SunAmerica or the Subadvisers. In addition, the Board considered that, because shares of the Portfolios are offered as investment options through variable annuity contracts or variable life insurance policies ("Variable Contracts"), the investment objectives, strategies and performance of the Portfolios may positively or negatively impact a Life Company's ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts. The Board considered that these benefits will continue to accrue to the Life Companies after the closing of the Transaction, although the Life Companies will no longer be affiliates of SunAmerica.

The Board concluded that any benefits that SunAmerica and its affiliates could be expected to receive with regard to providing investment advisory and other services to the Portfolios would continue to be reasonable following the closing of the Transaction.

**<u>Profitability and Economies of Scale</u>**

The Board considered that SunAmerica is unable to estimate the profitability of the New Advisory Agreement to itself or its affiliates, because the Transaction has not yet closed and the New Advisory Agreement is not yet in effect. The Board noted, however, that in connection with the Annual Renewals, it received information related to SunAmerica's profitability as well as the profitability of certain affiliates with respect to the services they provide to the Trust's Portfolios in connection with the Current Advisory Agreement. The profitability analysis reflected the relationship between SunAmerica and the affiliated Life Companies. The Board considered that, pursuant to administrative services agreements between SunAmerica and each of the Life Companies, SunAmerica pays a fee to each Life Company at an annual rate of 25 basis points of the average daily net assets of the Portfolios that are held by the corresponding separate accounts of each Life Company, in exchange for certain administrative services provided to the Portfolios. The Board determined that the profitability to SunAmerica in connection with its relationship to the Trust under the Current Advisory Agreement was reasonable. In addition, the Board considered the Investment Management Profitability Analysis prepared by an independent information service, Broadridge, and noted that SunAmerica's profitability under the Current Advisory Agreement was generally in the range of the profitability of companies contained in the report.

It was noted that the subadvisory fees paid pursuant to the Subadvisory Agreements are paid by SunAmerica out of the advisory fees that it receives under the Advisory Agreement. The Trustees also relied on the ability of SunAmerica to negotiate the Subadvisory Agreements and the fees thereunder at arm's length. It was noted that SunAmerica reviewed a number of factors in determining appropriate subadvisory fees payable to each Subadviser. Such factors include review of (1) style class peers primarily within the variable annuity universe; (2) key competitor analysis; (3) portfolio analysis; and (4) special considerations such as competitor subaccount characteristics, uniqueness of the product and the manager's prestige. The Board determined that the profitability to each Subadviser in connection with its relationship with the respective Portfolios is therefore not a material factor in their consideration of the Subadvisory Agreements.

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**Seasons Series Trust**

**APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS *(unaudited)* — *(continued)***

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The Board also received and considered information regarding the ability of the Portfolios to achieve economies of scale. It was noted that the advisory fees of nearly all Portfolios contain breakpoints that will reduce the fees paid by a Portfolio as its assets increase. The Board also considered that SunAmerica has voluntarily agreed to waive fees in certain instances. The Board considered that the multiple fee waivers and expense limitations agreed to by SunAmerica were expected to continue unchanged after the change of control of SunAmerica that would result from closing of the Transaction.

The Board considered that management believed that the Portfolios' existing fee schedules reflect the economies of scale inherent in providing investment advice to a Portfolio in its particular asset category and asset size. The Board concluded that any potential economies of scale are currently being shared between the Trust and SunAmerica in an appropriate manner and would continue to be shared after completion of the Transaction.

The Board considered that certain Subadvisory Agreements also contain breakpoints in the fee schedules, however, since SunAmerica, and not the Trust, is responsible for the payment of the fees pursuant to the Subadvisory Agreements, the Trust does not directly benefit from any reduction in subadvisory fee rates. For similar reasons as stated above with respect to the Subadvisers' profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Subadvisers' management of the Portfolios are not a material factor in its consideration at this time.

**<u>Considerations Specific to the Transaction</u>**

The Board considered the expected impact of the Transaction on SunAmerica and its ability to serve the Portfolios. The Board also considered any potential advantages and disadvantages to shareholders as a result of the Transaction. The Board and the Independent Trustees noted in particular that the terms of the New Agreements are substantially identical to those of the Current Agreements; that the advisory and subadvisory fee rates under the New Agreements are identical to those under the Current Agreements; that the fee waivers and expense limitations agreed to by SunAmerica with respect to any Portfolio will not change; that the nature, extent and quality of the services to be provided by SunAmerica pursuant to the New Advisory Agreement and by the Subadvisers pursuant to the New Subadvisory Agreements are expected to be provided with the same level of commitment; that the fee waivers and/or expense reimbursements SunAmerica has agreed to with respect to any Portfolio would not change; that the continued retention of SunAmerica and the Subadvisers would minimize the disruption of the Portfolios' operations and would not cause the Trust to incur additional costs and expenses that would be necessary if a new investment adviser were to be hired; and that the majority of the key personnel serving the Trust, including all of the personnel providing investment management services to the Portfolios, are expected to continue to be retained after the change of control of SunAmerica. The Board and the Independent Trustees also considered the strength of SunAmerica's relationships with and historical management of the Subadvisers, as well as potential disadvantages of the Transaction to Portfolio shareholders, such as the potential loss of certain personnel of SunAmerica who would remain with Corebridge following the Transaction. Based on the information provided by SunAmerica, the Board and the Independent Trustees concluded that the Transaction is not likely to result in any diminution of SunAmerica's financial resources or its ability to continue to serve the Trust, or to otherwise destabilize SunAmerica or its management or personnel.

The Independent Trustees also received substantial information about Venerable, including information about its business and resources. Additionally, the Independent Trustees received a presentation from senior management of Venerable at the Board Meeting. The Board considered the projected financial condition of SunAmerica after the change of control that would result from the completion of the Transaction. The Independent Trustees also discussed the anticipated benefits to the Portfolios and their shareholders resulting from the Transaction, including the potential for Venerable's interest in SunAmerica and experience with variable annuity products to provide additional resources that could benefit the Portfolios and their shareholders. The Board further considered that the expenses associated with obtaining shareholder approval of the New Advisory Agreement would be paid by SunAmerica, Venerable and/or their respective affiliates.

On the basis of these and other factors, the Board, and the Independent Trustees separately, concluded that the continued engagement of SunAmerica and the Subadvisers to provide investment advisory and management services to the Trust would be in the best interests of the Trust and its Portfolios. The Board, and the Independent Trustees separately, then voted unanimously (i) to approve the New Agreements, including the advisory and subadvisory fee rates proposed in the New Agreements, in respect of each Portfolio for a period not to exceed two years commencing immediately following the closing of the Transaction, and (ii) to recommend to shareholders of each Portfolio that they approve the New Advisory Agreement.

**Section 15(f) of the 1940 Act**

Section 15(f) of the 1940 Act is a non-exclusive safe harbor that provides in substance that, when a sale of a controlling interest in an investment adviser occurs, the investment adviser or any of its affiliated persons may receive any amount or benefit in connection with the sale as long as two conditions are met. If either condition of Section 15(f) is not met, the safe harbor is not available. The first condition specifies that, during the three-year period immediately following consummation of the transaction, at least 75% of the investment company's board of directors/trustees must not be "interested persons" (as defined in the 1940 Act) of the investment adviser or predecessor adviser. The Board was informed that, during the three-year period immediately following the consummation of the Transaction, it is anticipated that at least 75% of the Trustees will not be "interested persons" (as defined in the 1940 Act) of SunAmerica. The second condition specifies that no "unfair burden" may be imposed on the investment company as a result of the transaction relating to the sale of the controlling interest in the investment adviser, or any express or implied terms, conditions or understandings applicable thereto. The term "unfair burden," as defined in the 1940 Act, includes any arrangement, during the two-year period after the transaction occurs, whereby the investment adviser (or predecessor or successor adviser), or any interested person of any such investment adviser, receives or is entitled to receive any compensation, directly or indirectly (i) from any person in connection with the purchase or sale of securities or other property, to, from or on behalf of the investment company (other than bona fide ordinary compensation as principal underwriter for the investment company) or (ii) from the investment company or its security holders for other than bona fide investment advisory or other services. The Board was informed that neither Venerable nor SunAmerica will impose or seek to impose any "unfair burden" on the Portfolios as a result of the Transaction.

At a meeting held on June 5, 2025 (the "Meeting"), the Board of Trustees (the "Board"), including the Independent Trustees (i.e., the Trustees that are not interested persons of Seasons Series Trust (the "Trust"), as defined in the Investment Company Act of 1940, as amended (the "1940 Act")), approved a new subadvisory agreement (the "New Agreement") between SunAmerica Asset Management, LLC ("SunAmerica" or the "Adviser") and PineBridge Investments, LLC ("PineBridge" or the "Subadviser") with respect to the SA Multi-Managed Diversified Fixed Income Portfolio, a series of the Trust (the "Portfolio").

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**Seasons Series Trust**

**APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS *(unaudited)* — *(continued)***

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The New Agreement was considered as a result of the anticipated organizational change of control of that would result from the anticipated acquisition (the "Acquisition") of PineBridge by MetLife Investment Management ("MIM"). The change of control of PineBridge resulting from the Acquisition will effectively constitute an "assignment," as that term is defined by Section 2(a)(4) of the 1940 Act. As required by Section 15(a)(4) of the 1940 Act, the current subadvisory agreement (the "Current Agreement") provides for its automatic termination upon its assignment and therefore will terminate upon the completion of the Acquisition.

In connection with the approval of the New Agreement, the Board received materials related to certain factors used in its consideration of whether to approve the New Agreement. Those factors included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the requirements of the Portfolio in the areas of investment supervisory and administrative services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the nature, extent and quality of the investment advisory and administrative services expected to be provided by the Subadviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the size and structure of the subadvisory fees and any other material payments to the Subadviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the organizational capability and financial condition of the Subadviser, MIM and their affiliates, including with respect to the organizational and financial impacts of the Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the fees to be paid by the Adviser to the Subadviser for managing the Portfolio.

In addition, the Board considered (a) the conditions and trends prevailing in the economy, the securities markets and the investment company industry; (b) the profitability of the Subadviser and the amounts retained by SunAmerica; and (c) information regarding the Subadviser's compliance and regulatory history. The Board also took into account extensive information from PineBridge regarding its services provided to the Trust, which materials the Board reviewed at a meeting on October 9, 2024 (the "October Meeting") in connection with its consideration of the renewal of the Current Agreement.

The Independent Trustees were separately represented by counsel that is independent of SunAmerica and the Subadviser in connection with their consideration of approval of the New Agreement. The matters discussed below were also considered separately by the Independent Trustees in executive sessions during which such independent counsel provided guidance to the Independent Trustees.

At the October Meeting, the Board received information regarding the Portfolio's subadvisory fees compared to subadvisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable (the "Subadvised Expense Group/Universe"), as selected and prepared by an independent third-party provider of investment company data. The Board also received performance data and expense information prepared by management and PineBridge. In addition, the Board considered expenses and performance of the Subadviser with respect to accounts and mutual funds that have comparable investment objectives and strategies to the Portfolio.

Nature, Extent and Quality of Services Provided by the Subadviser.

The Board, including the Independent Trustees, considered the nature, quality and extent of services expected to be provided by the Subadviser. In making its evaluation, the Board considered that SunAmerica acts as adviser for the Portfolio, manages the daily business affairs of the Trust, and obtains and evaluates economic, statistical and financial information to formulate and implement investment policies and provides oversight with respect to the daily management of the Portfolio's assets, subject to the Trustees' oversight and control. It was also noted that SunAmerica's advisory fees compensate SunAmerica for services such as monitoring portfolio performance, selecting and replacing subadvisers, determining asset allocations among each series of the Trust and ensuring that a subadviser's style adheres to the prospectus and statement of additional information as well as other administrative, compliance and legal services or requirements.

With respect to the Subadviser, the Board noted that the services currently provided by PineBridge for the Portfolio will not change under the New Agreement. The Board further noted that the Subadviser would continue to be responsible for providing investment management services on a day-to-day basis. In such role, PineBridge will (i) manage the investment and reinvestment of a portion of the Portfolio's assets; (ii) determine the securities to be purchased or sold and execute such documents on behalf of that portion as may be necessary in connection with its management thereof; (iii) provide SunAmerica with records concerning its activities; and (iv) render regular reports to SunAmerica and to officers and Trustees of the Trust concerning its discharge of the foregoing responsibilities. The Board reviewed the Subadviser's history, structure and size, and investment experience. The Board was informed that in management's judgment, the Subadviser has the size, viability and resources to attract and retain highly qualified investment professionals. The Board reviewed the qualifications, background and responsibilities of the staff of the Subadviser that would be responsible for providing investment management services to the Portfolio as well as current and projected staffing levels. The Board considered that the personnel of the Subadviser that would be responsible for advising the Portfolio, including the key personnel that will be involved in the investment management activities with respect to the Portfolio, will not change as a result of the Acquisition. The Board also considered that the investment strategies and techniques utilized by those personnel will not change as a result of the Acquisition. The Board noted that the continuity of the Portfolio's day-to-day investment management is therefore expected to remain intact.

The Board also reviewed and considered the Subadviser's compliance and regulatory history, including information about whether it has been involved in any litigation, regulatory actions or investigations that could impair its ability to continue to serve as subadviser to the Portfolio. The Board considered the Subadviser's risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on the Subadviser's ability to provide services to the Trust.

The Board concluded that it was satisfied with the nature, quality and extent of the services expected to be provided by the Subadviser and that there was a reasonable basis on which to conclude that the Subadviser would provide high quality services to the Trust.

Portfolio Fees and Expenses; Investment Performance.

At the October Meeting, the Board, including the Independent Trustees, received and reviewed information regarding the Portfolio's subadvisory fees (actual and contractual) compared against such fees of its Subadvised Expense Group/Universe. It was noted that with respect to subadvisory fees, SunAmerica negotiates such fees at arm's length. The

------

**Seasons Series Trust**

**APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS *(unaudited)* — *(continued)***

------

Board also considered that the subadvisory fees are paid by SunAmerica out of its advisory fee and not by the Portfolio, and that subadvisory fees may vary widely within a Subadvised Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of subadvisory fees paid by SunAmerica and the amount of the management fees which it retained, noting that there will be no change in the management fee paid by the Portfolio to SunAmerica. The Board also noted that the subadvisory fee rates to be paid under the New Agreement are the same as those under the Current Agreement. The Board determined that these amounts were reasonable in light of the services performed by SunAmerica and the Subadviser, respectively.

The Board noted that in considering the reasonableness of the subadvisory fees, it had considered extensive expense and performance information during its consideration of the renewal of the Current Agreement at the October Meeting. The Board noted that at that meeting, it had received a report prepared independently by Broadridge Financial Solutions, Inc. ("Broadridge"), as well as information provided by management. The Board also noted that it considered advisory fees received by the Subadviser with respect to other mutual funds and accounts with similar investment strategies to the Portfolio, as well as performance data from management and the Subadviser with respect to the Portfolio and any other mutual funds or other accounts advised or subadvised by the Subadviser with similar investment objectives and/or strategies, as applicable.

On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to each portfolio's overall performance, performance relative to the portfolio's benchmark and Morningstar and Broadridge peer groups, and a subadviser's performance within a portfolio. The Board also considered that management makes particular note of any portfolio that may require closer monitoring or potential corrective action by the Board. The Trustees noted that the expense and performance information as a whole was useful in assessing whether the Subadviser will provide services at a cost that is competitive with other similar funds.

Profitability, Economies of Scale and Other Benefits Derived.

The Board noted that the subadvisory fees paid pursuant to the New Agreement are paid by SunAmerica out of its advisory fees. The Trustees also relied on the ability of SunAmerica to negotiate the New Agreement and the fees thereunder at arm's length. The Board determined that the profitability to the Subadviser in connection with its relationship with the Portfolio is therefore not a material factor in its consideration of the New Agreement.

The Board noted that it had previously received and considered information regarding economies of scale expected to be achieved by the Trust in connection with the consideration of the renewal of the Current Agreement. The Board considered that the New Agreement also contains breakpoints in the fee schedule; however, since SunAmerica, and not the Trust, is responsible for the payment of the fees pursuant to the New Agreement, the Trust does not directly benefit from any reduction in those fee rates. The Board also considered other potential indirect benefits to the Subadviser as a result of its relationship with the Portfolio, which could include research benefits obtained by trading the Portfolio's assets, economies of scale, reputational benefits, and the potential for future mandates. For similar reasons as stated above with respect to the Subadviser's profitability, the Board concluded that the potential for economies of scale and other indirect benefits to the Subadviser in its management of the Portfolio are not a material factor in its consideration at this time.

Terms of New Agreement.

The Board, including the Independent Trustees, reviewed the terms and conditions of the New Agreement, including the duties and responsibilities undertaken by SunAmerica and the Subadviser as discussed above. The Board also considered that the material terms of the New Agreement are identical to those of the Current Agreement. Accordingly, the Board considered the differences in terms between the New Agreement and the Current Agreement and found those differences to be reasonable.

Conclusions.

In reaching its decision to recommend the approval of the New Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Trustee attributes different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described above, and as part of their deliberations, the Board, including the Independent Trustees, concluded that the Subadviser possesses the capability and resources to perform the duties required of it under the New Agreement.

Further, based upon its review of the New Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the New Agreement are reasonable, fair and in the best interest of the Portfolio and its shareholders, and (2) the subadvisory fee rates are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

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Annuity Service Center

P.O. Box 15570

Amarillo, TX 79105-5570

(06/26)

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included in Item 7 above.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included in Item 7 above.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included in Item 7 above.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included in Item 7 above.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 15.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant's management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined under Rule30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant's management, including the Principal Executive Officer and Principal Financial Officer, concluded that the registrant's disclosure controls and procedures are effective.

(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable.

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#### Item 19. Exhibits.
(a)(1) Code of Ethics [(EX-99.CODE ETH)](EX-99.CODEETH.htm)

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as[EX-99.CERT.](EX-99.CERT.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as [EX-99.906 CERT.](EX-99.906CERT.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Seasons Series Trust

By: /s/ John T. Genoy

John T. Genoy

Principal Executive Officer

Date: June 8, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ John T. Genoy

John T. Genoy

Principal Executive Officer

Date: June 8, 2026

By: /s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

Date: June 8, 2026

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## Ex-99.Code

#### SUNAMERICA SERIES TRUST SEASONS SERIES TRUST

#### (collectively, the "Funds")

#### CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND PRINCIPAL ACCOUNTING OFFICERS
I. **Introduction** 

The Boards of Directors/Trustees of the Funds (the "Boards") have adopted this Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act applicable to the Funds' Principal Executive Officer and Principal Accounting Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of deterring wrongdoing and promoting:

· Honest and ethical conduct, including the ethical handling of conflicts of interest between personal and professional relationships;

· Full, fair, accurate, timely and understandable disclosure;

· Compliance with applicable laws and governmental rules and regulations;

· The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· Accountability for adherence to the Code.

Each Covered Officer must comply with applicable law. Each Covered Officer also has a responsibility to conduct himself or herself in an honest and ethical manner and to adhere to a high standard of business ethics. Each Covered Officer has leadership responsibilities that include promoting a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns. Each Covered Officer should also be sensitive to situations that may give rise to conflicts of interest.

II. **Honest and Ethical Conduct** 

a. **Honesty, Diligence and Professional Responsibility** 

Covered Officers are expected to observe both the form and the spirit of the ethical principles contained in this Code. In particular, Covered Officers must perform their duties and responsibilities for the Funds:

· with honesty, diligence, and a commitment to professional and ethical responsibility;

· carefully, thoroughly and in a timely manner; and

· in conformity with applicable professional and technical standards.

b. **Ethical Handling of Actual and Apparent Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest improperly interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her immediate family, receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "Investment Company Act") and the Investment Advisers Act of 1940, as amended (the "Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The compliance programs and procedures of the Funds and the Funds' investment adviser, SunAmerica Asset Management, LLC. ("SAAMCo"), are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between, the Funds and SAAMCo, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Funds or for SAAMCo, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Funds and SAAMCo. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and SAAMCo and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Boards that the Covered Officers may also be officers or employees of other investment companies advised by SAAMCo.

In particular, each Covered Officer must:

· Not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

· Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds; and

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· Report at least annually to the Funds' Ethics Committee any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest.

There are certain potential conflict of interest situations that should be discussed with the Ethics Committee if material. Examples of these include:

· Service as a director on the board of any company;

· The receipt of any non-nominal gifts;

· The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business- related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

· Any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than SAAMCo, the Funds' principal underwriter or any affiliated person thereof;

· A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

c. **Conduct in the Preparation of Financial Statements** 

Covered Officers must not knowingly make any misrepresentations regarding the Funds' financial statements or any facts used in the preparation of the Funds' financial statements. This section is intended to prohibit:

· making, or permitting or directing another to make, materially false or misleading entries in the Funds' financial statements or records;

· failing to correct the Funds' financial statements or records that are materially false or misleading; and

· signing, or permitting or directing another to sign, a document containing materially false or misleading financial information.

d. **Obligations to the Independent Auditor of the Funds** 

In dealing with the Funds' independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Funds' independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Funds' independent auditor in

------

the performance of an audit of the Funds' financial statements for the purpose of rendering such financial statements materially misleading.

I. **Disclosure and Compliance** 

· Each Covered Officer will familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

· Each Covered Officer will not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the Boards and auditors, or to governmental regulators and self- regulatory organizations;

· Each Covered Officer will, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and SAAMCo with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and

· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

II. **Reporting and Accountability** 

Each Covered Officer must:

· Upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Boards that he or she has received, read and understands the Code;

· Annually thereafter affirm to the Boards that he or she has complied with the requirements of the Code;

· Not retaliate against any other Covered Officer or affiliated person of the Funds for reports of potential violations of this Code that are made in good faith; and

· Notify the Ethics Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Ethics Committee is responsible for applying this Code to specific situations in which questions are presented to it and has the authority to interpret this Code in any particular situation. The Ethics Committee will also consider waivers sought by the Covered Officers.

The Funds will act according to the following procedures in investigating and enforcing this Code:

------

· The Ethics Committee will take all appropriate action to investigate any potential violations reported to it;

· If, after such investigation, the Ethics Committee believes that no violation has occurred, the Ethics Committee is not required to take any further action;

· If the Ethics Committee determines that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of SAAMCo or its board; or a recommendation to dismiss the Covered Officer;

· The Ethics Committee will be responsible for granting waivers, as appropriate;

· The Ethics Committee will inform the Boards of violations or waivers of this Code; and

· Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

III. **Other Policies and Procedures** 

This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to investment companies thereunder. Insofar as other policies or procedures of the Funds, SAAMCo, the Funds' principal underwriter or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Code of Ethics of the Funds, SAAMCo and the Funds' principal underwriter, under Rule 17j-1 of the Investment Company Act, and SAAMCo's more detailed policies and procedures set forth in the SAAMCo Compliance Procedures Manual are separate requirements applying to Covered Officers and others, and are not part of this Code.

IV. **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Boards.

V. **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Funds, the Ethics Committee, SAAMCo and the Boards and their independent counsel.

------

VI. Internal Use

The Code is intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance or legal conclusion.

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#### Exhibit A
John Genoy, Principal Executive Officer

Gregory R. Kingston, Principal Accounting Officer

------

## Exhibit 99.906

#### EX- 99.906.CERT
CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

John T. Genoy, Principal Executive Officer, and Gregory R. Kingston, Principal Financial Officer of Seasons Series Trust (the "registrant"), each certify to the best of his knowledge that:

1. The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report.

Dated: June 5, 2026

/s/ John T. Genoy

John T. Genoy

Principal Executive Officer

/s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

------

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EX- 99.CERT** <br>

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, John T. Genoy, certify that:

1. I have reviewed this report on Form N-CSR of Seasons Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 5, 2026

/s/ John T. Genoy John T. Genoy

Principal Executive Officer

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Gregory R. Kingston, certify that:

1. I have reviewed this report on Form N-CSR of Seasons Series Trust ;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 5, 2026

/s/ Gregory R. Kingston Gregory R. Kingston Principal Financial Officer

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